July 13, 2020
According to the research report titled ‘Global Solar Energy Panel Market Size study with COVID-19 impact, by Technology (Photovoltaic Cells and Concentrated Solar Power System), by Module Type (Crystalline, Tine Film, Parabolic Troughs, Linear Fresnel Reflector and Others), by Application (Residential, Commercial, Utilities ) and Regional Forecasts 2020-2026’, available with Market Study Report LLC, global solar energy panel market is estimated to witness significant growth during 2020-2026.
Solar panels offer various advantages such as they are environment friendly, help in reducing carbon emission, and minimize the amount of electricity generated from fossil fuels by offering renewable energy sourced directly from sun. These are employed to generate electricity and for heating in both residential and commercial areas. Numerous initiatives and tax rebates offered by governments across the globe for installation of solar panels are driving the growth of global solar energy panel market. Growing awareness about the environment among the people and huge demand for solar energy from residential and commercial sector are expected to propel the market growth in forthcoming years.
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Based on technology spectrum, the market is segmented into concentrated solar power system and photovoltaic cells. With regards to the module type, solar energy panel market is fragmented into tine film, crystalline, linear fresnel reflector, parabolic troughs and others. As per application scope, the market is categorized into utilities, commercial and residential.
Considering the regional overview, global solar energy panel market is divided into Europe, Asia Pacific, North America, Latin America, and Rest of the World. North America held a significant market share in the recent past, due to the presence of favorable government initiatives for installation of solar panels in this region.
Meanwhile, Asia-Pacific market is expected to register strong CAGR over 2020-2026, owing to rising awareness regarding solar energy. Further, supportive policies for installation of solar panels and growing demand of solar panels from the commercial sector are expected to create lucrative opportunities for Asia-Pacific market.
The key players operating in global solar energy panel market are Jinko Solar Holding Co., Ltd., ABROS green GmbH, Trina Solar Limited, Canadian Solar Inc., Yingli Green Energy Holding Co., Ltd., eSolar Inc., JA Solar Holdings Co., Ltd., SunPower Corporation, Hanwha Q CELLS Co., Ltd., and Abengoa Solar among others.