Latest News- Solar Panels Market: Power utilities is expected to lead the End-user segment during 2025-2029

The Solar Panels Market is being driven by Increasing investments in renewable energy sector

The Solar Panels Market is expected to grow at a CAGR of 8.2% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 60.1 billion. In the realm of thin-film solar photovoltaic (PV) modules, copper indium gallium (di)selenide (CIGS) thin-film systems exhibit the highest efficiency levels. The flexibility of CIGS thin films, which can be fabricated on lightweight, flexible substrates, offers significant cost advantages in terms of manufacturing and installation. Notably, potassium fluoride post-deposition-treated (KF-PDT) CIGS devices fabricated on flexible polyimide substrates have achieved an impressive efficiency of 20.4%. This efficiency mark is currently the highest reported for flexible CIGS solar cells. Following the discovery of heavy alkali doping's beneficial effects, the performance of CIGS solar cells has experienced a substantial enhancement, with a record device efficiency of 22% now achievable. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• End-user
  • Power utilities
  • Commercial
  • Residential
• Type
  • Crystalline panel
  • Thin-film panel
• Connectivity
  • On-grid
  • Off-grid
• Technology
  • Solar PV
  • Concentrated solar power (CSP)
• Geography
  • APAC
    • China
    • India
    • Japan
    • South Korea
  • Europe
    • Germany
    • UK
    • France
    • Italy
  • North America
    • Canada
    • US
  • Middle East and Africa
  • South America

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Increasing investments in renewable energy sector
• Declining cost of solar PV panels
• Emerging favorable government regulations

However, the market also witnesses some limitations, which are as follows:

• Intermittent nature of solar power
• Challenges associated with product characteristics
• High initial investment and maintenance costs for solar PV systems

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Market Scope in Solar Panels Market Research Report

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Research Analysis Overview

The Solar Panel Market encompasses the production and sale of Solar Panels, primarily composed of Photovoltaic panels, which convert Earth's sunlight into Electrical Energy. This industry is driven by the shift towards Renewable Energy sources and away from traditional Fossil Fuels like Oil and Coal. Silver and Polysilicon are key components. Government Incentives, such as Tax Breaks and Rebates, support growth. Environmental concerns, including Emission Standards, push for Clean Energy. Solar Powerhouses harness this energy, while Land is a crucial factor. The Renewable Energy Directive guides the transition, and investments in PV cells, Photovoltaic glass, and Solar energy reduce our reliance on Thermal Energy.

Market Research Overview

The Solar Panels market falls under the broader context of the global renewable electricity market, encompassing businesses involved in the production and distribution of electricity derived from renewable sources. This market segment comprises independent power producers, gas and power marketing and trading specialists, integrated energy merchants, and manufacturers of raw materials and equipment, such as polysilicon and silver, essential for the production of PV panels. Factors fueling the expansion of this market include supportive policies and targets for renewable energy deployment, which have significantly boosted the adoption of solar power over the past decade.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/