About Solar Panels
Solar panels are the devices which consist of flat panels which are used to absorb sun rays and convert them into electricity which can be used for household or industrial use. Solar panels are made up odf six different components, these include solar cells, a metal frame, glass sheet, standard 12V wire and bus wire. Solar cell act as a main component which is made up of monocrystalline, polycrystalline, or thin film (“amorphous”) silicon. Silicon is most commonly used semiconductor material. Owing to increasing environmental concern for duplication of non-renewable energy sources and increasing demand for solar energy panels, the Solar Panel market is expected to grow at a significant rate during the forecast period.
Attributes | Details |
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Study Period | 2020-2032 |
Base Year | 2024 |
Unit | Value (USD Million) |
The players are focusing on development with automation and technological advancement in solar panel to enhance their overall work capacity and performance. Leading manufacturer of solar panel offer wide range of product with considering consumers demand. These will enhance their market presence. The companies are also planning strategic activities like partnerships, mergers, and acquisitions which will help them to sustain in the market and maintain their competitive edge. Analyst at AMA Research estimates that United States Manufacturers will contribute the maximum growth to Global Solar Panels market throughout the forecasted period. Established and emerging Manufacturers should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Hnawha Group (South Korea), SMA Solar Technology (United States), JinkoSolar Holding Co. Ltd (United States), Canadian Solar Inc. (Canada), REC Solar (Singapore), SunPower Crop (United States), Sharp Solar (Japan), First Solar (United States), Trina Solar (China), Kyocera solar (United States) and RenewSys solar (India) are some of the key players that are part of study coverage.
Segmentation Overview
AMA Research has segmented the market of Global Solar Panels market by Type (Monocrystalline, Polycrystalline, Passivated Emitter and Rear Contact cells (PERC) and Thin-film), Application (Household, Commercial and Industrial) and Region.
On the basis of geography, the market of Solar Panels has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Power Rating, the sub-segment i.e. Less than 300W will boost the Solar Panels market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Distribution Channel, the sub-segment i.e. Online will boost the Solar Panels market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Fire Rating, the sub-segment i.e. Class A will boost the Solar Panels market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Increasing Demand Solar Energy Activated Products and Rising Demand for Solar Installation in Household
Market Growth Drivers:
Rising Demand for Solar Panels and Geysers and Growing Demand for Renewable Energy Sources
Challenges:
Inadequate Availability Of Land
Restraints:
Lack of Proper Management in Supply Chain and Higher Cost for Maintenance and Installation
Opportunities:
Technological Advancement in Solar Panel and Government Encourage Implementation of Solar Panel by Providing Incentive
Market Leaders and their expansionary development strategies
In Octomber 2021, SunPower acquired Blue Raven Solar. SunPower Corp. is leading solar technology and energy services provider and Blue Raven Solar is fastest growing residential solar provider in U.S. This acquisition help SunPower to provide affordable, resilient, sustainable energy to new set of homeowner and expand their growth strategically.
In April 2022, Hanwha Q CELLS launched new Q PEAK solar module in market. Q PEAK solar module made up of microcrystalline solar cells which has companies advance Q.ANTUM cell technology. This product is ideal for residential buildings. With this product launch company expand its presence in solar panel market.
Key Target Audience
Solar Panel Manufacturers, Suppliers and Distributors, Venture Capitalists and Private Equity Firms, New Entrants/Investors, Strategic Business Planners, Government Regulatory, Research Organizations and End-Use Industries
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.