Solar Panels Market Outlook & Forecasts 2024-2029:
DUBLIN–(BUSINESS WIRE)–The “Global Solar Panels Market – Outlook & Forecast 2024-2029” report has been added to ResearchAndMarkets.com’s offering.
Global solar panel market is expected to reach a value of $273.15 billion by 2029 from $187.69 billion in 2023, growing at a CAGR of 6.45%.
The global solar panel market is highly competitive, with many public and private companies. These vendors typically compete on key parameters such as product design, quality, reliability, support services, and price. Rapid technological advancements adversely impact market vendors as consumers expect continuous innovations and product upgrades. The present scenario drives vendors to alter and refine their unique value proposition to achieve a strong market presence.
APAC accounted for the highest share of the global solar panel market in 2023 due to the presence of countries like China, Japan, South Korea, India, and other emerging countries, which are the manufacturing hubs for electronics. Also, the demand for solar panels in the region is driven by stringent regulations for emission standards, better fuel economy, and concerns over sustainability. Furthermore, the region is home to many recognized players and has a high level of technological improvement. The APAC solar panel market is driven by consumer demand for advanced products and services, and there is a substantial investment in R&D to support this demand.
Europe holds a significant share of the global solar panel market, driven by the growth in installation in new buildings and higher demand from renovations and retrofit activities. Major factors have spiked the sales rate for solar panels in Europe: rising average construction spending, increased retail building construction projects, rising government spending on sustainable building development, industrial developments, rapid urbanization, changing climatic conditions, and growth in disposable income across European countries. Also, in the North American solar panel industry, strong economic growth, the establishment of new businesses, company expansions, and increased construction activities have mainly driven the demand for solar panels.
Further, some of the major vendors dominating the global solar panel market include JinkoSolar, Canadian Solar, Trina Solar, SunPower Corp, Hanwha Q Cells, Aiko Solar, LONGi Solar, Risen Energy, Kaneka Corporation, and Shell International Ltd. These brands have many product offerings and a widespread presence in the global market. The major vendors are adopting innovative technologies to retain their strong market position.
MARKET TRENDS & OPPORTUNITIES
Advancements in Solar Technology
Solar panel technology has made massive strides that have made it easier to acquire solar panels. Efficiency has become a part of the specifications consideration, which means current panels produce more electricity from the limited sunlight that always falls on the panel’s surface. Manufacturing methods have improved, reducing costs and lowering the economic barrier to entry, enabling more people to invest in solar power. Silicon solar cells dominate the market and have undergone continuous refinement and improvement.
Advances in silicon wafer manufacturing, such as developing monocrystalline and polycrystalline silicon cells, have increased cell efficiency and reduced production costs. Also, new advancements in solar panel technology increase market demand by making solar energy more efficient, durable, affordable, and versatile. As these technologies evolve, they will be critical in accelerating the transition to a clean, sustainable energy future. Furthermore, innovative designs, applications, and supportive government policies and incentives have further accelerated the growth of the solar panel market.
Growth of Green Building Activities
A green building creates structures using environmentally sustainable and resource-efficient processes throughout the building’s lifecycle, from siting to design, construction, operation, maintenance, renovation, and deconstruction. Green buildings are also known as sustainable and high-performance buildings. Solar panels are an effective way for a building to meet its sustainability standards.
These solar panels can provide abundant eco-friendly energy resources, reducing or eliminating the need for electric consumption. As a result, solar-powered buildings contribute to green building certifications, such as LEED (Leadership in Energy and Environmental Design) and BREEAM (Building Research Establishment Environmental Assessment Method), by meeting criteria related to energy efficiency, renewable energy use, and environmental performance.
INDUSTRY RESTRAINTS
High Initial Cost
Raw materials constitute the largest cost component in the manufacture of solar panels. Moreover, raw materials account for 50-60% of the overall cost of the final products. The prices of major raw materials, such as glass, plastic, timber, and aluminum, used to manufacture solar panels have increased significantly over the past few years.
The volatility of raw material prices seriously threatens vendor profit margins in the solar panel market. Other operating expenses, such as labor costs, have risen steadily over the past few years. Adding to all these costs, cheaper and cost-effective solar panels and modules made by Chinese and other international manufacturers have harmed the profits of the major market vendors. All these factors burden vendors who have strived to produce affordable and value-added products to cope with the intense market competition.
KEY QUESTIONS ANSWERED
- What is the growth rate of the global solar panel market?
- How big is the solar panel market?
- What are the significant trends in the solar panel industry?
- Who are the key players in the global solar panel market?
- Which region dominates the global solar panel market share?
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 437 |
| Forecast Period | 2023 – 2029 |
| Estimated Market Value (USD) in 2023 | $187.69 Billion |
| Forecasted Market Value (USD) by 2029 | $273.15 Billion |
| Compound Annual Growth Rate | 6.4% |
| Regions Covered | Global |
MARKET DYNAMICS
Market Opportunities & Trends
- Profit Volatility in APAC
- Market Dynamic of APAC
- Regulation on Energy Efficiency Driving Solar Panel Demand
- Advances in Solar Technology
- Rise in Commercial Construction and Projects
- Rising Demand for Clean Energy
Market Growth Enablers
- Growth of Green Building Activities
- Incorporation of Solar Panels in Rooftop
- Increased Construction in Hospitality Industry
- Favorable Government Policies and Incentives
Market Restraints
- High Initial Cost
- Raw Material Price Volatility
- Turbulent Global Political and Trade Relations
Industry Overview
Technology Integration
Global Key Highlights Regarding Solar Energy
Solar Panel Installation in Residential Construction
European Commission
Solar Panel Installation in Commercial Construction
Latest Innovations in Photovoltaic Technology
Government Regulations Promoting Solar Panel
- Repowereu Plan Contribution to Solar Market Growth
- US Inflation Reduction Act Provides Benefits to Solar Panel Market
Incorporation of On-Site Photovoltaic Solar Power for the Data Centers Market
- Data Center’s Utilization of Renewable Energy
Solar Pv Market Status
Market Competition for Solar Panel
- Growth Strategy of Key Vendors
Solar Panel Market Dynamics
Solar Pv Technology Trends
Value Chain
- Manufacturing
- Construction and Installation
- Operation and Maintenance
COMPETITIVE LANDSCAPE
Key Company Profiles
- JinkoSolar
- Canadian Solar
- Trina Solar
- SunPower Corp
- Hanwha Q Cells
- Aiko Solar
- LONGi Solar
- Risen Energy
- Kaneka Corporation
- Shell International Ltd
Other Prominent Vendors
- GCL-Poly Energy Holdings Limited
- Hanwha SolarOne
- Suntech Power
- Soltecture GmbH
- Talesun Solar
- JA SOLAR TECHNOLOGY CO., LTD
- Boviet Solar Technology Co., Ltd.
- Recom Technologies
- Solar East Holdings Co., Ltd.
- First Solar, Inc
- Hanergy Thin Film Power Group
- Longi Green Energy Technology Co., Ltd.
- Yingli Green Energy
- REC Group
- Enphase Energy
- SolarEdge Technologies, Inc.
- Seraphim Solar System Co., Ltd.
- LG Electronics
- Panasonic Solar
- Silfab Solar
- Qcells
- Axitec Solar
- Heliene
- HT-SAAE
- Hyundai Heavy Industries Green Energy
- Astronergy
- Sharp Solar
- Tongwei Solar
- Yingkou Jinchen Machinery Co., Ltd
- Haitai New Energy
- BYD Company Ltd.
- TBEA Xinjiang SunOasis Co., Ltd
- Znshine PV-Tech Co., Ltd
- Chint Solar (Zhejiang) Co., Ltd.
- GS-Solar Company Ltd
- Hareon Solar Technology Co., Ltd.
- Neo Solar Power Corporation
- Phono Solar Technology Co., Ltd
- Tianjin Zhonghuan Semiconductor Co., Ltd
- China Shuifa Singyes Energy Holdings LTD
- Shanghai Aerospace Automobile Electromechanical Co., Ltd
- Bloom Energy Corp
- Suzlon Energy Ltd
- Solarworld Aktiengesellschaft
- Maxeon Solar Technologies Ltd
SEGMENTATION
Segmentation by Type
- Monocrystalline Solar Panel
- Polycrystalline Solar Panel
- Thin-film Solar Panel
- Bifacial Solar Panel
- Others
Segmentation by End-user
- Commercial
- Utilities and Energy Companies
- Industrial
- Residential
- Agriculture Sectors
- Military and Defence Sectors
- Others
Segmentation by Power Capacity
- Small-Scale Solar Panels (< 10 kW)
- Medium-Scale Solar Panels (10 kW – 100 kW)
- Large-Scale Solar Panels (100 kW – 1 MW)
- Utility-Scale Solar Panels (>1 MW)
Segmentation by Installation
- Rooftop Solar Panels
- Ground-Mounted Solar Panels
- BPIV
- Others
Segmentation by Grid Type
- On-grid
- Off-grid
For more information about this report visit https://www.researchandmarkets.com/r/5u4nf5
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