New York, US, May 04, 2023 (GLOBE NEWSWIRE) — According to a Comprehensive Report by MRFR/Market Research Future (MRFR), “Solar panels Market Research Report Information by Region, Application, Technology, Grid Connectivity, and Module Type- Forecast Till 2030”, the global market for solar panels is predicted to bolter substantially during the assessment timeframe from 2022 to 2030 at a healthy growth rate of approximately 7.10%. The reports further project the market to attain a valuation of around USD 146.02 billion by the end of 2030. As per the reports, the solar panels market was worth nearly USD 84.35 billion in the year 2021.
Solar panels Market Overview:
Solar PV systems with novel floating solar technology can be deployed above water infrastructure. The latest technique supports water conservation as the floating panels reduce water loss from evaporation. The global market for Solar panels has recently displayed massive development. The main aspect causing a surge in the performance of the market is the growing environmental pollution. Furthermore, the falling prices for materials like silver and polysilicon are also likely to boost the market’s performance over the review era. Moreover, the incentives and tax breaks governments worldwide provide for installing PV panels are also anticipated to catalyze market expansion over the coming years.
Competitive Analysis
The listing of the prominent leaders across the global market for Solar panels includes players such as:
- Trina Solar Limited (China)
- ABROS Green GmbH (Germany)
- Canadian Solar Inc. (Canada)
- Yingli Solar (China)
- Jinko Solar Holding Co. Ltd. (China)
- SunPower Corporation (U.S.A)
- JA Solar Holdings Co. Ltd. (China)
- Abengoa Solar (Spain)
- Hanwha Q CELLS Co. Ltd. (South Korea)
- eSolar Inc. (U.S.A)
- Among others.
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Solar Panels Market USP Covered
Market Drivers
The global solar panels market has recently displayed massive development. The main aspect causing a surge in the performance of the market is the growing environmental pollution. Furthermore, the falling prices for materials like silver and polysilicon will likely boost the market’s performance over the review era. Moreover, the incentives and tax breaks governments worldwide provide for installing PV panels are also anticipated to catalyze market expansion over the coming years. In addition, the factors such as growing investments in the renewable energy sector, implementation of strict emission standards, and several environmentally friendly benefits offered by these solar panels are projected to enhance the development of the market over the review timeframe.
Market Restraints
On the other hand, certain aspects may impede the market’s growth. The primary parameter restricting the market’s growth is high initial capital investment.
Solar Panels Market Report Scope:
| Report Metrics | Details |
| Market Size 2030 | 2030: USD 146.02 Billion |
| CAGR during 2022-2030 | 7.10% CAGR |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Technology, Module Type, Grid Connectivity, Application, and Region |
| Key Market Opportunities | Solar panel installation in remote areas |
| Key Market Dynamics | One of the key trends impacting the market’s growth is floating solar PV plants Increase in investments in the renewable energy industry |
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Solar Panels Market COVID-19 Impact
Global industrial activities and business operations experienced a major setback given to the rise of the global health crisis in the form of COVID-19. The pandemic affected public health across nearly 225 countries, along with all industrial operations. All these situations led to the imposition of full or partial lockdowns across most regions worldwide. Subsequently, the industry operations were halted, and some businesses shut down. Given the sudden fall in demand for construction activities during the pandemic and the halt of most industrial operations, the Solar panels market experienced many sudden & unexpected issues throughout the pandemic. On the contrary, now that the majority of the globe is being rapidly vaccinated and industrial operations are returning to normal, the market is predicted to witness a considerable expansion and recovery in revenue generation over the assessment period.
Solar Panels Market Segment Analysis
Mong all the technologies, the solar PV segment ensured the top spot across the global solar panel market in 2021. The prime governments’ concerns regarding energy security, lowering their carbon footprints, and clean energy are growing.
Among all the module types, the thin film segment secured the top spot across the global solar panel market in 2021. thin film solar panels consist of robust, resilient, lightweight, and flexible materials. These elements make it simpler for thin-film solar panels to be utilized more often in industrial and large-scale utility projects.
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Among all the connectivity types, the off-grid segment ensured the main spot across the global solar panel market in 2021, given the increase in energy demand from remote regions all over the globe.
Among all the application areas, the industrial segment led the market in 2021, given the growing number of utility projects across the industrial sector and the growing need for sustainable energy.
Solar Panels Market Regional Analysis
The global market for solar panels is analyzed across five major geographies: South America, the APAC region, the Middle East & Africa, the European nations, and North America.
The research reports by MRFR suggest that the North American region held the top position across the global solar panel market in 2021, with a maximum contribution of USD 37.03 billion. The regional market is anticipated to showcase a CAGR of around 43.9% over the assessment period. The regional market’s development is ascribed to the aspects such as government efforts to encourage the use of solar energy, growing environmental concerns, rising pollution levels, and worries about the region’s declining traditional energy supplies.
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The Asia-Pacific solar panels market is anticipated to showcase the maximum growth rate over the coming years, given the factors such as rising environmental concerns, supportive government laws, falling solar PV costs, and rising energy demand.
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