Solar Panels Market Global Trends, Analysis, Growth and Forecast 2025

Posted by Faraz on February 8th, 2020

The global solar panel market is expected to expand at a significant CAGR of +26% during the forecast period of 2019-2025. 

Solar panels are panels designed to absorb the sun's rays as a source of energy for generating electricity and heating. Provides clean, renewable energy from the sun to operations, reducing the amount of electricity from fossil fuels. Solar panels convert sunlight directly into electricity, so they are also called solar or PV modules. The sun produces enough energy every day to supply 10,000 times the global electricity demand.

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Some of the major players of the global Solar Panels market are: Yingli Solar, Photonix Solar Pvt. Ltd, Goal Zero, AGL Solar Energy, and others.

Solar Photovoltaic Panels are typically packaged assemblies of 6x10 solar cells that produce and supply solar power in commercial and residential applications. Solar panels are widely used not only in residential rooftop applications, but also in applications such as electronic devices, individual devices and vehicle battery power supplies. By installing solar panels on the roof of the house, an average of 35,180 pounds of carbon dioxide per year can reduce the carbon footprint of furniture.

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The first commercial use of solar cells was to power satellites. There are solar panels of varying quality levels of monocrystalline solar panels, polycrystalline solar panels and thin-film panels (amorphous panels) with different efficiency and cost factors. Solar panels are tested according to "Standard Test Conditions (STC)". The fixed set of conditions considered in this method allows you to accurately compare and grade solar panels with each other. There are three standard test conditions for testing solar panels, including cell temperature, solar irradiance and air mass.

Solar Panel Market Segmentation

By Applications:

  •          Photovoltaic power stations
  •          Rooftop solar PV systems
  •          Standalone PV systems
  •          Solar hybrid power systems
  •          Concentrated photovoltaic
  •          Solar planes
  •          Solar-pumped lasers
  •          Solar vehicles

By End-User

  •          Residential
  •          Commercial
  •          Industrial

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