Solar Panel Market to Drive Industry Expansion by 2032
The growing population in developing countries has significantly influenced power generation trends in recent years. As efforts to curb carbon emissions intensify, there's a growing shift towards utilizing renewable sources for power generation, marking a substantial departure from traditional energy sources such as oil and coal. This transition is viewed as a viable and environmentally friendly alternative, gaining momentum due to its potential to reduce carbon footprint.
Solar Panel Market size was valued at USD 151.07 billion in 2023 and is poised to grow from USD 169.35 billion in 2024 to USD 422.31 billion by 2032, growing at a CAGR of 12.1% during the forecast period (2025-2032).
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This Solar Panel Market report is being written to illustrate the market opportunity by region and by segments, indicating opportunity areas for the vendors to tap upon. To estimate the opportunity, it was very important to understand the current market scenario and the way it will grow in future. Production and consumption patterns are being carefully compared to forecast the Solar Panel Market. Other factors considered to forecast the market are the growth of the adjacent market, revenue growth of the key market vendors, scenario-based analysis, and market segment growth. The Solar Panel Market size was determined by estimating the market through a top-down and bottom-up approach, which was further validated with industry interviews. To determine the growth of the Solar Panel Market factors such as drivers, trends, restraints, and opportunities were identified, and the impact of these factors was analyzed to determine the market growth. To understand the market growth in detail, we have analyzed the year-on-year growth of the market. Also, historic growth rates were compared to determine growth patterns.
Market Segmentation:
Technology
Solar PV, Concentrated Solar Power
Module Type
Thin Film, Crystalline
Connectivity
On-Grid, Off-Grid
Application
Residential, Commercia, Industrial
Solar Panel Market Key Players:
LONGi Solar (China)
Trina Solar (China)
JA Solar (China)
JinkoSolar (China)
Canadian Solar (Canada)
Risen Energy (China)
First Solar (United States)
Suntech Power (China)
Chint Group (China)
GCL System Integration Technology (China)
SFCE (Shunfeng International Clean Energy Limited) (China)
Yingli Green Energy (China)
SunPower Corporation (United States)
REC Group (Singapore)
Seraphim Solar System (China)
Talesun Solar (China)
Astronergy (China)
Neo Solar Power (Taiwan)
Motech Industries (Taiwan)
Essential regions of the Solar Panel market are:
• Solar Panel North America Market includes (Canada, Mexico, USA)
• Solar Panel Europe Market includes (Germany, France, Great Britain, Italy, Spain, Russia)
• Solar Panel Asia-Pacific Market includes (China, Japan, India, South Korea, Australia)
• Middle East and Africa (Saudi Arabia, United Arab Emirates, South Africa)
• Solar Panel South America Market includes (Brazil, Argentina)
Recent Developments:
In April 2024, in a significant move towards advancing renewable energy solutions in Southern Africa, SOLARWORLD Africa joined forces with Risen Energy, a leading Chinese solar panel manufacturer renowned for its efficient and durable solar panels.
In March 2024, Maxeon Solar Technologies, Ltd., a prominent solar innovation company, announced the release of its SunPower Performance 7 solar panels, designed for distributed generation (DG) projects. The panels are distinguished by their unique TOPCon cell technology and shingled-cell design, which offer enhanced power, efficiency, and reliability.
In March 2024, investment firm Actis announced that it is set to acquire Argo Energy, a South Korean company specializing in solar energy, as part of its initiatives to strengthen renewable energy projects in Asia. Based in London, the company aims to generate solar energy capable of powering over 85,000 households annually in South Korea, the eighth largest energy consumer in the world.
What's more, it likewise covers the request and give of the promoting research concentrate in the assessed figure time frame. Explained investigation of the market players with their profile, deals examination and serious scene is given in the report. Besides, organization, joint effort and consolidations in the business are referenced for the accommodation of the investigation of the global Solar Panel industry.
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Objectives of the Study:
• To forecast the market size, in terms of value, for various segments with respect to five main regions, namely, North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), Middle East & Africa (MEA)
• To provide detailed information regarding the major factors influencing the growth of the Market (drivers, restraints, opportunities, and challenges)
• To strategically analyze the micro markets with respect to the individual growth trends, future prospects, and contribution to the total market
• To provide a detailed overview of the value chain and analyze market trends with the Porter's five forces analysis
• To analyze the opportunities in the market for various stakeholders by identifying the highgrowth Segments
• To identify the key players and comprehensively analyze their market position in terms of ranking and core competencies, along with detailing the competitive landscape for the market leaders
• To analyze competitive development such as joint ventures, mergers and acquisitions, new product launches and development, and research and development in the market
Looking ahead, the Solar Panel Market is poised for continued growth, driven by evolving consumer preferences and ongoing innovations. The trend towards sustainability is expected to strengthen, with more consumers seeking products that align with their values. Additionally, the integration of advanced technologies and digital platforms will likely further enhance market accessibility and consumer engagement. The global Solar Panel Market is a dynamic and evolving landscape, shaped by a confluence of trends and factors.
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