According to the recent research report titled ‘Solar Panels Market Size, Share, Trends, & Industry Analysis Report By Type; By End-User, By Regions: Segment Forecast, 2018 – 2026’, available with Market Study Report, global solar panels market is projected to grow with a CAGR of 12.4% during the forecast period, reaching a valuation of USD 90.23 billion by the year 2026.
 

Supportive government initiatives for boosting solar energy adoption, high investments towards environment protection, and growing acceptance of renewable energy sources are driving the growth of global solar panels market.
 

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In addition, surging demand for sustainable energy solutions, increasing concerns about environmental pollution caused by fossil fuels usage, limited availability of non-renewable resources, and decreasing cost of photovoltaic materials will support the overall market outlook.
 

From the regional perspective, Asia Pacific accounted for a significant share of worldwide solar panels industry revenue in the year 2017 and is expected to witness modest gains in the upcoming years, owing to rapid urbanization and depletion of conventional energy sources. Notable steps taken by governments of Japan, India, and China in order to encourage the usage of solar technology to decrease carbon footprint further add traction to the market size.
 

As per the report, increased demand for solar panels in the region is attributable to incentives provided by the governments to commercial sector companies for using solar technology. It is to be noted that Europe and North America export solar cells from Asia Pacific, facilitating the business scenario. Moreover, rising cognizance regarding usage of renewable sources as well as green technologies is stimulating APAC solar panels market expansion.
 

In order to tap the growth opportunities provided by these countries, leading players are expanding their presence in the developing nations of Japan, China, and India. In June 2017, Solar Space, a multicrystalline solar cell manufacturer based in China, collaborated with Heraeus Photovoltaics, a major player in the solar energy industry, for technological advancements and to develop revolutionary solar panels.
 

Similarly, Heraeus Photovoltaics entered into a cooperation agreement with JinkoSolar Holding Co. Ltd. in September 2017. The companies aim to build advanced solar panels offering higher performance with lower cost through this collaboration.
 

Major players influencing global solar panels market dynamics are Bosch Solar Energy AG, First Solar Inc., Trina Solar Co. Ltd., Canadian Solar Inc., JinkoSolar Holding Co. Ltd., Hanwha Q Cells Co. Ltd., Panasonic Corp., SunPower Corporation, Suntech Power Holdings Co. Ltd., and Yingli Green Energy Holding Co. Ltd.