Solar Panels Market Expands Strategic Key Regions to Reach at Demographic, Geographic Segment by 2030

Electrical energy has become one of the important things, and its demand is getting increased. A solar panel is a silicon-based layered semiconductor module that produces electricity from sunlight. The pandemic spread was severe that led to severe attacks in many industries. The industrial plants and offices were restricted prohibited from any work affecting the Solar Panels Market. The increasing need for energy generation and shifting towards renewable energy resources boost the market. The energy can only be produced while the daytime due to sunlight which is an issue and restrains the market from further growth. the restraining factors are limiting the global growth of the market.

Key Players:

The key players of global Solar Panels Market are-

•  Trina Solar Limited (China)
• Canadian Solar Inc. (Canada)
• Jinko Solar Holding Co. Ltd. (China)
• JA Solar Holdings Co. Ltd. (China)
• Hanwha Q CELLS Co. Ltd. (South Korea)
• ABROS green GmbH (Germany)
• Yingli Solar (China)
• SunPower Corporation (U.S.A)
• Abengoa Solar (Spain)
• eSolar Inc. (U.S.A)

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Market segmentation

The Solar Panels Market is segmented by technology, module type and application. The market is classified into Solar PV and Concentrated Solar Power (CSP) based on the technology. The solar PV segment will hold the largest growth rate, a prominent segment in solar power generation. The solar PV device is also knowns as a solar cell and produces about 1 to 2 watts of power. The cells are made with different semiconductor materials. Concentrated solar power is used to drive conventional steam turbines and uses mirrors to concentrate the sun’s solar energy to produce electricity. By module type, the industry is bifurcated into thin-film and crystalline. Thin films are made by depositing thin layers of photovoltaic material on substrates like plastic, metal and glass. The crystalline PV module is named the first generation solar module.

On-grid and off-grid are the sub-segments of grid connectivity. The on-grid solar system generates power using solar power connected to the utility power grid. The on-grid solar system generates power when the utility power grid is directly related to utility feeds. The off-grid solar system work alone with the power grid system and consist of batteries that store solar power. The application segment is divided into commercial, residential, industrial. Residents use solar panels for power appliances. Solar panels are useful in residential to reduce the electric bills of the house. Common solar technologies are solar photovoltaics for electricity, solar water heating and passive solar heating and cooling. For commercial purposes, solar panels are used for offices, commercial buildings, and electricity generation. Almost all industries use solar panels for production.                                                          

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Regional analysis

The Solar Panels Market is studied in Europe, North America, Asia Pacific, Middle East, Africa, and South America. North America dominates the market due to the rising growth of the installation of solar PV equipment and many government orders to promote the use of solar PV systems. Europe is the second-highest growth region due to solar power installation in different industries. The Asia Pacific will showcase a steady growth rate due to the region’s continued development and increasing demand for solar power. The Middle East and Africa plan to adopt zero-carbon emissions by using energy-efficient products. Other regions are also increasing.

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Industry news

Belgian cleantech startup ART robotics named HELIOs, a fully automated solar panel cleaning service is, consisting of autonomous cleaning robots placed on solar panels using drones.

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