The global solar panels market is expected to tread along an exceedingly strong growth path to reach a total value of $180.7 billion by 2021, according to “Solar Panels Market Shares, Strategy, and Forecasts, Worldwide, 2015 to 2021,” a report released by ResearchMoz, a division of Transparency Market Research, Albany, N.Y. The market was worth $24.2 billion in 2014, the base year for the statistics presented in the report.

The market for solar panels has been expanding at an increasing rate over the last decade, shedding its perception as that of an “alternate energy” source and becoming more of a mainstream power source, the study says.

Market analysts forecast the global solar panels market to grow at a CAGR of 15.3% over 2011-2015. One of the key factors contributing to this market growth is functional and technological advancement. The global solar panels market has also witnessed the entry of new competitors with competitive advantages. However, the seasonal fluctuation of solar power availability could pose a challenge to the growth of this market.

Meanwhile, China’s efforts in increasing the utilization of solar energy through PV, or photovoltaic cells, has played in a major role in the increased use of solar panels. The Chinese government has aimed to make solar power cheaper than power obtained from traditional coal power plants.

Solar panels are used to convert the sun’s energy into easily applicable electricity. This appears to be a perfectly harmless, risk-free, entirely beneficial way of solving or at least ameliorating the world’s energy crisis. Taking this into account, the report elaborates upon China’s achievement of attaining grid parity for solar power and the U.S. government’s aims to offer customers a 10% net saving in the first year of solar power usage. European countries, on the other hand, have struggled to get the most out of solar power. The lack of constant and strong sunlight in Northern Europe, comprising populous and countries such as the UK, Germany and Scandinavia are primarily responsible. The report details the EU’s failure when it comes to utilization of available solar energy resources.