Solar Panels Market By Technology, By Module Type, By Application, Region (North America, Europe, Asia-Pacific and Rest of World) – Global Forecast to 2023
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Market Overview:
The global market for solar panels is to grow exponentially with CAGR of 20.18% during the prognosis period (2018-2023), claims Market Research Future (MRFR). Advanced technologies have ensured that the solar panel can attain the grid parity of conventional energy resources. Stepping a bit further, these panels offer eco-friendly solutions at a reasonable price, a sure financial advantage for the end-user consumers.
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Market Competition:
The market has become competitive with the presence of multiple international brands and regional brands. Diverse strategies are being adopted to stay ahead in the market. For instance, Trina Solar Limited has recently acquired Spanish company Nclave to expand their portfolio.
The key players of influencing the solar panel market are Trina Solar Limited (China), Jinko Solar Holding Co., Ltd. (China), Canadian Solar Inc. (Canada), Hanwha Q CELLS Co., Ltd., (South Korea), JA Solar Holdings Co., Ltd. (China), ABROS green GmbH (Germany), and others.
Drivers and Restraints:
Growing concerns regarding the environment have been driving the market since long. Solar panels do not emit poisonous gases or cause noise pollution, thus, reducing carbon footprint. In addition, solar panels do not require fossil fuels and depend solely on its exposure time to the sunlight which is a constant source of energy. At the same time, a paradigmatic shift in consumer behavioral pattern has resulted in augmented lifestyle and spurred the growth of the extensive use of electrical & electronic devices. Electrical & electronics could reap many benefits from solar panels owing to its ability to cut down expenditures substantially.
Government initiatives are also commendable in promoting solar panels. Incentives and tax rebates given by the governments are boosting the sale of the solar panels. In addition, surging rooftop installation has given the market much-needed traction. The demand for parabolic troughs and solar power towers can also prove as market instigators.
However, photovoltaic system technology has yet to prove itself as a reliable source regarding competitiveness and overall production. Climatic conditions and geographical latitudes are also factors that can impede the market growth.
Regional Segmentation:
Geographically, the Solar Panels Market is segmented into North America, Asia Pacific (APAC), Europe, and Rest-of-the-World (RoW).
APAC dominates the market with China contributing the most to the global market share. China has recorded a significant number of PV unit installation in 2012. India, Japan, and Australia are showing much potential in taking the market further, owing to population explosion and urbanization in the region.
Europe currently owns the second position, but the market has witnessed a sharp decline in new installations owing to phased out subsidies and reduction in tariff, especially in Germany and Italy. However, the U.K., Spain and the Czech Republic have shown huge potential for further development. Also, importation of cheaper materials from China can steer the market ahead in coming years.
North America comes third and has witnessed high growth. Owing to the trend of adopting the latest technology and eagerness to reduce carbon footprint have influenced individuals enough to embrace this technology in their homes and buildings.
Industry Trend:
To make solar panels more attractive SolarWorld, Canadian Solar, and Trina have come up with their respective ranges of solar panels sans frames. These solar panels are coming with specialized mounting apparatus to match the panels. Clear solar panels are a revelation; these glass panels are durable, more resistant to fire hazard and less prone to erosion. Prism Solar, DSM Advanced Surfaces, Topray Solar and Sunshine Solar are the leading manufacturers of this trend. Tesla’s solar panels are unique in their appearance as they don’t differ much from the traditional rooftop tiles.
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Segmentation:
The global market for solar panels is segmented by technology and application.
By technology, the market includes solar Photovoltaic (PV) and concentrated solar power (CSP). The market till 2016, had seen PV as the hands-down winner with 34.1% of the market share. Whereas, CSPs acquired almost 22% of the market share. PV market is much bigger than the CSP market owing to various initiatives taken by the governments and regular funding in research & development. In the PV segment, crystalline leads the market. However, thin-film cells have a better conversion rate.
Application-based segmentation includes residential, commercial, and utilities. The market is currently experiencing a trend where both government and private players are installing solar panels on residential, commercial and architectural structures.
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Source: MarketersMedia
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