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Pune, India, May, 2018 /MRFR Press Release/- The Solar Panels Market is expected to grow over the CAGR of around 20.18% during the period 2018 to 2023.

Market Highlights

Solar panel is the panel intended to entrap the sun’s rays as a source of energy to generate electricity and heat. It diminishes the amount of electricity produced from fossil fuels by supplying the operations with clean, renewable energy from the sun. Solar panels are also called photovoltaic or PV modules as they directly transform sunlight into electricity. The sun produces enough energy daily to supply 10,000 times the current worldwide electrical needs. Solar Photovoltaic panels are coupled assembly of solar cells with a typical 6×10 dimension that generate and supply solar electricity for commercial and residential applications. They are also extensively used for powering electronic devices, individual gadgets, and vehicle batteries. Installing solar panels on a typical house roof can cut down the household’s carbon footprint by an average of 35,180 pounds of carbon dioxide per year.

Key Players

The key players of solar panel market are Trina Solar Limited (China), Canadian Solar Inc. (Canada), Jinko Solar Holding Co., Ltd. (China), JA Solar Holdings Co., Ltd. (China), Hanwha Q CELLS Co., Ltd., (South Korea), ABROS green GmbH (Germany), Yingli Solar (China), SunPower Corporation (U.S.A), Abengoa Solar (Spain), eSolar, Inc. (U.S.A).

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Scope of the Report:

This study provides an overview of the global solar panels market, tracking three market segments across four geographic regions. The report studies key players, providing a six-year annual trend analysis that highlights market size, volume and share for North America, Europe, Asia Pacific (APAC) and Rest of the World (ROW). The report also provides a forecast, focusing on the market opportunities for the next six years for each region. The scope of the study segments the global solar panels market by its application, by module type, by technology and by regions.

By Technology

  • Solar PV
  • CSP

By Module Type

  • Parabolic Troughs
  • Linear Fresnel Reflectors
  • Power Towers
  • Parabolic Dishes
  • Crystalline
  • Thin Film

By Application

  • Residential
  • Commercial
  • Utilities

By Region

  • North America 
  • Asia Pacific 
  • Europe
  • Rest of the World

Solar PV by Technology Segment is Expected to Grow at the Fastest Rate and hold the Largest Market Size in Forecast Period.

The levelized cost of electricity (LCOE) ranges between USD 0.11 and USD 0.12/kWh (in South and North America, respectively) to over USD 0.31/kWh (in Central America and the Caribbean). But for individual projects there are wide range of costs. In countries with decent solar resources, projects are now being constructed with an LCOE of USD 0.08/kWh, while a recent tender in Dubai, United Arab Emirates, resulted in a successful bid for a solar PV power purchase agreement (PPA) for just USD 0.06/kWh, without financial support. It is expected that the levelized cost of electricity (LCOE) of utility-scale solar PV projects would witness an average fall of 50% during the forecast period.

Regional Analysis:

Asia-Pacific is the biggest solar power market; followed by Europe and then North America. China alone shares almost 44% of new solar PV capacity. Spain remained the global leader in existing CSP capacity, with 2.3 GW till the end of 2016, followed by the United States with just over 1.7 GW. These two countries still accounted for over 80% of global installed capacity. The rest of the world (ROW) region is comprised of Brazil, Middle East, and Israel; which are gaining attention from the major players of the PV and the CSP market considering the potential that these regions hold.

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