Solar Panels Industry to become USD 180.70 Billion market by the year 2021

  • Analysis
  • 06-April-2016

Solar energy falling in line with the UN's sustainability goals is an up surging industry. The global solar panels market is estimated to reach USD 180.70 billion by the year 2021.The climatic concerns, government regulations, increasing prices of conventional fuels are among the many reasons driving the shift from conventional to non- conventional energy sources.

Asia- Pacific is seen as the fastest growing region as government initiatives, subsidies, consumer awareness, and sustainability concerns are rising in this region. China has been leading the industry with nearly 50% market share in manufacturing solar panels.

The solar panel industry boom is not restricted to large scale industries, but is also growing its share in small scale industries and households. This has been possible only due to the government's intervention and sustainability concerns of conventional energy sources like coal, petroleum etc.

Some of the market leaders in the global solar panel industry are discussed below:

Yingli Solar is one of the market leaders in manufacturing solar panels. It has shipment assignments from around 90 countries spread across the world. Some of its products are PANDA 60 Cell Series, YLM 60 Cell Series, YLM 72 Cell Series, YGE 60 Cell Series, and YGE 72 Cell Series among others. The company recently signed an agreement with Iberdrola, Spain. Yingli will share its technical expertise along with its extensive portfolio with Iberdrola for its new product “Smart Solar Iberdrola".The Company has 19,000 employees with 30 regional subsidiaries and branch offices.

Trina Solar a pioneer in the Chinese PV industry and is a global market leader in photovoltaic ("PV") modules, solutions, and services. The company has recently installed its 40MW of solar PV modules in Philippines largest solar project. The company plans to expand its presence and gain competitive advantage in the growing markets of U.S. and Europe. It recently completed its acquisition of Solland Solar, a solar cell manufacturing company from Netherlands. It has also started production at PV cell and module factory in Rayong Thailand.

First Solar headquarter in Arizona, was founded in 1999. It has completed a big milestone by shipping over 10 Gigawatts (GW) modules worldwide. The company has integrated the technologies and expertise throughout the solar value chain. First Solar has played a major role in the solar manufacturing industry. Recently the company has become the first thin film PV modules manufacturer to ship 1 GW (DC) of PV solar capacity to India. Some of the on-going projects with the company are The Luz del Norte project in Latin America, 550MW Topaz Solar Farm in California, 10MW Greenough River Solar Farm in Australia among many others.

SunPower has more than 200 patents under its flag. Founded in 1985 the company has a diversified portfolio for the residential, commercial and utility solar energy markets. The company recently partnered with ISE group and Total to build a Solar Power Plant in Japan. This 27-megawatt-peak (MWp) photovoltaic (PV) solar power plant in Nanao is expected to be operational by 2017

JA Solar Holdings, located in China designs, develops, manufactures and sells solar cell and solar module products across the globe. The company last year launched 400MW Solar Cell Manufacturing Facility in Malaysia. It’s the first facility outside China. Some of its well-known products are Riecium, Percium, Cypress etc. It recently earned an 86-MW Solar Farm Project in South Africa together with two South African partners, Solar Capital (Pty) Ltd. and Black Enterprise Empowerment (“BEE”).

Related report :
Global Solar Panel Market Research Report - Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 – 2021

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