The solar PV panels market comprises solar photovoltaic panels that directly convert sunlight into electricity. These panels are used to generate renewable energy in both residential and non-residential sectors. Solar PV panels provide various advantages such as zero emission of pollutants or greenhouse gases, reduced electricity bills, and lower dependence on fossil fuels. The rising demand for clean energy sources coupled with supportive government initiatives and policies to reduce carbon footprint are bolstering the adoption of solar PV panels globally.
The global solar PV panels market is estimated to be valued at US$ 305.81 billion in 2024 and is expected to exhibit a CAGR of 7.6% over the forecast period from 2024 to 2031.
Key Takeaways
Key players operating in the solar PV panels market are JinkoSolar, Trina Solar, Canadian Solar, LONGi Solar, JA Solar, Risen Energy, etc.
The key opportunities in the market include favorable government policies promoting installation of rooftop solar systems, growing investments in large solar PV power projects, and technological advancements reducing solar PV costs.
Technological developments such as heterojunction solar cell technology, perovskite solar cells, and bifacial solar modules are resulting in higher efficiency solar PV panels. Additionally, thin-film solar cell technologies are decreasing module costs.
Market Drivers
Favorable government policies and initiatives promoting solar energy adoption are a key driver bolstering Solar PV Market Growth. Many countries offer subsidies, tax exemptions, and net-metering policies encouraging commercial and residential prosumers to install rooftop solar systems. Growing awareness about solar energy benefits along with carbon emission reduction targets set by nations are also fueling the demand for solar PV panels globally.
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