Global Solar Panel Market Growth Impelled by Rising Demand for Renewable Power Sources - IMARC GroupThe global solar panel market is driven by the increasing demand for renewable power sources, along with favorable government initiatives to promote the use of solar panels.
According to the recent study by IMARC Group, titled “Solar Panel Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025”, the market volume reached 155.5 GW in 2019. Solar panels comprise a collection of solar cells that assists in converting natural light into electrical energy. These panels are generally installed on rooftops or surfaces, which have direct access to sunlight. They have a service life of more than twenty years and require minimum maintenance. They help in reducing the carbon footprint and eliminating the emission of greenhouse gases (GHGs). Solar panels can be installed on an industrial scale for a wide range of applications, such as remote sensing, remote power systems and telecommunications equipment.
Solar Panel Market Trends
The rising environmental concerns across the globe has escalated the demand for the renewable source of energy production. This represents one of the major factors driving the global solar panel market growth. Furthermore, governments of numerous countries are investing in awareness campaigns, which is encouraging their installation worldwide. They are also providing tax rebates, owing to which these panels are finding applications in the agriculture and automotive industries. Furthermore, manufacturers operating in the industry are introducing innovations, such as anti-reflection coating and ultra-thin wafer solar cells, which is expected to strengthen the market in the coming years.
Note: As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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Solar Panel Market Segmentation
Market by Type
Performance of Key Regions
Middle East and Africa
Market by End-Use
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Some of the major players operating in the industry worldwide include JinkoSolar Holding Co., Ltd (NYSE: JKS), Trina Solar Limited (NYSE: TSL), Canadian Solar Inc. (NASDAQ: CSIQ), JA Solar Holdings, Co., Ltd. (JASO), Hanwha Q Cells (NASDAQ:HQCL), GCL-SI, LONGi Solar, Risen Energy, Shunfeng, and Yingli Green.
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