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Solar Panels Market Growth Projections and Opportunities
The worldwide demand for generating energy from renewable sources is on the rise, and this is expected to boost the global market for solar panels. The market is divided into different segments based on technology, module type, grid connectivity, and application.
When we look at technology, the global market is divided into two main types: solar PV and CSP. In 2020, the solar PV segment took up the majority of the market, holding an 85.5% share with a value of USD 93,238.7 million. Experts predict that this segment will grow at a rate of 12.97% during the upcoming period.
Now, let's talk about module types. The global market has two major categories: crystalline and thin film. In 2020, the crystalline segment dominated the market, capturing a 70.2% share with a value of 76,539.9 million. This segment is expected to grow at a rate of 13.03% in the foreseeable future.
Moving on to grid connectivity, the market is segmented into on-grid and off-grid. In 2020, the on-grid segment was the leader, accounting for 83.2% of the market with a value of 90,709.9 million. Projections indicate that this segment will continue to grow at a rate of 12.95% in the projected timeframe.
The final segment is based on application, which includes residential, commercial, and industrial uses. In 2020, the commercial segment held the largest share at 42.3% with a market value of 46,085.3 million. This segment is expected to experience a significant growth rate of 14.34% during the projected timeframe.
In summary, the global solar panels market is witnessing substantial growth, driven by the increasing demand for renewable energy. Solar PV technology, crystalline modules, on-grid connectivity, and commercial applications are currently dominating the market. The projections for the future suggest a continued upward trend in these segments, indicating a promising outlook for the global solar panels market.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Market Size Value In 2022 | USD 131.37 Billion |
| Growth Rate | ~12.63% (2022-2030) |
Solar Panels Market Highlights:
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