Market research Future Solar Panels Global Market to Grow at 20.18% CAGR | Page 4

Solar panel market Research Report- Forecast to 2023
3 Market Research Analysis -
The market is driven by various factors such as increase in solar systems installations and generous
government initiatives and policies that support solar energy generation. This is mainly because, solar panel
power generation is less polluting and produces less carbon emissions when compared with traditional
conventional energy sources such as coal, oil and petroleum. Solar power generation is helping in the fight
against climate change as well as it is acting as a source of power for remote and off grid areas where still
millions of global population lives. However, the growth of the market can be hindered by the low power
generation capacity of the solar panels and increasing stringent regulations on the land used for solar power
generation sites.
Asia-Pacific is the biggest solar power market; followed by Europe and then North America. China alone
shares almost 44% of new solar PV capacity. Spain remained the global leader in existing CSP capacity,
with 2.3 GW till the end of 2016, followed by the United States with just over 1.7 GW. These two countries
still accounted for over 80% of global installed capacity. The rest of the world (ROW) region is comprised
of Brazil, Middle East, and Israel; which are gaining attention from the major players of the PV and the
CSP market considering the potential that these regions hold.
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