Solar panel, also known as a PV panel, refers to a device which employs natural sunlight to generate electricity. It is made of several solar cells that are manufactured using silicon, boron and phosphorus. A single panel can only generate limited power supply; therefore, most installations incorporate multiple modules. Solar panel systems also consist of an inverter, battery for storage purposes, interconnecting wires, etc. They are comparatively less expensive and can provide electric power for more than three decades, if maintained well. According to the latest report by IMARC Group, titled “Solar Panel Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, the global solar panel market reached a volume of 98.8 GW in 2017, growing at a CAGR of around 31% during 2010-2017.
One of the primary factors catalysing the growth of the global solar panel market is the environment friendly nature of these panels as they do not emit any harmful gases or exhaust any fossil fuels. This helps in the reduction of carbon footprints as well as improves energy efficiency. Moreover, the governments in various emerging regions are providing tax relaxations and conducting several awareness campaigns to encourage the installation of solar panels. This acts as another factor facilitating the demand for solar panels. In addition, the market is further propelled by the surging demand for electricity and rising cost of its production. On account of these factors, the global solar panel market is projected to continue its growth trajectory during the upcoming years.
This report provides a deep insight into the global solar panel industry covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. The report also provides a comprehensive analysis for setting up a solar panel manufacturing plant. The study analyses the processing and manufacturing requirements, project cost, project funding, project economics, expected returns on investment, profit margins, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the solar panel industry in any manner.
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