The global solar panel market has significant CAGR of 12.2% during the forecast period. Government initiatives such as grants, incentives, promotion, policies, and regulations are the key factors that are boosting the growth of the solar panel market across the globe. Governments of key economies such as the US, Canada, UK, Spain, Australia and many more are promoting green energy, which includes wind, solar, hydro and geothermal energy. In Australia, the Renewable Energy Target (RET), was formed to ensure 33,000 GWh of energy to be generated by renewable sources by 2020. Moreover, in the US, the Federal Energy Management Program's (FEMP) enables a federal organization by providing information about solar funding program and offers this service in each state under the energy incentive program.
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Substantial Opportunities in Emerging Markets such as China and India
Emerging economies such as China and India are expected to witness immense growth and development in the rooftop solar panel market during the forecast period due to significant investments from across the globe, improved infrastructure, cheap labor, and cohesive government policies. As per the World Bank, Asia is home for more than 60% of the world’s population. India and China hold more than half of the total population of Asia. As a result, there is significant demand for energy in various applications across the region. World Bank estimates that in the next decade India is expected to cross China and will be the most populous country across the globe.
Technological advancement has laid the solar panel market growth
Technological improvements and innovations in the solar power industry are one of the major factors that are creating an ocean of opportunities for the rooftop solar panels manufacturers. Innovations have led to the miniaturization of solar panels to be used for many small-scale applications for everyday living, on a more personal level. Before, solar panels were sized as large as to be used only for commercial purposes as giant arrays of glimmering panels. In recent years, improvements in design and configuration, energy storage, efficiency, and battery size have promised significant opportunities for solar energy in a variety of situations.
Monocrystalline Silicon Rooftop Solar Panel
Monocrystalline silicon cells are manufactured from a single crystal ingot of high purity and the ingots are manufactured through CZ (Czochralski) crystal growth process. These panels are durable and do not emit any harmful rays. This, in turn, promotes its adoption in the residential and commercial sector. The panels can last long for more than 30 years with proper maintenance and service. Recent advancements have pushed the efficiency of the monocrystalline panel to over 20%. Moreover, in case of the limited amount of roof space, monocrystalline can be an ideal solar panel due to the high efficiency that enables to completely optimize solar energy production capabilities.
Global Solar Panel Market- Segmented by Technology and by End-user
By Technology
By End-User
Global Solar Panel Market– Segment by Region
North America
Europe
Asia-Pacific
Rest of the World
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