Solar Power Market Size, Share, Growth and Forecast 2029

 

Solar Panels Market was valued to be USD 155.3 billion in 2021 and is reported to reach USD 289.6 billion in 2029, growing at a CAGR of 8.1% during 2022-2029

The factors driving the growth of Solar Panels Market includes growing consumption of electricity around the world, increasing use of solar panels to utilize maximum amount of sunlight, rising awareness about the benefits of using low carbon-intensive technologies and improvements in the living standards. Moreover, increase in Government’s expenditure on solar projects around the world, technological advancements in solar panels, rise in the launch of innovative products, tax incentives on the deployment of solar panels and rapid urbanization, are some of the additional factors supplementing the Solar Panel Market size. In addition, the increasing investments by major corporations on research and development, strategic partnerships between companies, rising disposable incomes and growing population growth rates, are further contributing towards the market growth.

However, growth of the Solar Panels Market is hindered attributed to high cost of installing solar panel systems.

The leading players operating in the market are Canadian Solar, Q CELLS, RISEN ENERGY CO., LTD, JinkoSolar, JA SOLAR Technology Co., Ltd., Trina Solar, GCL-SI, AREVA S.A., LONGi Solar, and Evergreen Solar, among others.

Based On Cell Type, the Polycrystalline segment is predicted to expand at a remarkable CAGR during the forecast period

The polycrystalline solar panels are used in conventional surroundings and are comparatively cheaper than monocrystalline panels, are some of the factors responsible for the segment’s growth.

Based on Application, the Commercial segment is projected to capture the largest market share over the forecast period

Increasing deployment of solar panels at hotels, corporate offices, and hospitals because it provides module-level monitoring, is the propelling segment’s growth. 

Based on Region, the Asia-Pacific region is anticipated to hold the highest market share during the forecast period

Increasing consumption of electricity across India, China and Singapore, Government policies promoting the use of renewable sources of energy, rapid urbanization, rising per capita incomes, growing adoption of advanced technologies and high population growth rates, are some of the important factors augmenting the Solar Panel Market share in the North American region.

Key Development

  • In 2020, JinkoSolar officially introduced PV module with record output of 580W, which is a part of company’s new Tiger-Pro series.

Market Segmentation

Segmentation by Cell Type

  • Monocrystalline
  • Polycrystalline
  • Thin Film
  • Others

Segmentation by Application

  • Residential
  • Commercial
  • Industrial

Segmentation by Region

  • Asia Pacific
    • China
    • Japan
    • India
    • Rest of APAC
  • North America
    • United States of America
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Spain
    • Rest of Europe
  • RoW
    • Brazil
    • South Africa
    • Saudi Arabia
    • UAE

About GMI Research

GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.

Media Contact
Company Name: GMI RESEARCH
Contact Person: Sarah Nash
Email: enquiry@gmiresearch.com
Phone: Europe – +353 1 442 8820; US – +1 860 881 2270
Address: Dublin, Ireland
Website: https://www.gmiresearch.com/

Location: United States

Comments

Post a Comment

Popular posts from this blog

Seizing the Europe Smart Home Market Opportunity

Image
 The Europe smart home market presents a vast and promising opportunity for businesses and consumers alike. With advancements in technology, changing lifestyles, and increasing awareness about energy efficiency, the smart home industry in Europe is ripe with potential for growth and innovation. The opportunity in the Europe smart home market stems from several key factors. Firstly, the region boasts a large and affluent consumer base that is increasingly embracing connected technology to enhance their lifestyles. From smart thermostats and lighting systems to security cameras and voice-controlled assistants, the demand for smart home devices is on the rise across the continent. Moreover, supportive regulatory initiatives and incentives aimed at promoting energy efficiency and sustainability are creating a conducive environment for the adoption of smart home technology in Europe. Tax incentives, rebates, and subsidies for energy-efficient home upgrades are encouraging homeowners to...
Read more

Unlocking Opportunities: GCC Medical Packaging Market Growth in 2024

Image
The GCC medical packaging market is poised for substantial growth in 2024, driven by factors such as technological advancements, increasing healthcare spending, and a focus on patient safety. The region's growing population, coupled with rising demand for quality healthcare services, is fueling the expansion of the medical packaging sector. Let's explore the key drivers and opportunities contributing to the growth of the GCC medical packaging market this year. One of the primary drivers of market growth is the continuous innovation in medical packaging technologies. Companies are investing in advanced packaging materials, designs, and functionalities to meet the evolving needs of healthcare providers and patients. Smart packaging solutions equipped with sensors, RFID tags, and tracking capabilities are enhancing product safety, supply chain visibility, and real-time monitoring. This technological progress is driving the adoption of intelligent packaging solutions and fueling m...
Read more

Riding the Wave: India Wireless Earphone Market Surges Amidst Growing Demand

Image
 The India Wireless Earphone Market is witnessing remarkable growth, buoyed by an increasing demand for wireless audio solutions and a shift towards a wireless lifestyle. With consumers seeking convenience, mobility, and superior audio quality, wireless earphones have emerged as a must-have accessory in today's digital age, driving significant market expansion. One of the key drivers of growth in the India Wireless Earphone Market is the rising penetration of smartphones and smart devices. With smartphone ownership becoming ubiquitous across urban and rural areas, there is a growing need for wireless earphones that complement these devices seamlessly. As consumers look for hassle-free connectivity and on-the-go audio solutions, the demand for wireless earphones continues to surge, fueling market growth. Moreover, technological advancements in wireless audio technology are driving market expansion. Innovations such as true wireless earbuds, active noise cancellation, and advanced B...
Read more