Solar Panel Market
Business

Solar Panel Market to Witness Huge Growth during 2022-2027

According to IMARC Group’s latest report, titled “Solar Panel Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, the global solar panel market size reached 177.7 GW in 2021. A solar panel is a collection of solar (or photovoltaic) cells that use natural sunlight to generate electricity. It is primarily manufactured by using boron, silicon, and phosphorus, which are arranged in a grid-like pattern on the surface. The utilization of solar panels has increased substantially as their installation assists in combating the harmful emissions of greenhouse gases.

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Solar panels offer renewable power sources and assist in minimizing the amount of electricity produced from fossil fuels. Owing to this, governments in several emerging nations are providing tax relaxations and introducing various awareness campaigns to promote their installation. Besides this, several key manufacturers are launching ultrathin solar panels, which are lighter and more flexible than the glass-based variants. These ultrathin variants are also superior to conventional solar panels in terms of efficiency and cost-effectiveness. Additionally, continuous innovations in the field of quantum physics and nanotechnology to increase solar panels’ effectiveness are projected to further propel the market growth in the coming years. Looking forward, IMARC Group expects the solar panel market to reach 536.9 GW by 2027, exhibiting a growth rate (CAGR) of 20.4% during 2022-2027.

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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviors of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.

Competitive Landscape with Key Players:

  • Jinko Solar
  • Trina Solar
  • Canadian Solar
  • JA Solar
  • Hanwha Q-CELLS
  • GCL-SI
  • LONGi Solar
  • Risen Energy
  • Shunfeng
  • Yingli Green

Market Segmentation:
Breakup by Type:

  • Crystal Silicon
  • Monocrystalline Silicon
  • Polycrystalline Silicon
  • Thin Film
  • Others

Breakup by End Use:

  • Commercial
  • Residential
  • Industrial

Regional Insights:

  • Asia Pacific
  • North America
  • Europe
  • Middle East and Africa
  • Latin America

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Key highlights of the report:                                                    

  • Market Performance (2016-2021)
  • Market Outlook (2022-2027)
  • Market Trends
  • Market Drivers and Success Factors
  • Impact of COVID-19
  • Value Chain Analysis
  • Comprehensive mapping of the competitive landscape

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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