Solar Panel Market is growing at a brisk pace

According to the latest research report published by Market Data Forecast, the global solar panel market size is expected to grow at a CAGR of 15.18% during the forecast period 2024-2029. The market share was valued at USD 149.18 billion in 2023 and is expected to reach USD 302.42 billion in 2029.

The last few years have had a major effect on power output due to population expansion in emerging countries. As a result, renewable electricity is gaining popularity as a sustainable alternative to oil and coal with a growth rate of 8.84%.

Global Solar Panel Market Report Scope:

• Market Size (2029): USD 302.42 Billion
• Market Size (2023): USD 149.18 Billion
• CAGR (2024 to 2029): 15.18%
• Base Year: 2023
• Forecast Period: 2024 to 2029
• Segments Analysed: Type, Application, End User, Grid Type, and Geography
• Geographies Covered: North America, Europe, APAC, Latin America, and Middle East & Africa
• Key Market Players Profiled: Trina Solar Limited (China), Canadian Solar Inc. (Canada), Jinko Solar Holding Co. Ltd. (China), J.A. 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.), and Others.

Market Drivers:

The environmental regulations aimed at decreasing the use of fossil fuels and the carbon emissions resulting from their burning have raised the need for renewable energy sources. It is anticipated that this feature will fuel market expansion during the coming ten years. Moreover, Asia and the Pacific accounted for the bulk of the global market. The region's solar capacity increased by more than 81 GW in 2021. Low component production costs and high solar irradiation are the main drivers of the market. Increased power usage and some nations' aggressive plans to cut carbon emissions will fuel market expansion. Two examples of these are China and India. In 2021, China constructed solar power facilities with a combined capacity of over 51 GW. It will be the solar power capacity leader in the world in 2025. Furthermore, based on the quantity of solar PV installations, Europe possesses the second-largest solar capacity globally. There will be more than 21 GW of solar photovoltaic installations in the European Union by 2021. The large-scale solar farm building is booming in this region.

Market Restraints:

The growth is hampered by high initial setup costs, gaps in revenue, and delays in government subsidy support.

Installing solar panels on the roof will result in lower short and long term building operating expenses. Installing solar panels on a roof can be done through two different kinds of partnerships: power purchase agreements and capital expenditure arrangements. The solar system is purchased by the customer, and the energy it produces can be used regularly to power the company. Subsequently, individuals can sell their excess authority to the state. This formula requires a substantial upfront investment to see an electric charge in a short amount of time. In East Asia and the South Pacific, an average investment of 4300 dollars is required for the setup of a 4KW power supply.

The COVID-19 pandemic also caused a disruption in the worldwide supply chain for solar PV panels, which raised panel prices. Manufacturers had to deal with shortages of labour and materials, as well as a decline in international trade. This affected the export market. Projects that are delayed as a result of supply chain disruptions will hinder the solar industry even more.

Browse full details of the report @ https://www.marketdataforecast.com/market-reports/solar-panel-market

Key Insights from the Report:

• Based on Type, the monocrystalline is anticipated to dominate the global Solar Panel Market with the largest market shares.
• Based on Application, the photovoltaic segment is estimated to dominate the global Solar Panel Market.
Based on End User, the industrial is anticipated to be the fastest-growing segment in the global solar panel market during the forecast period.
• By Grid Type, the on-grid segment took over the global chia seeds market in 2023.
• Asia-Pacific dominated the solar panel market in 2023. Europe accounted for the second-highest share of the global market in 2023 and on the other hand, the North America region is estimated to grow at the fastest CAGR during the forecast period.

SEGMENTATION INCLUDED IN THIS REPORT:

By Type:
• Monocrystalline
• Polycrystalline
• Thin Film

By Application:
• Photovoltaic
• Concentrated solar Power

By End User:
• Residential
• Commercial
• Industrial
• Utilities
• Space & Defense
• Others

By Grid Type:
• On-grid
• Off-grid

By Region:
• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa

TABLE OF CONTENTS:

1. Introduction
1.1 Market Definition
1.2 Scope of the report
1.3 Study Assumptions
1.4 Base Currency, Base Year and Forecast Periods

2. Research Methodology
2.1 Analysis Design
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Data Modelling
2.2.4 Expert Validation
2.3 Study Timeline

