Download Sample, Rapid Growing Population and Urbanization Attributes to the Growth of Solar Panel Market
As there is rapid growth in population, there is shortage of energy supply which can be fulfilled with installation of solar panels and using solar power to meet the demands. Additionally, as technology advanced in recent years, so did the need of energy to support these technological advancements. There is rise in need of energy due to increase in power requirements of the industries which run 24/7 such as hospitals, factories, manufacturing units, hotels, restaurants, corporate offices and more and hence, global transition of energy from conventional to renewable sources of energy drives the PV solar panel market.
Solar power is the cleanest source of energy at present time, which can fulfil the need the of efficient source of energy that is renewable. As awareness of people increases and public interest tend towards sustainable development, this gives boost to the PV solar panel market. There is a rise in demand of solar panels from commercial, industrial as well as residential segments of the market. In several developing countries, government take the initiative for developing solar power such as China, India, South Korea and more.
Solar power is the cleanest source of energy at present time, which can fulfil the need the of efficient source of energy that is renewable. As awareness of people increases and public interest tend towards sustainable development, this gives boost to the PV solar panel market. There is a rise in demand of solar panels from commercial, industrial as well as residential segments of the market. In several developing countries, government take the initiative for developing solar power such as China, India, South Korea and more.
Technological Innovations and Economic Growth Drive the PV Solar Panel Market
The market of PV solar panel is mainly considered for its renewable energy generation, but it can include broad range of value chains. These value chains offer various opportunities extending far beyond the selling, installation and maintenance of solar panels. There are three domains in the markets which are manufacturing of solar cells and components used in solar cells, then assembly of these cells to become solar panels and finally deployment of solar panels into real-world systems. For first domain, innovations, integration of machine learning and artificial intelligence in the manufacturing process can result in significant decrease in price of PV solar panels or prolonged life of the panels or affect the scalability of the process positively. For second domain, the focus is on making the panels durable and cost-effective where innovating assembling techniques might help. For third domain, innovative installation and maintenance practices are of utmost importance. The market for solar panels in residential areas is a green light market. According to International Energy Agency, in June 2023, the agency revamped upwards its estimations to 308 GW to be built in 2024, 33% higher than their previous evaluation in June 2022.
Recent Trends in the PV solar panels Industry:
- Utility market including production of electricity.
- Increasing usage of on-grid solar panels.
- Integrating machine learning and artificial intelligence in the market.
- Rise in investment in the industry globally to ensure efficient energy supply.
- Shift of public interest to renewable sources of energy from conventional sources of energy.
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High Maintenance Cost of Solar Panels Can Hamper the Growth of the Solar Panel Market
PV solar panel market is continuously evolving with advancement in technologies and innovations in the industry. For manufacturing of solar panels, heavy investments are needed as lots of engineering and research and development goes into the industry which makes the prices of solar panels high. In addition, after the installation of solar panels, the maintenance cost that goes into the product is quite high. Additionally, although solar power is the cleanest power source, but it also has some harmful effects on environment. For instance, harmful metals including lead and copper from the discarded solar panels can be absorbed into the soil and groundwater. As there is increase in awareness of these side effects of the solar panel industry, this may affect the growth of PV solar panel market negatively.
New Developments, Innovations and Key Players in the PV Solar Panel Market
The market of PV solar panel is growing rapidly due to increasing awareness in people regarding use of renewable sources of energy. This industry has seen significant developments in recent years. In 2023, Adani New Industries, which is a new subsidiary of Adani Enterprises, secured a deal of US$ 394 million by Barclays and PLC and Deutsche Bank AG for solar manufacturing and Tata Power Renewable Energy(TPREL), a subsidiary of Tata Power, raise US$ 260 million from Green Forest New Energies for utility scale solar power and solar cells. According to International Energy Agency, in 2023, a total of US$ 659 billion was invested in renewable energy across the globe out of which US$ 382 billion was invested in solar power alone, first time exceeding the investment in oil. The Global Solar Facility (GSF), established by the International Solar Alliance (ISA) in 2023, aims to encourage investment in solar projects in underserved regions and sectors of Africa. The facility provides investment money, insurance, and payment guarantees to reduce risks associated with solar projects. It also provides technical assistance tailored to the unique requirements of small island developing states and least developed countries. In 2024, most efficient solar panel is Maxeon 7 whose product had its mark setting confirmed by National Renewable Energy Laboratory of European Union which records efficiency of 24.9% in laboratory and 24.1% in realistic setting.
