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Electrical energy is the basic need today, and its demand is increasing all over the world. Also, the need for an alternate source for energy has gained importance, and as solar energy is renewable energy backed with the government's ambitious green energy targets, it has become a major attraction for investors. Over the last decade, countries like China, Germany, and the USA have come up with solar powerhouses and increased the production of electricity by solar energy, which in turn has helped the solar panel market to grow.
Based on type, the solar panel market is segmented into the monocrystalline panel, polycrystalline panel, and thin-film panel. Based on the application, the solar panel market is divided into solar photovoltaic (PV) power plant and solar concentrated power plant. The solar PV panels dominate the market due to low operating costs with it. Based on end-user, the solar panel market can also be segmented into residential, commercial, industrial, utilities, space & defense, and others.
Key Market Driver -
Key Market Driver – Regulatory shift towards solar installations
Key Market Restraint -
Key Market Restraint – High installation cost
The major market driver for the global solar panel market is the increasing demand for clean energy around the world. Many countries are now shifting towards the sources of clean energy. With the provision of government incentives and tax rebates over the installation of solar panels, the market is expected to undergo exponential growth.
The key market restraint for the global solar panel market is the high cost of installation of the solar panels. A certain area of land has to be given for the installation of the panels, the required amount of area increases with an increase in the amount of energy required. Post-installation of panels, the area cannot be used further for any other purpose, which acts as a restraint in the growth of the solar panel.
Some of the major companies that are present in the global solar panel market are PHOTONIX Solar Private Limited, Urja Global Limited, Vikram Solar Limited, Waaree Group, AcuTech Solar Pvt. Ltd., Tata Power Solar Systems Ltd., HT Solar, GSA, Einnova Solarline, AE Solar, JS Solar, Mysolar USA, Jiangsu Runda PV, and Sunpro Power.
The global solar panel market has been spread into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Asia-Pacific dominates the solar panel market and has the largest installation of solar energy. China is the largest producer of solar panels and photovoltaic energy in the Asia Pacific as well as in the world. Governments in India and China are promoting the use of solar energy, and it has positively influenced the solar panel market. Germany is the largest solar energy producer in Europe followed by Italy, the United Kingdom, Spain, and others.
The renewable energy directive by the EU is pushing the use of renewable energy like solar and wind in this region. Spain has the largest installation of CSP in the world. USA ranks top in North America and Chile in South America for solar energy. Countries like China, Germany, USA, India, etc. are funding research and development activities in the solar energy field to enhance the performance and efficiency of solar power plants. The next breakthrough in the solar energy field is going to come from these countries. Other countries like Canada, Mexico, Brazil, Uruguay, etc. have also increased the production of solar energy at a steady rate.
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African continent receives maximum sunlight than any other continent on earth & African countries seem to have realized that which can be noticed by their approach towards solar energy in recent times. Global organizations like the UN are promoting the use of solar energy in the African subcontinent. The UN provides funding for the construction of solar power plants not only in Africa but also worldwide. South Africa has been the most prosperous country in the production of solar energy in this region by far, followed by countries like Morocco, Angola, Egypt, Senegal, etc. The increasing solar energy installations around the world have boosted the solar panel market.
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