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Solar Panels Market earned USD 155.3 billion in 2021 and to reach USD 289.6 billion in 2029, registering a CAGR of 8.1% till 2029 | Size & Industry Analysis
Solar Panels Market
For Additional Insights, Click to Access Complete Report - https://www.gmiresearch.com/report/solar-panels-market-share-analysis-industry-research/
The factors driving the growth of Solar Panels Market includes growing consumption of electricity around the world, increasing use of solar panels to utilize maximum amount of sunlight, rising awareness about the benefits of using low carbon-intensive technologies and improvements in the living standards. According to the report published by Statista, the world renewable energy consumption was estimated around 74 exajoules in 2019 and is expected to reach 247 exajoules by the end of 2050, which will accelerate the market growth in the approaching years. Moreover, increase in Government's expenditure on solar projects around the world, technological advancements in solar panels, rise in the launch of innovative products, tax incentives on the deployment of solar panels and rapid urbanization, are some of the additional factors supplementing the Solar Panel Market size. In addition, the increasing investments by major corporations on research and development, strategic partnerships between companies, rising disposable incomes and growing population growth rates, are further contributing towards the market growth.
However, growth of the Solar Panels Market is hindered attributed to high cost of installing solar panel systems.
The leading players operating in the market are Canadian Solar, Q CELLS, RISEN ENERGY CO., LTD, JinkoSolar, JA SOLAR Technology Co., Ltd., Trina Solar, GCL-SI, AREVA S.A., LONGi Solar, and Evergreen Solar, among others.
Based On Cell Type, the Polycrystalline segment is predicted to expand at a remarkable CAGR during the forecast period
The polycrystalline solar panels are used in conventional surroundings and are comparatively cheaper than monocrystalline panels, are some of the factors responsible for the segment's growth.
Based on Application, the Commercial segment is projected to capture the largest market share over the forecast period
Increasing deployment of solar panels at hotels, corporate offices, and hospitals because it provides module-level monitoring, is the propelling segment's growth.
Based on Region, the Asia-Pacific region is anticipated to hold the highest market share during the forecast period
Increasing consumption of electricity across India, China and Singapore, Government policies promoting the use of renewable sources of energy, rapid urbanization, rising per capita incomes, growing adoption of advanced technologies and high population growth rates, are some of the important factors augmenting the Solar Panel Market share in the North American region.
Key Development
In 2020, JinkoSolar officially introduced PV module with record output of 580W, which is a part of company's new Tiger-Pro series.
Market Segmentation
Segmentation by Cell Type
Monocrystalline
Polycrystalline
Thin Film
Others
Segmentation by Application
Residential
Commercial
Industrial
Segmentation by Region
Asia Pacific
China
Japan
India
Rest of APAC
North America
United States of America
Canada
Europe
United Kingdom
Germany
France
Spain
Rest of Europe
RoW
Brazil
South Africa
Saudi Arabia
UAE
About GMI Research
GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.
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