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Solar PV Panels Market Growth | Trends, Innovations & Forecast 2024-2031 | ABB, Canadian Solar, Hanwha Q CELL.
Solar PV Panels Market
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What is the projected growth of the Global Solar PV Panels market?
Global Solar PV Panels Market reached US$ 125.78 billion in 2023 and is expected to reach US$ 238.37 billion by 2031, growing with a CAGR of 8.3% during the forecast period 2024-2031.
What is Solar PV Panels Market?
The Solar PV Panels Market focuses on photovoltaic panels that convert sunlight into electricity, playing a key role in renewable energy adoption. Driven by rising sustainability goals, government incentives, and falling production costs, the market is expanding globally. Advances in efficiency, energy storage, and integration with smart grids further fuel demand across residential, commercial, and industrial sectors.
Who are the major players in the Solar PV Panels market?
The prominent players in Solar PV Panels market research report are:
ABB, Canadian Solar, Hanwha Q CELL, Huawei, JA Solar, JinkoSolar, LONGi, Mitsubishi Electric, Sharp and Trina Solar.
The companies are primarily focusing on strategies such as new product launches to penetrate the fastest-growing emerging markets across the world.
Key Development
In a strategic move to strengthen its foothold in renewable energy, Adani Group merged Adani Infrastructure Private Limited and Mundra Solar Technology Limited into Adani New Industries Ltd. (ANIL) in October 2024. This consolidation enhances ANIL's capabilities in green hydrogen and wind turbine manufacturing while also boosting its expertise in solar power project development, engineering, and project management. The merger reflects Adani's ongoing commitment to advancing green energy solutions and driving innovation in the renewable sector.
In April 2024, ABB launched the ACQ80 solar pump VSD, designed to meet the increasing demand for sustainable water pumping solutions in the solar PV market. This innovative variable-speed drive can function entirely off-grid using solar power or seamlessly integrate AC and DC inputs for continuous operation. With applications ranging from agricultural irrigation to livestock watering and water utilities, the ACQ80 is a game-changer for areas with limited grid access, providing a reliable and energy-efficient water management solution.
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Market Segments
By Technology: Monocrystalline Silicon, Polycrystalline Silicon, Thin-Film Technology, Others.
By Grid: On-Grid, Off-Grid, Hybrid.
By Installation: Ground-Mounted, Rooftop Solar Panels, Floating Solar Panels, Others.
By Application: Residential, Commercial, Industrial, Utility-Scale.
The Solar PV Panels industry is experiencing rapid growth, driven by advancements in medical technologies, increased demand for innovative therapies, and a rising focus on patient-centered care. As these sectors evolve, the need for comprehensive market analysis becomes crucial to understand trends, regulatory changes, and emerging opportunities.
Regions Covered:
The global Solar PV Panels Market report focuses on six major regions: North America, South America, Europe, Asia Pacific, the Middle East, and Africa.
☞ North America - US, Canada, Mexico
☞ Europe- Germany, Russia, UK, France, Italy, Rest of Europe
☞ Asia Pacific- China, India, Japan, Australia, Rest of Asia Pacific
☞ South America- Brazil, Argentina, Colombia, Rest of South America
☞ Middle East and Africa- Saudi Arabia, UAE, Oman, Bahrain, Qatar, Kuwait, Israel
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Benefits of the Report:
➡ A descriptive analysis of demand-supply gap, market size estimation, SWOT analysis, PESTEL Analysis and forecast in the global market.
➡ Top-down and bottom-up approach for regional analysis
➡ Porter's five forces model gives an in-depth analysis of buyers and suppliers, threats of new entrants & substitutes and competition amongst the key market players.
➡ By understanding the value chain analysis, the stakeholders can get a clear and detailed picture of this Market
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Contact Person: Sai Kiran
Email: Sai.k@datamintelligence.com
Phone: +1 877 441 4866
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About Us -
DataM Intelligence is a Market Research and Consulting firm that provides end-to-end business solutions to organizations from Research to Consulting. We, at DataM Intelligence, leverage our top trademark trends, insights and developments to emancipate swift and astute solutions to clients like you. We encompass a multitude of syndicate reports and customized reports with a robust methodology.
Our research database features countless statistics and in-depth analyses across a wide range of 6300+ reports in 40+ domains creating business solutions for more than 200+ companies across 50+ countries; catering to the key business research needs that influence the growth trajectory of our vast clientele.
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