Solar Panels Market Size, Share, Growth, Trends, and Global Industry Analysis: By Technology (Solar PV, Concentrated Solar Power), By Module Type (Thin Film, Crystalline, Parabolic Troughs, Linear Fresnel Reflectors, Power Towers, Parabolic Dishes and Others), By Grid Connectivity (On Grid, Off Grid), By Application (Residential, Commercial, Industrial) and Region Forecast 2019-2030

Solar Panels Market size was valued at US$ 290.5 billion in 2023 and is poised to grow at a significant CAGR of 16.7% from 2024-2030. The worldwide solar panel industry is accelerating with the continuous shift toward renewable energy. Renewable energy sources are becoming a viable alternative to traditional energy sources. Solar panels don't use any fuel, so they're soft, pollution-free, and two to three times more efficient than combustion technologies. The key factor driving the adoption of solar PV systems in the commercial, industrial, and residential sectors is growing public knowledge about the usage of low carbon-intensive technologies to reduce carbon footprint.

In addition, the expansion of the Investment Tax Credit (ITC) for residential solar PV installations to 26% by 2022 and 22% by 2023 is expected to boost industry growth in the following years. The solar panel has enormous development potential, and Long-term solar energy is predicted to become the dominant energy source in approximately a decade. Solar energy system installations in commercial and residential end-use applications are on the rise, creating lucrative growth opportunities in the market.

Another vital issue is the emphasis on CO2 emission reduction. Solar energy will improve green energy output while reducing the use of diminishing coal and natural gas supplies. As a result, governments worldwide promote renewable energy sources and encourage the widespread installation of solar systems, propelling the solar panel industry. With technological improvements, the third generation of solar photovoltaic panels now includes conductive polymers, solar dyes, solar inks, and silicone. Some solar photovoltaic panels even use mirrors or plastic lenses to focus light onto a small PV panel with high efficiency.

Furthermore, key companies employ various product launches, agreements, and investments to stay competitive in the solar panels market. For instance, in March 2021, JA Solar introduced a 415 W solar module with 21.3% efficiency. This module is used for commercial and residential PV projects, and this strategy enhanced the company's product portfolio. Moreover, in August 2020, JA Solar launched an 800 W solar panel named Jumbo, and this strategy strengthened the company's product portfolio and market position in the solar panel sector.

Key Developments

• In November 2020, Canadian Utilities, an ATCO company, announced the completion of Canada's largest off-grid solar project, which was built in two phases. The first phase included a 600kW solar farm, and the second phase had a 2,200kW solar farm.