The global solar panel market is anticipated to grow at a significant CAGR of 12.2% during the forecast period. Clean energy products provide several advantages over traditional energy sources, including renewable energy sources and others. These benefits are likely to support boosting the growth of the solar panels market. One of the primary reasons driving the growth of the solar panel market is the rising demand for renewable energy products has propelled the demand for solar panels. Major manufacturers of solar panels are inclined to develop a product that offers greater adaptability while integrating environmentally-friendly technology in developed countries. For instance, in January 2022, Indian Billionaire Gautam Adani’s logistics-to-energy conglomerate set up a new subsidiary, named ANIL to undertake projects of green hydrogen, manufacture of wind turbines, and generation of low carbon electricity, batteries, and solar modules as it looks to become the company of renewable energy and manufacture the low-cost hydrogen. In June 2020, Adani Green Energy won the world’s largest single bid for solar installation of 8 GW to be delivered by the end of 2025. The project is estimated to have a total investment of USD 6 billion. Moreover, in April 2020, the solar wafer manufacturer LONGi Group, which manufactures mono products, expanded its mono ingot/wafer capacity from 42 GW at the end of 2019 to 75 GW by the end of 2020, accelerating and boosting its earlier plans for the 65 GW by the end of 2021.
Browse the full report description Global Solar Panel Market Size, Share & Trends Analysis Report by Technology (Mono-crystalline, Polycrystalline silicon, Thin-film solar panel, and others), By End-User (Residential and Commercial), and Forecast, 2022-2026 at https://www.omrglobal.com/industry-reports/solar-panel-market
Another factor that is driving the market growth is the rising government initiatives across the globe owing to the various environmental concerns to reduce carbon emissions. For instance, in December 2021, the Power Development Department (PDD) of Ladakh signed a power purchase agreement (PPA) with the Solar Energy Corporation of India (SECI) for buying 50 MW of DC solar power. In March 2021, the US Department of Energy (DOE) funded USD 40 million to 22 projects related to the research and development (R&D), manufacturing, and performance validation of advanced perovskite photovoltaic (PV) devices. Apart from this, in September 2019, Penn State University in the USA held the ground-breaking for a 70 MW, utility-scale solar energy project.
Market Coverage
Segment Covered-
Regions Covered-
Competitive Landscape- SunPower Corporation, LONGi Green Technology Co. Ltd., Trina Solar Ltd., Canadian Solar Inc., JinkoSolar Holdings Co. Ltd.,
Key questions addressed by the report
oDeviation from the pre-COVID-19 forecast
oMost affected region and segment
Global Solar Panel Market Report Segment
By Technology
By End-User
Global Solar Panel Market Report Segment by Region
North America
Europe
Asia-Pacific
Rest of the World
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