A new market survey claims global spending on solar panels will reach $273.15B by 2029, up from $187.69B in 2023, representing a CAGR of 6.45%.

This growth is being driven by a number of factors, including:

• Numerous providers of hardware, design, reliability, and service entering the space
• Continued advancements in innovation
• Government subsidies to drive adoption and reduce carbon output
• Growing adoption rates by consumers and corporations alike

Geographically speaking, Asia-Pacific is leading the charge. Home to many of the solar industry’s design and manufacturing giants, regional governments are also requiring stringent new emissions reduction standards.

The European theater also is a major driver of solar adoption, sparked by government spending, environmental commitments by consumers and businesses alike, and infrastructure investments.

North America is also a major player, with strong economic growth, corporate expansions, and new business development all driving higher solar adoption rates.

While the survey credits green initiatives and technology advancements for solar growth, it cautions that high upfront costs and price volatility could jeopardize some of its forecasted growth. It notes that the costs of the raw materials behind solar – glass, plastic, timber, and aluminum – have dramatically risen over the past few years.