Solar Panels Market Overview
Solar Panels Market is projected to be worth USD 1,46,080 Million, registering a CAGR of 7.10% during the forecast period.
The usage of solar panels is highly noticed globally. The projects for solar panel installations, along with the government’s initiatives, are driving the market. The rising consumption of PV panels with worldwide awareness and support measures will increase the Solar Panels Market growth rate.
Photovoltaic cells are primarily used for converting solar energy into electric energy. These cells are capable of producing electricity from sunlight. The energy is also used as power equipment or to recharge batteries. Photovoltaic cells are used to power spacecraft and satellites. With the rising need for grid-connected electricity generation, solar energy is used in various sectors.
Photovoltaic systems can enhance productivity with better performance. These factors are aiding the market in the forecast period. Moreover, the industrial sectors are following environmental practices to reduce carbon emissions, promoting the market’s growth. The industrial players are focusing on future upgradation for the improvements of the panel feature to become more efficient.
Key Players
- Trina Solar Limited (China)
- Canadian Solar Inc. (Canada)
- Jinko Solar Holding Co. Ltd. (China)
- JA Solar Holdings Co. Ltd. (China)
- Hanwha Q CELLS Co. Ltd. (South Korea)
- ABROS green GmbH (Germany)
- Yingli Solar (China)
- SunPower Corporation (U.S.A)
- Abengoa Solar (Spain)
- eSolar Inc. (U.S.A)
Industry News
In September 2022, Toledo Solar, a US-based solar panel and glass manufacturer, declared its domestic manufacturing expansion plans. The company confirmed that its enhancement in manufacturing capacity is part of its strategic initiative to expand the manufacturing facility in Perrysburg, Ohio, to reach 2.8 GW of capacity by 2027. The initiative was taken due to the surging demand for solar products and the newly enacted Inflation Reduction Act.
Regional Analysis
The geographical growth of the Solar Panels Market covers the major regions such as North America, European Union, Asia-Pacific, South America, and the Middle East and Africa.
North America is the supreme leader in the global market due to the rising installation of solar PV equipment. The norms and policies of government for promoting the usage of solar PV systems.
The European region also notices higher demand for solar panels due to the awareness of using renewable energy sources. The residential and commercial sectors of the regions are inclined towards solar panel installation.
The Asia-Pacific region is also showing extensive demand for solar power energy sources. The rise in investments in the development of the rural area to meet the electricity demand is driving the market of this region.
South American economy is growing steadily and has greater access to electricity with renewable resources, which is driving the regional market.
The Middle East & Africa also adopted renewable energy sources and reduced carbon emissions.
Market Segments
The Solar Panels Market is segmented into technology, grid connectivity, module type, and application.
The technology is sub-categorized into solar PV and concentrated solar power.
The module type is segmented into a thin film and crystalline.
The grid connectivity segment of the market is divided into on-grid and off-grid.
The application of the Solar Panels Market is categorized into residential, commercial, and industrial.