Albany, NY -- (SBWIRE) -- 01/17/2017 -- Heightened environmental concerns due to excessive use of conventional energy sources in the industrial sector is leading to a shifting preference for renewable energy sources. Solar energy is one of the largest sources of renewable energy available for use. Solar power is suitable for a multitude of applications, which can be characterized either as active solar applications or passive solar applications.

The report present a comprehensive analysis of the development aspects of the global solar panel market for the 2016-2014 period. This includes insights into market drivers, challenges, and trends that will have a bearing on the growth pattern of this market. Besides this, design and technological improvements in solar panels are also looked into to analyze their impact on the progression of this market during the forecast period. Other vital aspects such as demand and supply mechanism, resource utilization, and industry value chain are covered at length in this report. The information presented is collected from primary and secondary data sources and is also based on inputs received from industry experts and opinion leaders in the solar panel industry.

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The research report presents an up-to-date analysis of competition dynamics that is prevalent in the global solar panel market. This includes insights into business strategies of major companies that can be leveraged for competitive gains. With an exhaustive collection of graphs, tables, and charts the research report presents a quantitative market-related analysis in a structured and concise manner. Using standard analytical tools such as SWOT analysis, the research report presents the strengths, weakness, opportunities, and threat analysis of the global solar panel market until the end of 2024.

Global Solar Panel Market: Drivers and Restraints

The increasing demand for solar panels in the industrial sector points out the shifting preference from conventional energy sources to non-conventional types. Numerous industries worldwide are investing heavily in installing solar panels and equipment. The global solar panel market is predominantly driven by the increasing number of solar power plants across a number of industry verticals.

The use of solar panels lies in converting solar energy into electrical energy. Solar panels contain silicon-based photovoltaic solar cells that trap the sun's rays and convert it into electrical energy. In addition to the increasing awareness about the utilization of clean energy, the exhaustion of fossil fuels is a major factor fuelling the demand for solar panels.

However, the high initial investment involved in the installation of solar panels is restraining the growth of this market to some extent. Nevertheless, the overall cost-effectiveness of solar panels in the long run is leading to the rising popularity of solar panels. The low capacity utilization of solar panels resulting in low energy output than non-renewable energy sources is also challenging the market's growth.

Global Solar Panel Market: Regional Outlook

Geography-wise, the global solar panel market is classified into North America, Asia Pacific, Europe, and Rest of the World. Amongst these, North America dominates the global market due to high investments and government support for utilization of renewable energy sources.

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Companies Mentioned in Report

The report presents a detailed vendor landscape of the global solar panel market profiling leading companies for their key business attributes. Some of the leading companies in this market are Auxin Solar, DM Solar, 1ST Sunergy, Yingli Green Energy, Global Watt, Innergy Power, ReneSola, Everbright Solar, Green Power, and Aqua Solar.

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