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Solar Panels Market Growth Opportunities, Business Insights, Future, Forecast By 2030

Oct 6, 2023 2:59 PM ET

Solar Panels Market Growth Opportunities, Business Insights, Future, Forecast By 2030

Solar Panels Market overview:

The Global Solar Panels Market is estimated to be worth USD 146.02 billion by 2030, registering a 7.10% CAGR during the forecast period (2022- 2030).

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The solar panels market has been growing steadily in recent years, driven by the increasing adoption of solar energy as a renewable source of electricity. Solar panels, also known as photovoltaic (PV) panels, convert sunlight into electricity using semiconductor materials.

Solar energy is the radiant energy emitted from the sun, which is exercised by utilizing various technologies such as photovoltaic cells, solar heating, and others. It’s an efficient form of unconventional energy and an affordable renewable solution toward growing greenhouse emigrations and global warming. A solar panel is a silicon-based layered semiconductor module that can convert electricity from sunlight. This photovoltaic effect is created by the flow of electrons inside the module, which can be maximized by the expanded hours of exposure to sunlight. In recent years, solar panels have been subordinating the renewable energy market due to solar power’s competence to reach grid parity as conventional energy resources and technological development utilizing sunlight as a source of energy to produce direct current electricity through photovoltaic cells.

Due to the culturing focus on reducing carbon emissions and the effects of generating electricity applying non-renewable sources, the demand for renewable energy solutions is anticipated to increase, including solar panels. Therefore, the escalating demand for energy generation from renewable energy sources is anticipated to drive the growth of the global solar panels market during the forecast period.

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This market is projected to grow at a revelatory CAGR during the forecast period. Factors like as substantial PV projects under construction and in the planning stage, combined with several government support measures, are anticipated to boost the cumulative installed capacity of solar energy during the projection period.

Key Players

The global Solar Panels Market’s prominent key players are:

  • Trina Solar Limited (China)
  • Canadian Solar Inc. (Canada)
  • Jinko Solar Holding Co. Ltd. (China)
  • JA Solar Holdings Co. Ltd. (China)
  • Hanwha Q CELLS Co. Ltd. (South Korea)
  • ABROS green GmbH (Germany)
  • Yingli Solar (China)
  • SunPower Corporation (U.S.A)
  • Abengoa Solar (Spain) 
  • eSolar Inc. (U.S.A)

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Regional Analysis

The global Solar Panels Market is divided into five regions; North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa.

Asia Pacific is considered for the largest market share of 54.18% in terms of revenue, in 2021; it’s anticipated to remain dominant during the projection period. The amplifying demand for solar PV panels in the Asia Pacific is attributed to the uprising installation of solar power projects in China and India. These nations are the pivotal markets for solar panels both worldwide and in the Asia Pacific.

North America fascinated a significant market share in 2021. In North America, power generation from industrial sector solar cells has augmented over the years as more efficient solar cells are in the market. In addition, expanding buying power, improved access to digital technologies evolved penetration of the internet and augmented adoption of smart devices are some of the significant factors that have pushed the growth of the North American solar power market.

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Market Segmentation

The global Solar Panels Market is segmented into the following types;

By Technology

  • Solar PV
  • Concentrated Solar Power

By Module type

  • Thin Film
  • Crystalline

By Grid Connectivity

  • On Grid
  • Off Grid

By Application

  • Residential
  • Commercial
  • Industrial

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