Dublin, March 14, 2025 (GLOBE NEWSWIRE) -- The "Solar Panels Market Size and Share Analysis - Growth Trends and Forecast Report 2025-2033" report has been added to ResearchAndMarkets.com's offering.
The Solar Panel market is expected to reach US$ 376.73 billion by 2033 from US$ 187.21 billion in 2024, with a CAGR of 8.08% from 2025 to 2033
The market is expanding steadily because to factors such growing public concerns about the environment, stricter carbon control laws and incentives being implemented by various governments, and improvements in materials and design technology.
The global transition to renewable energy sources has propelled the solar panel industry's notable expansion in the last ten years. Converting sunshine into power, solar panels - which are mainly made up of photovoltaic (PV) cells - are becoming more and more recognized as a crucial tool in the fight against climate change and carbon emissions. Technological developments have benefited the sector by increasing efficiency and lowering production costs, which has made solar energy more widely available and reasonably priced for both enterprises and consumers. Global use of solar power has also been encouraged by government incentives, tax credits, and regulations targeted at lowering greenhouse gas emissions.
Growing energy consumption and a greater emphasis on sustainability are driving a sharp increase in demand for solar panels, especially in the residential, commercial, and industrial sectors. Solar panels are becoming a more alluring option for businesses and families looking to save energy over the long run as power rates increase and solar technology costs decline.
Off-grid solar solutions are also becoming more and more popular in emerging economies since they offer a dependable and affordable energy option in places with little access to centralized electricity. With a growing global market and the continuous drive towards clean, renewable energy sources, the solar panel sector is well-positioned for sustained expansion despite obstacles like the erratic nature of solar energy and the requirement for energy storage solutions.
Trina Solar, a world leader in smart solar products and solutions, said on September 11, 2023, that it will construct a solar photovoltaic (PV) manufacturing facility in Wilmer, Texas, that will span more than one million square feet. When finished, the factory will source polysilicon from the US and Europe, create 5 GW of modules, and create 1,500 local jobs.
Growth Drivers for the Solar Panel Market
Positive government programs
The market is expanding as a result of numerous nations' governing bodies enforcing strict carbon control laws to promote the use of solar panels. Additionally, they are providing tax credits, which allow taxpayers to deduct a portion of the cost of their solar panel installation from their taxes. In addition, these laws and financial incentives motivate people and businesses to purchase solar energy systems. Additionally, regulatory bodies are providing subsidies or refunds that lower the initial installation expenses, lowering the cost of solar panels.
Additionally, by enabling solar panel owners to sell excess electricity back to the grid, net metering policies encourage adoption by enabling people to deduct their energy expenses. Additionally, feed-in tariffs ensure that the electricity produced by solar panels will be paid a certain amount. These subsidies do more than just lessen the cost of installing solar panels. The industry is also expanding as a result of the growing development of more affordable and efficient solar panel technologies.
Developments in Technology
The market is expanding as a result of technological developments in solar panels that increase their price, durability, and efficiency. In addition, bifacial and monocrystalline solar panels have better efficiency levels, which enable them to produce more power with the same quantity of sunshine. Furthermore, improvements in production techniques help to lower the price of solar panels, which fuels industry expansion. Additionally, improvements in design and material science help to extend the longevity and durability of solar panels, guaranteeing their consistent production of energy. In addition to helping the environment, these technological advancements boost solar panel buyers' return on investment (ROI).
Accordingly, the market is expanding because to the growing development of transparent panels that may be incorporated into windows, skylights, and building facades while letting natural light through. Additionally, real-time data on energy generation and system health is provided by smart panels with integrated sensors and monitoring devices. In panels, artificial intelligence (AI) and machine learning (ML) algorithms are used to anticipate energy generation, enhance tracking systems, and lower maintenance costs in order to maximize performance.
Growing Interest in Fertilizers Based on Nitrogen
A favorable market outlook is being provided by the rising demand for solar panels as a result of people's increased worries about the environment. Accordingly, the market is expanding as a result of the growing need to address climate change and reduce carbon emissions in the environment.
Furthermore, one of the main causes of greenhouse gas (GHG) emissions, which trap heat in the Earth's atmosphere and contribute to global warming, is the burning of fossil fuels to generate electricity. In addition, solar panels provide a sustainable and clean energy source that lowers carbon emissions considerably. This is in line with international initiatives to slow down climate change and move toward a more environmentally friendly future.
