The global crystalline solar panels market is on a trajectory of substantial growth, with forecasts indicating a value of US$ 2389.4 million by 2029. This marks a significant increase from the US$ 1486 million recorded in 2022, demonstrating a remarkable Compound Annual Growth Rate (CAGR) of 5.9% during the period from 2023 to 2029. The market’s expansion is fueled by various factors, including the emphasis on renewable energy initiatives in countries such as China, the European Union, the United States, and Japan. These initiatives encompass a range of policies, subsidies, and incentives to promote solar power adoption. Furthermore, the global push for carbon neutrality and the increasing demand for clean energy sources are driving the growth of the crystalline solar panels market.
Key Initiatives and Market Drivers
China’s Renewable Energy Law, implemented since 2006, prioritizes the exploration of renewable energy sources, spurring significant growth in the country’s optoelectronic industry. In 2021, China set ambitious carbon neutrality goals, further propelling the renewable energy sector’s potential. The European Commission’s Net-Zero Industry Act in 2023 aims to stimulate local manufacturing, reduce import dependence on China, and meet at least 40% of the EU’s clean energy demand by 2030, with a target of 600 GW of installed solar capacity. The United States introduced the Inflation Reduction Act in 2022, which allocates substantial funds for energy security and climate change investments, incentivizing the development of the domestic photovoltaic industry. Japan plans to make solar panels mandatory for new residential buildings in Tokyo from 2025, targeting 14%-16% of the nation’s total power generation from photovoltaic sources by 2030, with an estimated cumulative installed capacity of about 117.326 GW.
Market Insights and Opportunities
The recently published crystalline solar panels market report provides a comprehensive understanding of the industry’s landscape, covering historical data from 2018 to 2022 and forecast projections from 2023 to 2029. The report equips readers with a multifaceted perspective, offering insights essential for informed decision-making. Topics covered include competitive dynamics among manufacturers, distribution and analysis of production regions, country-level sales analysis, segmentation by type and application, industry outlook, market opportunities, challenges, and conclusive summaries.
Find more details about this report at: https://www.themarketreports.com/report/global-crystalline-solar-panels-market-research-report
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