According to a market report, published by Sheer Analytics and Insights, The global solar panels market was valued at $160.3 billion in 2021 and it is expected to reach $398.2 billion at a CAGR of 8.4% between 2022 and 2032. Solar PV panel usage is accelerating in the commercial, utility, and residential markets, which is a major market driver. Due to the significant price difference between retail electricity and electricity produced by solar energy, demand for solar photovoltaic panels is increasing throughout various industries. Solar electricity is less expensive than retail power in European nations like Italy, Germany, and Spain, which have gained grid parity. Additionally, Germany has a sophisticated economy and dominates the European market. Other important components include a solar inverter and battery in addition to the solar panel. Manufacturers of significant solar system components include Tesla, SunPower, and LG Chem. These major factors are estimated to boost market growth over the forecast period from 2022 to 2032.
A collection of photovoltaic cells installed on structural support is referred to as solar panels. A silicon-based, stacked semiconductor module called a solar panel can generate power from sunlight. Due to solar power's capacity to compete with traditional energy sources and technological advancement by using sunlight as a source of energy to create direct current electricity through photovoltaic cells, solar panels have been dominating the renewable energy industry in recent years. Moreover, the steady shift of the energy industry from conventional to renewable sources is what is driving the growth of the worldwide solar PV panel market. Additionally, throughout the forecast period, the market for solar photovoltaic panels is expected to develop due to rising awareness of environmental contamination brought on by pollutants from conventional power generation. These primary factors would boost the market growth over the forecast period.
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Furthermore, In the United States, solar energy is rapidly expanding. Together with our associates at The Solar Foundation and Wood Mackenzie Power & Renewables, SEIA keeps an eye on market developments that show how solar energy is expanding steadily and widely across the nation. Photovoltaic and concentrated solar power is two important methods for utilizing solar energy. Additionally, throughout this pandemic, India's demand for power is reported to be declining. The solar business will suffer from this as well. In addition, the solar panel market can be divided into photovoltaic cells and concentrated solar power systems based on technology. The market for concentrated solar power systems is anticipated to increase more quickly than the others.
On the other hand, some primary factors could hamper the market growth in the future. For instance, during the projected period, the global lack of solar panel recycling infrastructure and facilities that can collect solar panel waste materials restrains the market's expansion. Additionally, the amount of solar energy we can use varies depending on the day and season. As a result, it is anticipated that throughout the forecast period, the low energy capacity of solar systems relative to other sources will somewhat restrain the expansion of the worldwide solar panels market.
Some new developments in the global solar panels market:
- On 21st November, 2022, Senegal saw the introduction of Oryx Energies' solar power strategy. Currently, Oryx Energy’s Senegal is running a gas station with solar panels covering a sizable amount of its energy needs. The translucent solar panels used in the canopy of the PAI service station in Dakar were produced by the German company Sonnenstromfabrik, a market leader in solar module quality.
- On 10th November, 2022, Announcing the release of 450 Wp solar modules with larger M10 cells, Gautam Solar announced the extension of its G2X series. Round ribbons and multi-busbar technology are used in the modules to improve light usage and lower internal resistance losses.
- On 20th November, 2022, to attract a new range of EV purchasers, Hyundai recently unveiled a new option for its customers to charge at home. Hyundai also disclosed cooperation with Electrum, an installer of solar panels, house batteries, and heat pumps, to assist consumers in 16 states in locating the best power installers and systems for their EV charging requirements.
- On 3rd November, 2022, EAC opens a new investigation into solar energy technology. The field of photovoltaic cell technology is one that is rapidly evolving; new and developing technologies seem to boost the possibilities for solar cells on flexible substrates and in regions with different light levels.
According to the study, key players dominating the global solar panels market are Abengoa (Spain), Azure Power (India), Acciona (Spain), Canadian Solar (Canada), eSolar (U.S), General Electric (U.S), Hanhwa (South Korea), First Solar (U.S), Jinko Solar (China), JA Solar Technology (China), Risen Energy (China), SFCE (China), SunPower (U.S), Tata (India), Talesun (Germany), Trina Solar (China), Urja (India), Vivaan Solar (India), Xian LONGI Silicon Materials (China), Yingli (China), among others.
The Global Solar Panels Market Has Been Segmented Into:
The Global Solar Panels Market – by Technology Type:
- Thin Film
- Crystalline Silicon
- Others
The Global Solar Panels Market – by Application Type:
- Commercial
- Residential
- Industrial
- Others
The Global Solar Panels Market – by Regions:
- North America
- The U.S.
- Canada
- Mexico
- Europe
- The U.K.
- France
- Germany
- Italy
- Rest of Europe
- Asia Pacific
- India
- China
- Japan
- Australia
- Rest of Asia Pacific
- LAMEA
- Middle East
- Saudi Arabia
- UAE
- Others
- Latin America
- Brazil
- Chile
- Others
- Africa
- South Africa
- Egypt
- Other
Browse the full report at https://www.sheeranalyticsandinsights.com/market-report-research/solar-panels-market-21
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