Worldwide solar panel market was estimated at $24 billion and is further projected to cross over $ 180 billion over the forecast period. Increase in adoption of renewable energy is the major factor driving the overall solar panel market. Furthermore, Lower cost of units and high efficiency for generating electricity is driving the worldwide solar panel market. In 2015, solar panel market has experienced strong growth and is anticipated to grow rapidly over the forecast period.
Government subsidies are major factor driving the market as Solar panel market is totally dependent on it. Solar energy is the vital need for people and government both. People need solar energy to charge electric cars. Solar panel market is expected to have significant momentum owing to the advanced technology nowadays. Also, this market has crossed gains and threshold and is likely to augment over the forecast period
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Solar power can also be used in rather simple technology to heat water. Energy expenditure is substantially reduced by use of skylight during home construction. Solar panel installations and manufacturing is extremely cheap and affordable. Enormous scale utility systems associated to electrical grid are the key areas of solar panels. Commercial and residential markets are anticipated to go through significant growth over the coming years.
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