Pune, June 02, 2023 (GLOBE NEWSWIRE) -- Maximize Market Research, a global market research firm, has published a competitive intelligence and market research report on the “Solar Panel Market”. The Solar Panel Market size was valued at USD 156.4 Billion in 2022. The total Solar Panel Market revenue is expected to grow at a CAGR of 7.3 percent from 2023 to 2029, reaching USD 256.44 Billion during the forecast period.
| Market Size in 2022 | USD 156.4 Billion |
| Market Size in 2029 | USD 256.44 Billion |
| CAGR | 7.3 percent (2023-2029) |
| Forecast Period | 2023-2029 |
| Base Year | 2022 |
| Number of Pages | 279 |
| No. of Tables | 111 |
| No. of Charts and Figures | 110 |
| Segment Covered | By Type, Technology, Solar Panel types, Installation Type, and End User, Distribution Channel. |
| Regional Scope | North America, Europe, Asia Pacific, Middle East and Africa, South America |
| Report Coverage | Market Share, Size & Forecast by Revenue | 2022−2029, Market Dynamics, Growth Drivers, Restraints, Investment Opportunities, and Key Trends, Competitive Landscape, Key Players Benchmarking, Competitive Analysis, MMR Competition Matrix, Competitive Leadership Mapping, Global Key Players’ Market Ranking Analysis. |
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Solar Panel Market Scope and Research Methodology
The objective of the report is to present a comprehensive analysis of the Solar Panel Market. The Solar Panel Market is segmented By Type, Technology, Solar Panel types, Installation Type, and End User, Distribution Channel. The Solar Panel Market report is a guide for investors that provides a comprehensive analysis of the competitive benchmarking of major market players in the market by revenue, financial status, portfolio, growth strategies, and geographical presence. Data for analysis of the Solar Panel Market industry is collected by both primary and secondary research methods. The report is a detailed analysis of the Solar Panel Market by country, regional and global presence. The Solar Panel Market size was estimated through a bottom-up approach. The new Solar Panel Market entrants were researched for growth prospects and future business outlooks. Restraints, drivers, challenges, and opportunities are provided in detail in the Solar Panel Market report.
Solar Panel Market Overview
Solar panels are devices that convert sunlight into electrical energy using the photovoltaic (PV) effect or through mirrors that concentrate solar radiation. This energy can be used to generate electricity or be stored in batteries or thermal storage. To boost the power output of PV cells they are connected together in chains to form larger units known as panels. A solar power plant for homes can be harnessed to generate electrical energy using solar photovoltaic panels or concentrated solar energy. Solar PV panels directly convert the energy of the sun’s radiation into electricity, which is included in solar power plant information.
Rising Demand for Sustainable and Renewable Energy Drives the Solar Panel Market
Solar energy has become more efficient, dependable, and affordable than ever. This source of renewable energy has gained popularity and promises a brighter and cleaner future. Thanks to its quick advancements in technology. Investment in renewable energy is increasing rapidly, with over USD 2.5 trillion to be invested in total. As the focus shifts towards renewable sources, the energy sector is seeing significant investments. It's crucial to note that solar energy plays a major role in reducing greenhouse gas emissions and combating climate change. With constant innovation, solar power continues to push the envelope. Fueling the global solar energy sector is anticipated to stimulate the market for solar panels. Solar panel Market growth during the forecast period.
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Asia Pacific is expected to hold a significant growth of the Solar Panel Market over the Forecast Period
The solar panel market held 75% of the market share in 2022. Asia Pacific is the largest market and is expected to show substantial growth owing to large-scale demand from the growing economies of China and India. The solar panel industry is driven by the large solar energy sectors and the need to improve services. China and Vietnam are the largest manufacturer’s solar panels market in the region. China has emerged as a global leader in solar panel production and deployment. Chinese companies such as Jinkosolar, Trina Solar, and JA Solar are among the world’s largest solar panel manufacturers. China's promise of renewable energy and its strong industrial base have contributed to its dominance in the solar panel market.
