According to the solar panel market report by IMARC Group, the global market reached a volume of 92.8 GW in 2017. Solar panels are active solar devices which include a set of photovoltaic or solar cells spread over a large area. These cells absorb sunlight to generate flowing electricity through the photovoltaic effect. The electricity is further converted from DC to AC by a solar convertor and used for various household, commercial and industrial purposes. The applications of solar panels have expanded over the years on account of technological advancements and lowering cost of production. In recent years, ultrathin solar panels have been developed which are lighter and more flexible than the glass-based variants. They are superior than conventional solar panels in terms of efficiency and cost-effectiveness and can be integrated into almost any surface.

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Solar Panel Market Segmentation:

Market by Type

1. Crystal Silicon
2. Monocrystalline Silicon
3. Polycrystalline Silicon
4. Thin Film
5. Others

Performance of Key Regions

1. Asia Pacific
2. North America
3. Europe
4. Latin America
5. Middle East and Africa

Market by End Use

1. Commercial
2. Residential
3. Industrial

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