The Rise In Investments In Renewable Energy Is Driving the Solar Photovoltaic Panel Manufacturing Market

The rapid growth in investments in renewable power generation capacities is expected to drive the solar photovoltaic panel manufacturing market during the forecast period.

A large number of power generation companies are investing in renewable energy sources, especially in the USA and European countries.

For instance, according to the World Energy Investment Report, 2021 by the International Energy Agency (IEA), renewable energy for new power generation capacity attracted an estimated 70% of global energy investment in 2021, with most of the investment flowing towards power and end-use sectors, shifting out of traditional fossil fuel production.

The global solar photovoltaic panel manufacturing market size is expected to grow from $177.20 billion in 2021 to $209.90 billion in 2022 at a compound annual growth rate (CAGR) of 18.5%.

The solar photovoltaic panel manufacturing market growth is expected to reach $416.87 billion in 2026 at a CAGR of 18.7%.

Companies in the solar photovoltaic panel manufacturing market are focusing on the launch of smart robots to support the construction of new solar projects. Robots automate the construction of new solar resources, enabling a safer work environment, shorter project timelines, and lower overall energy costs.