Global Solar Power Panel Market and Portable Solar Panel Market to Accrue USD 28.33 Billion and USD 4.35 Billion by 2030 Respectively, Fueled by Rising Investments in Renewable Energy, Projects Kings Research
The solar power panel market and the portable solar panel market are poised to observe exceptional growth at a CAGR of 8.0% and 17.50% through the forecast period over 2023-2030 supported by rising investments in renewable energy sources, the need to reduce greenhouse gas emissions, and a surging shift toward electric or hybrid vehicles.
Dubai, UAE, Nov. 09, 2023 (GLOBE NEWSWIRE) — Global Solar Power Panel Market Report 2023-2030:
As per the recent report published by Kings Research, the global Solar Power Panel Market registered a valuation of USD 16.32 billion in 2022 and is projected to reach USD 28.33 billion in revenue by 2030, growing at a CAGR of 8.0% from 2023 to 2030. The global demand for clean energy is a significant driving force behind the growth of the market. Governments globally are incentivizing solar panel installations to promote renewable energy use and reduce greenhouse gas emissions. Increased investments in the renewable energy sector, particularly in solar energy projects, have further boosted the demand for solar power panels.
The shift away from fossil fuels towards renewable energy sources, including solar, in many countries is a major driver for industry progress. Government policies and tax incentives are pivotal in fostering market growth by providing financial support, feed-in tariffs, and net metering programs. Additionally, the development of floating solar energy technology, which allows solar panels to be installed above water surfaces, is contributing to market expansion.
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Trending Now: SMA America Partners with Span Smart Panels to Launch New Energy Solutions
In September 2023, SMA America, a leading global provider of solar inverters, announced a new partnership with SPAN smart panels to launch innovative energy solutions for homes and businesses.
The partnership will combine SMA’s expertise in solar energy with SPAN’s smart panel technology to create a comprehensive solution that enables homeowners and businesses to produce, store, and manage their own clean energy.
Prominent industry leaders are concentrating on various essential business tactics to broaden their range of offerings and augment their market presence in different regions. These strategies include forming partnerships, engaging in mergers and acquisitions, driving product innovations, and establishing joint ventures.
For instance, in March 2023, BLUETTI released its latest PV420 solar panel in Europe and the UK. This highly advanced solar panel was set to make a significant impact on the solar industry throughout the continent. With its exceptional energy production capabilities, the PV420 surpasses all previous solar panels manufactured by BLUETTI.
Major players in the global solar power panel market include:
- Bluetti Power
- Canadian Solar
- First Solar
- Jinko Solar
- NextEra Energy Resources, LLC
- Panasonic Corporation
- Trina Solar
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Utilization of Off-Grid Panel for Meeting Increased Energy Demand to Augment Solar Power Panel Market Progress
Based on type, the solar power panel market is bifurcated into on-grid and off-grid. The off-grid segment is expected to have a significant presence in the market during the forecast period due to the increasing energy demand in remote areas worldwide. The decentralized power generation sector, facilitated by various regulatory policies, is playing a crucial role in driving the growth of the off-grid segment. Meanwhile, the on-grid segment is experiencing expansion primarily due to its low operating and maintenance costs.
Increased Demand for Sustainable Energy Sources in Commercial Settings to Aid Solar Power Panel Market Growth
Based on end-user, the solar power panel market is classified into residential, commercial, and utility. The commercial segment is anticipated to lead the global market due to the increasing demand for efficient and sustainable energy sources. This rising demand is particularly prominent since there is a rising adoption of these energy sources in offices, businesses, and other commercial buildings. As a result, the commercial segment is experiencing significant dominance in the industry. This trend is expected to continue and further accelerate in the future.
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Surging Demand For Clean Energy to Promote Solar Power Panel Market Expansion
The surging demand for clean energy is driving substantial growth in renewable energy sources, with solar energy at the forefront. As nations and institutions increasingly prioritize sustainability and carbon footprint reduction, the call for clean energy options has surged. Governments, industries, and individuals are amplifying the significance of transitioning to renewables to mitigate the ecological consequences of conventional energy generation. Renewable energy is outpacing the growth of other energy forms, with solar electricity alone substantially augmenting global energy production capacity. These clean energy sources also provide a pathway to reduce reliance on fossil fuels and foreign energy supplies, further propelling the demand for solar power panels.
Presence of Major Manufacturers in APAC to Bolster Solar Power Panel Market Development
The Asia-Pacific region is experiencing rapid growth and is projected to remain on this trajectory in the foreseeable future. This growth can be attributed to the presence of major players and a large consumer base in the region. Moreover, countries like China, Japan, India, and South Korea have witnessed a substantial increase in the demand for solar panel installation due to the adoption of distributed energy systems. This surge in demand is expected to drive market growth. With advancements in technology, declining costs, and increased awareness of the benefits of clean energy, there has been a global shift towards a more sustainable and environmentally friendly energy future. Government policies and incentives aimed at promoting solar panels across the region are also expected to bolster market revenue.
