Future Market Insights projects that the Solar Panel market will be valued at US$ 165.47 Billion by 2023 and is expected to reach US$ 355.24 Billion by 2033, with a steady growth rate of 8.86%.
The worldwide solar power market grew by 16.1% between 2019 and 2021. Solar energy uses either thermal energy or photovoltaic cells in solar panels and photovoltaic glass to generate electricity. The environmental norms to reduce the usage of fossil fuels and carbon emissions from their combustion have increased the demand for renewable energy and its source materials.
The worldwide solar photovoltaic (PV) market is segmented by region as follows: North America, Europe, Asia Pacific, the Middle East, Africa, and Latin America. The majority of the international market was located in Asia and the Pacific. The European Union’s (EU) Renewable Energy Directive laid out the organization’s plan for increasing the use of renewable energy and generating its own supply.
This mandate established targets for including 20.5% renewable energy in the overall energy mix. The growth of the market in this area will be sped up by the presence of such factors. Europe, Asia, and North America are experiencing rapid growth in the solar industry. Building operational costs will be cheaper in the short and long term as a result of having solar panels put on the roof.
New studies from the United Nations Environment Programme (UNEP) indicate that 2022 saw the largest decrease in worldwide renewable energy funding. Most of the decrease in funding may be attributed to slower investment in such sources in Japan and China, but other smaller markets also played a role. Investment from developing nations fell by 28% overall, while investment from industrialised nations fell by 15%.
Despite this decrease in funding, renewable energy is becoming increasingly cost-competitive with grid electricity without the need for subsidies. In fact, renewable energy won major energy auctions throughout the world in 2017 at pricing unimaginable a decade earlier. Unsubsidized bids in Dubai reached 2.98 cents per kilowatt hour, which was lower than those for fossil fuels. Solarpack, a company in Chile, submitted a record-low bid of 2.8 cents per kilowatt-hour in 2016, which was about half the price of the most competitive bid for coal.
As of 2022, the top five sellers of solar panels worldwide are Sunrun, Inc., Pekat Group Bhd., Insolation Energy Ltd., Stilo Energy SA, Erato Energy SA, and Enerside Energy SA, according to the report.
