According to the recent study the solar PV panel market is projected to reach an estimated $XX billion by 2028 from $XX billion in 2023, at a CAGR of 10% to 12% from 2023 to 2028. Growth in this market is primarily driven by gradual transition of energy industry from conventional to renewable sources, rise in awareness towards environmental pollution, and huge price variance between retail electricity and solar-generated electricity.
Browse XX figures / charts and XX tables in this 150 -page report to understand trends, opportunities and forecast in solar PV panel market by technology (thin-film, crystalline silicon, and others), grid (on grid and off grid), application (residential, commercial, and industrial), and region (North America, Europe, Asia Pacific, and the Rest of the World).
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“Thin-film market is expected to remain the largest segment during the forecast period.”
Based on technology, the solar PV panel market is segmented into thin-film, crystalline silicon, and others. Lucintel forecasts that the Thin-film market is expected to remain the largest segment due to its benefits such as, strong durability, narrow design, and its build-up from flexible lightweight materials. It has major application in commercial and utility-scale projects as these lightweight panels have reduced the overall installation costs.
“Within the solar PV panel market, the residential segment is expected to remain the largest application”
Based on application the residential segment is expected to witness the highest growth over the forecast period due to rise in customer awareness regarding the monitory and environmental benefits associated with solar power. Also, the rooftop solar PV is equipped with an energy battery storage system that provides reliable secondary power in residential households.
“Asia pacific will dominate the solar PV panel market in near future”
APAC will remain the largest region due to increase in solar power installation across the countries like China and India as an alternative source for electricity generation, and government's incentives as an initiative to achieve the target of lowering the carbon emission.
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Major players of solar PV panel market are adopting various growth strategies like new product launches, expansions, merger and acquisitions, partnerships, agreements, and collaborations to expand their presence in this market. First Solar, Canadian Solar, SunPower Corporation, Jinko Solar, Hanwha Group, ReneSola, Trina Solar, JA Solar, LONGi Solar, and Sharp Corporation are among the major solar PV panel providers.
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