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Global Solar Panel Market Increasing Demand, Growth Analysis and Outlook 2018-2023

by IMARC Group Market Research Reports
The global solar panel market has witnessed a positive growth over the past few years. This can be attributed to factors such as the eco-friendly nature of solar electricity generation coupled with an increase in favourable initiatives by governments of numerous nations.

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The latest report by IMARC Group, titled “Solar Panel Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, finds that the global solar panel market reached a volume of 92.8 GW in 2017. Solar panels are active solar devices which include a set of photovoltaic or solar cells spread over a large area. These cells absorb sunlight to generate flowing electricity through the photovoltaic effect. The electricity is further converted from DC to AC by a solar convertor and used for various household, commercial and industrial purposes. The applications of solar panels have expanded over the years on account of technological advancements and lowering cost of production. In recent years, ultrathin solar panels have been developed which are lighter and more flexible than the glass-based variants. They are superior than conventional solar panels in terms of efficiency and cost-effectiveness and can be integrated into almost any surface.

Solar Panel Market Trends:

Currently, solar panels are being utilised for energy generation across the globe as they help in reducing carbon footprints and the usage of non-renewable sources of energy. They produce clean energy and do not release any water or air pollution in the environment.

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Created on Nov 12th 2018 06:51. Viewed 98 times.

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