A Comprehensive Analysis and Recent Developments in the Solar Panel Market

Global solar panel market is anticipated to grow at a CAGR of 12.2% during the forecast period (2024–2031). The market growth is driven by the growing population in emerging countries, which has significantly influenced power generation trends in recent years. As efforts to curb carbon emissions intensify, there is an increasing shift towards utilizing renewable sources for power generation.  Also, the growing demand for renewables-based clean electricity coupled with government policies, tax rebates, and incentives to install solar panels is expected to drive the growth of the solar PV panels industry in the coming years. Companies in the commercial and industrial sectors are among the major consumers of solar photovoltaic panels owing to the large-scale demand for green energy.

Browse the full report description of “Solar Panel Market Size, Share & Trends Analysis Report By Technology (Mono-Crystalline, Polycrystalline Silicon, Thin-film Solar Panel, and Others), and by End-User (Residential, Commercial, and Industrial) Forecast Period (2024-2031)” at https://www.omrglobal.com/industry-reports/solar-panel-market

Recent Developments

• In January 2024, AEG launched three versions of its new ABC solar panels for rooftop applications, with power outputs of 445 W to 455 W and efficiency ratings ranging from 22.8% to 23.3%. They feature half-cut ABC cells with n-type technology.

• In June 2023, Waaree Energies Ltd. announced a strategic partnership with Ecofy. Ecofy, an NBFC supported by Eversource Capital, focuses on green finance for climate-positive projects and is investing INR 100.0 crores ($12.1 million) in this new collaboration.

Market Coverage  

· The market number available for 2023-2031 

· Base year: 2023 

· Forecast period: 2024-2031 

· Segment Covered- 

o By Technology

o By End-User

· Regions Covered- 

o North America 

o Europe 

o Asia-Pacific 

o Rest of the World

• Competitive Landscape- Canadian Solar Inc., LONGi Green Energy Technology Co. Ltd., First Solar, Inc., JinkoSolar Holding Co., Ltd., and Trina Solar Ltd.   

Key questions addressed by the report 

• What is the market's growth rate? 
• Which segment and region dominate the market in the base year? 
• Which segment and region will project the fastest growth in the market? 
• Who is the leader in the market? 
• How are players addressing challenges to sustain growth? 
• Where is the investment opportunity? 

Global Solar Panel Market Report Segment 

By Technology 

• Mono-Crystalline
• Polycrystalline Silicon 
• Thin-Film Solar Panel
• Others (Amorphous Silicon)

By End-User

• Residential
• Commercial
• Industrial 

Global Solar Panel Market Report Segment by Region 

North America 

· United States 

· Canada 

Europe 

· UK 

· Germany 

· Italy 

· Spain 

· France 

· Rest of Europe 

Asia-Pacific 

· China 

· India 

· Japan 

· South Korea 

· Rest of Asia-Pacific 

Rest of the World 

· Latin America

· Middle East and Africa

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