Solar Energy Panel Market Size, Share, Trends, Growth 2032

Solar Energy Panel Market Insights

According to a report from Zion Market Research, the global Solar Energy Panel Market was valued at USD 134.97 Billion in 2023 and is projected to hit USD 430.41 Billion by 2032, with a compound annual growth rate (CAGR) of 12.3% during the forecast period 2024-2032. This report explores market strengths, weakness, opportunities, and threats. It also provides valuable insights into the market's growth drivers, challenges, and the future prospects that may emerge in the Solar Energy Panel Market industry over the next decade.

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Solar Energy Panel Market: Overview

A solar energy panel is a type of PV cell arranged in an installation framework. These panels make use of the rays of the sun as an energy source and produce direct current power. Furthermore, solar energy panels make use of solar PV, concentrated solar power, solar thermal, and concentrated PV for producing solar energy. Moreover, solar energy panels are designed for reducing fossil fuel consumption to minimize both fossil fuel depletion and prevent carbon emissions caused due to fossil fuel emissions in the atmosphere. Additionally, the sun generates a large amount of energy as compared to fossil fuels and this energy is stored in PV cells arranged in solar panels for generating electricity that can be supplied to the rapidly increasing population through the solar power grid.

Solar Energy Panel Market: Growth Drivers

The surge in solar energy panel use in residential rooftops will help in generating new growth avenues for the solar energy panel industry over the assessment timeline. Escalating the utility of renewable energy along with government subsidies promoting the use of solar energy and massive deployment of solar energy panels for reducing environmental pollution will contribute sizably towards overall market size in the years ahead. With commercial and residential sectors being major consumers of solar energy and green energy being the popular trends in these sectors, the market for solar energy panels is likely to expound tremendous growth over 2020-2026.

Furthermore, the need for incessant power supply with a rising population base across the globe will exponential the evolution of the solar energy panel industry over the assessment timespan. The continuous focus of the government on resolving problems of energy supply supported by a surge in the funding of green energy projects will result in large-scale expansion of the solar energy panel business in the coming years. In addition to this, the rise in green energy building constructions across the globe will drive market trends.

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Solar Energy Panel Market: Report Scope

Solar Energy Panel Market: Regional Landscape

North American Market To Garner Huge Revenues Over 2024-2032

The regional market growth over the assessment period is due to a prominent rise in solar energy panel deployments in the countries like Canada and the U.S. In addition to this, growing inclination towards utilizing renewable energy among the people of the subcontinent has encouraged the use of solar energy panels. This factor has helped in carving & shaping the perfect growth for the solar energy panel industry in recent years. Apart from this, a rise in the penetration of the products in the developed countries of the subcontinent will further push the regional market value.

Solar Energy Panel Market: Competitive Landscape

Key industry participants provided in the report are 

• Hanwha Q-CELLS
• Canadian Solar
• SunPower Corporation
• Shenzhen Yingli New Energy Resources Co., Ltd.
• GCL-SI
• Trina Solar
• LONGi Solar
• ReneSola
• First Solar
• Risen Energy
• Talesun
• JA Solar.

The global Solar Energy Panel Market is segmented as follows:

By Application

• Residential
• Commercial

By Technology

• Thin Films
• Crystalline Silicon

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa