Solar Panel Market to Exhibit Promising CAGR, Increasing Prices of Fossil Fuels to Augment Market, says Fortune Business Insights™

Companies Mentioned in the Solar Panel Market: HT Solar, Urja Global Limited, Waaree Group, Sunpro Power, PHOTONIX Solar Private Limited, Jiangsu Runda PV, AE Solar, Tata Power Solar Systems Ltd., Vikram Solar Limited, JS Solar, Mysolar USA, GSA, AcuTech Solar Pvt. Ltd., Einnova Solarline

Pune, India, Jan. 20, 2022 (GLOBE NEWSWIRE) -- The Energy and Environmental Science journal published a research paper wherein scientists state that changes in the solar cell designs and latest manufacturing techniques may substantially reduce the overall cost of implementing solar panels and thus stimulate the rate of solar module manufacturing. This information is likely to help increase the global solar panel market size, predicts Fortune Business Insights™ in their recently published report. The report is titled, Solar Panel Market Size, Share & Industry Analysis, By Type (Monocrystalline, Polycrystalline, Thin Film), By Application (Photovoltaic Concentrated Solar Power), By End-User (Residential, Commercial, Industrial, Utilities, Space & Defence, Others) and Regional Forecasts, 2019-2026.”

Report Highlights

  • A qualitative and quantitative approach to the solar panel market
  • Growth trajectories such as drivers, restraints, and challenges of the market
  • Major industrial developments and key industry insights to the solar panel market
  • List of significant players and the key strategies adopted by them to hold the lion’s share
  • Detailed segmentation of the market and competitive landscape
  • Other solar panel market trends and opportunities

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Increasing Demand for Alternate Energy Will Promote Growth

An important factor promoting the solar panel market growth is the rising demand for solar energy, especially in residential applications. Since electricity is a basic need, there is an increasing demand for electricity in all parts of the world. Therefore, there arises the need for an alternative source of energy to suffice the increasing demand for electricity. Besides this, governments are also supporting the use of solar panels with the help of various initiatives and policies.

However, the high cost of installation, storage and power conversion devices may cause hindrance to the overall solar panel market size. This, coupled with the unavailability of operational land, may challenge the solar panel market growth.

Nevertheless, increasing the price of fossil fuels and a decline in the cost of solar systems and energy storage devices are likely to create lucrative solar panel market growth opportunities in the long run.

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Asia Pacific to Dominate Market with Presence of Largest Solar Panel in the World

Asia Pacific is holding a dominant solar panel market share owing to the presence of the largest solar energy installation in the region. China is the largest producer of photovoltaic energy and solar panels in the world. Besides this, governments of China and India are promoting the utilization of solar energy and this has had a positive influence on the overall solar panel market growth. Apart from this, Germany is the largest producer of solar energy in Europe, followed by others such as Italy, the United Kingdom, Spain and others.

Heavy Investments in Solar Panels to Intensify Competition Among Players

Major solar panels market manufacturers are emphasizing on constructing solar panels with better performance for earning a promising amount of share. Companies are competing for the best quality of the solar panels and thus investing huge sums into research and development for the same.

Major Industry Developments of the solar panels market include:

September 2019 – World leaders, along with the Indian Prime Minister Narendra Modi declared open the Gandhi Solar Park with 193 solar panels at the UN Headquarters in New York. The inauguration was held during the Gandhi@ 150 commemorative event with each solar panel representing a member of the multilateral body.

September 2019 – A solar project with 70- megawatt utility-scale was announced at the groundbreaking ceremony joined by Thomas Westerman Wolf, the 47th governor of Pennsylvania. This project is a joint partnership between Lightsource BP, and Penn State and is anticipated to provide purchased electricity upto 25% of the entire Penn State’s for the next 25 years.

October 2019 – 670 solar photovoltaic (PV) panels were installed after an investment of £210,000 in the Camphill Water Treatment Works located near Kilbirnie, Scotland.

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Key Players of the Solar Panel Market include:

  • HT Solar
  • Urja Global Limited
  • Waaree Group
  • Sunpro Power
  • PHOTONIX Solar Private Limited
  • Jiangsu Runda PV
  • AE Solar
  • Tata Power Solar Systems Ltd.
  • Vikram Solar Limited
  • JS Solar
  • Mysolar USA
  • GSA
  • AcuTech Solar Pvt. Ltd.
  • Einnova Solarline

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