Press release
Solar Panel Market to Reach US$ 642.3 Million by 2031, Growing at a CAGR of 18.5%, Led by Asia-Pacific and Key Players Including Jinko Solar, Trina Solar, and Canadian Solar
Solar Panel Market
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The Solar Panel Market encompasses photovoltaic (PV) modules composed of solar cells that convert sunlight into electricity. These panels are portable, easy to install, and support off-grid energy access. Growth is driven by government initiatives promoting renewable energy, rising concerns over fossil fuel depletion, increasing adoption of portable and energy-efficient devices, and global shifts toward sustainable power sources. The market includes crystalline, thin-film, and emerging smart solar panels, serving residential, commercial, and utility applications while enhancing energy security, reducing carbon emissions, and enabling decentralized power generation.
Recent Key Developments of United States:
✅ June 2023: Canadian Solar Inc. opened a solar PV module manufacturing plant in Mesquite, Texas, with an annual capacity of 5 GW to boost domestic production and supply chain resilience.
✅ May 2022: NJR Clean Energy Ventures began construction on an 8.9-MW floating solar installation in Millburn, New Jersey, highlighting innovative deployment in water-scarce or land-constrained areas.
✅ (Additional trend: Growing investments in solar-powered consumer electronics and high-efficiency crystalline panels, with U.S. focus on utility-scale and commercial projects amid federal incentives like the Inflation Reduction Act extensions.)
Recent Key Developments of Japan:
✅ (Context: Japan continues to advance in high-efficiency and innovative solar technologies; no specific 2025 events detailed, but ongoing emphasis on perovskite-tandem and next-gen cells through NEDO funding, with companies like Kaneka and Sharp contributing to global advancements.)
✅ (Regional note: Asia-Pacific, including Japan, leads in manufacturing and deployment, driven by government targets and technological innovation.)
List of the Key Players in the Solar Panel Market:
Jinko Solar
Trina Solar
Canadian Solar
JA Solar
Hanwha Q Cells
GCL System Integration
Longi Solar
Shunfeng International Clean Energy Limited
Kyocera Solar
Yingli Solar
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This Report Covers:
✔ Go-to-market Strategy.
✔ Neutral perspective on the market performance.
✔ Development trends, competitive landscape analysis, supply side analysis, demand side analysis, year-on-year growth, competitive benchmarking, vendor identification, and other significant analysis, as well as development status.
✔ Customized regional/country reports as per request and country level analysis.
✔ Potential & niche segments and regions exhibiting promising growth covered.
✔ Analysis of Market Size (historical and forecast), Total Addressable Market (TAM), Serviceable Available Market (SAM), Serviceable Obtainable Market (SOM), Market Growth, Technological Trends, Market Share, Market Dynamics, Competitive Landscape and Major Players (Innovators, Start-ups, Laggard, and Pioneer).
Segments Covered in the Solar Panel Market:
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.
By Region: North America, Europe, Asia-Pacific, South America, Middle East and Africa.
Regional Analysis:
⇥ North America (U.S., Canada, Mexico)
⇥ Europe (Germany, U.K., France, Italy, Spain, Rest of Europe)
⇥ Asia-Pacific (China, India, Japan, Australia, Rest of Asia-Pacific)
⇥ South America (Brazil, Argentina, Rest of South America)
⇥ Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)
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Chapter Outline
⏩ Market Overview: It contains five chapters, as well as information about the research scope, major manufacturers covered, market segments, Solar Panel market segments, study objectives, and years considered.
⏩ Market Landscape: The competition in the Global Solar Panel Market is evaluated here in terms of value, turnover, revenues, and market share by organization, as well as market rate, competitive landscape, and recent developments, transaction, growth, sale, and market shares of top companies.
⏩ Companies Profiles: The Global Solar Panel market's leading players are studied based on sales, main products, gross profit margin, revenue, price, and growth production.
⏩ Market Outlook by Region: The report goes through gross margin, sales, income, supply, market share, CAGR, and market size by region in this segment. North America, Europe, Asia Pacific, Middle East & Africa, and South America are among the regions and countries studied in depth in this study.
⏩ Market Segments: It contains the deep research study which interprets how different end-user/application/type segments contribute to the Solar Panel Market.
⏩ Market Forecast: Production Side: In this part of the report, the authors have focused on production and production value forecast, key producers forecast, and production and production value forecast by type.
⏩ Research Findings: This section of the report showcases the findings and analysis of the report.
⏩ Conclusion: This portion of the report is the last section of the report where the conclusion of the research study is provided.
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People Also Ask:
◆ What is the Projected CAGR value of the Solar Panel Market?
◆ Which region controlled the global market during 2024-2031?
◆ What are the segments covered in Solar Panel Market?
◆ Who are the key players in Solar Panel Market?
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