Report Code: A15149 | Pages: NA | Mar 2023 | 1231 Views | ||
Author(s) : Vineet K | Tables: NA | Charts: NA |
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Solar panel warranty insurance protects against solar module performance degradation and manufacturing defects that are covered by the manufacturer's warranty. The stand-alone insurance product gives lenders and investors peace of mind and is an excellent way to support project financing. Solar power projects' viability is largely determined by the performance of solar modules. Furthermore, the risks associated with this industry differ from those associated with traditional power generation sources like thermal power plants. As a result, a comprehensive solar panel insurance product would aid in the coverage of various risks associated with the development, construction, operation, ownership, and investment in solar power projects. Therefore, the surge in demand for solar panel warranty insurance is expected to boost the growth of the market in the upcoming period.
"The Global solar panel warranty insurance market is segmented on the basis of Coverage, Technology, Solar Module, Application, End User, and Region. Based on Coverage, the market is divided into Delamination, Moisture and Power Generation. In terms of Technology, the market is categorized into Photovoltaic Systems and Concentrated Solar Power Systems. Geographically, the market is analyzed across several regions such as North America, Europe, Asia-Pacific, and Latin America, Middle East & Africa (LAMEA).
Key players operating in the global solar panel warranty insurance industry include Bank of China Ltd, JPMorgan Chase & Co, Citigroup Inc., Bank of America Corporation, Wells Fargo. These companies have adopted several strategies such as product launches, partnerships, collaborations, mergers & acquisitions, and joint ventures to strengthen their foothold in the global solar panel warranty insurance market."
Market Scope and Structure Analysis:
Report Metric | Details |
 Market size available for years |  2020–2030 |
 Base year considered |  2020 |
 Forecast period |  2021–2030 |
 Forecast units |  Value ($) |
 Segments covered | Coverage, Technology, Solar Module, Application, End User, and Region |
 Companies covered | Major players analyzed include Bank of China Ltd, JPMorgan Chase & Co, Citigroup Inc., Bank of America Corporation, Wells Fargo, HSBC Group, Lendingkart Technologies Pvt. Ltd, BNP Paribas, Lloyds Banking Group and Deutsche Bank AG |
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Top Impacting Factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis
Growing demand for solar panel warranty insurance and supportive government policies are expected to drive the growth of the market. In addition, a rise in the number of investments helps propel the growth of the market. However, lack of awareness related to solar panel warranty insurance might limit the growth of the market. On the contrary, the surge in the potential of solar panel warranty insurance across many economies can be seen as an opportunity for market investments.
The global solar panel warranty insurance market trends are as follows:
Growing Demand for Solar Panel Warranty Insurance:
Solar panel warranty insurance, on the other hand, is becoming more affordable as a result of solar industry innovations that have reduced global average solar PV selling prices. The capital costs are expected to stabilize at lower levels due to anticipated technological improvements and increased supply of panels from China/Europe. As a result, investors and developers are expected to place a premium on solar projects' commercial viability. With the government encouraging solar installations in rural areas by providing subsidized solar panels and other incentives, the market for solar panel warranty insurance is expected to grow during the forecasted period.
Supportive Government Policies:
Despite the difficulties of maintaining compliance and adhering to regulations in the solar panel warranty insurance market, most organizations follow global compliance regulations due to the sensitivity of financial data. Furthermore, governments around the world are enacting more and more regulations to protect economic data. They have implemented an updated version of the markets in solar panel warranty insurance directive to protect traders, consumers, and investors, by improving financial transaction transparency, and reducing trading costs. Therefore, supportive government policies are expected to drive the growth of the solar panel warranty insurance market size during the forecast period.
Key Benefits of the Report:
Questions Answered in the Solar Panel Warranty Insurance Market Research Report:Â Â
Solar Panel Warranty Insurance Market Report Highlights
Aspects | Details |
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By Coverage |
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By Technology |
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By Solar Module |
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By Application |
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By End User |
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By Region |
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Key Market Players | Bank of China Ltd, JPMorgan Chase & Co, Citigroup Inc., Bank of America Corporation, Wells Fargo, HSBC Group, Lendingkart Technologies Pvt. Ltd, BNP Paribas, Lloyds Banking Group, Deutsche Bank AG |
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