Solar PV Panels Market Soars: 25.88% CAGR
Evolve Business Intelligence has published a research report on the Global Solar Photovoltaic (PV) Panels Market, 2021–2034. The global Solar Photovoltaic (PV) Panels market is projected to exhibit a CAGR of around 4.41%during the forecast period of 2021 to 2034.
Evolve Business Intelligence has recognized the following companies as the key players in the global Solar Photovoltaic (PV) Panels Market: JA Solar, Jinko Solar, AIKO SOLAR, First Solar, Hanwha Solutions, Tongwei Group Co Ltd, Shunfeng International Clean Energy Co Ltd, Trina Solar, Yingli Solar, Waaree Energies Ltd.
Market Highlights
The Solar Photovoltaic (PV) Panels Market size accounted for USD 12.45 Billion in 2023 and is estimated to account for XX Billion in 2024. The Market is expected to reach USD 2654.11 Billion by 2034 growing at a compound annual growth rate (CAGR) of 25.88% from 2024 to 2034. A Solar Photovoltaic (PV) Panel is a semiconductor device designed for the direct conversion of incident solar radiation into electricity via the photovoltaic effect. It comprises multiple interconnected photovoltaic cells typically fabricated from semiconductor materials, such as crystalline silicon or thin-film compounds. These cells function by generating an electrical current when exposed to photons from sunlight, thereby facilitating the conversion of solar energy into direct current (DC) electricity. Solar PV panels are integral components of solar power systems and are employed extensively in various applications, encompassing grid-connected and off-grid installations, serving as sustainable and environmentally friendly sources of renewable electrical energy.
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Segmental Analysis
The global IoT in Construction Market has been segmented based on Project Type, Application and Offering.
Based on Project Type, the IoT in Construction Market is segmented into Commercial and Residential. The Commercial segment is anticipated to dominate the market.
Based on Application, the global IoT in Construction Market has been divided into Remote Operations, Safety Management, Fleet Management and Others. The Fleet Management segment is anticipated to dominate the market.
Based on Offering, the global IoT in Construction Market has been divided into Hardware, Software and Services. The Software segment is anticipated to dominate the market.
Regional Analysis
The IoT in Construction Market is divided into five regions: North America, Europe, Asia-Pacific, South America, and the Middle East, & Africa. North America is a leader in IoT adoption due to advanced technological infrastructure and a strong focus on innovation. High adoption of advanced technologies, significant investment in smart cities, and robust infrastructure projects. The presence of major IoT technology providers and a focus on improving construction safety and efficiency are key drivers. Europe is witnessing a steady increase in IoT adoption in the construction sector, driven by a focus on sustainable construction practices and smart cities. The Asia-Pacific region is experiencing the fastest growth in the IoT in construction market, fueled by rapid urbanization and infrastructure development. Rapid urbanization, large-scale infrastructure projects, and increasing government investments in smart cities and green buildings. Countries like China and India are key markets with substantial growth potential. Latin America is an emerging market for IoT in construction, with increasing interest in adopting digital technologies to improve efficiency and safety. Growing urbanization and infrastructure development, along with increasing investment in smart infrastructure and construction technologies. The Middle East and Africa region is showing growing potential for IoT adoption in construction, driven by mega-projects and a focus on modernization and Economic fluctuations and infrastructure development challenges in some countries.
