The presence of several local, regional, and worldwide vendors characterizes the global solar panels industry. The market is extremely competitive, with all competitors constantly fighting for a larger market share. High competition, quick technological advancements, frequent changes in government policies, and stringent environmental requirements are just a few of the significant variables that could slow market growth. Vendors compete on price, product quality, dependability, and aftermarket services. To live and succeed in a competitive market, vendors must produce cost-effective and efficient products. Vendor expansion is determined by market conditions, government support, and industrial advancement. As a result, vendors should concentrate on extending their presence and improving their service.
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Trina Solar (China), Canadian Solar Inc. (Canada), Photonix Solar Private Limited (India), Jinko Solar Holdings Co Ltd (China), SunPower Corporation (US), Esolar Inc (US), and First Solar Inc (US) are some of the key players operating in the global market.
Market Research Future (MRFR) estimates the global solar panels market to grow at 27.18% CAGR from 2020 to 2027 (assessment period).
Strong Demand for Energy Generation from Renewable Energy Sources
Since sunlight is a plentiful and unrestricted energy source, solar power is one of our planet’s most important energy sources. The amount of sunlight-based energy that arrives at the Earth’s surface in one hour exceeds the planet’s total energy requirements for an entire year. Because of the increased emphasis on decreasing carbon emissions and the effects of generating electricity from non-renewable sources, demand for renewable energy solutions, such as solar panels is likely to rise. As a result, the rising need for energy generation from renewable sources is likely to propel the worldwide solar panels market during the forecast period.
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COVID-19 Impact on the Worldwide Market
COVID-19 has had a significant impact on all businesses across the world. Due to the rapid growth, government worldwide have taken stronger measures for the operation of industrial plants and offices, resulting in stricter lockdowns. The lockdown had a major influence on the power sector overall, as power demand from commercial and industrial sectors had reduced significantly.
The global solar panels industry has been segmented into technology, module type, grid connectivity, and application.
By technology, the global solar panels market has been segmented into Solar PV and Concentrated Solar Power (CSP).
By module type, the global solar panels market has been segmented into Thin Film and Crystalline.
By grid connectivity, the global solar panels market has been segmented into On-Grid and Off-Grid.
By application, the global solar panels market has been segmented into Residential, Commercial, and Industrial.
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North America to Rule the Global Market
Due to a surge in the installation of solar PV equipment as well as incentives and government regulations to promote the use of solar PV systems, North America is a prominent region in the solar panels industry.