Global Solar Panel Market to Reach 1,096.5 GW by 2032, Impelled by Rising Demand for Renewable Power Sources

According to the recent study by IMARC Group, titled “Solar Panel Market Report by Type (Crystal Silicon, Monocrystalline Silicon, Polycrystalline Silicon, Thin Film, and Others), End Use (Commercial, Residential, Industrial), and Region 2024-2032”, the global solar panel market reached a volume of 259.7 GW in 2023. Solar panels are active solar devices made up of photovoltaic or solar cells which are used to convert sunlight into electrical energy. They are installed on rooftops or surfaces with access to direct sunlight, require minimum to no maintenance and have a service life of twenty years or more. Their installation can significantly reduce dependence on conventional sources of electricity and help to minimize the carbon footprint. As a result, they are widely being utilized to generate electricity across the residential, commercial and industrial sectors across the globe.

Global Solar Panel Market Trends:

The increasing demand for renewable power sources is the key factor driving the growth of the market. Renewable power sources like solar and wind energy do not cause pollution and are abundantly available in nature. Rising environmental concerns have also created demand for alternate energy sources that do not contribute to greenhouse gas emissions. In line with this, governments of various nations are encouraging the usage of solar panels by offering incentives for solar energy projects and spreading awareness among consumers through several programs and campaigns. For instance, the Ministry of New and Renewable Energy (MNRE) of the Government of India is promoting the installation of solar PV systems in the country under the Jawaharlal Nehru National Solar Mission. Furthermore, technological advancements in the industry have led to the development of ultrathin solar panels that are relatively more flexible, efficient and cost-effective as compared to the glass-based panels. Significant fall in the prices of silver and polysilicon, along with rising energy costs, are some of the other factors that are positively influencing the growth of the market. On account of these factors, the market is expected to grow at a CAGR of 16.8% during 2024-2032.

Market Summary:

• Based on the type, the market has been divided into crystal silicon, monocrystalline silicon, polycrystalline silicon, thin film and others. Amongst these, crystal silicon solar panels represent the most preferred type.
• On the basis of the end use, the market has been categorized into commercial, residential and industrial segments. At present, the commercial segment accounts for the biggest market share.
• On the geographical front, Asia Pacific holds the leading position in the market. Other major markets include North America, Europe, Latin America, and Middle East and Africa.
• The competitive landscape of the market has also been studied with some of the key players being Jinko Solar, Trina Solar, Canadian Solar, JA Solar, Hanwha Q-CELLS, GCL-SI, LONGi Solar, Risen Energy, Shunfeng and Yingli Green.

Report Coverage:

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