NEW YORK, March 16, 2023 (GLOBE NEWSWIRE) — IndexBox, a leading market research firm, has released a new report on the global solar panel market. The report provides a comprehensive analysis of the industry, including key growth drivers, challenges, and demand factors. Trial access to data is available on the IndexBox market intelligence platform, which offers valuable insights for businesses looking to invest in the market.
According to the report, the global solar panel market is expected to grow at a CAGR of 18% from 2022 to 2030. The market’s growth is driven by the increasing demand for renewable energy sources and the growing awareness of the benefits of solar power. However, the high initial investment costs and limited government support in some regions may pose challenges to the market’s growth.
Factors affecting demand include the increasing adoption of solar panels in residential and commercial buildings, as well as in the automotive industry. The report provides an overview of the major consuming industries, such as construction and automotive, and how they affect the solar panel industry.
Residential Segment:
The residential segment of the solar panel market is expected to witness significant growth in the coming years, driven by factors such as government incentives and the increasing cost-effectiveness of solar panels. According to a report by the Solar Energy Industries Association (SEIA), the residential solar market grew by 19% in 2020, with a total of 3.8 GW of solar installed in homes across the US. The report also forecasted that the residential segment would continue to grow at a CAGR of 14% from 2021 to 2025.
Commercial Segment:
The commercial segment of the solar panel market is expected to witness steady growth in the coming years, driven by factors such as the increasing demand for energy-efficient buildings and the decreasing costs of solar panel installations.
Utility Segment:
The utility segment of the solar panel market is expected to witness significant growth in the coming years, driven by factors such as government incentives and the increasing demand for renewable energy sources. According to a report by the International Energy Agency (IEA), solar energy is expected to become the largest source of electricity generation by 2035. The report also forecasted that utility-scale solar would account for over 60% of global solar capacity additions by 2025.
Asia Pacific is the largest market for solar panels, accounting for over 50% of global market share. The region’s growth prospects are driven by factors such as government initiatives to promote renewable energy and the increasing demand for electricity in emerging economies such as India and China.
Key statistics from the report include the fact that the solar panel market is dominated by a few large manufacturers, including Jinko Solar, Canadian Solar, and Trina Solar. The report provides an overview of the largest manufacturers in the industry and their market share.
For more information on the report, or to access trial market data, visit the IndexBox website at https://www.indexbox.io
Keywords: solar panel market, renewable energy, market research, global market, market forecast, growth drivers, major consuming industries, market statistics, largest manufacturers, IndexBox.
