Solar panel market is anticipated to grow at a CAGR of 12.2% during the forecast period (2024-2031). Solar panels, commonly referred to as photovoltaic (PV) panels utilize semiconductors often composed of silicon, to directly transform sunlight into electricity. The global market growth is driven by the growing emphasis on energy diversification and security, increasing investment in renewable energy, and decreasing the cost-effectiveness of energy infrastructure, particularly PV cells. The advancements in energy generation and transmission technology through solar panels, the growing adoption of utility-scale solar farms supported by government initiatives, and regulatory requirements in the commercial and industrial sectors for clean electricity sourcing are other contributors to the heightened demand for solar panels.
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Asia-Pacific Dominates the Global Solar Panel Market
Asia-Pacific is projected to deliver the highest growth rate in the future, attributed to substantial regional investment in renewable energy, energy diversification measures by regional countries, and constant support by the government to promote solar energy adoption through policies, subsidies, and projects, among others. The abundant availability of solar panel raw materials in the region, and electrification shifts to renewable sources such as solar energy in emerging countries further aiding the regional market growth. For instance, according to IBEF India, India plans to more than double its electricity generation capacity from 399.5 GW in 2022 to approximately 849 GW by 2032. The NEP14 (National Electricity Plan) emphasizes a robust focus on renewable energy, particularly solar power, which is projected to grow from 66.78 GW in 2023 to 366 GW by 2032, constituting half of the total growth. India’s solar capacity is expected to increase at a CAGR of 22.7% through 2023–27 to achieve its initial target of installed capacity of 185.6 GW until 2027, which is further expected to increase to 364.6 GW by 2032, as per NEP14.
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By Technology (Mono-Crystalline, Polycrystalline Silicon, Thin-film Solar Panel, and Others), and
by End-User (Residential, Commercial, and Industrial)
Market Players Outlook
The major companies serving the global solar panel market include Canadian Solar Inc., LONGi Green Energy Technology Co. Ltd., First Solar, Inc., JinkoSolar Holding Co., Ltd., and Trina Solar Ltd. among others. The market players are focusing on capitalizing on growth by adopting strategies such as collaboration, partnerships, and market expansion among others. For instance, in December 2022, Complete Solaria, Inc., a prominent company in the solar technology, services, and installation sector, and Freedom Acquisition Corp., a publicly traded special purpose acquisition company, revealed several favorable financial advancements related to their planned business merger. Complete Solaria brings together two closely related enterprises in a vertically integrated manufacturing and distribution framework, providing comprehensive residential solar solutions, top-notch customer service, visually attractive and high-performing solar panels, as well as project financing, design, and software solutions.
The Report Covers
Market value data analysis of 2023 and forecast to 2031.
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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