Solar Panel Global Market Top Key Players:-
The market has become competitive with the presence of multiple international brands and regional brands. Diverse strategies are being adopted to stay ahead in the market. For instance, Trina Solar Limited has recently acquired Spanish company Nclave to expand their portfolio.
The key players of influencing the Solar Panel Market are Trina Solar Limited (China), Jinko Solar Holding Co., Ltd. (China), Canadian Solar Inc. (Canada), Hanwha Q CELLS Co., Ltd., (South Korea), JA Solar Holdings Co., Ltd. (China), ABROS green GmbH (Germany), and others.
Global Market Highlights:-
Solar panels also referred to as photovoltaic or PV modules is a convergent assembly of solar cells that generate and supply solar electricity for residential, commercial and industrial applications. These panels can also be used for powering individual gadgets, electronic devices, and vehicle batteries.
Installation of solar panels on a house roof typically ensures a cut down of an average of 35,000 pounds of carbon dioxide per year in terms of the household’s carbon footprint. Along with providing the clean and renewable energy, another aspect of solar panel is its discreet functioning. Meaning, without the noise and CO2 emission, solar panels give the equal grid output as conventional energy resources such as coal, oil, and petroleum.
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Global Solar Panels Market – Segmentation
The MRFR analysis is segmented into three key dynamics for the convenience of understanding;
By Technologies : Comprises Solar PV (Crystalline, Thin Film) and CSP (Parabolic Troughs, Linear Fresnel Reflectors, Power Towers, and Parabolic Dishes among others
By Applications : Residential, Commercial, and Utilities (Power Plants, Off Grid) among others.
By Regions : North America, Europe, APAC and the Rest-of-the-World (RoW)
Drivers and Restraints:
Government initiatives are also commendable in promoting solar panels. Incentives and tax rebates given by the governments are boosting the sale of the solar panels. In addition, surging rooftop installation has given the market much-needed traction. The demand for parabolic troughs and solar power towers can also prove as market instigators.
However, photovoltaic system technology has yet to prove itself as a reliable source regarding competitiveness and overall production. Climatic conditions and geographical latitudes are also factors that can impede the market growth.
Industry Trend:
To make solar panels more attractive SolarWorld, Canadian Solar, and Trina have come up with their respective ranges of solar panels sans frames. These solar panels are coming with specialized mounting apparatus to match the panels. Clear solar panels are a revelation; these glass panels are durable, more resistant to fire hazard and less prone to erosion. Prism Solar, DSM Advanced Surfaces, Topray Solar and Sunshine Solar are the leading manufacturers of this trend. Tesla’s solar panels are unique in their appearance as they don’t differ much from the traditional rooftop tiles.
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Global Analysis:
Asia-Pacific is the biggest solar power market; followed by Europe and then North America. China alone shares almost 44% of new solar PV capacity. Spain remained the global leader in existing CSP capacity, with 2.3 GW till the end of 2016, followed by the United States with just over 1.7 GW. These two countries still accounted for over 80% of global installed capacity. The rest of the world (ROW) region is comprised of Brazil, Middle East, and Israel; which are gaining attention from the major players of the PV and the CSP market considering the potential that these regions hold.
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