Solar Panels Market Is Anticipated to Grow $291.5 Billion up to 2030

Market Overview

The Solar panels Market is expected to grow at a Compound Annual Growth Rate ( CAGR ) of 7% over the forecast period (2021-2030). The global market value is anticipated to be worth $291.5 Billion by the end of the forecast period in 2030.

The increasing need for clean and renewable sources of energy is driving the growth of the global solar panels market. Hence, governments around the world are emphasizing their adoption which is boosting the market growth. There has also been a considerable rise in awareness among common people about the benefits of solar panels. The amazing benefits of installing these panels like the need for low maintenance, durability, and fewer space requirements are helping in its popularization.

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KEY COMPANIES PROFILED

• 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)

Solar panels are those devices that are used to absorb the sun's rays and convert them into electricity or heat. These panels may be an assembly of photovoltaic cells or solar heat concentrators. The photovoltaic cells convert solar energy into electrical energy directly. Concentrated solar power (CSP) systems generate solar power by concentrating sunlight using mirrors or lenses to provide industrial process heating or cooling.

MARKET SEGMENTATION

By Technology

• Solar PV
• CSP

By Module Type

• Crystalline
• Thin Film
• Parabolic Troughs
• Linear Fresnel Reflectors
• Power Towers
• Parabolic Dishes

By Application

• Residential
• Commercial
• Power Plants
• Off-Grid

FACTORS STUDIED FOR MARKET FORECAST

Drivers:

• Increasing demand for solar-driven vehicles and electrical appliances
• Decline in the prices of main raw materials

Regional Analysis

The Global small wind power market is segmented into five major regions namely: Asia-Pacific, North America, Europe, Latin America, and the Rest of the World including the Middle East & Africa. Europe is the largest regional market segment for solar panels. Huge government incentives towards the adoption of solar panels and greater awareness about clean energy sources are helping in market growth here. Asia-Pacific is the fastest-growing and second-largest regional market for solar panels. This region is also emerging as a major manufacturer of solar panels. North and Latin America also occupy a significant market share owing to higher literacy rates and favorable government policies.

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Industry News

The key players of the industry are focusing on increasing the efficiency of PV modules and incorporation of Artificial intelligence to increase the commercial viability of the project. Many players are also aiming to reduce the cost of solar PV modules which is a major hindrance to the market growth.

• In August 2021, Loom Solar, a new Indian solar panel, launched the 'Shark' series – India's most efficient solar panels. Shark series made with Pure Mono PERC solar technology – with 144 Solar cells, 9 bus bars, which makes them one of the world’s most advanced technological products.

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