Solar Panels Market 2020 | Global Industry Overview, Sales Revenue, Demand and Forecast by 2025

According to the IMARC Group, the global solar panels 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.

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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.

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Market Segmentation

Market by Type

Crystal Silicon
Monocrystalline Silicon
Polycrystalline Silicon
Thin Film
Others

Performance of Key Regions

Asia Pacific
North America
Europe
Latin America
Middle East and Africa

Market by End-Use

Commercial
Residential
Industrial

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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