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 report ‘Solar Panels Market Size, Share, Trends, & Industry Analysis Report By Type (Monocrystalline Solar Panels, Polycrystalline Solar Panels, Thin-Film Solar Panels); By End-User (Residential, Commercial, Utility, Others), By Regions: Segment Forecast, 2018 – 2026’ provides insights on the current market scenario and the future prospects. In 2017, the commercial segment accounted for the highest market share in terms of revenue. Asia-Pacific is expected to be the leading contributor to the global market revenue in 2017.
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.
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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.
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.
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Leading global players are expanding their presence in developing
nations of India, China, and Japan to tap the growth opportunities offered by
these countries. In June 2017, Heraeus Photovoltaics, a major player in the
solar energy market, partnered with Solar Space, a China-based multicrystalline
solar cell producer for technological advancement and development of innovative
solar panels. In September 2017, Heraeus Photovoltaics, entered into a
partnership agreement with JinkoSolar Holding Co., Ltd. Through this
partnership, the companies plan to develop advanced solar panels offering
higher efficiency and lower costs.
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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