Solar Panel Market Growth, Trends & Forecast 2024-2031 | Top key players - Jinko Solar, Trina Solar, Canadian Solar.

The latest report published by DataM Intelligence highlights the growth prospects of Solar Panel market. The industry expansion is majorly driven by developments in technology across the globe.

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The Global Solar Panel Market reached US$ 165.2 million in 2022 and is expected to reach US$ 642.3 million by 2031 growing with a CAGR of 18.5% during the forecast period 2024-2031.

The Solar Panel Market refers to the global industry focused on the production, distribution, and installation of solar panels that convert sunlight into electricity. As demand for clean, renewable energy grows, solar panels are becoming a popular solution for both residential and commercial use. This market supports sustainability, reduces carbon footprints, and plays a key role in the shift toward green energy.

Competitive Evaluation:

Companies covered in this report are Jinko Solar, Trina Solar, Canadian Solar, JA Solar, Hanwha Q cells, GCL System Integration, Longi Solar, Shunfeng International Clean Energy Limited, KyoCera Solar and Yingli Solar.

The Solar Panel Market analysis identifies a number of major market players. It enables companies to understand the strategies and partnerships used by other industry players to combat market competition. The comprehensive market report provides a fascinating microscopic look at the market. Corporations can detect the footprints of manufacturers by learning about demand, the global price of manufacturers, and the global benefit of manufacturing companies.

Key Development

In June 2023, Canadian Solar Inc., based in Guelph, Ontario, announced the opening of a new solar photovoltaic (PV) module manufacturing plant in Mesquite, Texas. The state-of-the-art facility will have an annual capacity of 5 GW, producing approximately 20,000 high-power modules daily. The construction of the facility, which is set to begin production by the end of 2023, is estimated to cost over US$ 250 million.

In May 2022, NJR Clean Energy Ventures (CEV), a company that invests in and operates clean energy projects, began constructing an 8.9-MW floating solar installation in Millburn, New Jersey. This installation, the largest floating solar array in the U.S., will use a floating racking system and 16,510 solar panels. It will be located on the Canoe Brook Water Treatment Facility reservoir in New Jersey, contributing to sustainable energy generation.

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Solar Panel Market Segments

The report covers the segmentation of the market into different segments based on various classifications such as applications, end users, product types, and others. The segmentation is divided into two sections, one for development and the other for different roles, needs, and behaviors.

By Product: Crystalline solar panels, Thin-Film Solar Panels, Smart Solar Panels.

By Mountings: Roof Top, Ground, Solar Tracker, Fixed Rack Systems.

By Application: Commercial, Residential, Utility.

Regional Assessment:

Regional analysis includes segmentation based on the geography that accentuates the recent and future demand for Solar Panel market across North America, Europe, Asia-Pacific, Middle East & Africa, and South America. The study also focuses on the demand for each application segment over all the prominent regions.

⇥ North America (U.S., Canada, Mexico)

⇥ Europe (U.K., Italy, Germany, Russia, France, Spain, The Netherlands and Rest of Europe)

⇥ Asia-Pacific (India, Japan, China, South Korea, Australia, Indonesia Rest of Asia Pacific)

⇥ South America (Colombia, Brazil, Argentina, Rest of South America)

⇥ Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)

In terms of geographical analysis, Solar Panel Market report provides an in-depth view of:-

∎ Regional level break-up
∎ Leading growth rates
∎ Countries with the largest market share
∎ Market factors
∎ Latest developments
∎ Industry challenges
∎ Regulatory policies
∎ Player strategies

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This report provides a 360-degree synopsis of the competitive scenario of the Solar Panel industry. It has enormous awareness joined to the ongoing item and technical improvements in the business sector. It has a thorough analysis of the impact of the potential future development of these headways, a wide-ranging review of those extensions available for future growth.

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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