Energy & Environment Industry Today

Solar Panels Global Market Estimated To Grow At 20.18% of CAGR By 2023; Asserts MRFR

Market Research Future published a half cooked research report on “Global Solar Panels Market Research Report - Forecast to 2023” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.
Published 01 February 2018
Prominent Players
Trina Solar Limited (China), Canadian Solar Inc. (Canada), Jinko Solar Holding Co., Ltd. (China), JA Solar Holdings Co., Ltd. (China), and Yingli Solar (China) are some of the prominent players profiled in MRFR Analysis and are at the forefront of the competition in the Global Solar Panels Market.

Solar Panels Global Market   - Overview
Solar Panels also known as photovoltaic or PV modules, are basically coupled assembly of solar cells that generate and supply solar electricity for commercial and residential applications. They are also extensively used for powering electronic devices, individual gadgets, and vehicle batteries. Installing solar panels on a typical house roof can cut down the household’s carbon footprint by an average of 35,180 pounds of carbon dioxide per year.  Besides providing the clean and renewable energy, another aspect of Solar Panel is its discreet functioning. Which means without noise and CO2 emission, Solar Panels give the equal grid output as conventional energy resources such as coal, oil and petroleum. This is the key factor that propel the demand of Solar Panels on the global platform allowing it to hold the hegemony of the renewable energy market.

Accrediting the kind of traction the market is garnering currently demonstrating the growth prospects worldwide, Market Research Future has recently published a study report, according to which the global Solar Panels Market is estimated to ascend enormously by 2023 registering a striking double digit CAGR of 20.18% during 2017 to 2023.
Currently, there is a growing demand for solar panels in the residential rooftop applications. Other factors that contribute the market growth include significant fall in the prices of key components such as silver and poly-silicone that are used in the manufacturing of solar cells coupled with the gradual fall in the prices of industrial commodities used to manufacture solar panels. The rising inflation in electricity and natural gas sector in the coming decade is one of the prominent factor that will drive the growth of the Solar Panels Market in forecast period.

On the other hand, factors such as incapability of Solar Panels to perform at night without backup and the supply disturbance that occurs during certain abnormal climatic conditions such as cloudy weather even in daytime are expected to restrict the market growth. Additionally, the cost of solar technologies which is on the higher side coupled with the stringent regulations on the land used for solar power generation sites; such factors are estimated to hamper the market growth during the forecast period.

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Solar Panels Global Market   - Segmentation
To give the insight information on Global Solar Panels Market report, MRFR has segment it in to 3 key dynamics –
By Technology    : Comprises Solar PV (Crystalline, Thin Film) and CSP (Parabolic Troughs, Linear Fresnel Reflectors, Power Towers, Parabolic Dishes)
By Applications           : Residential, Commercial, Utilities (Power Plants, Off Grid).
By Regions   :  North America, Europe, APAC and Rest of the World.

Solar Panels Global Market   - Competitive Analysis
Characterized by the presence of several well-established and small players, the global Market of Solar Panels appears to be highly competitive. Well established players incorporate acquisition, collaboration, partnership, expansion, and technology launch in order to gain competitive advantage in this market and to maintain their market position.

Industry/Innovation/Related News:
January 13, 2018 – Taiwan - The National Development Fund, under the Executive Yuan, has decided to fund a new solar energy alliance in Taiwan as part of the government's efforts to develop renewable energy. After several meetings to study the feasibility of investing in a new company to be formed by the merger of three Taiwanese solar energy firms: Neo Solar Power Corp, Gintech Energy Corp.and Solartech Energy Corp, the fund has decided to go ahead and invest.

December 18, 2017 – ‘BP’ a global energy leader with wide reach across the world’s energy systems announced that it is getting back into the solar business through an acquisition agreement with Lightsource, one of Europe’s largest developers and operators of utility-scale solar projects.

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Solar Panels Global Market   - Regional Analysis
Asia-Pacific is the biggest solar power market; followed by Europe and then North America. China alone shares almost 44% of new solar PV capacity. Spain remained the global leader in existing CSP capacity, with 2.3 GW till the end of 2016, followed by the United States with just over 1.7 GW. These two countries still accounted for over 80% of global installed capacity. The rest of the world (ROW region) is comprised of Brazil, Middle East, and Israel; which are gaining attention from the major players of the PV and the CSP market considering the potential that these regions hold. Due to the developing markets such as China, India, Brazil, Canada, Germany, and France CSP technologies are expected to grow at a faster rate in future.
About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.
In order to stay updated with technology and work process of the industry, MRFR often plans & conducts meet with the industry experts and industrial visits for its research analyst members.
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