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.

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