Market overview:
Solar Panel Market has been valued US$ 78.5 billion in the year 2021 and it is estimated to reach US$ 287.6 billion by the year 2027, with a CAGR of 25.6% from 2022 to 2027. Solar Panel are those devices which are used to absorb the sun's rays and convert them into electricity or heat. Description: A solar panel is actually a collection of solar (or photovoltaic) cells, which can be used to generate electricity through photovoltaic effect; these are the main factors that have considerably increased the demand for the Solar Panel in the market, thereby driving the huge growth of the Solar Panel market in the upcoming years
Market Drivers and Restrains:
The main factors that have considerably increased the demand for the Solar Panel in the market are mainly due to the increase in environmental pollution and provision of government incentives & tax rebates to install solar panels. In addition, decrease in water footprint associated with solar energy systems has fuelled their demand in power generation sectors. The demand for solar cells has gained major traction owing to surge in rooftop installations, followed by increase in applications in the architectural sector. Furthermore, the demand for parabolic troughs and solar power towers in electricity generation is expected to boost the demand for concentrated solar power systems; these are the main factors that have considerably increased the demand for the Solar Panel in the market, thereby driving the huge growth of the Solar Panel market in the upcoming years
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Report is segmented as:
Solar Panel Market is segmented on the basis of by:
By technology (Photovoltaic Systems and Concentrating Solar Energy Systems),
By application (Residential, Commercial and Industrial),
By end-user (Power Generation, Lighting, Heating, and Charging)
By component (Môn crystalline and Polycrystalline Silicon, and Cadmium Telluride and Amorphous Silicon)
Geographical Segmentation:
Solar Panel Market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa and rest of world. North America has the dominant share in the Solar Panel is due to the Increase in photovoltaic applications have fuelled the demand for first-generation cells, which include both monocrystalline and polycrystalline silicon cells these are the main factors that have considerably increased the demand for the Solar Panel in the North America , followed by Europe, Asia Pacific, Latin America and Middle East & Africa will register a slower increase in the Solar Panel Market
Impact of COVID-19 on Market
The COVID-19 pandemic continues to radically trade that amplify of variety of industries; however, the immediate have an effect on of the outbreak is varied. While some industries will register a visit demand, several others will proceed to remain unscathed and showcase promising increase opportunities. COVID-19 will have an occasional have an effect on the Solar Panel market. In recent days relaxation in restrictions by the government and people are getting vaccinated to stop the spread of corona virus are expecting to raise the Solar Panel market growth