The escalation in demand for renewable energy is predicted to shape the solar panel market in 2020. The renewable energy reports are made by Market Research Future, which includes market possibilities for advancement. A CAGR of 20.18% is predicted to shape the market in the impending period.
The move away from electricity created from fossil fuels is predicted to shape the solar panel market share in the impending period. The use of solar panels in operating individual gadgets, electronic devices, and vehicle batteries are predicted to add momentum to the solar panel market size in the upcoming period.
Segmental Analysis
The segmental study of the solar panel market is carried out on the basis of technology, application and region. On the basis of region, the solar panel market is segmented into North America, Europe, Asia-Pacific and the rest of the regional market. Based on the technology, the solar panel market is segmented into Solar PV and CSP. Based on the module type, the solar panel market is segmented into thin film, parabolic troughs, crystalline, linear fresnel reflectors, power towers and parabolic dishes. Based on the application, the solar panel market is segmented into residential, commercial, off-grid and power plants.
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Competitive Analysis
The market is estimated to be energized by the incentives offered by the governments and the initiatives taken to spur the global market. The trade blockades are, however, estimated to slow down the momentum that could be attained by the market. The contender's progress in the market is estimated to be bolstered by the innovations that are being undertaken to enhance the core product offering in the upcoming period. The companies in the market are estimated to solely focus on getting their growth paths back on track to maximize the opportunities that may arise. The reinforcement of the distribution channels is estimated to further place the market in the right place for the future. The emphasis on marketing strategies is estimated to decline due to the focus being placed on cost optimization.
The significant contenders in the solar panel market are Canadian Solar Inc. (Canada), Jinko Solar Holding Co., Ltd. (China), Abengoa Solar (Spain), JA Solar Holdings Co., Ltd. (China), Trina Solar Limited (China), Hanwha Q CELLS Co., Ltd., (South Korea), ABROS green GmbH (Germany), Yingli Solar (China), SunPower Corporation (U.S.A) and eSolar, Inc. (U.S.A).
Industry Updates:
July 2020 Indian scientists at the International Advanced Research Centre for Powder Metallurgy and New Materials (ARCI) have progressive nanoparticle-based solar panel coating that reduces dust deposition and allows trouble-free cleaning by the action of water, thus stopping a decrease in panel efficiency owing to soiling.
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Detailed Regional Analysis
The regional scrutiny of the solar panel market is segmented into North America, Europe, Asia-Pacific and the rest of the regional market. In the regional APAC market, the mounting demand for solar panels can strengthen the rise of the market in the upcoming period. The upsurge in solar panel residential rooftop uses are affecting the expansion of the market in the years to come. The momentous descent in charges of key constituents, such as poly-silicone and silver expended in the fabrication of solar cells can stimulate the development of the market in the near future. The pronounced benefits of the solar panel are in its working without the production of harmful substance and absence of noise can back the rise of APAC solar panel market. In the regional market of North America, the intensification in solar systems installations and intensification in substantial government strategies to back the production of solar energy can compel the development of the solar panel market in the years to come.
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