The latest report published by IMARC Group, titled “Solar Panel Market Report by Type (Crystal Silicon, Monocrystalline Silicon, Polycrystalline Silicon, Thin Film, and Others), End Use (Commercial, Residential, Industrial), and Region 2023-2028”, offers a comprehensive analysis of the industry, which comprises insights on the global solar panel market growth. The report also includes competitor and regional analysis, and contemporary advancements in the market. The market size reached 217.3 GW in 2022. Looking forward, IMARC Group expects the market to reach 632.9 GW by 2028, exhibiting a growth rate (CAGR) of 19.7% during 2023-2028.

A solar panel, also known as a photovoltaic (PV) panel, is a device designed to capture sunlight and convert it into electricity. It consists of multiple solar cells made from semiconductor materials like silicon. When exposed to sunlight, these cells generate direct current (DC) electricity through a phenomenon called the photovoltaic effect. Solar panels are a fundamental component of solar energy systems, commonly used in both residential and commercial applications. They are typically installed on rooftops or in open spaces where they can receive maximum sunlight exposure. The electricity produced by solar panels can be used to power homes, businesses, and various electrical devices, or it can be stored in batteries for later use.

What Are the Growth Prospects and Trends in the Solar Panel Industry?

The growing concerns about climate change represents one of the key factors driving the growth of the market across the globe. This, coupled with the rising environmental sustainability is prompting individuals, businesses, and governments to adopt cleaner energy sources which is driving the market growth. Solar panels provide a green and sustainable alternative to fossil fuels, which reduces greenhouse gas emissions and mitigating environmental impact. The market is also driven by advances in solar panel technology, manufacturing efficiency, and economies of scale which are substantially lowering the cost of producing and installing solar panels. This cost reduction makes solar energy more affordable and attractive to a wider range of consumers and industries.

Many governments worldwide offer incentives, such as tax credits, rebates, and feed-in tariffs to promote solar energy adoption. Favorable policies and regulations, including renewable energy mandates, are encouraging investment in solar power infrastructure. Other factors, such as energy independence, ongoing research and development (R&D) in solar panel technology, advances in energy storage technologies, and increased awareness of the benefits of solar energy and environmental issues, are creating a positive outlook for the market across the globe.

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Competitive Landscape With Key Players:

The competitive landscape of the market has been analyzed in the report, along with the detailed profiles of the major manufacturers in the market.

Some of these key players include:

  • Jinko Solar

  • Trina Solar

  • Canadian Solar

  • JA Solar

  • Hanwha Q-CELLS

  • GCL-SI

  • LONGi Solar

  • Risen Energy

  • Shunfeng

  • Yingli Green

Key Market Segmentation:

The report has segmented the global solar panel market based on type, end use and region.
Breakup by Type:

  • Crystal Silicon

  • Monocrystalline Silicon

  • Polycrystalline Silicon

  • Thin Film

  • Others

Breakup by End Use:

  • Commercial

  • Residential

  • Industrial

Regional Insights:

  • North America

  • Europe

  • Asia Pacific

  • Latin America

  • Middle East and Africa

Key Highlights of the Report:

  • Market Performance (2017-2022)

  • Market Outlook (2023-2028)

  • Market Trends

  • Market Drivers and Success Factors

  • SWOT Analysis

  • Value Chain Analysis

  • Comprehensive mapping of the competitive landscape

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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