Press release
Global Solar Panel Market: Key Drivers Size, Share, Trends, Growth and Forecast 2024 - 2032
Solar Panel Market
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Investments Fueling Growth
One of the main factors contributing to the solar panel market's expansion is the increased spending in the renewable energy sector. In 2022 alone, investments in India's renewable energy reached approximately USD 14.5 billion. European countries, such as Norway and Sweden, are leveraging renewable energy to satisfy over half of their annual energy needs, driven by strict emissions regulations. Overall, global investments in renewable energy are projected to reach USD 2.4 trillion, further propelling the solar panel market's growth.
Emerging Trends
A notable trend is the rising adoption of microgrids, which provide reliable energy solutions in areas lacking traditional grid access. Governments worldwide are promoting microgrids for their resilience during natural disasters. For instance, remote microgrids installed by the SELCO Foundation in India are helping to ensure electricity access in rural communities. These initiatives are expected to boost market revenue significantly.
Challenges Ahead
Despite this optimistic outlook, the market faces challenges, primarily high initial costs and ongoing maintenance expenses. Solar photovoltaic (PV) installations often require significant upfront investments and large areas for effective electricity generation. Maintenance costs can also burden homeowners, with annual inspections and regular cleaning required, which may hinder the widespread adoption of solar panels in residential applications.
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Market Segmentation Insights
The solar panel market is segmented into various categories based on type, grid connection, and end use.
Solar Panel Type: The market includes monocrystalline, polycrystalline, thin-film, bifacial, and perovskite solar panels. The thin-film segment led the market in 2022 due to its lightweight and cost-effective nature, making it ideal for commercial applications. Notably, advancements in monocrystalline solar panels are also expected to drive rapid growth in this segment.
Grid Type: The on-grid segment dominated the market in 2022, attributed to its lower operating costs and reliance on existing grid infrastructure. Off-grid systems are anticipated to grow quickly, driven by increased production capacity and favorable government incentives for off-grid solar installations.
End Use: The utilities segment accounted for the largest market share in 2022, fueled by investments in large-scale solar projects. Meanwhile, the residential segment is set to see the fastest growth as homeowners increasingly adopt rooftop solar solutions paired with energy storage systems.
Solar Panel Top Companies and Competitive Landscape
The global solar panel market is fairly fragmented with many large and medium-sized players accounting for majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective solar panels.
Some major players included in the global solar panel market report are:
Adani Group
Canadian Solar
First Solar
Hanergy Thin Film Power Group
JA Solar Technology Co. Ltd.
Zhongli Sci-Tech
KANEKA CORPORATION
Risen Energy Co., Ltd.
Shell International B.V.
Soltecture GmbH
Tata Power
LONGi
Trina Solar
Hanwha Group
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Solar Panel Latest Industry Updates
In September 2022, Amazon India revealed its plans to build three solar farm projects in Rajasthan, totalling 420 megawatts (MW) of sustainable energy capacity. Three of the company's utility-scale renewable energy projects in India were being developed by ReNew Power (210 MW), Amp Energy India (100 MW), and Brookfield Renewable (110 MW).
In August 2023, Trina Solar announced the opening of its most advanced Vertex N 700W+ series solar photovoltaic panels powered pioneering desalination facility in Jubail, Saudi Arabia.
In June 2023, Canadian Solar Inc. announced the construction of a solar PV module manufacturing facility in Mesquite, Texas. This is the company's first American production facility.
For the purpose of this report, Emergen Research has segmented global solar panel market on the basis of type, grid type, technology, installation type, distribution channel, end-use and region:
Type Outlook (Revenue, USD Billion; 2019-2032)
Monocrystalline Solar Panel
Polycrystalline Solar Panel
Thin-film Solar Panel
Bifacial Solar Panel
Perovskite Solar Panels
Grid Type Outlook (Revenue, USD Billion; 2019-2032)
On-grid
Off-grid
Technology Outlook (Revenue, USD Billion; 2019-2032)
Solar Photovoltaic (PV)
Concentrated Solar Power
Crystalline Silicon
Others
Installation Type Outlook (Revenue, USD Billion; 2019-2032)
Rooftop Solar Panels
Ground-Mounted Solar Panels
Floating Solar Panels
Distribution Channel Outlook (Revenue, USD Billion; 2019-2032)
Direct sales (B2B, B2C)
Third-Party Sales (Distributors, Retailers)
End-Use Outlook (Revenue, USD Billion; 2019-2032)
Residential
Commercial
Industrial
Utilities
Space & Defense
Others
Regional Outlook (Revenue, USD Billion; 2019-2032)
North America
U.S.
Canada
Europe
Germany
France
U.K.
Italy
Spain
Benelux
Russia
Rest of Europe
Asia Pacific
China
Japan
South Korea
India
ASEAN Countries
Oceania
Rest of APAC
Latin America
Brazil
Mexico
Rest of LATAM
Middle East & Africa
GCC Countries
Israel
Turkey
South Africa
Rest of MEA
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Look Over transcripts provided by Emergen Research
Solar Panel Market Size@ https://www.emergenresearch.com/industry-report/solar-panel-market/market-size
Solar Panel Market Share@ https://www.emergenresearch.com/industry-report/solar-panel-market/market-share
Solar Panel Market Trends@ https://www.emergenresearch.com/industry-report/solar-panel-market/market-trends
Solar Panel Regional Market Demand@ https://www.emergenresearch.com/industry-report/solar-panel-market/regional-market-demand
Solar Panel Market Analysis@ https://www.emergenresearch.com/industry-report/solar-panel-market/market-analysis
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Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyse consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
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