Lucintel's latest market report analyzed that solar PV panel provides attractive opportunities in the residential, commercial, and industrial applications. The solar PV panel market is expected to reach $XX billion by 2028 with a CAGR of 10% to 12%. In this market, Thin-film is the largest segment by technology, whereas residential is largest by application. Installation of solar panels in remote regions and government initiatives towards reducing carbon footprints provides strategic growth path in this market.
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Based on technology, the solar PV panel market is segmented into thin-film, crystalline silicon, and others. The Thin-film segment accounted for the largest share of the market in 2023 and is expected to register the highest CAGR during the forecast period, due to its benefits such as, strong durability, narrow design, and its build-up from flexible & lightweight materials. It has major application in commercial and utility-scale projects as these lightweight panels have reduced the overall installation costs.
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The Solar PV Panel Market is marked by the presence of several big and small players. Some of the prominent players offering solar PV panel include First Solar, Canadian Solar, SunPower Corporation, Jinko Solar, Hanwha Group, ReneSola, Trina Solar, JA Solar, LONGi Solar, and Sharp Corporation.
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