- Solar Panels Market is expected to grow with the CAGR of approximately 20.18% during the forecast period .
- In the last five years (2011-2016), solar PV registered 34.1% average annual growth rate and CSP achieved 22%.
- Currently, there is a growing demand for solar panels in the residential rooftop applications.
Market Research Future published a cooked research report on “Global Solar Panels Market Research Report – Forecast to 2023”– Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023. Solar panels also referred to as photovoltaic or PV modules is a convergent assembly of solar cells that generate and supply solar electricity for residential, commercial and industrial applications. These panels can also be used for powering individual gadgets, electronic devices, and vehicle batteries.
Installation of solar panels on a house roof typically ensures a cut down of an average of 35,000 pounds of carbon dioxide per year in terms of the household’s carbon footprint. Along with providing the clean and renewable energy, another aspect of solar panel is its discreet functioning. Meaning, without the noise and CO2 emission, solar panels give the equal grid output as conventional energy resources such as coal, oil, and petroleum.
All these aspects of solar panel commutatively drive its demand, sales and market size, further allowing solar panels to hold the hegemony in the renewable energy market. It is needless to say that the solar panel market is increasing pervasively, growing rapidly.
Acknowledging the kind of growth, the solar market is garnering currently, Market Research Future (MRFR) in its recently published study report, mentions that demonstrating the growth prospects worldwide, the global solar panels market will accrue enormously by 2023 registering a striking double digit CAGR of 20.18% during 2017 to 2023.
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The market perceives a growing demand from the residential rooftop applications. Additional factors substantiating the market growth include dropping prices of some of the key components used in the manufacturing of solar cells such as silver and poly-silicon and the gradually falling prices of industrial commodities.
Besides, the steadily hiking-up prices in the electricity and the natural gas sector are one of the key driving forces acting as a tailwind to the solar panels market during the forecast period. Despite demonstrating huge potential opportunities and the growth prospects, the Solar Panel market still confronts some obstructions on its way to the glory. For instance;
The inability of Solar Panels to perform during the night hours without backup and the supply disturbance that can occur even during the daytime when the weather is cloudy. Factors as such are expected to affect the market growth negatively.
Furthermore, the high costs associated with the initial investment and the installation of the solar panel coupled with the stringent regulations on the land used for solar power generation sites; are some of the factors likely to impede the market growth during the review period.
Global Solar Panels Market – Segmentation
The MRFR analysis is segmented into three key dynamics for the convenience of understanding;
By Technologies : Comprises Solar PV (Crystalline, Thin Film) and CSP (Parabolic Troughs, Linear Fresnel Reflectors, Power Towers, and Parabolic Dishes among others
By Applications : Residential, Commercial, and Utilities (Power Plants, Off Grid) among others.
By Regions : North America, Europe, APAC and the Rest-of-the-World (RoW)
Global Solar Panels Market – Geographical Analysis
The Asia Pacific region is expected to continue with its dominance over the global solar panel market throughout the forecast period. Factors substantiating the market growth in the region include the several ongoing & upcoming solar projects led by the increasing demand for power due to the ever-increasing population, urbanization, industrialization, and improving economic conditions.
imultaneously, the awareness about the advantages of solar panels in the region provides impetus to the market growth in the region. Also, the ample availability of Sun-light due to the geographic topology is certainly impacting the market growth positively, boosting it pervasively.
While technological advancements coupled with the presence of prominent market players in the region entitle Europe & North America as lucrative markets on the global front.