Solar Panels Market Growth Drivers, Impact Analysis & Market Opportunities by 2030

The Solar panels Market is expected to grow at a Compound Annual Growth Rate ( CAGR ) of 27.18 % over the forecast period (2021-2030). The global market value is anticipated to be worth USD 260 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.

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.

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The covid-19 pandemic affected the solar panel market badly as there was a sharp decline in power consumption due to the closure of industrial and commercial units. Hence, there was a decline in demand for solar panels too. On the other hand, the production of solar panels was itself affected due to covid restrictions on production units. Moreover, there were disruptions in the supply chain too due to restrictions on travel and movement of goods.  Furthermore, due to labor shortage and halt in construction activities, the installation rate was also very low.

Competitive Analysis

The market is estimated to be energized by the incentives offered by the governments and the initiatives taken to spur the global market. The trade blockades are, however, estimated to slow down the momentum that could be attained by the market. The contender’s progress in the market is estimated to be bolstered by the innovations that are being undertaken to enhance the core product offering in the upcoming period. The companies in the market are estimated to solely focus on getting their growth paths back on track to maximize the opportunities that may arise. The reinforcement of the distribution channels is estimated to further place the market in the right place for the future. The emphasis on marketing strategies is estimated to decline due to the focus being placed on cost optimization.

The significant contenders in the solar panel market are Canadian Solar Inc. (Canada), Jinko Solar Holding Co., Ltd. (China), Abengoa Solar (Spain), JA Solar Holdings Co., Ltd. (China), Trina Solar Limited (China), Hanwha Q CELLS Co., Ltd., (South Korea), ABROS green GmbH (Germany), Yingli Solar (China), SunPower Corporation (U.S.A) and eSolar, Inc. (U.S.A).

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Segmental Analysis

The segmental study of the solar panel market is carried out on the basis of technology, application and region. On the basis of region, the solar panel market is segmented into North America, Europe, Asia-Pacific and the rest of the regional market. Based on the technology, the solar panel market is segmented into Solar PV and CSP. Based on the module type, the solar panel market is segmented into thin film, parabolic troughs, crystalline, linear fresnel reflectors, power towers and parabolic dishes. Based on the application, the solar panel market is segmented into residential, commercial, off-grid and power plants.

Detailed Regional Analysis 

The regional scrutiny of the solar panel market is segmented into North America, Europe, Asia-Pacific and the rest of the regional market.  In the regional APAC market, the mounting demand for solar panels can strengthen the rise of the market in the upcoming period. The upsurge in solar panel residential rooftop uses are affecting the expansion of the market in the years to come. The momentous descent in charges of key constituents, such as poly-silicone and silver expended in the fabrication of solar cells can stimulate the development of the market in the near future. The pronounced benefits of the solar panel are in its working without the production of harmful substance and absence of noise can back the rise of APAC solar panel market. In the regional market of North America, the intensification in solar systems installations and intensification in substantial government strategies to back the production of solar energy can compel the development of the solar panel market in the years to come.

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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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