Global Solar Panels Market Predicted Double-Digit Growth Rate by 2024

The solar panel consists of a panel which is used to absorb the rays of the sun for the storage of the energy. This stored energy can be used for heating and generate electricity. The key market players that are involved in the solar panels market include Photonix Solar Pvt. Ltd., AGL Solar Energy, Yingli Solar, Goal Zero, and others.
As the sun is a non-conventional resource of energy thus it reduces the electricity that is generated from the fossil fuels. The alternative name for the solar panels is PV modules and photovoltaic. Solar panels are used in the individual gadgets, powering electronic devices, vehicle batteries, and residential applications.

The global market for the solar panels is fragmented into its type and application. On the basis of type, the global market is fragmented into thin-film panels, monocrystalline solar panels, and polycrystalline solar panels. On the basis of application, the market is categorized into commercial, off grid, residential, and power plants.

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The demand for the solar panels has increased rapidly in the residential rooftop applications. The other important factor that is driving the growth of the market is the decreased prices of the main components such as polysilicon and silver which are basically used in the production of the solar cells. Advantages of using the solar panels are that they do not emit any harmful gases and also there is no noise generation. The increase in the price of the electricity and natural gas and the decrease in the price of the industrial commodities that are used for the making of the solar panels are fuelling the growth of the market. There are some factors that will limit the growth of the solar panels market which includes its limitation of working only at day time and in the case to be used at night there is a requirement of the battery which can store the energy, changing climatic conditions, and the solar technologies are of high cost.

On the basis of the regional segmentation, the global solar market includes regions such as North America, Western Europe, Asia Pacific, the Middle East and Africa, Latin America, and Eastern Europe. The region that is leading in the solar panels market in the North America. North America is followed by the regions such as Europe and Asia Pacific. In the North America region, the market is growing significantly owing to the increasing residential application of the solar panels especially in the country of the U.S. In the coming years, there will be a rapid growth of the solar panels market in Asia Pacific region owing to the shift in the manufacturing of the solar panels from the U.S. to the developing nations such as India and China.

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Solar Panels Market: Regional Segment Analysis

North America
U.S.
Europe
UK
France
Germany
Asia Pacific
China
Japan
India
Latin America
Brazil
The Middle East and Africa
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