Pune, India, Aug. 10, 2023 (GLOBE NEWSWIRE) -- The global solar panel market size is anticipated to rise progressively on account of the increasing demand for power from commercial, residential, and industrial sectors. Solar energy is one of the significant sources of renewable energy and is responsible for majorly impacting the market growth. Solar panels are used to convert light derived from the sun into electricity for utilization in electrical power loads serving various residential, commercial, and industrial purposes. More information on the market is provided in a recently published report by Fortune Business insights™ titled, “Solar Panel Market Size, Share & Industry Analysis, By Type (Monocrystalline, Polycrystalline, Thin Film), By Application (Photovoltaic Concentrated Solar Power), By End-User (Residential, Commercial, Industrial, Utilities, Space & Defence, Others) and Regional Forecast, 2023-2030.”
Key Industry Developments
Vena Energy, Suntech, and several other entities are in the process of examining the feasibility of producing solar panel parts in Indonesia.
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Drivers & Restraints -
Demand for Technological Advanced Cranes to Propel Growth
The increasing demand for advanced construction equipment is expected to drive the global tower crane rental market growth during the forecast period. In addition to this, rental services offered by manufacturers provide the liberty of using the equipment as per the need which will significantly reduce the capital expenditure. Furthermore, significant investments by government agencies in the construction sector is expected to propel the demand in the forthcoming year.
On the contrary, lack of proper training and inefficient drivers are increasing the accidents, and it is the major market constraint.
COVID-19 Impact
The COVID-19 pandemic led to a financial confusion due to succeeding lockdowns. Even well-administered organizations faced the damage caused by COVID-19 outbreak. It has also influenced the Solar Panel Industry nevertheless. The managers have struggled since the pandemic began to examine novel choices for remote work or publically remote workplaces. On the contrary, the growing consciousness of cleanliness, administration maintenance, and security is predicted to fuel the market during the impending future.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/industry-reports/solar-panel-market-101650
Competitive Landscape
Upcoming Solar Utility Projects – Major Mode of Revenue Generation for Players
Major players functioning in the solar panel market are engaging in utility-scale solar energy projects and other related projects to attract high solar panel market revenue in the coming years. Besides this, players are investing huge sums into the installation of new solar panels and adopting merger and acquisition strategies to compete for the top position in the market.
Segmentation
By Types of Solar Panels:
Monocrystalline: These solar panels are made from a single crystal structure, which allows them to be highly efficient in converting sunlight into electricity. They have a uniform black color and are known for their space-efficient design.
Polycrystalline: Polycrystalline panels are made from multiple crystal structures. They are slightly less efficient than monocrystalline panels but are generally more affordable. They have a blueish hue due to the multiple crystals.
Thin Film: Thin film panels are made by depositing thin layers of photovoltaic material onto a substrate. They are more flexible and lightweight than crystalline panels, but they tend to have lower efficiency. Thin film panels can be integrated into various surfaces and have a range of applications.
By Applications:
Photovoltaic (PV): Photovoltaic systems directly convert sunlight into electricity using solar panels. These systems are commonly used for residential, commercial, and industrial electricity generation.
Concentrated Solar Power (CSP): CSP systems focus sunlight onto a central receiver to generate high-temperature heat. This heat is then used to produce steam and drive turbines for electricity generation. CSP is often used in large-scale power plants.
By End-Users:
Residential: Residential solar installations involve placing solar panels on homes to generate electricity for personal use. This can help homeowners reduce their reliance on grid electricity and potentially even sell excess energy back to the grid.
Commercial: Commercial solar installations are deployed on businesses and commercial buildings to generate clean energy. They can help businesses save on energy costs and demonstrate environmental responsibility.
Industrial: Industrial solar installations are used by large-scale industries to power their operations. These installations can significantly reduce the carbon footprint of industrial processes.
Utilities: Utility-scale solar installations are massive solar power plants that generate electricity for the grid. These installations can power entire communities or regions.
Space & Defense: Solar panels are used in space exploration for spacecraft and satellites to generate power from the sun. In defense applications, solar power can be used to provide energy for remote installations, surveillance systems, and communication networks.
Each of these segments plays a crucial role in the broader solar energy industry, contributing to clean energy generation and sustainable development.
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Regional Insights
India, The US, China, and Germany to Invest Heavily in R&D Activities Associated with Solar Energy
The global solar panel market is categorized into the regions of Latin America, Asia Pacific, North America, Europe, and the Middle East and Africa. Out of these, Asia Pacific is holding the dominant solar panel market share, with China emerging as the largest producer of solar energy. Additionally, this is followed by Europe with Germany leading the region, followed by nations such as Italy, the United Kingdom, Spain, and the others. Spain has the highest number of Concentrated Solar Power (CSP) installations globally. Furthermore, the market in North America and South America is dominated by the USA. Nations such as India, the US, China, Germany, among others, are investing in research and development activities for the solar energy field for enhancing the efficiency and performance of solar power plants.
Solar Panel Companies Analyzed in Report:
- Tata Power Solar Systems Ltd.
- AE Solar
- Vikram Solar Limited
- PHOTONIX Solar Private Limited
- Jiangsu Runda PV
- JS Solar
- Waaree Group
- Sunpro Power
- Mysolar USA
- AcuTech Solar Pvt. Ltd.
- Einnova Solarline
- HT Solar, GSA
- Urja Global Limited
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Table of Content:
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- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers 2030
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Regulatory Landscape
- Porter Five Forces Analysis 2030
- Qualitative Analysis – Impact of COVID-19
- Impact of COVID-19 on the Ocean Thermal Energy Conversion Plant Market
- Steps Taken by the Government to Overcome the Impact
- Key Developments by Industry Players in Response to COVID-19
- Potential Opportunities and Challenges due to COVID-19 Outbreak
- Competitive Analysis
- Company Market Share Analysis, 2030
- Company Profile
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- Business Overview
- Product & Service Offering
- Overall Revenue
- Geographic Presence
- Recent Development
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- Introduction
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