3. Report Overview
3.1 Executive Summary
3.2 Key Inferencees

4. Market Dynamics
4.1 Impact Analysis
4.1.1 Drivers
4.1.2 Restaints
4.1.3 Opportunities
4.2 Regulatory Environment
4.3 Technology Timeline & Recent Trends

5. Competitor Benchmarking Analysis
5.1 Key Player Benchmarking
5.1.1 Market share analysis
5.1.2 Products/Service
5.1.3 Regional Presence
5.2 Mergers & Acquistion Landscape
5.3 Joint Ventures & Collaborations

6. Market Segmentation
6.1 Solar Panel Market, By Type
6.1.1 Monocrystalline
6.1.2 Polycrystalline
6.1.3 Thin Film
6.1.4 Market Size Estimations & Forecasts (2024-2029)
6.1.5 Y-o-Y Growth Rate Analysis
6.1.6 Market Attractiveness Index

6.2 Solar Panel Market, By Application
6.2.1 Photovoltaic
6.2.2 Concentrated solar Power
6.2.3 Market Size Estimations & Forecasts (2024-2029)
6.2.4 Y-o-Y Growth Rate Analysis
6.2.5 Market Attractiveness Index

6.3 Solar Panel Market, By End User
6.3.1 Residential
6.3.2 Commercial
6.3.3 Industrial
6.3.4 Utilities
6.3.5 Space & Defense
6.3.6 Others
6.3.7 Market Size Estimations & Forecasts (2024-2029)
6.3.8 Y-o-Y Growth Rate Analysis
6.3.9 Market Attractiveness Index

6.4 Solar Panel Market, By Grid Type
6.4.1 On-grid
6.4.2 Off-grid
6.4.3 Market Size Estimations & Forecasts (2024-2029)
6.4.4 Y-o-Y Growth Rate Analysis
6.4.5 Market Attractiveness Index

7. Geographical Landscape
7.1 Global Solar Panel Market, by Region
7.2 North America - Market Analysis (2024-2029)
7.2.1 By Country
7.2.1.1 USA
7.2.1.2 Canada
7.2.2 By Type
7.2.3 By Application
7.2.4 By End User
7.2.5 By Grid Type
7.3 Europe
7.3.1 By Country
7.3.1.1 UK
7.3.1.2 France
7.3.1.3 Germany
7.3.1.4 Spain
7.3.1.5 Italy
7.3.1.6 Rest of Europe
7.3.2 By Type
7.3.3 By Application
7.3.4 By End User
7.3.5 By Grid Type
7.4 Asia Pacific
7.4.1 By Country
7.4.1.1 China
7.4.1.2 India
7.4.1.3 Japan
7.4.1.4 South Korea
7.4.1.5 South East Asia
7.4.1.6 Australia & NZ
7.4.1.7 Rest of Asia-Pacific
7.4.2 By Type
7.4.3 By Application
7.4.4 By End User
7.4.5 By Grid Type
7.5 Latin America
7.5.1 By Country
7.5.1.1 Brazil
7.5.1.2 Argentina
7.5.1.3 Mexico
7.5.1.4 Rest of Latin America
7.5.2 By Type
7.5.3 By Application
7.5.4 By End User
7.5.5 By Grid Type
7.6 Middle East and Africa
7.6.1 By Country
7.6.1.1 Middle East
7.6.1.2 Africa
7.6.2 By Type
7.6.3 By Application
7.6.4 By End User
7.6.5 By Grid Type

8. Key Player Analysis
8.1 Trina Solar Limited (China)
8.1.1 Business Description
8.1.2 Products/Service
8.1.3 Financials
8.1.4 SWOT Analysis
8.1.5 Recent Developments
8.1.6 Analyst Overview
8.2 Canadian Solar Inc. (Canada)
8.3 Jinko Solar Holding Co. Ltd. (China)
8.4 J.A. Solar Holdings Co. Ltd. (China)
8.5 Hanwha Q CELLS Co. Ltd. (South Korea)
8.6 ABROS Green GmbH (Germany)
8.7 Yingli Solar (China)
8.8 SunPower Corporation (U.S.A.)
8.9 Abengoa Solar (Spain)
8.10 eSolar Inc. (U.S.A.)

9. Market Outlook & Investment Opportunities

10. Appendix
List of Tables
List of Figures

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