Photo voltaic Panels Market Eyeing Phenomenal Progress at a wholesome 20.18% CAGR
Pune, February 08, 2021 (GLOBE NEWSWIRE) – Market analysis for solar modules / Market outlook for solar modules
The global solar panel industry is extremely lucrative and is expected to see significant growth at a healthy CAGR of 20.18% over the forecast period, according to the market research report (MRFR). A solar panel is a panel that is designed to absorb the sun’s rays as a source of energy for generating electricity and heat. This reduces the electricity generated from fossil fuels by providing the operation with renewable, clean solar energy. A solar panel is also known as a PV or photovoltaic module because it converts sunlight directly into electricity.
Enhancing the features that support market growth
According to the future market research report, there are numerous factors that will determine the solar panel market size. These include increasing customer environmental awareness, providing tax breaks and government incentives for installing solar modules, drastically lowering the price of major components related to the manufacture of modules / solar cells such as polysilicon and silver, and the growing need for electrical appliances and solar powered vehicles on the price of electricity and the growing need for solar panels for residential applications on the roof. Other factors driving market growth are the growing need for clean, renewable electricity and increasing environmental awareness.
On the contrary, the need for vast land areas to develop utility-scale solar power generation may limit market growth over the forecast period.
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The COVID-19 outbreak has hampered the supply chain for solar modules due to rising module prices. Manufacturers are faced with material shortages, labor shortages and stagnating international trade, all of which are affecting the export market. The delayed projects due to disruption in the supply chain will limit market growth. The pandemic has proven to be a key challenge for the renewable energy industry and has resulted in a lack of hardware components. Due to the lockdown introduced by the government worldwide, development growth and solar construction are slowing down. China is the largest market for solar energy generation. The slowdown in the country’s economic growth has impacted investment in renewable energy and all generation worldwide. China is a leader in the manufacture of solar PV modules and the installation of solar photovoltaic systems. The US relies on China to manufacture solar PV. The COVID-19 outbreak is likely to impact solar panel market revenues.
The outbreak that started in China resulted in a supply shortage in the United States. Solar panel manufacturers experience delays due to a lack of manpower and raw materials, leading to delayed project plans and the closure of businesses. The two main problems this industry is facing include the labor shortage to limit social contact and the disruption in the supply chain of components such as inverters and control panels. Rooftop solar house owners have put huge investments on hold. Likewise, the outbreak in India has resulted in delays in the procurement of inverts, panels, solar modules and other components, which is delaying the commissioning of solar projects. Demand for electricity has also declined in India. All of this is likely to have an impact on the solar module market share.
The Market Research Future Report provides a comprehensive analysis of the solar module market based on application, module type and technology.
The global market for solar modules is technologically divided into CSP and solar PV. Of these, the CSP segment will be the market leader in the forecast period.
According to module types, the market for solar modules is divided into parabolic dishes, power towers, linear Fresnel reflectors, parabolic troughs, thin films and crystalline ones. Of these, the thin-film segment will dominate the market in the forecast period.
The application divides the global solar module market into off-grid, power plants, commercial and residential real estate. The commercial segment will lead the market in the forecast period.
Search through the detailed market research report (124 pages) on the solar module market
APAC to the Spearhead Solar Panels Market
The solar panel market, by region, covers growth opportunities and the latest trends in Europe, Asia Pacific (APAC), North America, and Rest of the World (RoW). The APAC region will take over the market leadership in the forecast period. The growing need for solar panels, the increase in the use of rooftop solar panels in residential areas, the cost of key components such as silver and polysilicon used to make solar cells, the benefits of solar panels such as no noise and their function without emissions, the presence of harmful ones Substances, the presence of leading market players, and favorable government policies that provide financial incentives and subsidies for PV projects contribute to the global solar module market growth in the region. In addition, the presence of several solar parks in China, with China being the largest production center for the manufacture of solar modules, high exports of solar modules from China, the drop in prices for solar modules, increasing awareness of energy efficiency, support for government regulations are favorable to government initiatives such as subsidies for feed-in tariffs and PV systems and capacity expansions also contribute to market growth.
Europe holds the second largest share of the solar module market
In Europe, the solar module market is expected to hold the second largest share in the forecast period. The existence of a decentralized power generation model and increased government initiatives and funding in the UK and Germany are contributing to global solar module market growth in the region.
North America is seeing remarkable growth in the solar module market
In North America, significant growth is forecast for the global solar module market in the forecast period. The increase in solar systems, the increase in generous government measures to support solar energy generation, the announcement of new utility projects and the increasing capacity of private consumers all add to the global market value of solar panels in the region.
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Major players in the global Solar Panel Market report include JA Solar Holdings Co., Ltd. (China), Jinko Solar Holding Co., Ltd. (China), Yingli Solar (China), Trina Solar Limited (China) and Canadian Solar Inc. (Canada). New product launches, strategic partnerships, research and development, and others are the key strategies the key players have pursued to gain a foothold in the marketplace.
- February 2021 – LONGi, a leading Chinese solar module manufacturer, has launched a new range of solar modules with three length options and standardized widths. It can be used on roofs in commercial, industrial and residential applications.
- February 2021 – Developers apply for approval of solar panels for construction in Walworth, Rock Counties.
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