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Key Points from TOC:
Chapter 1 Introduction of the Global Solar Power Panel Market
Chapter 2 Executive Summary
Chapter 3 Research Methodology
Chapter 4 Global Solar Power Panel Market Outlook
Chapter 5 Impact of Russia-Ukraine War
Chapter 6 Global Solar Power Panel Market, By Type
Chapter 7 Global Solar Power Panel Market, By Technology
Chapter 8 Global Solar Power Panel Market, By End-User
Chapter 9 Global Solar Power Panel Market, By Geography
Section II: Global Portable Solar Panel Market Report 2023-2030:
According to the latest report by Kings Research, the global Portable Solar Panel Market was registered a valuation of USD 1.20 billion in 2022 and is speculated to accrue USD 4.35 billion in revenue by 2030, depicting a 17.50% CAGR between 2023 and 2030. Increased investments in solar-powered consumer electronics, a growing appetite for flexible/thin film electronics, and the surging shift toward electric or hybrid vehicles are key factors driving the growth of the portable solar panel market.
The marketability of solar panels is further enhanced by the diverse array of cell types utilized in their production, including monolithic amorphous cells, which contribute to maximizing their efficiency. Government initiatives aimed at bolstering off-grid energy availability, surging adoption of portable and wireless energy-efficient devices, and growing concerns regarding the depletion of conventional energy sources such as fossil fuels are further propelling market expansion.
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Rising Popularity of Outdoor Pursuits to Facilitate Portable Solar Panel Market Progress
Based on application, the global portable solar panel market has been categorized into remote monitoring/maintenance, leisure/recreational activities, emergency power backup, and mobile lights. The leisure/recreational activities segment holds the leading position within the industry, driven by the rising popularity of outdoor pursuits like camping, hiking, trekking, and various leisure activities. Additionally, the growing preference for portable and wireless charging devices among travelers is further boosting the growth of the segment.
Superior Energy Efficiency of Crystalline Cell Type to Propel Portable Solar Panel Market Expansion
In terms of cell type, the portable solar panel market has been categorized into crystalline and amorphous. Crystalline dominated the global portable solar panel industry in 2022. The segmental growth is attributed to the superior energy efficiency of crystalline solar panels and their capability to operate optimally even in challenging environments characterized by high heat and low light conditions. These qualities have been instrumental in driving market growth, making crystalline technology a popular choice for both indoor and outdoor applications, ensuring maximum power output even in adverse conditions.
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Increasing Investments in Solar-Powered Devices to Augment Portable Solar Panel Market Revenue
The rapid growth of the portable solar panel market is driven by increasing investments in solar-powered devices. As more focus is placed on sustainable and renewable energy sources, particularly solar energy, the popularity of gadgets like smartphones, tablets, cameras, and other portable electronics that are powered by solar energy has surged. This trend has sparked innovation in portable solar charging technology as manufacturers strive to improve efficiency and power output. They are incorporating features such as built-in batteries, USB ports, and wireless charging capabilities into portable solar panels. These advancements not only enhance usability but also make them more appealing to consumers. Furthermore, with the rise in investment in solar-powered consumer electronics and a greater awareness of the benefits of solar energy, the upsurge in the need for portable solar charging solutions is expected to continue to grow in the coming years.
Europe Leads Portable Solar Panel Market Due to Presence of Convenient Power Solutions
Europe is the leading market for sustainable and convenient power solutions in outdoor activities, camping, and off-grid scenarios. These solutions offer the flexibility to harness solar power and recharge electronic devices. Portable solar panels have undergone significant advances in technology, resulting in increased efficiency, reduced weight, and a more compact design that resonates with consumers across Europe. Portable solar panels are becoming increasingly popular in Europe due to the region’s strong dedication to renewable energy and the growing demand for sustainable energy solutions.
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Leading participants in the portable solar panel industry prioritize essential business strategies, including forming partnerships, engaging in mergers & acquisitions, investing in product innovation and launches. These strategic initiatives are aimed at broadening their product portfolios and strengthening their market presence in various regions.
For instance, in March 2023, FLEXSOLAR debuted on Kickstarter with the introduction of the A60 and A60 Pro. These solar panels, which are exceptionally lightweight and compact, were designed with the intention of delivering dependable and efficient power for individuals on the move. They are especially well-suited for outdoor enthusiasts, travelers, and anyone in need of a portable power solution. Notably, the A60 and A60 Pro are built to withstand the elements, boasting a robust and waterproof design, complete with an IP67 waterproof rating, which ensures their functionality even in the face of unforeseen rain or accidental exposure.
Key players in the global portable solar panel market are Bluetti Power, Jinko Solar, Jackery Inc., Shenzhen Ouliyang Technology Co., Ltd, Tata Power, PowerFilm Solar, Inc., EcoFlow, Innotech Enterprise LLC, ACOPOWER, REDARC
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