Crystalline Solar Panels Market: Introduction
A solar panel system is an inter-connected assembly of photovoltaic solar cells that capture energy emanating from the sun in the form of photons; and. The amount of electricity produced, as measured in volts or watts, varies according to the system and the type of solar cell. Crystalline solar panel have gathered significant popularity owing to their green energy characteristics. Increasing investments in clean energy are harboring opportunities for crystalline solar panel installations.
Mostly solar panels used at home are monocrystalline, polycrystalline or thin-film solar cells. All three types vary in efficiency as well as costs. Monocrystalline solar panels are the most efficient while also being the most expensive type of solar panels. On the contrary, thin film solar panels are least efficient and least expensive. Whereas, polycrystalline solar cells usually have reasonable costs and moderate efficiencies. Owing to the above mentioned factors, in the coming years, the Crystalline Solar Panels market is anticipated to witness significant growth.
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Crystalline Solar Panels Market: Dynamics
Owing to the shift from conventional exhaustible energy resources to the natural and renewable energy resources e.g. solar energy have extensive growth opportunities in the years to come. The solar energy generation plants designed by crystalline solar panels is said to be primarily driving the market growth. Furthermore, BIPV enabled facades, partitions and insulations systems installed in LEED certified commercial buildings factors is also understood to be major contributor to the growth of crystalline solar panels.
With associated operating benefits such as increased efficiency, low-cost of materials, increased longevity of solar systems and heightened aesthetic appearance are contributing towards higher adoption of crystalline solar panels. The crystalline solar panels market is expected to reflect high growth during forecast period. However, the penetration rate of crystalline solar panels has been relegated to only certain regional markets who have been able to afford high cost of the product. This factor has restricted the growth to several regional markets, with end users resorting to substituted products. The pricing factor is expected to be offset with the manufacturers developing economical solutions to cater the general as well as custom requirements by the end user.
Currently the crystalline solar panels market has witnessed preferred strategies such as product launch, acquisition, and strategic partnerships by the OEMs for business development and consolidation. For instance, leading players such as Solar World AG and Hanwha Q CELLS Co. Ltd. have launched new PV systems to attract more number of customers. The Corona Virus pandemic is currently impacting the global economy at countless levels and no industry sector has not been saved.
This has reflected in a substantial slowdown in spending in the first half of year 2020 as it resonates through every sector of the economy. The growth outlook however is expected to shift towards a positive growth for the remaining year with resumption of construction of activities. Though overseas trade is expected to incur a greater degree of time, the domestic trade and supply is expected to regain earlier with uninhibited production and supply of crystalline solar panels
Crystalline Solar Panels Market: Segmentation
The global Crystalline Solar Panels market can be segmented on the basis of product type, material type, and end use.
On the basis of product type, the global Crystalline Solar Panels market is segmented as:
- Monocrystalline solar panels
- Polycrystalline solar panels
- Thin-film solar panels
On the basis of material type, the global Crystalline Solar Panels market is segmented as:
- Crystalline silicon
- Amorphous silicon (no crystal lattice)
- Gallium arsenide
- Copper indium gallium selenide (CIGS)
- Cadmium telluride (CdTe)
On the basis of end use, the global Crystalline Solar Panels market is segmented as:
- Commercial
- Residential
- Utility Scale
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Crystalline Solar Panels Market: Regional Outlook
Geographically, North America is anticipated to be the most promising region in terms of growth in the global crystalline solar panel market growth. The industry experts have predicted that the US will double its solar installations from two million to four million by 2023. In United kingdoms, the overall solar panel installations crossed one million in the year 2018 growing at 2% YOY. Hence, Europe and North America provide optimistic outlook for the crystalline solar panels market during the forecast period.
Crystalline Solar Panels Market: Key Players
Some of the market participants in the global Crystalline Solar Panels market, identified across the value chain include:
- Hanwha Q CELLS Co. Ltd.
- Solar World AG
- JA Solar Holdings
- Yingly Solar
- Sharp Corporation
- Jinko Solar
- Canadian Solar Inc.
- China Sunergy
- Trina Solar Limited
- Sun Power Corporation
The research report on the Crystalline Solar Panels market presents a comprehensive assessment, and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. The Crystalline Solar Panels market report also contains projections using a suitable set of assumptions and methodologies. The report provides analysis and information according to market segments such as geography, end use, and product type.
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