According to BlueWeave Consulting, the Global Solar Energy Panel market is anticipated to worth USD 52,491 million by 2018, with a CAGR of 21% during 2019-2025. The Global Solar Energy Panel Market is expected to witness a significant growth rate over the forecast period. Owing to the increasing government incentives for the adoption of solar panels along with the cost economics of polysilicon has expected to be the major driving factor of the global solar panel market. The solar panels convert solar energy into electricity, which creates a pollution-free environment and is more efficient than combustion technologies. The rapid expansion of solar photovoltaic (PV) installation capacities coupled with increasing demand for renewable power sources, is boosting the solar energy panel market in the coming years.
Moreover, raising awareness about the benefits of solar panels and depletion of fossil fuels is expected to surge the demand for solar panels. The other key factors supporting the growth of the market are future energy supply security, increasing investment in clean energy, and low operating cost of the solar power plant. Additionally, the demand for solar panels is growing due to the growing awareness about solar panel power generation being less polluting and producing fewer carbon emissions. Besides, the falling prices of key raw materials of solar panels, including silver and polysilicon, along with the price drops for other industrial commodities that are used to make solar panels, are expected to drive the market growth over the forecast period.
Commercial Sector Is Projected To Be the Most Lucrative Application Segment Of Global Solar Energy Panel Market During The Anticipated Period
In terms of applications, commercial sectors accounted for the largest market share in past years owing to factors such as high efficiency & utilization of direct current, etc. The emerging-market provides various opportunities to the market players, owing to a rise in disposable incomes and rapid growth in the global economy. Moreover, the residential segment is expected to witness significant growth during the forecast period due to the increasing awareness and adoption of roof-top panels. Besides, the utility-scale solar photovoltaic (PV) will grow at a high rate, owing to improving the cost competitiveness of solar photovoltaic (PV). Furthermore, the residential segment also witnessed sluggish growth in terms of the installation of solar energy due to discrepancies in sales strategies such as high installation and maintenance costs. However, rising development activities in developed countries such as Texas, Utah, Florida, and South California are expected to drive the segment over the forecast period, thereby generating the need for installation of renewable solar panel systems over the coming years.
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Asia Pacific Region Is Expected To Be the Fastest Growing Region of Global Solar Energy Panel over the Forecast Period
The Asia Pacific region is expected to be the substantial growing regional segment for the solar panel market within the forecast period. Owing to increasing urbanization and population explosion and low cost of the product, especially in developing countries like China and India, are expected to augment the demand for energy generation and construction activities in a particular region. Besides, the growing investment in clean energy research & development in the emerging economies is expected to further boost the demand for solar energy panels in the coming years. Moreover, the European Region is expected to hold the lion share over the forecast period. Both Europe and the EU region, anticipate having strong growth in past years. While demand in the EU will be driven by the national binding 2020 renewables targets and low prices, the non-EU part of Europe will be propelled by Turkey’s solar program and solar’s attractive costs for the forthcoming years.
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