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In recent times, the solar power industry has seen immense expansion, with the solar panel sector also increasing in size accordingly. Solar panels are essential elements of all solar power systems, further driving up demand for this technology.

Capturing sunlight and transforming it to electricity, solar panels are a cutting edge example of human ingenuity. Comprised of an arrangement of solar cells, these panels draw on semiconductors, like silicon, that respond to sun’s rays. When struck by basking sunshine, the electrons in the silicon flow creating an electric current suitable for running electronic equipment. This current can then be employed to power electric appliances.

Drawing energy from the sun, solar panels are utilized for a myriad of purposes, from illuminating dwellings and businesses to providing electricity to faraway places and energizing digital gadgets. Solar panels are even used in solar power plants, where they generate electricity through concentrating the rays of the sun.

In 2020, the estimated value of the global solar panel market was reported as $39.7 billion. Moving forward, analysts anticipate the figure to skyrocket to a stunning $77.6 billion by 2027, displaying a CAGR of 9.8% over the seven-year period from 2020.

As adoption of solar energy rises, so does the popularity of solar panels, primarily due to cheaper materials and tech development. The cost of these photovoltaic components has been steadily dropping, as prices of raw supplies shrink and next-gen production sophistication advances.

The solar panel market has been divided into segments based on type, utilization, and area.

The solar panel market is categorized according to type, with crystalline silicon, thin-film, and concentrator segments leading the industry. In 2020, crystalline silicon is projected to be the highest-grossing segment; its superior energy production capabilities and widespread use in solar power systems confirm its flagship position among available options.

As compared to the other types of solar panels, thin-film panels are estimated to rise as the fastest-growing variety in the near future. Their comparatively more economical production has played a pivotal role in this trend. Consequently, these thin-film panels are available at a more accessible cost for customers in markets today.

Usage of solar panels can be divided into the residential, commercial, and industrial spheres, based on their purpose.

In 2020, the residential sector is projected to hold the lion’s share of the solar panel market. This is attributed to the comprehensive range of solar power systems used in households, as well as the tumbling costs of solar panels. Homeowners are driving this market due to their increasing utilization of these systems.

During the forecast period, the commercial sector is projected to expand the fastest in terms of solar power system applications. Companies are increasingly recognizing the potential of these systems as a budget-friendly substitute for regular electrical grid supply.

By the beginning of 2020, the industrial sector was expected to comprise a noteworthy portion of the solar panel market. This can be attributed to the escalating popularity of solar energy systems as a monetary-savvy alternative to our familiar grid-based power sources.

Plants, trees, oceans, and mountain ranges – these shapes of the earth determine where the solar panel market prospers. North America, Europe, Asia Pacific, South America, and even Middle East & Africa offer ideal grounds for photovoltaic panels to blossom.

The solar panel market is expected to be led by North America in 2020, primarily driven by the United States which holds the lion’s share of the industry. Canada follows suit, also making notable contributions to the marketplace.

Solar panels are predicted to have a promising market in Europe, with Germany leading the way. Italy, France, and the United Kingdom closely follow as prominent contributors to the solar power landscape.

The Asia Pacific region is expected to be the most booming market for solar panels in the near future. This is attributed to countries such as China and India – both experiencing tremendous growth in terms of economy. The rapid uptake of solar power systems in the region is one of the driving factors of the increasing popularity of solar panel installations in Asia Pacific.

Despite containing a handful of countries with notable budding solar energy industries, the Middle East & Africa region is anticipated to maintain a humble share of the global solar panel market for the year 2020.

Dividing the solar panel market into subcategories based on factors such as type, application, and geographical location has become a common practice.

In terms of specifications, the solar panel space is categorized into crystalline silicon, thin-film, and concentrator subsets.

Depending upon the use, the solar panel marketplace can be divided into residential, commercial, and industrial categories.

Across the globe, the solar panel market is categorized by region – from North America to Europe, Asia Pacific, South America, and Middle East & Africa.

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