What are the prospects for the solar panel market?
Latest news, Napelem, Solar panel Közzétéve: 2023.07.18.
The war in Ukraine and the energy crisis have affected numerous industries. However, the prospects for the global solar panel market are positive as the world’s solar capacity continues to grow steadily year after year, and forecasts indicate that it will continue to show an upward trend in the coming years. This upward trajectory can provide excellent opportunities for installers who can contribute to customer satisfaction in multiple ways.
According to the International Energy Agency, in 2023, solar investments are expected to surpass expenses allocated to oil production for the first time (source: Reuters). This news will also shape events in the solar market in the near future.
What is driving this trend?
The World Energy Investment report states that since 2021, investments in renewable energy have increased by nearly a quarter, while investments in fossil fuels have only grown by 15 percent. Energy expenditures amount to a massive sum, with the world expected to spend approximately $2.8 trillion on them in 2023, a significant portion of which will be allocated to renewable and nuclear energy, with the remaining going towards oil, coal, and gas. This news provides optimism for players in the solar panel market.
Who dominates the solar panel market?
Mostly advanced economies and China are investing in renewable energy. Since the outbreak of the Russian-Ukrainian war, the European Union has been increasingly investing significant amounts in the financing of solar and wind energy, thereby strengthening its energy independence. Additionally, it is already supporting the construction of solar panel factories to get closer to China, the current dominant player in the solar panel market.
What do the forecasts show?
According to SolarPower Europe, it is expected that between 341 and 402 GW of solar power installations will be expected worldwide in 2023, which could reach up to 800 GW annually by 2027.
The changing trends of the solar power market in 2023.
According to S&P Global, due to the tightening regulations in recent years, both raw materials and transportation costs have decreased by 2023. However, this does not automatically imply a reduction in the costs of renewable energy projects; instead, it indicates a significant transformation in the solar panel market.
At the beginning of 2023, the price of solar modules decreased due to the increase in polysilicon supply. This can be good news for installers, as they can now access the defining component of solar systems at a lower price.
The aforementioned increase in solar capacity may result in more customers seeking solutions that allow them to store solar energy for a certain period of time.
What aspects do installers pay attention to?
More and more residential and commercial users are opting for solar panel systems, which is why it is crucial for installers to source the right products from reliable suppliers.
It can be highly problematic if the products do not arrive on time, the wholesale partner is unreliable, there is a lack of technical support, or it is not possible to purchase larger quantities at favorable prices due to inadequate stock at the distributor.
Furthermore, the ordering process and delayed deliveries can pose issues for installers, which is why they need a trustworthy wholesale partner with whom they can establish a long-term collaboration.
The efficiency and precision of installers, along with the construction of solar panel systems using high-quality products, can provide reassurance to customers, as they know that their solar panel system is in good hands.
Do you have questions?
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