Solar Panel Market segments
By Type:
• On-grid
• Off-grid
Based on type, segments are divided into the on-grid solar panel market and off-grid solar panel. The on-grid solar panel market is dominating the market during the forecast period and expected high revenue growth during the forecast period. Off-grid solar panels, while useful in remote areas, have a smaller market share due to their limited applications and higher costs for energy storage systems.
By Technology
• Crystalline Silicon
• Concentrated PV cell
• Others
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Based on technology, the solar panel market is segmented by crystalline silicon, concentrated PV cells, and others. The crystalline silicone segment is expected to dominate the solar panel industry over the forecast period. These cells dominate the solar market due to their high efficiency, reliability, and long-term performance. Concentrated PV (Photovoltaic) cell technology uses lenses or mirrors to concentrate sunlight onto a small area, increasing the intensity of light reaching the solar cell and enhancing efficiency.
By Solar Panel types
• Monocrystalline Solar Panel
• Polycrystalline Solar Panel
• Thin-film Solar Panel
• Bifacial Solar Panel
• Perovskite Solar Panels
By Installation Type
• Rooftop Solar Panels
• Ground-Mounted Solar Panels
• Floating Solar Panels
By End User
• Residential
• Commercial
• Industrial
• Utilities
By Distribution Channel
• Direct sales (B2B, B2C)
• Third-Party Sales (Distributors, Retailers)
Solar Panel Market Key Players include
• SunPower Corporation
• JA solar
• LONGi Solar
• Canadian Solar
• Hanwha Q-CELLS
• Risen Energy
• GCL-SI
• First Solar
• Waare Group
• Tata power solar system
• Trina Solar Limited
• Jinko Solar Holding
• ABROS Green GmbH
• Einnova Solarline,
• JS Solar
• Jiangsu runda PV
• Phtonix solar private limited
• Urja Global Limited,
• Vikram solar limited
• 123 Solar
• American Sentry Solar
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Key questions answered in the Global Solar Panel Market are:
- What is the Solar Panel Market?
- What was the Solar Panel Market size in 2021?
- What is the expected Solar Panel Market size by 2029?
- What is the growth rate of the Solar Panel Market?
- Which are the factors expected to drive the Solar Panel Market growth?
- Which factors are expected to restrain the Solar Panel Market growth?
- Which segment dominated the Solar Panel Market growth?
- What is the demand pattern for the Solar Panel Market?
- Which region held the largest Solar Panel Market share?
- Who are the key players in the Solar Panel Market?
Key Offerings:
- Past Market Size and Competitive Landscape (2018 to 2022)
- Past Pricing and price curve by region (2018 to 2022)
- Market Size, Share, Size & Forecast by different segment | 2023−2029
- Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by region
- Market Segmentation – A detailed analysis by Product Type, End-User, Distribution Channel, Application, and Packaging
- Competitive Landscape – Profiles of selected key players by region from a strategic perspective
- Competitive landscape – Market Leaders, Market Followers, Regional player
- Competitive benchmarking of key players by region
- PESTLE Analysis
- PORTER’s analysis
- Value chain and supply chain analysis
- Legal Aspects of business by region
- Lucrative business opportunities with SWOT analysis
- Recommendations
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Solar Shingles Market: The total market size was valued at USD 344.02 Million in 2022 and the total revenue is expected to grow by 5.46 percent from 2022 to 2029, reaching USD 499.18 Million. Steady demand for Solar Shingles from end-user industries is expected to boost market growth.
Solar Blanket Market: The total market size was valued at USD 142.4 Million in 2022 and the total revenue is expected to grow at 7.55 percent from 2022 to 2029, reaching USD 237.05 Million. Steady demand for Solar Blanket from end-user industries is expected to boost market growth.
About Maximize Market Research:
Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology, and communication, cars, and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated sys Solar Panel Market terms. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.
