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 global solar panels market is experiencing significant growth due to the increasing demand for renewable energy sources, favorable government policies, and the decreasing cost of solar panel technology. Solar panels are devices that convert sunlight into electricity, and they have become an essential component of the global transition towards cleaner energy sources.
The residential, commercial, and industrial sectors are the major end-users of solar panels. In recent years, the residential sector has emerged as a key driver of growth, as homeowners increasingly seek to reduce their carbon footprint and lower their energy bills.
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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.
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.
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 Marketis categorized into residential, commercial, and industrial.
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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).
