Solar Panels Market

• Rising investments in renewable energy sector to propel the market growth

One of the key factors influencing the growth of the solar panel market is the rising investments in the field of renewable energy. Investments in renewable energy have grown globally as a result of their competitive cost of production and minimal carbon emissions. For instance, $14.5 billion was invested in India's renewable energy sector between April and December 2022. More than half of the yearly energy needs of many European nations, including Norway, Iceland, and Sweden, are met by renewable energy sources. This is because EU member states have implemented strict emission standards.

In 2022, the total amount invested in renewable energy will be greater than $2.4 trillion. Investments in the energy sector are rising as the emphasis is shifting to renewable energy sources. This is expected to fuel the expansion of the global solar energy systems industry, which will in turn fuel the expansion of the solar panel market globally throughout the course of the projected period. Thus, this factor is driving the market CAGR.

Furthermore, solar PV systems can be installed above water infrastructure using novel floating solar technology. Because floating panels reduce water loss from evaporation, this novel technique aids in water conservation. When compared to systems that are installed on land, these floating panels work at lower temperatures, increasing the effectiveness of power production. Recently, a lot of floating panel projects have been created in ponds, lakes, or reservoirs. It is projected that during the forecast period, these initiatives will raise demand for solar PV systems and, consequently, PV panels.

Such floating solar PV systems are now being developed in nations including China, India, Japan, and South Korea. For instance, Huainan City and Pei County in China are home to two of the largest floating solar PV projects. Similar to this, South Korea has numerous floating solar PV facilities in the provinces of Jipyeong, Otae, and Cheongpung Lake.

However, a number of governments are putting more of an emphasis on electrifying rural areas. The economy of Colombia is still in its early stages, and many regions of the nation lack access to grid-connected energy. The country's grid-isolated communities are anticipated to receive financial assistance from the Columbia Solar Subsidy initiative. In a similar vein, Brazil is one of the South American nations where the demand for energy has significantly increased. The country's energy consumption is predicted to increase steadily throughout the course of the projection period, providing the solar panel market's operators with lucrative investment prospects.

Thus, it is anticipated that this aspect will accelerate solar industry growth and revenue globally.

The rising costs of traditional energy sources are propelling the Global Solar Panels Market Industry forward. As fossil fuel prices fluctuate and environmental regulations tighten, consumers and businesses are increasingly seeking alternative energy solutions. Solar energy presents a cost-effective option, particularly in regions with abundant sunlight. The long-term savings associated with solar installations, combined with decreasing panel prices, make solar energy an attractive investment. Consequently, the Global Solar Panels Market Industry is poised for growth as more stakeholders recognize the financial benefits of transitioning to solar power, further solidifying its role in the global energy landscape.

Technological innovations play a crucial role in shaping the Global Solar Panels Market Industry. Advancements in photovoltaic technology, such as bifacial solar panels and improved energy conversion efficiencies, are enhancing the performance and affordability of solar energy systems. For instance, the introduction of perovskite solar cells has the potential to revolutionize the market by significantly reducing production costs while increasing efficiency. These innovations not only make solar panels more accessible to consumers but also contribute to the overall growth of the industry. As technology continues to evolve, the Global Solar Panels Market Industry is expected to expand further, aligning with the projected market value of 511.8 USD Billion by 2035.

The heightened awareness of environmental issues is significantly influencing the Global Solar Panels Market Industry. As climate change concerns escalate, individuals and organizations are more inclined to adopt sustainable practices, including the use of solar energy. Educational campaigns and advocacy for cleaner energy sources have led to increased public support for solar initiatives. This cultural shift is evident in the rising number of solar installations globally, as communities strive to reduce their carbon footprints. The Global Solar Panels Market Industry stands to gain from this trend, as more consumers prioritize environmentally friendly energy solutions in their purchasing decisions.

Government incentives and supportive policies are pivotal in driving the Global Solar Panels Market Industry. Many countries are offering tax credits, rebates, and grants to encourage solar panel installations. For example, the United States has implemented the Investment Tax Credit, which allows homeowners to deduct a significant percentage of the cost of solar systems from their federal taxes. Such initiatives not only lower the financial barriers for consumers but also stimulate market growth. As a result, the Global Solar Panels Market Industry is likely to benefit from these favorable conditions, contributing to its anticipated growth trajectory over the next decade.

