Solar Panel Market Expected to Reach USD 57.3 Billion by 2022

2024-11-06 09:13:34 News & Society

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According to the report, the global Solar Panel Market accounted for USD 30.8 billion in 2016 and is expected to reach USD 57.3 billion by 2022, growing at a CAGR of 10.9% between 2017 and 2022. The report covers forecast and analysis for the solar panel market on a global and regional level. The study provides historic data of 2014 to 2016 along with a forecast for 2017 to 2022 based revenue (USD million). The study includes drivers and restraints for the solar panel market along with the impact they have on the demand over the forecast period. Additionally, the report includes the study of opportunities available in the solar panel market on a global level.

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Global Solar Panel market is expected to witness significant growth within the forecast period on account of increasing government incentives for the adoption of solar panels. Solar panels are photovoltaic that produce electricity with sunlight. Solar Panel continuously generates electricity as long as a source of light is supplied. Solar Panel does not burn fuel, helping to make the process quiet, pollution-free and around two to three times more efficient than combustion technologies.

Growing government incentives and favorable policies for the adoption along with the cost economics of polysilicon has expected to be the major driving factor of the global solar panel market. Moreover, the technological innovations coupled with the commercialization of solar panel have also been aiding the growth of the solar panel market. Rising awareness about the benefits of solar panel and depletion of fossil fuels is expected to surge the demand for solar panels in the years to come. However, the high cost of installation and maintenance is expected to be a major restraint for the global solar panel market. Technological advancements and favorable government policies to construct solar power stations are expected to provide growth opportunities for the key players in the market over the coming years.

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The solar panel market can be segmented into categories by product type mono-crystalline, poly-crystalline and thin-film solar panels. Poly-crystalline panels accounted for the largest share of the global solar panel market in 2016. This can be attributed to the wide range of applications of Poly-crystalline and high efficiency coupled with affordable price range. The mono-crystalline segment is expected to register remarkable growth within the forecast period owing to their technological advancement and highest efficiency.

Residential, commercial, and utility are the application segments of the global solar panel market. Among applications, commercial accounted for the largest market share in 2016 owing to factors such as high efficiency & utilization of direct current, etc. Residential segment is expected to witness significant growth during the forecast period due to the increasing awareness and adoption of roof-top panels. FiT (Feed-in Tariff) is a regulatory scheme that assures an investor a buyback price at which the power purchaser will buy power that is being fed to the grid directly.

Asia Pacific accounted for most of the global market share in 2016 and is expected to grow in light of the government regulations in the region that promotes the adoption of the solar panel. Moreover, the technological developments in the countries like China & Japan are expected to further drive the growth of the Asia Pacific solar panel market within the forecast period. North America solar panel market is expected to hold the second largest share in global market. Due to high adoption rate in utility and residential segment along with high investments of major players in the market will propel significant growth in the region. The most established market of solar panel in the world are benefiting from both demand-side and supply-side driver. The subsidies such as feed-in premiums (FiPs) and feed-in tariffs (FiTs) for utility-scale solar had been particularly successful in Europe, Australia and the United States. Latin America and Middle East & Africa regions are expected to witness significant growth owing to the large demand for a sustainable source of energy in order to meet the demands of the rising population in the region.

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Some of the key players operating in the global Solar Panel market are Renesola, JinkoSolar Holding Co., Ltd., JA Solar Holdings Co Ltd., Canadian Solar Inc., First Solar, Inc., Trina Solar Limited, Hanwha Q CELLS (Hanwha Group), Motech Industries Inc., Yingli Green Energy Holding Company Limited, and Shunfeng International Clean Energy Limited among others.

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