Solar Panels Market Set To Boom Anticipating Explosive 7.1% CAGR Growth, Surpass US$ 312.68 Billion From 2024 To 2032

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Solar Panels Market

The rising number of people switching towards renewable energy sources has led to increased demand for solar panels in the rooftop solar industry.

NEW YORK CITY, NY, UNITED STATES, September 26, 2024 /EINPresswire / -- Porter's Five Forces analysis has been provided in the research study to illustrate the potency of buyers and suppliers in the market.

The market for solar panels is on a growth trajectory. According to our latest analysis, the solar panels market size was estimated at USD 169.95 billion in 2023. The market is projected to grow to USD 312.68 billion by 2032, exhibiting a CAGR of 7.1% from 2024 to 2032.

What Are Solar Panels?
Solar panels, also referred to as photovoltaic panels, are panels designed to convert sunlight into electricity. These panels consist of several individual solar cells, which are themselves composed of silicon, phosphorous, and boron. The phosphorous in individual solar cells is responsible for providing the negative charge, whereas boron offers a positive charge. During photon absorption, the solar panels initiate an electric current. The energy from the photon results in electrons being knocked out of their atomic orbits and released into electric fields generated by the solar cells.

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Solar panels can be used in several ways, including powering homes, powering small electronic devices, and in space. As these panels rely on a clean and renewable energy source, they can help reduce greenhouse gas emissions and electricity bills. The declining costs of producing solar cells with materials such as polysilicon and silver have resulted in increased adoption of solar panels, impacting the solar panels market growth favorably.

What Are Key Report Highlights?
.The market for solar panels was valued at USD 169.95 billion in 2023 and is projected to grow to USD 312.68 billion by 2032

.Leading market players are focusing on the development of new solar panel technologies to reduce their operating expenses and carbon footprint

.The solar panels market segmentation is primarily based on technology, type, grid connectivity, installation, application, end-user, and region

.The top regions covered in the research study are North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa

Who Manufactures Solar Panels?
The market for solar panels has the presence of both established players and new entrants. The top market participants are adopting a variety of strategic initiatives to improve their product offerings.

The solar panels market key players are:
.Canadian Solar Inc.
.First Solar Inc.
.Green Brilliance Renewable Energy LLP
.Kaneka Corporation
.SoloPower Systems Inc.
.Sony Corporation
.SunPower Corporation
.Tata Power Solar Systems Ltd.

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What Are Market Dynamics?

Drivers and Opportunities:
Rising Need for Renewable Energy: The continuous depletion of natural resources has led to increased demand for renewable energy. Individuals are adopting sustainable energy solutions such as solar panels owing to their numerous benefits over conventional energy sources, impacting the solar panels market demand favorably.

Increasing Investments: Investments in renewable energy have experienced a significant rise owing to its reduced carbon emissions and comparatively lower manufacturing costs. The market is anticipated to grow and innovate, raising product efficiency and production capacity. As a result, consumers can access and afford solar energy, thereby propelling the expansion of the solar panels market.

Restraints:
High Installation Costs: The high installation costs of solar panels act as a major limiting factor in the market for solar panels. The installation of solar panels necessitates setting aside a specific quantity of land that's directly proportional to the energy demand. Also, after installing the panel, the area can't be used for any other purpose.

Which Region Leads Market Growth?
Asia Pacific: Asia Pacific is anticipated to dominate the solar panels market from 2024 to 2032. The rising use of solar PV modules in various commercial and residential applications primarily fuels the regional market growth. Besides, rising investment in the extension of manufacturing capabilities and surge in infrastructure development further propels the market demand in APAC.

Europe: Europe is anticipated to grow at the fastest CAGR from 2024 to 2032. The growing consumer demand for clean energy and growing energy efficiency are the key factors propelling the adoption of solar panels in the region.

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How Is Market Segmented?
By Technology Outlook
.Crystalline Silicone
.Concentrated Solar Power

By Type Outlook
.Monocrystalline
.Polycrystalline
.Thin Film
.Concentrated PV cell

By Grid Connectivity Outlook
.On grid
.Off grid

By Installation Outlook
.Ground-Mounted Solar Panels
.Floating Solar Panels
.Rooftop Solar Panels

By Application Outlook
.Agriculture
.Commercial
.Power Plants
.Residential

By End-User Outlook
.Residential
.Industrial/Commercial
.Utility

By Region Outlook
.North America (US, Canada)
.Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
.Asia Pacific (Japan, China, India, Malaysia, Australia, Indonesia, South Korea)
.Latin America (Brazil, Mexico, Argentina)
.Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)

Browse PMR's Solar Panels Market Report Coverage from Different Publications:

Solar Panels Market Growth Predicted to Achieve USD 312.68 Billion By 2032, With 7.1% CAGR | Polaris Market Research

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About Polaris Market Research & Consulting, Inc:
Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for PMR's clientele spread across different enterprises. We at Polaris are obliged to serve PMR's diverse customer base present across the industries of healthcare, technology, semiconductors, and chemicals among various other industries present around the world. We strive to provide PMR's customers with updated information on innovative technologies, high-growth markets, emerging business environments, and the latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced, and extremely qualified team of experts comprising SMEs, analysts, and consultants, we at Polaris endeavor to deliver value-added business solutions to PMR's customers.

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Polaris Market Research and Consulting
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