New York, USA, Sept. 19, 2024 (GLOBE NEWSWIRE) --
Market Overview:
The global solar panels market size was valued at USD 169.95 billion in 2023. The market is anticipated to upsurge from USD 180.77 billion in 2024 to USD 312.68 billion by 2032, generating a CAGR of 7.1% during the forecast period.
Market Introduction:
What is Solar Panel?
A solar panel is a device made of semiconductor materials that capture sunlight and convert it into electric current. By using photovoltaic (PV) cells, the solar panel produces electrons that flow through a circuit and produce direct current (DC) electricity. The solar array transfers this DC electricity to an inverter, which converts it into alternating current (AC).
Solar panels are well-suited for many applications, such as remote power systems, telecommunications equipment, water desalination, enhanced oil recovery, chemical production, and mineral processing, among many others. However, it's their potential to be a cost-effective investment for remote homes and cabins that makes them particularly appealing.
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Market Scope:
Market Report Attributes:
| Report Attributes | Details |
| Market value in 2023 | USD 169.95 billion |
| Market value by 2032 | USD 312.68 billion |
| CAGR | 7.1% from 2024 to 2032 |
| Base year | 2023 |
| Historical data | 2019–2022 |
| Forecast period | 2024–2032 |
What is Current State of Solar Panel Market?
- The market is experiencing significant growth due to factors including rising demand for energy and renewable energy sources among consumers, adoption of enhanced production techniques, increase in investments in the renewable energy sector, and rising technological developments.
- The solar panels market is segmented on the basis of solution, industry vertical, component, end-user, and region.
- By region, the Asia Pacific region dominated the market and is expected to maintain its dominance during the forecast period.
Solar Panels Market Key Players:
- Canadian Solar Inc.
- First Solar Inc.
- Green Brilliance Renewable Energy LLP
- Kaneka Corporation
- Konica Minolta Sensing Europe B.V.
- NanoPV Solar Inc.
- Sharp Corporation
- Solar Frontier K.K.
- Solaris Technology Industry Inc.
- Solaronix SA
- SoloPower Systems Inc.
- Sony Corporation
- SunPower Corporation
- Tata Power Solar Systems Ltd.
- Trina Solar Co. Ltd.
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Growth Drivers and Trends:
Shift Towards Renewable Energy Sources: Rising consumer energy demand and an increasing shift towards renewable energy sources have boosted the need for solar panels in the residential rooftop solar industry. The reduced cost of solar cells made from materials like polysilicon and silver majorly contributes to this growth.
Use of Thin-Film Solar Panels: These panels could be the future of the solar industry, with their wide adoption in generating power, particularly in areas where traditional solar cells are unsuitable. Thus, the growing use of thin-film solar panels for residential and industrial applications fuels the solar panels market sales.
Demand for Sustainable Energy Solutions: As natural resources diminish and environmental damage escalates, demand for renewable energy is increasing. People are turning to sustainable energy solutions, with solar panels emerging as an attractive option due to their numerous advantages over traditional energy sources.
Investments in Renewable Energy: Investments in Renewable Energy: Due to its low CO2 emissions and cost-effectiveness, renewable energy is attracting high global investment. Increased spending on the development and manufacturing of solar panels is expected to boost production capacity, reduce costs, and enhance product efficiency, thereby accelerating solar panels market growth.
Restraining Factors:
The high installation cost of solar panels restricts many individuals from installing them. The installation requires a specific quantity of area, which increases the energy needed. Some consumers may find it challenging to justify the initial investment required to switch to solar power. Thus, the cost of manufacturing and installing solar panels hinders solar panels market growth.
Regional Overview:
Based on region, Asia Pacific solar panels market held the largest revenue share and is expected to continue to lead the market in the foreseen period. The key contributing factors to this growth include the growing use of solar PV modules in numerous applications, increased spending on infrastructure development, and extension of manufacturing capabilities throughout the region. Moreover, Europe is projected to grow at the fastest rate during the forecast period because of rising consumer demand for clean energy and a growing focus on minimizing CO2 emissions using solar energy in the region.
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Segmental Overview:
By Technology:
- Crystalline Silicone
- Concentrated Solar Power
By Type:
- Monocrystalline
- Polycrystalline
- Thin Film
- Concentrated PV cell
By Grid Connectivity:
- On grid
- Off grid
By Installation:
- Ground-Mounted Solar Panels
- Floating Solar Panels
- Rooftop Solar Panels
By Application:
- Agriculture
- Commercial
- Power Plants
- Residential
By End-User:
- Residential
- Industrial/Commercial
- Utility
By Region:
- North America (U.S., Canada)
- Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
- Asia Pacific (Japan, China, India, Malaysia, Australia, Indonesia. South Korea)
- Latin America (Brazil, Mexico, Argentina)
- Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
Browse PMR's Solar Panels Market Report Coverage from Different Publications:
The global Solar Panels Market size is expected to reach USD 312.68 billion by 2032, at a CAGR of 7.1% during the forecast period.
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