polarismarketresearch.com added Solar Panels Market Report provides an analytical assessment of the prime challenges faced by this Market currently and in the coming years, which helps Market participants in understanding the problems they may face while operating in this Market over a longer period of time.
The global solar panels market size is anticipated to reach USD 90.23 billion by 2026 growing at a CAGR of 12.4% from 2018 to 2026 according to a new report published by Polaris Market Research. The well-known companies profiled in the Solar Panels market report include Yingli Green Energy Holding, Suntech Power Holdings, SunPower Corporation, Panasonic Solar Panels, Hanwha Q CELLS, Jinko Solar, Canadian Solar, Trina Solar, First Solar, and Bosch Solar Energy. These companies launch new products and collaborate with other market leaders to innovate and launch new products to meet the increasing needs and requirements of consumers
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The increase in the adoption of renewable energy sources, significant investments in environmental protection, coupled with government initiatives aimed at increasing the adoption of solar panels majorly drives the market growth. Increasing demand for sustainable energy solutions and government efforts in the form of incentives and schemes boost the market growth. Growing concerns regarding environmental pollution caused by use of fossil fuels and their limited availability further support the market growth. New emerging markets, and declining costs of photovoltaic materials would provide growth opportunities in the market in the coming years.
Asia-Pacific generated the highest market share in terms of revenue in 2017, and is expected to lead the global market throughout the forecast period. The growing urbanization, and depleting traditional energy sources has accelerated the market growth in the region. A significant rise in the initiatives taken by governments of China, India, and Japan to promote the use of solar technology to reduce carbon footprint supports the market growth in the region.
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Incentives provided by the governments to the commercial sector industries using solar technology has resulted in high demand of solar panels in the region. Regions such as North America and Europe export solar cells from Asia-Pacific, thereby supporting the market growth in the region. Increasing awareness regarding use of renewable sources and green technologies augments the market growth in the region.
Polaris Market Research has segmented the global solar panels market on the basis of type, end user and region:
Solar Panels Type Outlook (Revenue, USD Billion, 2015 – 2026)
- Monocrystalline
- Polycrystalline
- Thin-Film
Solar Panels End User Outlook (Revenue, USD Billion, 2015 – 2026)
- Residential
- Commercial
- Utility
- Others
Solar Panels Regional Outlook (Revenue, USD Billion, 2015 – 2026)
- North America (U.S., Canada)
- Europe (France, Germany, UK, RoE)
- Asia Pacific (India, Japan, China, RoAPAC)
- Latin America (Mexico, Brazil)
- MEA
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