Firms in commercial and industrial sectors are among the chief consumers of solar panels owing to their large scale requirement for green power. Economies of scale installation in these sectors compensate for any loss in panel efficiency, thereby making the frameless solar panel systems profitable for large scale power generation.
The frameless solar panels market is anticipated to register a CAGR of 7.5%.
The report "Global Frameless Solar Panels Market, By Type (Monocrystalline Solar Panels, Polycrystalline Solar Panels, Thin-film Solar Panels), By Application (Residential, Commercial, Others) and By Region (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa) - Trends, Analysis and Forecast till 2029”.
Key Highlights:
- Adani Solar, in April 2019, announced its partnership with Risto Solar to launch a retail distribution network in Kerala. Risto Solar will function as the exclusive authorized partner of Adani and will be responsible to cater to the retail requirements of the company. Risto will also be charged with the responsibility to handle orders up to 150 kW of solar power as well as manage overall service, lead generation, and conversion.
- February 2019, Trina Solar Shipped 16MW of its 350-365W, bifacial. Double glass monocrystalline PERC panels for French Utility EDF.
- February 2018, Seraphim Energy group has Signed a long-term solar module supply agreement with Mexico based centre of Guadalajara, Jalisco for PV module distribution in the country. Seraphim has immediately began delivering high efficiency dual glass module to solar centre.
Analyst View:
Demand for renewable energy and government policy tax rebates & incentives
Growing demand for renewable-based clean electricity coupled with government policy tax rebates and incentives to install solar panels is expected to drive the market in the coming years. For instance, the Ministry of New and Renewable Energy (MNRE) of the Government of India is promoting the installation of solar PV systems in the country under the Jawaharlal Nehru National Solar Mission. Apart from this, ultrathin solar panels have been developed which are lighter and more flexible than the glass-based variants. They are superior to conventional solar panels in terms of efficiency and cost-effectiveness. They can also be integrated into almost any surface, which will further boost their applicability across various sectors.
Growth of power generation sector
The growth of frameless solar panel is primarily driven by the growth of power generation sector. Depletion of oil reserves and increasing carbon emission has greatly impacted the frameless solar panel market. Strong government support and initiative is accelerating the frameless solar panel market growth. According to the data released by Department for Promotion of Industry and Internal Trade (DPIIT), FDI inflow in the Indian non-conventional energy sector stood at US$ 9.22 billion between April 2000 and March 2020. More than US$ 42 billion has been invested in India’s renewable energy sector since 2014. New investment in clean energy in the country reached US$ 11.1 billion in 2018. However, the huge installation cost might be hampering the growth of the market.
Key Market Insights from the report:
The global frameless solar panels market is anticipated to register a CAGR of 7.5%. The market report has been segmented on the basis of type, application, and region.
- Depending uponthe type, the frameless solar panels are available in different cell type such as monocrystalline panel provides more energy efficiency than its counterpart and hence mostly preferred on commercial projects due to its high cost.
- By application, the market of frameless solar panel can be bifurcated by residential, commercial and others. The commercial segment however, dominates the current market.
- By region, Europe and North America dominates global frameless solar panels market due to planned investment I renewable sector and it is also expected to account for a large proportion of market in the forecast period as well. Asia Pacific on the other hand is expected to gain the largest market opportunity owing to increasing huge potential of planned solar projects in coming years.
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Competitive Landscape:
The prominent player operating in the global ethnic food market includes Canadian Solar Inc., Trina Solar, Lumos Solar, Solar World, Adani Solar, Prism Solar Technologies, Jinko Solar, Sunpreme, dpSun Limited, Avancis GmbH. High degree of forward integration, security of raw material feedstock, technology sourcing, skilled manpower, and strong R&D are among the prominent factors governing the competitiveness of the frameless solar panel industry.
The market provides detailed information regarding the industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory frameworks across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included in the report.
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