Market Analysis The solar encapsulation market is anticipated to grow at a 10.28% CAGR over the forecast period (2020- 2026), reveals the current Market
Solar Panels Market Analysis/Solar Panels Market Outlook
The global solar panels industry is highly lucrative and predicted to witness significant growth at a healthy 20.18% CAGR over the forecast period, reveals the Market Research Future (MRFR) report. A solar panel is a panel that has been designed to absorb the rays of the sun as an energy source for generating electricity and heating. This cuts down the electricity that comes from fossil fuels via supplying the operations with renewable, clean energy from the sun. A solar panel is also known PV or photovoltaic modules as it converts sunlight directly into electricity.
Growing Environmental Concerns Drive the Market Growth
Renewable energy accounts for a major share in the overall energy generation market. Leveraging its advantages, most distributed generation successes have revolved around significant numbers of renewable energy system installations in residential sectors and home setups. Product standardization, enhanced research and innovation, increased lab & field tests have ensured large market shares for these technologies over the years.
On the other hand, many commercial spaces are implementing distributed energy systems embedded with IoT devices and Blockchain, artificial intelligence (AI) tech, for remote monitoring, managing payments, and security & performance analysis.
According to Market Research Future (MRFR), the global renewable energy market is poised to reach a valuation of USD 2,900 BN by 2027, expanding at an 8.53% CAGR during the review period (2019 to 2027).