Solar Panel Market Analysis 2023powernsun
With the drastic drops in solar costs and the goal of driving towards Net-zero targets, the solar panel market is anticipated to have high growth graphs in the future. Solar Energy is most likely to be the rapidly growing and highly demanded energy segment. As solar energy has entered the second quarter of 2023, soaring demand for solar panels is witnessed all around the globe.
The constant attention of the energy world in making the shift from conventional energy resources to renewable energy contributes to the significant growth of the global solar panel market.
Middle East Solar Power Market
For the forecast period 2022-2027, the solar power market of the Middle Eastern region would hit a CAGR of over 11%. Even though fewer regions including Kuwait, Saudi Arabia, and Qatar faced delays in new installations in 2020 with constraints in the shipping of solar panels, yet, there is an impressive number of installations, as a whole.
Decent growth has been recorded in the past few years in the Middle East and Africa Solar market. In fact, the best solar power potential is evident in the UAE compared with other regions in the world. Since the Middle East regions are highly oil-dependent, they strive to reach ambitious renewable energy goals. Among the Middle East regions, the UAE stands at the forefront of cleaner energy transition. It has been projected that this Gulf region will attain 20GW from solar power with the target set by 2030.
Speaking about the global solar panel market, it was valued at 217.3 GW in 2022. This value is expected to reach a significant figure of $641.1 billion by 2030. That means it would register a CAGR of 16.9% between 2021 – 2030.
Based on the recent study of Future Market Insights, the value of the Solar Panel market will be US$ 165.47 Billion by 2023. And this is anticipated to arrive at a figure of US$ 355.24 Billion by 2033. So, it assures a steady growth rate of 8.86%.
Solar power is renewable and is safe and relatively cost-effective. Hence, it is quite clear that solar panels can be the best alternative for affordable solar energy goals and enables people in the world to access electricity with reduced energy costs. The drop in the price of solar panels has further bolstered the call for the installation of solar panels.
Because the thin solar modules are highly reliable, long life, and have low maintenance requirements, they are expected to grow at a 6.5% CAGR.
Growth Driven Factors
There has witnessed a massive development in the global market for solar panels. The major cause behind this drastic change is environmental pollution. Another major factor that drives the growth of the solar PV panel market is the gradual energy transition from traditional resources to renewable sources. Moreover, we are also observing that there is increased awareness of the mother environment which also leads to lucrative growth prospects for the solar panel market.
The solar panel market can be segmented based on:
- Grid type
The growth of solar panels is reaching horizons, yet, some constraints hinder its growth. The predominant factor is high initial capital investment. Other contributors are the need for skilled workers, specialized training, and the requirement of professionals for the PV industry.
- The rise in demand for varied applications such as residential, commercial, and industrial as well as support from the government are the major factors of growth for the solar panel market.
- There is an expected rate of a CAGR of 19.7% for the global solar panel market during 2023-2028.
- Some of the key regions in the global solar panel market cover Asia Pacific, Latin America, North America, Europe, and the Middle East and Africa.
- Some of the major players in the competitive landscape include LONGi, JA Solar, and Trina Solar.
With the solar panel market poised for high growth and the global shift towards renewable energy, now is the perfect time to invest in solar power. The Middle East, including the UAE, holds immense potential, with a goal of producing 25% of electricity consumption from solar energy by 2050. Our extensive range of reliable, long-lasting, and low-maintenance solar modules from JA Solar, Longi and Trina Solar ensures you have access to affordable solar energy. Join the clean energy revolution and partner with Powernsun to achieve your renewable energy goals. Contact us today to learn more and seize the incredible opportunities in the solar panel market.