Dublin, Dec. 28, 2022 (GLOBE NEWSWIRE) -- The "Solar Panel Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027" report has been added to ResearchAndMarkets.com's offering.
The global solar panel market size reached 177.7 GW in 2021. Looking forward, the publisher expects the market to reach 536.9 GW by 2027, exhibiting a CAGR of 20.24% during 2021-2027.
Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use sectors. These insights are included in the report as a major market contributor.
A solar panel, also known as a PV panel, is a collection of solar (or photovoltaic) cells that employ natural sunlight to generate electricity. It is made of several solar cells, manufactured using silicon, boron, and phosphorus, which are arranged in a grid-like pattern on the surface.
The utilization of solar panels has increased across the globe as they do not lead to any form of pollution and their installation helps in combating the harmful emissions of greenhouse gases. Also, innovations in quantum physics and nanotechnology are projected to increase their effectiveness potentially.
Solar panels provide clean as well as renewable energy and assist in reducing the amount of electricity produced from fossil fuels. Owing to this, governments in various emerging regions are providing tax relaxations and conducting several awareness campaigns to encourage their installation.
For instance, the Ministry of New and Renewable Energy (MNRE) of the Government of India is promoting the installation of solar PV systems in the country under the Jawaharlal Nehru National Solar Mission. Apart from this, ultrathin solar panels have been developed which are lighter and more flexible than the glass-based variants.
They are superior to conventional solar panels in terms of efficiency and cost-effectiveness. They can also be integrated into almost any surface, which will further boost their applicability across various sectors.
| Report Attribute | Details |
| No. of Pages | 132 |
| Forecast Period | 2021 - 2027 |
| Estimated Market Value in 2021 | 177.7 Gigawatt |
| Forecasted Market Value by 2027 | 536.9 Gigawatt |
| Compound Annual Growth Rate | 20.2% |
| Regions Covered | Global |
Key Market Segmentation:
The publisher provides an analysis of the key trends in each sub-segment of the global solar panel market report, along with forecasts at the global and regional level from 2022-2027. Our report has categorized the market based on type and end use.
Breakup by Type:
- Crystal Silicon
- Monocrystalline Silicon
- Polycrystalline Silicon
- Thin Film
- Others
On the basis of the type, crystal silicon solar panels currently represent the most popular type as they have laboratory energy conversion efficiencies of over 25% for monocrystalline cells and over 20% for polycrystalline cells.
Breakup by End Use:
- Commercial
- Residential
- Industrial
Amongst these, the commercial sector represents the largest end-use segment, accounting for the majority of the global market share.
Regional Insights:
- Asia Pacific
- North America
- Europe
- Middle East and Africa
- Latin America
On the geographical front, Asia Pacific enjoys a leading position in the market on account of the utilization of solar panels to increase reliability and aid in alleviating chronic power shortages across the region.
Competitive Landscape:
The competitive landscape of the market has been analyzed in the report, along with the detailed profiles of the major manufacturers in the market.
Some of the leading players are:
- Jinko Solar
- Trina Solar
- Canadian Solar
- JA Solar
- Hanwha Q-CELLS
- GCL-SI
- LONGi Solar
- Risen Energy
- Shunfeng
- Yingli Green
Key Questions Answered in This Report:
- How has the global solar panel market performed so far and how will it perform in the coming years?
- What has been the impact of COVID-19 on the global solar panel industry?
- What are the key regional markets in the global solar panel industry?
- What are the several end use segment in the global solar panel industry?
- What are the major product types in the global solar panel industry?
- What are the price trends of solar panel?
- What are the various stages in the value chain of the global solar panel industry?
- What are the key driving factors and challenges in the global solar panel industry?
- What is the structure of the global solar panel industry and who are the key players?
- What is the degree of competition in the global solar panel industry?
- What are the profit margins in the global solar panel industry?
- What are the key requirements for setting up a solar panel manufacturing plant?
- How are solar panels manufactured?
- What are the various unit operations involved in a solar panel manufacturing plant?
- What is the total size of land required for setting up a solar panel manufacturing plant?
- What are the machinery requirements for setting up a solar panel manufacturing plant?
- What are the raw material requirements for setting up a solar panel manufacturing plant?
- What are the packaging requirements for solar panels?
- What are the transportation requirements for solar panels?
- What are the utility requirements for setting up a solar panel manufacturing plant?
- What are the manpower requirements for setting up a solar panel manufacturing plant?
- What are the infrastructure costs for setting up a solar panel manufacturing plant?
- What are the capital costs for setting up a solar panel manufacturing plant?
- What are the operating costs for setting up a solar panel manufacturing plant?
- What will be the income and expenditures for a solar panel manufacturing plant?
- What is the time required to break-even?
For more information about this report visit https://www.researchandmarkets.com/r/dvelou
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