Solar Panels Market Scope
Solar panels are the devices which consist of flat panels which are used to absorb sun rays and convert them into electricity which can be used for household or industrial use. Solar panels are made up odf six different components, these include solar cells, a metal frame, glass sheet, standard 12V wire and bus wire. Solar cell act as a main component which is made up of monocrystalline, polycrystalline, or thin film (“amorphous”) silicon. Silicon is most commonly used semiconductor material. Owing to increasing environmental concern for duplication of non-renewable energy sources and increasing demand for solar energy panels, the Solar Panel market is expected to grow at a significant rate during the forecast period.
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|Key Companies Profiled||Hnawha Group (South Korea), SMA Solar Technology (United States), JinkoSolar Holding Co. Ltd (United States), Canadian Solar Inc. (Canada), REC Solar (Singapore), SunPower Crop (United States), Sharp Solar (Japan), First Solar (United States), Trina Solar (China), Kyocera solar (United States) and RenewSys solar (India)|
The players are focusing on development with automation and technological advancement in solar panel to enhance their overall work capacity and performance. Leading manufacturer of solar panel offer wide range of product with considering consumers demand. These will enhance their market presence. The companies are also planning strategic activities like partnerships, mergers, and acquisitions which will help them to sustain in the market and maintain their competitive edge. Research Analyst at AMA estimates that United States Manufacturers will contribute to the maximum growth of Global Solar Panels market throughout the predicted period.
Hnawha Group (South Korea), SMA Solar Technology (United States), JinkoSolar Holding Co. Ltd (United States), Canadian Solar Inc. (Canada), REC Solar (Singapore), SunPower Crop (United States), Sharp Solar (Japan), First Solar (United States), Trina Solar (China), Kyocera solar (United States) and RenewSys solar (India) are some of the key players that are part of study coverage.
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
The study have segmented the market of Global Solar Panels market by Type , by Application (Household, Commercial and Industrial) and Region with country level break-up.
On the basis of geography, the market of Solar Panels has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). region held largest market share in the year 2022.
Market Leaders and their expansionary development strategiesIn Octomber 2021, SunPower acquired Blue Raven Solar. SunPower Corp. is leading solar technology and energy services provider and Blue Raven Solar is fastest growing residential solar provider in U.S. This acquisition help SunPower to provide affordable, resilient, sustainable energy to new set of homeowner and expand their growth strategically.
In April 2022, Hanwha Q CELLS launched new Q PEAK solar module in market. Q PEAK solar module made up of microcrystalline solar cells which has companies advance Q.ANTUM cell technology. This product is ideal for residential buildings. With this product launch company expand its presence in solar panel market.
Influencing Trend:Increasing Demand Solar Energy Activated Products and Rising Demand for Solar Installation in Household
Market Growth Drivers:Rising Demand for Solar Panels and Geysers and Growing Demand for Renewable Energy Sources
Challenges:Inadequate Availability Of Land
Restraints:Lack of Proper Management in Supply Chain and Higher Cost for Maintenance and Installation
Opportunities:Technological Advancement in Solar Panel and Government Encourage Implementation of Solar Panel by Providing Incentive
Key Target AudienceSolar Panel Manufacturers, Suppliers and Distributors, Venture Capitalists and Private Equity Firms, New Entrants/Investors, Strategic Business Planners, Government Regulatory, Research Organizations and End-Use Industries