Additionally, the market is expanding due to the growing use of solar panels by businesses to lessen their environmental impact and carbon footprint while upholding sustainability objectives. In addition, solar panels use the sun's energy to offer an affordable way to accomplish this. Furthermore, the demand for environmentally friendly renewable energy sources is growing.
Challenges in the Solar Panel Market
High Initial Costs
Even though solar panel prices have dropped dramatically in recent years, the high upfront installation costs continue to be a significant obstacle, particularly for customers in underdeveloped nations. In addition to the cost of the solar panels themselves, these prices also cover other items like inverters, batteries, wiring, and installation labor.
The initial investment presents a substantial financial challenge for a large number of homes and enterprises. Even though government grants and incentives can partially defray these expenses, they are frequently insufficient to make solar energy accessible to everybody. This issue delays the adoption of solar power and prevents its widespread deployment in emerging countries, and it is particularly common in low-income areas where financing choices may be limited.
Limited Energy Storage Solutions
A significant obstacle facing the solar panel business is the lack of adequate energy storage options, which limit the capacity to store extra energy produced during the day for use at night or in overcast conditions. Only when the sun is shining can solar energy be produced because it is intermittent. Excess energy generated during the hottest parts of the day cannot be stored for later use without effective and reasonably priced storage devices, such batteries.
Despite advancements, many people and organizations cannot afford or use current battery technology due to their high cost and limited capacity. Wider adoption is hampered by the absence of efficient storage options, which lowers the overall dependability and efficiency of solar energy, particularly in places where energy consumption peaks during cloudy seasons.
Key Company Covered: Overview, Key Persons, Recent Development & Strategies, Financial Insights
- Canadian Solar
- Jinko Solar Holding Co. Ltd.
- JA SOLAR Technology Co.Ltd.
- Panasonic Corporation
- Reliance
- LG Electronics Inc.
- First Solar
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 200 |
| Forecast Period | 2024 - 2033 |
| Estimated Market Value (USD) in 2024 | $187.21 Billion |
| Forecasted Market Value (USD) by 2033 | $376.73 Billion |
| Compound Annual Growth Rate | 8.0% |
| Regions Covered | Global |
Key Topics Covered:
1. Introduction
2. Research & Methodology
3. Executive Summary
4. Market Dynamics
4.1 Growth Drivers
4.2 Challenges
5. Global Solar Panel Market
6. Market Share Analysis
6.1 Type
6.2 Grid Type
6.3 Technology
6.4 Solar Module
6.5 Application
6.6 End Use
6.7 Country
7. Type
7.1 Crystalline Silicon
7.2 Thin Film
7.3 Others
8. Grid Type
8.1 On-Grid
8.2 Off-Grid
9. Technology
9.1 Photovoltaic Systems
9.2 Concentrated Solar Power Systems
10. Solar Module
10.1 Monocrystalline
10.2 Polycrystalline
10.3 Cadmium Telluride
10.4 Amorphous Silicon Cells
10.5 Others
11. Application
11.1 Residential
11.2 Commercial
11.3 Industrial
12. End Use
12.1 Electricity Generation
12.2 Lighting
12.3 Heating
12.4 Charging
13. Country
13.1 North America
13.1.1 United States
13.1.2 Canada
13.2 Europe
13.2.1 France
13.2.2 Germany
13.2.3 Italy
13.2.4 Spain
13.2.5 United Kingdom
13.2.6 Belgium
13.2.7 Netherlands
13.2.8 Turkey
13.3 Asia Pacific
13.3.1 China
13.3.2 Japan
13.3.3 India
13.3.4 Australia
13.3.5 South Korea
13.3.6 Thailand
13.3.7 Malaysia
13.3.8 Indonesia
13.3.9 New Zealand
13.4 Latin America
13.4.1 Brazil
13.4.2 Mexico
13.4.3 Argentina
13.5 Middle East & Africa
13.5.1 South Africa
13.5.2 Saudi Arabia
13.5.3 UAE
14. Porter's Five Analysis
14.1 Bargaining Power of Buyers
14.2 Bargaining Power of Suppliers
14.3 Degree of Rivalry
14.4 Threat of New Entrants
14.5 Threat of Substitutes
15. SWOT Analysis
15.1 Strength
15.2 Weakness
15.3 Opportunity
15.4 Threat
16. Company Analysis
For more information about this report visit https://www.researchandmarkets.com/r/ilyb7h
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