Published on: July 30, 2024
The solar panels market size is estimated to grow at a CAGR of 7.87% between 2022 and 2027. The growth of the market depends on several factors, including increasing investments in the renewable energy sector, declining cost of solar PV panels, and emerging favorable government regulations. Solar panels are used in residential, commercial, and industrial applications and for both on-grid and off-grid solar uses.
The solar panel market is experiencing significant growth fueled by increasing awareness of renewable energy sources and government initiatives promoting solar power adoption. Factors such as increasing electricity costs, advancements in solar panel options, and the rising popularity of household rooftop solar installations are also contributing to market growth. Key materials like polysilicon and silver are crucial for solar panel manufacturing, and advancements such as thin-film and perovskite solar cells are expanding the market's potential.
Trends in the solar panel market include the growing adoption of renewable energy sources, advancements in solar panel technology such as thin-film solar panels and photovoltaic cells, and the emergence of floating solar panels as a viable option for harnessing solar energy.
Key drivers of the solar panel market include the shift towards renewable energy sources, power shortages in some regions, concerns over carbon emissions and environmental pollution associated with fossil fuels like crude oil, coal, and natural gas, and government incentives such as tax breaks and rebates for solar energy investments.
Challenges facing the solar panel market include skilled labor shortages, high manufacturing costs, and intermittency issues associated with solar energy generation. But the increasing adoption of solar PV panels for commercial applications, the development of floating solar technology for water bodies, and the growth of microgrids as a decentralized energy solution all present opportunities for the global market.
The solar panel market also benefits from technological advancements and government support for renewable energy initiatives. Companies in the solar panel industry are focusing on improving panel efficiency, expanding their market presence, and leveraging incentives and tax breaks to drive investments in solar PV systems.
APAC is projected to account for 43% of the global market’s growth by 2027. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market. Over the next several years, the regional market will expand due to rising environmental concerns, rising energy demand, supportive government regulations, and a decline in the price of solar PV. India, China, and Japan are some of the biggest market participants. The largest annual installed capacity is in China, followed by India.
Technavio's solar panel industry reports monitor the leading players in the global market along with their current and forecasted market share. Our analysis covers regional and global companies. Some of the top companies covered in our solar panel market reports include:
In order to provide you with a comprehensive view of the solar panel industry, our experts analyze the market from many different perspectives. Our reports help identify opportunities, risks, key competitors, and more, helping you make timely, informed decisions to optimize your position in the market.
Technavio reports insights include:
Develop a deeper understanding of the solar panel market with Technavio’s comprehensive market research reports. We provide the latest information on key industry dynamics, including global and regional market forecasts, internal and external pressure points, the vendor landscape, and more.
Our in-depth knowledge of the solar panel market is built on decades of experience and a global network of industry experts. We know the importance of having a strong foundation on which to base important decisions, and with over 500 analysts located around the world, we deliver actionable insights for every segment of the market.
Technavio’s market research reports provide an analysis of current trends and how they are affecting the market. We also identify market drivers and challenges to help you discover opportunities and avoid pitfalls.
Every Technavio report includes detailed segmentation insights, breaking down the market in terms of product type, geography, sales channels, and more. And if you’re looking for something a little more specific, our Custom Research Solutions can tailor any report to meet your unique needs.
We provide detailed profiles on the biggest competitors in the market, including data such as business divisions, product offerings, and news. Our reports also include an overview of the competitive landscape as a whole, including the risks and opportunities that it presents.
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