Solar Panel Operation & Maintenance Market Outlook 2034: Projected Growth from USD 5.7 Bn in 2023 to USD 16.4 Bn by 2034 at a 10.1% CAGR

The global solar panel operation & maintenance market was valued at US$ 5.7 billion in 2023. It is projected to grow at a compound annual growth rate (CAGR) of 10.1% from 2024 to 2034, reaching US$ 16.4 billion by the end of 2034. This growth is driven by the increasing adoption of solar energy and advancements in AI-powered predictive maintenance.

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Analyst Viewpoint

The surge in the adoption of solar energy worldwide is a significant driver for the solar panel operation & maintenance market. Many countries are leveraging solar energy to promote economic growth and social welfare. The declining costs of solar energy, improved energy storage solutions, and advancements in grid technology are also expanding the use of photovoltaic (PV) panels, thereby boosting the demand for PV system servicing.

AI-powered predictive maintenance is transforming the market landscape by enabling accurate output prediction and efficiency improvements in solar systems. Key players in the market are offering high-quality and affordable solar and storage products while expanding their presence in new regional markets.

Market Introduction

Solar panel operation & maintenance is essential for ensuring the optimal performance of PV plants, meeting energy production targets, and extending the lifecycle of solar systems. Regular maintenance, including routine checks and timely issue resolution, minimizes downtime and addresses system faults efficiently.

Solar PV systems, like all technologies, degrade over time, with a median degradation rate of around 0.5% per year. Potential-induced degradation (PID), caused by stray currents in high-voltage components, further impacts panel performance. Effective maintenance practices, such as regular cleaning of solar cells and PV panels, are crucial in mitigating PID and enhancing panel efficiency and longevity, contributing to a greener future.

Drivers of Market Growth

Increase in Adoption of Solar Energy International organizations are promoting sustainable energy solutions to limit global temperature rise to below 2°C above preindustrial levels. Decarbonization efforts in energy-intensive sectors, including power generation, are being funded to achieve this goal. Initiatives like Malaysia's 'Solar BOLEH!' are facilitating the wider adoption of home solar panel installations, boosting the market size.

Surge in AI-Powered Predictive Maintenance AI-powered predictive maintenance enhances PV system reliability, efficiency, and longevity through data analytics, machine learning, and real-time monitoring. Companies are developing AI-based performance monitoring platforms to detect and prevent equipment failures. For instance, Loggma Digital Energy Solutions in Turkiye developed an algorithm that analyzes performance data to detect issues, thereby enhancing system maintenance.

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Regional Outlook

Asia Pacific held the largest market share in 2023 due to the region's significant production and adoption of solar energy. China, accounting for 83% of the world's solar-panel production, had approximately 430 GW of solar capacity as of April 2023. The rapid growth in solar deployment is also propelling market expansion in the Middle East & Africa, with the MENA region expected to reach 40 GW of solar capacity in 2024 and 180 GW by 2030.

Key Players and Developments

Leading companies in the market are adopting advanced technologies such as robotics for solar panel maintenance. India-based Sleepwalkers introduced Zero Dirt-BOLT, an automated robotic device for waterless dust removal from solar panels. Major players like First Solar, SunPower Corporation, Enel Green Power S.p.A., Siemens, and SMA Solar Technology AG are expanding their product portfolios and regional presence through strategic developments and innovations.

Recent key developments include:

SunPower's announcement in May 2024 to offer Tesla Powerwall 3 as part of its product portfolio.
SMA Solar Technology AG's plans to expand manufacturing into the U.S., with production projected to start in 2025.
Market Snapshot

Market Size in 2023: US$ 5.7 billion
Market Forecast in 2034: US$ 16.4 billion
CAGR: 10.1% (2024-2034)
Market Segmentation: Service Type (Monitoring, Inspection, Cleaning, Repair & Maintenance, Asset Management), Technology (Monocrystalline, Polycrystalline, Thin Film, Others), Application (Residential, Commercial, Industrial, Utility-scale)
Regions Covered: North America, Europe, Asia Pacific, Latin America, Middle East & Africa
The solar panel operation & maintenance market is poised for significant growth, driven by technological advancements and the increasing global commitment to sustainable energy solutions.

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