Solar Panels Market size is set to grow by USD 50.08 bn from 2023-2027,increasing investments in the renewable energy sector boost the market- Technavio

NEW YORK, April 18, 2024 /PRNewswire/ -- The global solar panels market  size is estimated to grow by USD 50.08 bn from 2023-2027, according to Technavio. The market is estimated to grow at a CAGR of almost 7.87%  during the forecast period.  Solar panels are a significant part of the evolving renewable energy landscape. In Q1 2021, renewables accounted for 28% of global electricity generation, with solar energy contributing substantially. Despite higher generation costs, solar panels compete with fossil fuels due to low carbon emissions and government incentives. Key developments include new product launches, mergers, and collaborations. Transparent solar panels and advancements in photovoltaic cells are driving innovation. Solar capacity expansion continues, with a focus on rooftops and warehouses, reducing environmental impact and energy needs. 

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Segment Overview 

This solar panels market report extensively covers market segmentation by End-user (Power utilities, Commercial, Residential) Type (Crystalline panel, Thin-film panel) Geography (APAC, Europe, North America, Middle East and Africa, South America)

Market segmentation by End-user

The Solar Panels industry continues to thrive, with crystalline solar panels, including monocrystalline and polycrystalline silicon variants, dominating the market. These PV panels, essential components of solar energy systems, deliver up to 25% efficiency, contributing significantly to renewable energy production. Silver and polysilicon are key materials in their manufacturing process. Environmental concerns drive investments in solar energy, with governments offering tax breaks and emission standards to incentivize adoption. In 2021, the total amount invested in the solar sector surpassed USD150 billion. Floating solar technology, a market development, integrates water infrastructure and reduces evaporation, enhancing power production. New product launches, contractual agreements, mergers and acquisitions, and collaborations shape the dynamic solar panel market. Transparent solar panels, utilizing UV and infrared wavelengths, expand applications beyond traditional solar PV and concentrated solar power. Grid connectivity, on-grid and off-grid solar solutions cater to residential, commercial, and industrial sectors. DIY solar panels offer accessibility to individuals, fostering clean energy adoption. Government incentives, including tax rebates, fuel the growth of solar powerhouses, ensuring a sustainable future for the Solar Panel Market.

Geography Overview

The Solar Panel Market is experiencing significant growth due to evolving environmental concerns, increasing energy demand, and supportive government regulations. Major players in this market include China, India, and Japan, with China leading in annual installed capacity. Solar PV, including thin film and crystalline technologies, and Concentrated Solar Power are key application areas. Grid connectivity is essential for Power production from On Rid Solar and Off Grid Solar systems, used in Residential, Commercial, and Industrial sectors. New product launches, contractual agreements, mergers, and acquisitions, and collaborations are driving market developments. Transparent Solar Panels, utilizing UV and Infrared wavelengths, are a new trend in this sector. Government incentives, such as tax rebates and the Renewable Energy Directive, are promoting the shift from Fossil Fuels like Oil and Coal to Clean Energy sources. Solar capacity expansion is crucial to meet Energy needs while minimizing Environmental impact and Carbon emissions. 

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• The solar panels market is driven by advancements in thin-film technology, particularly copper indium gallium (di)selenide (CIGS) cells. CIGS cells, which can be fabricated on lightweight, flexible substrates, have achieved the highest efficiency of 20.4% for potassium fluoride post-deposition-treated devices. Heavy alkali doping has further boosted CIGS cell performance by over 20%, reaching a record efficiency of 22%. Renewable energy investments continue to grow, with solar energy systems, including floating technology, becoming increasingly important in reducing reliance on fossil fuels and meeting emission standards. Component production costs and power consumption remain key considerations in the industry.
• The renewable energy sector, particularly solar panels, faces challenges due to intermittency. Weather conditions, geography, and time impact output, leading to disruptions. Solar industry includes Solar Panels, PV panels, Concentrated Solar Power, Thin film, and Crystalline. Investments in this sector totaled X, driven by tax breaks, grid connectivity, and new product launches. Solar energy systems employ floating technology, impacting water infrastructure and evaporation. Government incentives and emission standards shape market developments through contractual agreements, mergers, and acquisitions.

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Research Analysis

The Solar Panels Market is experiencing significant growth due to increasing environmental concerns and the need for clean, renewable energy sources. The Solar Panels industry is driven by the production of Photovoltaic (PV) panels, which utilize Silicon, primarily Polysilicon, in Photovoltaic cells. The market is supported by government incentives, including tax breaks and rebates, which encourage investments in this sector. Environmental pollution from traditional energy sources like Oil and Coal is a major concern, leading to stricter Emission standards. Solar energy, derived from the Earth's sunlight, is a viable alternative, producing Electrical energy without contributing to pollution. Solar powerhouses, or large-scale Solar energy installations, are becoming more common, providing a sustainable solution to Energy needs. The Renewable Energy Directive, a European Union policy, aims to increase the share of renewable energy in the EU's final energy consumption to at least 32% by 2030. The market for Solar Panels is expected to continue growing, with advancements in technology, such as the use of Photovoltaic glass, contributing to its success. The Solar Panel Market is not only beneficial for the Environment but also for the Economy, offering a promising investment opportunity.

Market Research Overview

The Solar Panels market is experiencing significant growth, with Solara and PV Contracted projects driving the industry. Renewable energy, especially solar energy, is becoming increasingly important as countries aim to reduce their carbon footprint. The demand for solar panels is on the rise, with new markets emerging in the US, India, and other regions. The market is also witnessing technological advancements, such as thin-film solar cells and floating solar panels. The global solar panel market is expected to reach a value of USD161.47 billion by 2026, growing at a CAGR of 13.3% during the forecast period. The market is also witnessing regulatory support, with governments offering incentives to promote the adoption of solar energy. The market is expected to be dominated by players like Trina Solar, Canadian Solar, and Jinko Solar. The future of the solar panels market looks bright, with increasing demand, technological advancements, and regulatory support driving growth.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• End-user
• Power Utilities
• Commercial
• Residential
• Type
• Crystalline Panel
• Thin-film Panel
• Geography
• APAC
• Europe
• North America
• Middle East And Africa
• South America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio