Arizton publishes the latest research report titled the solar panel market 2024-2029, which states that the market will grow at a CAGR of 6.45% from 2023-2029.
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Report Summary
Market Size (2029): USD 273.15 Billion
Market Size (2023): USD 187.69 Billion
CAGR (2023-2029): 6.45%
Historic Year: 2020-2022
Base Year: 2023
Forecast Year: 2024-2029
Market Segmentation: Grid Type, End-User, Type, Power Capacity, Installation, And Geography
Geographic Analysis: North America, Europe, APAC, Latin America, And Middle East & Africa
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The solar sector has recently gained significant traction, particularly in the renewable energy domain. In 2022, the global solar panel market reached a record-breaking 191 GW in new capacity installations, driven significantly by contributions from China, the US, Japan, India, and Germany. The market’s growth is fueled by green building activities, which aim to reduce environmental impact, improve health and productivity, and lower resource consumption. Solar panels are integral to achieving these sustainable standards by providing renewable energy.
The increasing demand for renewable energy and advancements in photovoltaic technology, especially Building-Integrated Photovoltaics (BIPV), support the market’s expansion. However, the high installation costs and lack of awareness in developing countries pose challenges. Despite these obstacles, rising incomes and urbanization in countries like China, Indonesia, Japan, India, and Singapore are expected to boost market growth.
North America and Europe are mature markets with advanced technologies like smart solar panels driving growth. The APAC region is predicted to grow fastest, with significant market drivers being green building construction and environmental sustainability. In MEA, the commercial sector, particularly hospitality and retail, is expected to boost market growth. In Latin America, growth is concentrated in urban centers, with Brazil and Mexico being key markets.
Utilities And Energy Companies Booming in the Solar Panel Market
The utility market encompasses utility-scale solar plants, Photovoltaic Power Plants, Battery Energy Storage Plants, Green Power Station Demonstration Projects, and PV Power Plants provided by various entities such as organizations, sole traders, and partnerships. These entities offer natural gas, steam supply, electric power, water supply, and sewage removal services. In 2020, the Asia Pacific region led the solar plant utility market, accounting for 41%, followed by Europe at 24%, with Africa holding the lowest share.
Solar power equipment and technologies are increasingly integrated into the power generation, transmission, and distribution industry to enhance efficiency, productivity, and safety. Technologies like sensors, smart grids, and smart meters provide real-time, accurate power usage data, benefiting both companies and customers by improving productivity, efficiency, safety, compliance, and reliability in power generation and distribution.
While the construction and expansion of utility plants will contribute to the solar panel market growth, a significant portion of demand is expected to arise from house renovations. Modern house designs emphasize improved aesthetics, which drives the demand for solar panels. Additionally, increased government regulations and policies to reduce energy consumption in residential buildings further boost market demand.
The Small-Scale Solar Panels (
The global solar panel market by Small-Scale Solar panels will reach $107.54 billion by 2029.
Market dynamics
Cost-Effectiveness: Small-scale solar panels have become increasingly affordable due to declining costs of solar technology and government incentives. This affordability encourages homeowners and small businesses to invest in solar power systems.
Energy Independence: With small-scale solar panels, consumers can generate electricity, reducing reliance on traditional utility providers. This independence is desirable in regions with unreliable or expensive grid electricity.
Environmental Awareness: Growing concerns about climate change and environmental sustainability drive the adoption of small-scale solar panels. Consumers seek cleaner and renewable energy alternatives to reduce their carbon footprint.
Technological Advances: Advances in solar panel efficiency, energy storage solutions, and smart grid technologies enhance the performance and reliability of small-scale solar systems, making them more appealing to consumers.
Government Support: Incentive programs such as net metering, tax credits, and rebates incentivize the installation of small-scale solar panels. These policies vary by country but often aim to accelerate the transition to renewable energy.
APAC to Create Huge Investment Opportunities for Market Vendors
Asia Pacific is the largest market for the global construction industry.
Rapid urbanization and infrastructure development have resulted in the rise of megacities in the region’s fast-growing economies. The rising urban population and renovations have also supported the growth of the construction industry. In 2020, the construction market output in APAC was expected to reach $6.7 trillion and account for 55% of the global output. Due to strong investment in infrastructure spending, especially in Australia, China, Hong Kong, Japan, the Philippines, Singapore, Taiwan, Thailand, Myanmar, and Vietnam are the most potential markets for PV panels in APAC.
Key Company Profiles
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JinkoSolar
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Canadian Solar
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Trina Solar
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SunPower Corp
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Hanwha Q Cells
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Aiko Solar
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LONGi Solar
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Risen Energy
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Kaneka Corporation
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Shell International Ltd
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GCL-Poly Energy Holdings Limited
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Hanwha SolarOne
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Suntech Power
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Soltecture GmbH
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Talesun Solar
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JA SOLAR TECHNOLOGY CO., LTD
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Boviet Solar Technology Co., Ltd.
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Recom Technologies
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Solar East Holdings Co., Ltd.
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First Solar, Inc
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Hanergy Thin Film Power Group
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Longi Green Energy Technology Co., Ltd.
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Yingli Green Energy
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REC Group
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Enphase Energy
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SolarEdge Technologies, Inc.
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Seraphim Solar System Co., Ltd.
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LG Electronics
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Panasonic Solar
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Silfab Solar
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Qcells
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Axitec Solar
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Heliene
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HT-SAAE
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Hyundai Heavy Industries Green Energy
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Astronergy
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Sharp Solar
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Tongwei Solar
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Yingkou Jinchen Machinery Co., Ltd
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Haitai New Energy
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BYD Company Ltd.
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TBEA Xinjiang SunOasis Co., Ltd
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Znshine PV-Tech Co., Ltd
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Chint Solar (Zhejiang) Co., Ltd.
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GS-Solar Company Ltd
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Hareon Solar Technology Co., Ltd.
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Neo Solar Power Corporation
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Phono Solar Technology Co., Ltd
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Tianjin Zhonghuan Semiconductor Co., Ltd
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China Shuifa Singyes Energy Holdings LTD
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Shanghai Aerospace Automobile Electromechanical Co., Ltd
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Bloom Energy Corp
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Suzlon Energy Ltd
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Solarworld Aktiengesellschaft
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Maxeon Solar Technologies Ltd
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Market Segmentation
Grid Type
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On-grid
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Off-grid
End-user
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Commercial
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Utilities and Energy Companies
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Industrial
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Residential
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Agriculture Sectors
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Military and Defence Sectors
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Others
Type
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Monocrystalline Solar Panel
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Polycrystalline Solar Panel
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Thin-film Solar Panel
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Bifacial Solar Panel
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Others
Power Capacity
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Small-Scale Solar Panels (
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Medium-Scale Solar Panels (10 kW – 100 kW)
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Large-Scale Solar Panels (100 kW – 1 MW)
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Utility-Scale Solar Panels (>1 MW)
Installation
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Rooftop Solar Panels
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Ground-Mounted Solar Panels
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BPIV
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Others
Geography
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APAC
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China
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Japan
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India
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Australia
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South Korea
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Europe
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Germany
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France
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Russia
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The UK
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Norway
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Denmark
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Italy
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Poland
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Spain
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North America
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The US
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Canada
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Middle East & Africa
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Saudi Arabia
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The UAE
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South Africa
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Latin America
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Brazil
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Mexico
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Argentina
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