Solar Panels Market is valued at USD 182.02 Billion in 2021 and is expected to reach USD 902.55 Billion by 2028 with a CAGR of 25.7% over the forecast period.
The Detailed Market intelligence report on the Solar Panels Market applies the most effective of each primary and secondary analysis to weighs upon the competitive landscape and also the outstanding market players expected to dominate the Solar Panels Market place for the forecast 2021– 2028.
The solar panels aren’t just used for residential applications on rooftops however they are used widely also for the applications like the powering of individual gadgets, electronic devices as well as vehicle batteries. Such increased applications of solar panels are boosting the global market growth.
Solar panels are the panels that are designed for absorbing the rays of the sun as a source of the energy for generating heating and electricity. It lessens the amount of electricity that is coming from fossil fuels for operating with renewable and clean energy from the sun. The solar panels are further called PV modules or photovoltaic as it is directly converting the light of the sun into electricity. There is enough energy which is produced from the sun for being able to produce the electric needs of the world and a considerable portion more than that.
The panels are being packaged and connected assembly of the solar cells which are generated and supply the solar electricity in residential and commercial applications. Earlier in the days, the commercial first use for the solar cells has been powering the satellites. These are the various levels of quality for the solar panels with various efficiencies as well as cost factors.
The major players of the global solar panels market are,
There has been an increase in the demand for solar panels in rooftop applications in the residence. There is a major fall in prices for the major components like polysilicon and silver which are used for making the solar cells. The solar panels are not something that creates noise and does not make any of the emissions. The drop in the prices for the industrial commodities have been used for the making of solar panels as well as the higher expectations of price for the natural gas and electricity are the major factors which are driving the growth of the solar panels in the period of forecast. An increase in the price of electricity in combination with the cheaper panels has been driving the market of solar panels.
The issue which restricts this growth of solar energy is that it is not something that works at night as the battery. There is a problem of the cloudy weather and the climatic changes may disturb the work of the solar panels in the daytime.
The global solar panels market has been expected to witness the high growth of the period of forecast. The region of North America in the market for solar panels has been growing very quickly particularly due to the growth of the solar applications in the residence in the United States. In the previous year, the solar produced energy had accounted for a lot of the electricity generated in the United States as per the Energy Information Administration of the United States.
Asia-Pacific has been expected to show the fastest amount of growth in the period of forecast. There is a visible shift in the production of solar panels from the United States to India and China because of the low cost of manufacturing.
|Historical data||2015 - 2020|
|Forecast Period||2021 - 2028|
|Market Size in 2021:||USD 182.02 Billion|
|Base year considered||2020|
|Forecast Period CAGR %:||
|Market Size Expected in 2028:||USD 902.55 Billion|
|Tables, Charts & Figures:||175|
|Solar Panels Manufacturers||ABROS green GmbH (Germany), Jinko Solar Holding Co. Ltd. (China), Canadian Solar Inc. (Canada), Yingli Solar (China), SunPower Corporation (U.S.A), Abengoa Solar (Spain), eSolar Inc. (U.S.A), Solar Limited (China), Hanwha Q CELLS Co. Ltd. (South Korea), JA Solar Holdings Co. Ltd. (China), And Other|
|Segments Covered||By Technology, By Application, By Module Type, By Grid Connectivity|
|Regional Analysis||North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa|
Middle East and Africa