New York City, 13 March 2019: The Global Solar Panels Market is estimated to grow at a CAGR of 12.5% from 2019 to 2026 according to a new report published by Polaris Market Research. Global Solar Panels market generated $32 billion in 2018.
Solar panels are devices designed to absorb the light from the sun and convert them into electricity that can be used to power electrical loads. Solar panels are used for various applications such as remote power systems, telecommunications equipment, remote sensing, electricity production for residential and commercial solar electric systems. Solar panels offer a clean and a renewable source of energy, and off-grid living while reducing the emission of greenhouse gases.
The increasing scarcity of traditional fuel sources, and rising awareness regarding energy security and self-sufficiency drives the solar panels market growth. The prices of solar panels have decreased over the years, increasing its application in commercial and residential applications. The sustainability offered by solar panels along with growing environmental concerns has boosted the growth of the solar panels market. Governments are increasingly investing in the development of solar technology to accelerate the adoption of renewable sources, thereby supporting the solar panels market growth. Increasing government initiatives to promote the adoption of solar energy coupled with technological advancements, and environmental concerns is expected to provide numerous growth opportunities for the solar panels industry. New emerging markets, and declining costs of photovoltaic materials would provide growth opportunities in the solar panels market during the forecast period.
The report provides an extensive qualitative and quantitative analysis of the market trends and growth prospects of the Global Solar Panels Market, 2018-2026. The Solar Panels market report comprises a detailed geographic distribution of the market across North America, Europe, Asia-Pacific, Latin America, and MEA. North America is further segmented into U.S., Canada, and Mexico. Europe is divided into Germany, UK, Italy, France, and Rest of Europe. Asia-Pacific is bifurcated into China, India, Japan, and Rest of Asia-Pacific.
Asia-Pacific generated the highest revenue in 2018. Consumers in the region are increasingly adopting solar energy solutions owing to the growing consumer awareness and environmental concerns. The increasing demand for solar panels from countries such as China, Japan, and India supports the solar panels market growth in the region. Presence of leading players in the region, along with increasing use in commercial sector would support solar panels market growth during the forecast period.
Competitive Landscape and Key Vendors
The global Solar Panels market is characterized by the presence of well-diversified international and small and medium-sized vendors. Leading companies are acquiring other companies, and enhancing their product offerings to improve their Solar Panels market share. Acquisitions enable key players to increase their Solar Panels market potential in terms of geographic expansion and expansion of customer base.
The leading companies profiled in the Solar Panels market report include Yingli Green Energy Holding, Suntech Power Holdings, SunPower Corporation, Panasonic Solar Panels, Hanwha Q CELLS, Jinko Solar, Canadian Solar, Trina Solar, First Solar, and Bosch Solar Energy.
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