The Global Solar Panels Market Industry experiences a notable surge in demand driven by the global shift towards renewable energy sources. Governments worldwide are implementing policies and incentives to promote solar energy adoption, which is reflected in the projected market value of 155.8 USD Billion in 2024. This transition is partly due to increasing awareness of climate change and the need for sustainable energy solutions. Countries like Germany and China are leading the way, showcasing significant investments in solar infrastructure. As a result, the Global Solar Panels Market Industry is likely to witness robust growth, with a compound annual growth rate of 11.42% anticipated from 2025 to 2035.

By region, the study provides the flexible solar panels market insights into North America, Europe, Asia-Pacific, and the Rest of the World. North America solar panels market accounted for USD 37.03 billion in 2021 and is expected to exhibit a 43.90% CAGR during the study period due to government efforts to encourage the use of solar energy system and growing environmental concerns. Additionally, worries about the region's declining traditional energy supplies and rising pollution levels have sped up market expansion.

Further, the major countries studied in the DIY solar panels market report are: The U.S., Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 3: Solar Panels Market Share By Region 2021 (%)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Asia Pacific solar panels market accounts for the fastest growing market share. In APAC, the market for pv solar panels is expected to develop due to rising environmental concerns, rising energy demand, supportive government laws, and falling solar PV costs during the course of the forecast period. Moreover, India solar panels market held the largest market share, and the China solar panels market was the fastest-growing market in this region.

Europe solar energy market is expected to grow at a substantial CAGR from 2022 to 2030 due to the increase in solar power system installation in the residential and commercial sectors and the rising need for renewable energy sources. By supplying the region's electricity demands, solar energy is regarded as the best alternative to traditional energy sources for reducing carbon emissions. Further, the UK solar panels market held the largest market share, and the Germany solar panels market was the fastest-growing market in the region.

Major market players are spending a lot on R&D to increase their product lines, which will help the solar panel industry grow even more. Market participants are also taking various strategic initiatives to grow their worldwide footprint, including new product launches, contractual agreements, mergers and acquisitions, increased investments, market developments and collaboration with other organizations. Competitors in the industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market industry.

One of the primary business strategies manufacturers adopt in the global solar panels industry to benefit clients and expand the sector is manufacturing locally to reduce operating costs. In recent years, photovoltaic panels industry has provided medicine with some of the most significant benefits. The solar panels market major player such as 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) and eSolar Inc. (U.S.A).

Solar panel producer JinkoSolar Holding Co., Ltd. is based in Shanghai, China. Beginning in 2006 as a wafer maker, the business went public in 2010 on the New York Stock Exchange. In numerous nations, JinkoSolar sells and distributes solar products to utility companies, businesses, and homeowners. In July 2021, For the fourth time, Jinko Solar has established a global record for the production of N-typed monocrystalline solar cells with a high conservation energy efficiency of 25%. The business accomplished a significant technological advance through this innovation.

Also, a solar development firm called JA Solar Holdings was established in Shanghai's Yangpu neighborhood. They are situated in the People's Republic of China and create, develop, produce, and market solar cell and solar module products. In March 2021, the Deepblue 3.0 high-efficiency solar PV rooftop module for the commercial and industrial sectors was launched by JA Solar on the international market. The newly created solar module is very cost-effective and maintenance-efficient. It can deliver 540 W of electricity at once, enough to power the entire mass.

New Transparent Solar Panels - Transparent photovoltaic (PV) panels were first developed in 2014 are the first fully transparent solar panels. This technology functions as a transparent solar concentrator and absorbs light, including specific UV and infrared wavelengths. By harvesting this invisible light, these devices can provide a similar electricity-generation potential as solar rooftop while providing additional functionality to enhance the efficiency of buildings, automobiles and mobile electronics. The transparent solar cells themselves are lightweight and portable so all the transparent surfaces of a building could generate power.