Solar Panels Market Drivers:

The solar panel market has been experiencing rapid growth over the past few years. Some of the key drivers of this growth include:

  1. Declining Costs: The cost of solar panels has been declining steadily over the past decade, making them more affordable and accessible for consumers and businesses alike. As the cost continues to drop, more people are likely to invest in solar panels as a source of renewable energy.

  2. Government Incentives: Many governments around the world offer incentives and subsidies for the installation of solar panels. This can include tax credits, rebates, and other financial incentives that make it more attractive for individuals and businesses to invest in solar power.

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  1. Environmental Concerns: With growing awareness of climate change and the environmental impact of traditional energy sources, many people are turning to solar power as a more sustainable alternative. This trend is likely to continue as more people become aware of the benefits of renewable energy.

  2. Energy Security: Dependence on foreign sources of energy can be a significant concern for many countries. Solar power offers a domestic, renewable energy source that can help reduce reliance on foreign oil and gas.

  3. Technological Advancements: The solar panel industry is constantly evolving, with new technologies and innovations being developed all the time. As the technology improves, solar panels are becoming more efficient and cost-effective, making them a more attractive option for consumers and businesses.

Solar Panels Market Overview:

Solar Panels Market is projected to be worth USD 146.02 billion, registering a CAGR of 7.10% during the forecast period.

Market Segments

The Solar Panels Market is segmented into technology, grid connectivity, module type, and application.

  • The technology is sub-categorized into solar PV and concentrated solar power. 
  • The module type is segmented into a thin film and crystalline.
  • The grid connectivity segment of the market is divided into on-grid and off-grid. 
  • The application of the Solar Panels Marketis categorized into residential, commercial, and industrial.

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Industry News

In September 2022, Toledo Solar, a US-based solar panel and glass manufacturer, declared its domestic manufacturing expansion plans. The company confirmed that its enhancement in manufacturing capacity is part of its strategic initiative to expand the manufacturing facility in Perrysburg, Ohio, to reach 2.8 GW of capacity by 2027. The initiative was taken due to the surging demand for solar products and the newly enacted Inflation Reduction Act.