Pune, India -- (SBWIRE) -- 12/23/2019 -- Infinium Global Research has recently added a premium report on "Solar Panel Market (Type - Monocrystalline, Polycrystalline, and Concentrated PV Cell; Application - Residential, Commercial, and Off-Grid): Global Industry Analysis, Trends, Size, Share and Forecasts to 2024." According to the IGR research analysts mounting consciousness for energy security and self-sufficiency along with favorable government, legislation is strengthening the solar panels market growth over the forecast period. The global solar panel market is projected to grow at a CAGR of 24% over the forecast period of 2018-2024.

Solar energy is widely regarded as the most prominent clean energy technology. Governments around the world take initiatives such as photovoltaic systems that have made clean energy more competitive with fossil fuels in the near future. The Indian government approved the phase –II of 'Grid Connected Rooftop Solar Programme in February', thereof putting a step towards realizing the dream of having 40 GW of installed rooftop solar capacity in India by 2022.

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Residential Segment Continues to Dominate During the Forecast Period

The report gives an in-depth analysis of the global solar panel market, focuses on market opportunities along with the trends driving the market. The report provides extensive qualitative insights on the potential and niche segments or regions exhibiting favorable growth. It provides the market segmentation by type (monocrystalline, polycrystalline, and concentrated PV cell), by applications (residential, commercial, off-grid) and by region.

Europe Region Dominates the Global Solar Panel Market Followed by North America

Among the geographies, Europe dominated the global solar panel market followed by North America. The growth of the European region is due to favorable government initiatives and increasing awareness regarding environmental conservation. Moreover, independent responsibilities of countries such as Germany, Italy, France, the UK, the U.S., China, Japan, and India to the Kyoto Protocol that is designated to reduce GHG (Green House Gases) emissions, is also expected to promote market growth. An increase in the manufacturers from China and technological advancement in the solar panel is anticipated to increase the demand for high crystalline silicon photovoltaic panels. With the increase in offsite and rooftop, corporate procurement the concept of community solar panel is gaining popularity in the U.S.

Therefore, companies such as Amazon, Apple, and Target. U.S. is anticipated to be the dominant market for photovoltaic (PV) tracker systems, with NEXT rocker and Array Technologies being leading players in the U.S region. California holds the largest market share in the U.S. solar panel market. However, there is continuous growth in markets like Florida, Texas, Utah, and Minnesota.

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Top Key Players in the Global Solar Panel Market

Companies profiled in the report are Yingli Solar, First Solar, SHARP CORPORATION, Suntech Power Holdings Co. Ltd., eSolar, Tata Power Solar Systems Ltd, Gintech Energy Corp, Bright Source Energy Inc., and Kaneka Corp.

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The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider.

The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the solar panel market. Moreover, the study highlights current market trends and provides forecast from 2018-2024. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.

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Reasons to Buy this Report:

=> Comprehensive analysis of global as well as regional markets of the solar panel.

=> Complete coverage of all the product type and application segments to analyze the trends, developments, and forecast of market size up to 2024.

=> Comprehensive analysis of the companies operating in this market. The company profile includes analysis of product portfolio, revenue, SWOT analysis and the latest developments of the company.  

=> Infinium Global Research- Growth Matrix presents an analysis of the product segments and geographies that market players should focus to invest, consolidate, expand and/or diversify.