Solar Panels Market Report Scope & Overview:

The Solar Panels Market size was valued at USD 170.43 billion in 2023 and is expected to grow to USD 317.41 billion by 2031 and grow at a CAGR of 8.03% over the forecast period of 2024-2031.

A solar panel is essentially a group of solar (or photovoltaic) cells that may produce energy thanks to the photovoltaic effect.

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It may alternatively be defined as a collection of photovoltaic modules put on a supporting framework. 610 solar cells are packed and linked into a photovoltaic (PV) module. These panels are exceptionally resilient to wear and strain. Solar panel deterioration is quite gradual. Their efficacy only declines by one to two percent (and occasionally even less) every year.

By reducing greenhouse gas emissions, solar panel installation in houses contributes to a decrease in global warming. Solar panels are clean and do not cause any kind of pollution. Additionally, they lessen our dependency on conventional power sources and finite fossil fuels. These days, solar panels are utilised in a variety of electrical devices, including calculators, which run as long as there is sunshine. Solar panels' sole significant disadvantage is that they are relatively expensive. Additionally, solar panels are positioned outside since they require sunshine to recharge.

MARKET DYNAMICS

KEY DRIVERS:  

• Increasing demand for clean energy around the world.

• Rising investments in a renewable energy source.

• Increasing demand for green power

Due to strong federal initiatives like the solar investment tax credit, increased demand in both the public and private sectors for green power, and falling panel costs, the market in the United States is anticipated to develop at a notable rate. solar sector produced USD 33 billion in investment in 2021 and reached a nationwide installed capacity of 23.6 GW.

RESTRAIN:

• High cost

• Lack of infra structure

OPPORTUNITY: 

• Increasing use of LED technology

• Integration of New Technologies Will Offer Significant Growth Potential

• Increasing public knowledge of solar energy's environmental advantages

Artificial intelligence's enhanced prediction skills are enabling improved forecasting and asset management, and its automation capacity is driving operational excellence, giving stakeholders a competitive edge and cost savings.

CHALLENGES:

• Lack of awareness about renewable energy source

IMPACT OF RUSSIA-UKRAINE WAR

The world solar business has been significantly impacted by the Russia-Ukraine conflict. Both nations are significant players in the solar sector, with Russia and Ukraine each contributing around 3% and 8%, respectively, of worldwide output. The violence has caused a dramatic rise in raw material and final product prices as well as the disruption of several firms' supply chains. Since both nations are key players in the wind and solar sectors, the war has also had a significant negative impact on the renewable energy industry. Prices for both raw materials and completed goods have increased significantly as a result of the fighting, which has also affected the supply chain for many firms. This has repercussions for the remainder of the renewable energy industry.

IMPACT OF ONGOING RECESSION

Solar Energy producers had various challenges during the recession that limited their capacity to expand and become profitable. Investing in renewable energy sources lost importance as people's finances shrank. As a result, manufacturers saw a decline in sales and income. The availability of finance alternatives for solar energy installations was also impacted by the recession. The capacity of many nations to deliver alternative energy sources to the rural poor, who now rely on conventional fuels, is likely to be delayed by the economic recession. They will have to rely increasingly more on their conventional energy sources as these places' populations and energy needs grow.

KEY MARKET SEGMENTATION

By Grid Type

• On Grid

• Off Grid

By Technology

• Thin Film

• Crystalline Silicon

• Others

By Application

• Residential

• Commercial

• Industrial

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REGIONAL ANALYSIS

The greatest solar energy installations are in Asia-Pacific, which also controls the solar panel business. In the Asia Pacific region as well as the entire world, China is the biggest manufacturer of solar cells and energy authorities. The usage of solar energy is being promoted in China and India, which has had a favourable impact on the market for solar panels.

Germany is Europe's top generator of solar energy, followed by Italy, the UK, Spain, and other countries. Over the course of the forecast period, the market in North America is anticipated to expand at a CAGR. Over the course of the projection period, it is anticipated that increasing residential consumer capacity and the launch of new utility projects would increase product penetration across the nation.

REGIONAL COVERAGE:

North America

• US

• Canada

• Mexico

Europe

• Eastern Europe

  • Poland

  • Romania

  • Hungary

  • Turkey

  • Rest of Eastern Europe

• Western Europe

  • Germany

  • France

  • UK

  • Italy

  • Spain

  • Netherlands

  • Switzerland

  • Austria

  • Rest of Western Europe

Asia Pacific

• China

• India

• Japan

• South Korea

• Vietnam

• Singapore

• Australia

• Rest of Asia Pacific

Middle East & Africa

• Middle East

  • UAE

  • Egypt

  • Saudi Arabia

  • Qatar

  • Rest of Middle East

• Africa

  • Nigeria

  • South Africa

  • Rest of Africa

Latin America

• Brazil

• Argentina

• Colombia

• Rest of Latin America

RECENT DEVELOPMENTS

• The market for solar photovoltaic (PV) systems in the US was predicted to be worth 11.255 billion in 2022. Traditional fuels used in transport and the production of energy have increased carbon emissions, causing Environmentalists are urging the nation to move to cleaner, more effective options.  

• To expand the sales, installs, and maintenance of net-zero energy solar panel systems across the UK, Wondrwall Energy purchased Cleaner Air Solutions and Solar Monitoring and Maintenance on February 17, 2021.

KEY PLAYERS

The Major Players are Sunrun, Inc., Pekat Group Bhd., Insolation Energy Ltd., Stilo Energy SA, Erato Energy SA, Enerside Energy SA, Minutor Energia SA, Tangshan Haitai New Energy Technology Co., Ltd., Siemens Gamesa Renewable Energy SA, Trina Solar Co., Ltd., and other players are listed in a final report.

Insolation Energy Ltd-Company Financial Analysis