Solar PV panels directly convert sunlight into electricity through photovoltaic effect. They are increasingly being used as a renewable energy source owing to declining solar panel costs and environmental concerns related to climate change. Solar panel systems installed for residential, commercial and industrial applications reduce dependence on conventional sources of energy.
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.
The key players operating in the solar PV panels market are JinkoSolar Holding Co., Ltd., Trina Solar Co., Ltd., Canadian Solar Inc., JA Solar Technology Co., Ltd., Hanwha Q CELLS, LONGi Green Energy Technology Co., Ltd. , Risen Energy Co., Ltd., GCL System Integration Technology Co., Ltd, Talesun, First Solar and SunPower Corporation.
Key Takeaways
Key players: Key players operating in the solar PV panels market are JinkoSolar Holding Co., Ltd., Trina Solar Co., Ltd., Canadian Solar Inc., JA Solar Technology Co., Ltd., Hanwha Q CELLS, LONGi Green Energy Technology Co., Ltd. , Risen Energy Co., Ltd., GCL System Integration Technology Co., Ltd, Talesun, First Solar and SunPower Corporation.
Key opportunities: Growing demand for solar energy from various industries and increasing focus on solar rooftop installations are expected to offer several growth opportunities to players in the global solar PV panels market over the forecast period. In addition, supportive government policies through various subsidy schemes for deployment of solar PV systems are encouraging adoption of solar panels.
Global expansion: Leading players in the solar PV panels market are undertaking strategic initiatives such as collaborations, partnerships and new product launches to consolidate their market presence across different geographies. They are also entering into supply agreements with various countries to fulfil their renewable energy targets and mitigate issues related to climate change globally.
Market drivers: Rising concerns over climate change and global warming owing to increasing carbon emissions from conventional energy sources are expected to drive the demand for renewable energy sources. Solar PV technology offers a viable and sustainable solution to minimize dependence on fossil fuels and reduce greenhouse gas emissions for achieving international climate change objectives. This will significantly boost the solar PV panels market during the forecast period.
PEST Analysis
Political: Government initiatives to promote renewable energy sources and reduce carbon emissions is driving the demand for Solar PV Panels Market Demand. Countries like India and China offer various subsidies and tax rebates for installations of solar rooftops as part of their climate change commitments.
Economic: Fall in costs of setting up a solar power system due to decline in the prices of solar panels and other components in the last few years have made it more economically viable when compared to conventional power sources. This is positively impacting the adoption of solar panel installations especially in the commercial and industrial sectors.
Social: Increasing awareness about the need to adopt cleaner and greener sources of energy due to environmental concerns and rising pollution levels is encouraging the use of solar energy globally. Also, social media trends around themes like sustainability and going solar are influencing individual decisions.
Technological: Continuous improvements in solar cell efficiencies, new thin-film technologies, widespread availability of affordable automated solar trackers and rapid data processing tools for monitoring and maintenance are driving demand especially in large-scale commercial projects. This is helping to further reduce costs.
The Asia Pacific region accounts for the largest share of the global solar PV panels market in terms of value. China, Japan and India have led solar power installations in the region supported by strong government policies and incentives for sustainable energy. Europe is the second largest regional market led by Germany, UK and Italy. The US and other developing countries in Latin America and Africa are the fastest growing regional markets benefitting from substantial decline in prices of solar panels in the past few years coupled with increasingly ambitious renewable energy targets.
India is expected to be the fastest growing regional market for solar PV panels over the forecast period of 2024 to 2031 supported by large scale government targets of having 280 GW capacity by 2030 compared to 105 GW currently. Various state-level policies providing subsidies and other incentives are boosting roof-top installations in both residential and commercial sectors in India. Also, many large manufacturing plants are being set up in India under the Make in India initiative which will make solar power more affordable in the coming years.
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Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)
Homeowners who have gone ahead and chosen to meet the electricity requirements of their homes using solar energy have taken a big step towards making the planet a sustainable place to live in.
What is the essence of solar panel maintenance?When solar panels are not maintained for a longer period, they tend to become inefficient.
Statistics prove that solar panels can become as much as 20% less efficient when they are not maintained over time.
Since one of the main purposes of using the solar solution is increased efficiency and decreased electricity bills, maintenance becomes critical after a certain period.When a professional arrives to check the solar solution, they will also look out for potential problems that can help save your money with a timely repair.
While you may still have to pay for the repair work, imagine the kind of money you would had to pay if the problem persisted and the system was to get damaged, partially or wholly.Safety is the other big reason to opt for regular solar PV maintenance.
With regular maintenance work, it will be ensured that the electrical components and wiring are all working in proper condition and there are no damages or corrosions – this helps avoid risks to the family staying in the house.
