The global solar panel market is anticipated to grow at a significant CAGR of 12.2% during the forecast period. Solar energy is one of the cleanest and most reliable energy sources and is proving to be a viable alternative to fossil fuels that currently pollute the environment and contribute to global warming. Solar energy is generated by many different technologies such as solar power, solar thermal, concentrated solar heat (electricity), and concentrated PV. However, a vast opportunity can be seen in the future due to an increase in environmental concern, increasing demand for green energy, and a decrease in solar panel prices in both developing and underdeveloped economies. Growing environmental concerns such as carbon emission, air pollution, and global warming are the major factors due to which the adoption of rooftop solar panels is rising. The major reason for increasing pollution is the extensive use of fossil fuels to generate energy in various verticals across the globe and the rising awareness and government initiatives of green energy from emerging economies such as India, China, the US, and Germany. Furthermore, Extensive adoption of rooftop solar panels in various end-user applications has been witnessed owing to the shifting preferences of consumers towards clean energy sources than non-renewable energy sources. Various government initiatives such as feed-in-tariff (FIT) programs to increase the installation of solar panels in commercial as well as residential is driving the growth of the market.
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The solar panel industry is experiencing a significant boost from government entities for the installation of solar panels in both the public and private sectors. Several initiatives are part of a unified strategy to promote clean energy generation, diversify energy sources, and decrease carbon footprints. These initiatives are additionally reinforced through financial incentives, regulations, and other forms of support. Further, the comprehensive approach is aimed at promoting solar energy as a feasible and cost-effective means of electricity generation, especially in the residential sector, resulting in increased demand for solar panels. For instance, the National Renewable Energy Laboratory has indicated that the updated Western Solar Plan can significantly boost solar energy projects on around 700,000 acres of public lands over the next 20 years. The solar facilities established on these lands could potentially generate up to 100,000 megawatts of electricity, enough to power millions of homes. The implementation of these projects could prevent as much as 123 million metric tons of CO2 emissions annually by 2045, which is equal to the emissions saved by keeping 32 coal-fired power plants inactive every year.
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- Market Coverage
- Market number available for – 2024-2031
- Base year- 2024
- Forecast period- 2024-2031
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
Market Segmentation
Global Solar Panel Market by Technology
- Mono-crystalline
- Polycrystalline silicon
- Thin-film solar panel
- Others (Amorphous Silicon)
Global Solar Panel Market by End-User
- Residential
- Commercial
- Industrial
Regional Analysis
- North America
- United States
- Canada
- Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
- Rest of the World
Company Profiles
- ALLPOWERS Industrial International Ltd.
- China Sunergy (Nanjing) Co., Ltd.
- First Solar, Inc.
- Hanwha Solarone Co. Ltd.
- JA SOLAR Co., Ltd.
- juwi AG
- KYOCERA Corp.
- Motech Industries Inc.
- Neo Solar Power Corp.
- Renesola Zhejiang Ltd.
- Risen Energy Co., Ltd.
- Sharp Corp.
- Shenzhen Portable Electronic Technology Co., Ltd.
- SunEdison Inc.
- Tata Power Solar Systems Ltd.
- Vikram Solar Ltd.
- Yingli Green Energy Holding Co. Ltd.
The Report Covers
- Market value data analysis of 2021 and forecast to 2028.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global solar panel market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
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