Solar Panel Market is Anticipated to Increase at a Stable CAGR over the Forecast Period (2023 to 2029)

The global solar panel market is anticipated to grow at a significant CAGR of 12.2% during the forecast period. Solar energy is one of the cleanest and most reliable energy sources and is proving to be a viable alternative to fossil fuels that currently pollute the environment and contribute to global warming. Solar energy is generated by many different technologies such as solar power, solar thermal, concentrated solar heat (electricity), and concentrated PV. However, a vast opportunity can be seen in the future due to an increase in environmental concern, increasing demand for green energy, and a decrease in solar panel prices in both developing and underdeveloped economies. Growing environmental concerns such as carbon emission, air pollution, and global warming are the major factors due to which the adoption of rooftop solar panels is rising. The major reason for increasing pollution is the extensive use of fossil fuels to generate energy in various verticals across the globe and the rising awareness and government initiatives of green energy from emerging economies such as India, China, the US, and Germany. Furthermore, Extensive adoption of rooftop solar panels in various end-user applications has been witnessed owing to the shifting preferences of consumers towards clean energy sources than non-renewable energy sources. Various government initiatives such as feed-in-tariff (FIT) programs to increase the installation of solar panels in commercial as well as residential is driving the growth of the market.

Moreover, certain factors are restraining the market such as the high cost of installation and maintenance cost of the solar panels. A certain amount of land must be devoted to the installation of panels, and the amount of space required increases as the amount of energy increases obligatory. Once the panels are installed, the area can no longer be used for other purposes, which acts as a brake on the growth of solar panels. 

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Solar Panel Market Segmentation

By Technology

·        Mono-crystalline 

·        Polycrystalline silicon 

·        Thin-film solar panel

·        Others (Amorphous Silicon)

By End-User

·        Residential

·        Commercial

·        Industrial 

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Regional Analysis                                                                                                                                                                            

North America                                                                                                           

·        United States

·        Canada                     

Europe

·        UK

·        Germany

·        Spain

·        France

·        Italy

·        Rest of Europe

Asia-Pacific

·                  India

·                  China

·                  Japan              

·                  South Korea

·                  Rest of APAC

Rest of the World

•       Latin America

•       Middle East and Africa 

Company Profiles 

·        ALLPOWERS Industrial International Ltd.

·        China Sunergy (Nanjing) Co., Ltd.

·        First Solar, Inc.

·        Hanwha Solarone Co. Ltd.

·        JA SOLAR Co., Ltd.

·        juwi AG

·        KYOCERA Corp.

·        Motech Industries Inc.

·        Neo Solar Power Corp.

·        Renesola Zhejiang Ltd.

·        Risen Energy Co., Ltd.

·        Sharp Corp.

·        Shenzhen Portable Electronic Technology Co., Ltd.

·        SunEdison Inc.

·        Tata Power Solar Systems Ltd.

·        Vikram Solar Ltd.

·        Yingli Green Energy Holding Co. Ltd.

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