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Increasing Population and Abundant Sunshine Drives the PV Solar Panels Market in Asia-Pacific
The region that dominates the PV solar panels market is Asia-Pacific due to its rising industrialization, increasing need of efficient energy and increasing grid infrastructure for electric accessibility. World’s largest floating solar power park is to be built in India on Omkareshwar dam’s reservoir from which, in first phase of the project, a capacity of 278MW was activated in August 2023. Additionally, China is the biggest manufacturer of photovoltaic solar panels with players such as Tongwei Solar, JA Solar, Aiko Solar, LONGi Solar, Jinko Solar and Trina Solar. Moreover, Japan is to develop gigawatt-level space solar power satellites (SSPS) by 2050, and China aims at megawatt-level SSPS by 2035 and gigawatt-level satellites by 2050, and South Korea plans 120GW solar space project by 2050. As a result, PV solar panel market is expected to grow rapidly in Asia-Pacific region.
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The report provides a detailed overview of the PV solar panels market insights in regions including North America, Latin America, Europe, Asia-Pacific, Oceania, and the Middle East and Africa. The country-specific assessment for PV solar panels market has been offered for all regional market share, along with forecasts, market scope estimates, price point assessment, and impact analysis of prominent countries and regions. Throughout this market research report, Y-o-Y growth and CAGR estimates are also incorporated for every country and region, to provide a detailed view of the PV solar panels market. These Y-o-Y projections on regional and country-level markets brighten the political, economic and business environment outlook, which are anticipated to have a substantial impact on the growth of the PV solar panels market. Some key country and region included in the PV solar panels market report as follows:
| Regions | Countries |
|---|---|
| North America | United States, Canada |
| Latin America | Brazil, Mexico, Argentina, Colombia, Chile, Rest of Latin America |
| Europe | Germany, United Kingdom, France, Italy, Spain, Russia, Netherlands, Switzerland, Poland, Belgium, Sweden, Austria, Norway, Denmark, Finland, Rest of Europe |
| Asia Pacific | China, India, Japan, South Korea, Australia & New Zealand, Indonesia, Malaysia, Singapore, Thailand, Vietnam, Philippines, Rest of Asia Pacific |
| Middle East and Africa | GCC Countries, South Africa, Nigeria, Egypt, Turkey, Morocco, Ethiopia, Algeria, Israel, Iran, Kenya, Rest of MEA |
Photovoltaic (PV) Solar Panels Market Research Report Covers In-depth Analysis on:
- PV solar panels market detailed segments and segment-wise market breakdown
- PV solar panels market dynamics (recent industry trends, drivers, restraints, growth potential, opportunities in PV solar panels industry)
- Current, historical and forthcoming 10 years market valuation in terms of PV solar panels market size (US$ Mn), volume (Units), share (%), Y-o-Y growth rate, CAGR (%) analysis
- PV solar panels market demand analysis
- PV solar panels market pricing analysis over forecast period (by key segment and by region)
- PV solar panels market regional insights with region-wise market breakdown
- Competitive analysis – key companies profiling including their market share, product offerings, and competitive strategies.
- Latest developments and innovations in PV solar panels market
- Regulatory landscape by key regions and key countries
- Supply chain and value chain analysis in PV solar panels market
- PV solar panels market sales and distribution strategies
- A comprehensive overview of parent market
- A detailed viewpoint on PV solar panels market forecast by countries
- Mergers and acquisitions in PV solar panels market
- Essential information to enhance market position
- Robust research methodology
- Frequently Asked Questions -
What factors are driving the growth of the PV solar panel market?
Key drivers include rising energy costs, government incentives for renewable energy adoption, advancements in solar technology, and growing environmental awareness among consumers and businesses.
What are the major challenges facing the PV solar panel market?
Challenges include high initial installation costs, regulatory hurdles, and supply chain disruptions, which can impact market growth and consumer adoption.
What role do government policies play in the PV solar panel market?
Government policies, including tax credits, rebates, and renewable energy mandates, significantly influence market dynamics by encouraging investments and facilitating the adoption of solar technologies.
