Most Efficient Solar Panels Market Size, Share, Growth, and Industry Growth, By Type (Monocrystalline, Thin-Film, and Polycrystalline), By Application (Transportation, Technology, Heating, Lighting, and Others), Regional Insights, and Forecast To 2031

Updated On: 20 November 2023

Most Efficient Solar Panels Market REPORT OVERVIEW

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The global most efficient solar panels market size was USD 15978.85 million in 2021 and market is projected to touch USD 46324.3 million by 2031, at a CAGR of 11.23% during the forecast period.

Most efficient solar panels are the radiant energy the sun emits and may be captured using various solar panel technologies, including crystalline silicon and thin film. It is a practical renewable energy source that effectively combats rising greenhouse gas emissions and global warming. The components of solar panels are silicon-based solar cells stacked in sandwich-like structures. The use of solar inverters, power (DC) produced by solar panels, then transforms into AC power, which various consumers, including residential, commercial, and industrial ones, may use.

The base of most efficient solar panels is covered with a grid-like arrangement of many solar cells or photovoltaic cells made of silicon, boron, and phosphorus. Sunlight is an incredible alternative renewable source for creating electricity without emitting any pollution, and PV cells are utilized to harness its power. Solar panels can be used to power remote power systems for cabins, remote sensing, off-grid locations, telecommunications equipment, etc. It can also be used to charge batteries and power off-grid places.

COVID-19 Impact: Supply Chain Disruption Hampered Market Expansion

The COVID-19 pandemic breakout coupled with government-imposed lockdown measures, there has been a fall in demand for solar panels. The most efficient solar panels market has suffered as a result. The COVID-19 pandemic-related lockdown led to a temporary prohibition on import and export and manufacturing and processing activities across numerous industries. This reduced the need for power equipment, hurting the solar PV panels market. Due to this, market growth in 2020's second, third, and fourth quarters fell. However, the COVID-19 vaccine has begun in several nations worldwide, which is likely to improve the situation globally. The most efficient solar panels market is expected to rebound by the end of 2021.

LATEST TRENDS

"Shifting from Conventional to Solar Energy to Bolster Market Growth"

The industry's gradual transition to renewable energy sources is driving up demand for solar PV panels on a global scale. Additionally, it is projected that the market for solar photovoltaic panels is expected to grow over the course of the forecast period as environmental pollution awareness in relation to pollutants from traditional power generation rises. The transition of energy from conventional to solar and renewable sources is forecasted to propel the demand for the most efficient solar panels.

Most Efficient Solar Panels Market Segmentation

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• By Type Analysis

By type, the market is segmented into monocrystalline, thin-film, and polycrystalline.

• By Application Analysis

Based on application, the market is classified into transportation, technology, heating, lighting, and others.

DRIVING FACTORS

"Rising Price of Electricity to Offer Various Growth Opportunities "

The price of electricity is rising due to the growing demand for electricity in emerging markets. The awareness about solar energy is increasing, likely to foster market growth. Solar panels utilize the sun's energy and create electricity. One of the key factors influencing the use of solar PV systems in the commercial, industrial, and residential sectors is the growing public awareness of using low carbon-intensive technologies to reduce carbon footprint.

"Various Applications of Solar Energy to Cater to Market Growth"

The most efficient solar panels are used in technology, heating, transportation, lighting, and other industries. These panels are often installed for larger residential and commercial properties. Moreover, these panels are cost-effective and efficient. Most efficient solar panels are used in water heating. The panels are placed in sunlight, which generates electricity and thus leads to the heating of water. These panels are efficient in producing electricity, which boosts the demand for solar panels.

RESTRAINING FACTORS

"Lack of Infrastructure and Facilities to Challenge Market Growth"

The need for infrastructure and facilities for recycling solar panel waste materials prevents the market for the most efficient solar panels from growing as quickly as predicted. On the other hand, it is anticipated that in the coming years, government programs to lower carbon footprints and increased investments in the infrastructure of renewable energy will provide lucrative growth opportunities for the key players to maintain their position in the most efficient solar panel market.

Most Efficient Solar Panels Market REGIONAL INSIGHTS

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"Asia Pacific to Lead the Market Due to the Presence of Key Market Players"

Asia Pacific is anticipated to hold a leading part of the most efficient solar panels market share due to the presence of major market players. The rising need for solar panels is an additional cause of regional growth.

Europe is expected to show significant growth owing to the rising investment towards the upgradation of power infrastructure. Rapid industrialization in the region leads to higher demand for the most efficient solar panels. 

KEY INDUSTRY PLAYERS

"Key Players Focusing On Innovative Technology Development to Grow in Market"

Businesses are working on developing new technology to offer more easy ways to increase product portfolio. Companies also use innovative practices and techniques to create new technologies. Companies are focused on acquisitions and investments to increase sales. The marketplace is competitive as a result of the existence of numerous huge firms. An extensive worldwide consumer base and the execution of operations through specialized distribution networks are other characteristics. The key companies strive to gain a higher market share by launching new products. 

List of Market Players Profiled

• Solartech Universal (U.S.)
• Seraphim (U.S.)
• Canadian Solar (Canada)
• SunSpark Technology (U.S.)
• SolarWorld (Germany)
• Heliene (Canada)
• China Sunergy (China)
• Green Brilliance (U.S.)
• Panasonic (Japan)
• ET Solar (China)
• CentroSolar (Germany)
• Kyocera (Japan)
• Renogy Solar (Canada)
• Hyundai (South Korea)
• REC (India)
• LG (South Korea)
• Itek Energy (U.S.)
• Stion (India)
• Trina Solar (China)
• JinkoSolar (China)
• Grape Solar (U.S.)
• Amerisolar (U.S.)
• Hanwha (South Korea)
• Solaria (U.S.)
• Axitec (Germany)
• Silfab (Canada)
• Mission Solar (U.S.)
• SunPower (U.S.)
• ReneSola (U.S.)
• Mitsubishi Electric (Japan)

REPORT COVERAGE

The market research study offers thorough information on numerous market aspects. The growth drivers, restraints, geographical analysis, competitive environment, and challenges are a few of them. Additionally, it provides an analytical analysis of market trends and projections for various factors to show potential investment areas. From 2021 through 2031, the market is objectively assessed to determine its financial viability. The report's data was compiled using a variety of primary and secondary sources.