New York, NY, May 01, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Solar Panel Market (Mono-crystalline, Poly-crystalline, and Thin-film Solar Panel) for Residential, Commercial and Utility Applications: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2016 - 2022”. According to the report, the global Solar Panel Market accounted for USD 30.8 billion in 2016 and is expected to reach USD 57.3 billion by 2022, growing at a CAGR of 10.9% between 2017 and 2022.
Global Solar Panel market is expected to witness significant growth within the forecast period on account of increasing government incentives for the adoption of solar panels. Solar panels are photovoltaic that produce electricity with sunlight. Solar Panel continuously generates electricity as long as a source of light is supplied. Solar Panel does not burn fuel, helping to make the process quiet, pollution-free and around two to three times more efficient than combustion technologies.
Browse through 10 Tables & 23 Figures spread over 87 Pages and in-depth TOC on "Solar Panel Market (Mono-crystalline, Poly-crystalline, and Thin-film Solar Panel) for Residential, Commercial and Utility Applications: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2016 - 2022”.
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Growing government incentives and favorable policies for the adoption along with the cost economics of polysilicon has expected to be the major driving factor of the global solar panel market. Moreover, the technological innovations coupled with the commercialization of solar panel have also been aiding the growth of the solar panel market. Rising awareness about the benefits of solar panel and depletion of fossil fuels is expected to surge the demand for solar panels in the years to come. However, the high cost of installation and maintenance is expected to be a major restraint for the global solar panel market. Technological advancements and favorable government policies to construct solar power stations are expected to provide growth opportunities for the key players in the market over the coming years.
The solar panel market can be segmented into categories by product type mono-crystalline, polycrystalline, and thin-film solar panels. Poly-crystalline panels accounted for the largest share of the global solar panel market in 2016. This can be attributed to the wide range of applications of Poly-crystalline and high efficiency coupled with the affordable price range. The mono-crystalline segment is expected to register remarkable growth within the forecast period owing to their technological advancement and highest efficiency.
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Residential, commercial, and utility are the application segments of the global solar panel market. Among applications, commercial accounted for the largest market share in 2016 owing to factors such as high efficiency & utilization of direct current, etc. Residential segment is expected to witness significant growth during the forecast period due to the increasing awareness and adoption of roof-top panels. FiT (Feed-in Tariff) is a regulatory scheme that assures an investor a buyback price at which the power purchaser will buy power that is being fed to the grid directly.
Asia Pacific region dominates the global solar panel market in 2016 and there is little doubt that Asia’s market dominance will prevail. As the Asia Pacific is expected to be the substantial growing regional segment for the solar panel market within the forecast period. Owing to growing urbanization and population explosion and low cost of the product, especially in countries like China and India, are expected to augment the demand for energy generation and construction activities in the region. In addition, the rising investment in clean energy research & development in the emerging economies is expected to further increase the demand for the solar panel. Furthermore, China dominates the Asia Pacific solar market throughout the forecast period. China and Japan alone were responsible for over 50% of newly installed capacity, is expected to augment the market growth within the forecast period.
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North America witnessed high growth and accounted for a second largest global market share in 2016. This trend is expected to continue within the forecast period owing to the government regulations in the region that promotes the adoption of the solar panel. Residential applications generated the largest demand for the poly-crystalline solar panel in North America, owing to the prominence and high adoption of renewable energy sources in homes and buildings.
Europe Solar panel market is expected to witness moderate growth owing to increased clean energy demand and large investments related to solar infrastructure development, especially in Germany and U.K. Furthermore, the presence of several key players in the region is expected to further propel the demand for a solar panel in Europe. Moreover, import of low-cost product from the Asian market (China), will further propel the demand for a solar panel in the coming years.
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Latin America solar panel market is expected to witness fair growth over the forecast period. Brazil is the major consumer of solar panel in the region owing to the large industry and high awareness coupled with favorable government regulation & policies in the region. In addition, the rising population levels coupled with the tourism activities are expected to increase the demand for clean energy.
The Middle East and Africa have witnessed moderate growth as compared to the other regions. The major markets for solar in the region are UAE and South Africa. These countries have targeted solar panel to be the solution for the projected energy shortfall. Moreover, globalization and the heavy influx of expatriates in the Middle East, especially in countries such as UAE, Qatar, and Oman have increased the demand for infrastructural development to aid the tourist activities. These developments are expected to drive the demand for clean energy, subsequently aiding the growth of the solar panel market within the forecast period.
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Some of the key players operating in the global Solar Panel market are Renesola, JinkoSolar Holding Co., Ltd., JA Solar Holdings Co Ltd., Canadian Solar Inc., First Solar, Inc., Trina Solar Limited, Hanwha Q CELLS (Hanwha Group), Motech Industries Inc., Yingli Green Energy Holding Company Limited, and Shunfeng International Clean Energy Limited among others.
This report segments the global Solar Panel market as follows:
Global Solar Panel Market: Product Type Analysis
- Mono-crystalline Solar Panel
- Poly-crystalline Solar Panel
- Thin-film Solar Panel
Global Solar Panel Market: Application Analysis
- Residential
- Commercial
- Utility
Global Solar Panel Market: Regional Segment Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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