Insights Into The Solar Market in 2024
As we now head into the New Year, it’s a great time to reflect on the insights of the solar panel market and what we can expect to see in 2025. The market was highly strong in 2024 with more and more homes and businesses adopting solar panels and benefiting from the benefits of their own solar electricity. This article covers:
- An assessment of the market and how the continued growth of solar panel installation and production will affect the market going into 2025. Continued global efforts for the adoption of renewable energies will likely stimulate the market again in 2025.
- How EU directives affected the production of solar panels in 2024 for the European market as well as new manufacturing facilities.
- How global recovery in terms of manufacturing and production decreased the overall costs of solar panels and materials after years of volatility – making solar panels more affordable in all areas.
We are the leading installers of solar panels in Belfast and the surrounding areas. We have installed many solar panel PV systems for homes, businesses and agricultural premises and we will work with you to design and install the perfect PV solar panel system. Get in touch with a member of our team to arrange for your free solar panel quotation.
2024 Saw Highly Positive Growth in the Market
Following on from supply chain issues and manufacturing issues from 2020 to 2023, 2024 was a strong year due to a return to normality in many supply chains. China is the largest manufacturer of parts used for systems and Chinese exports grew in 2024 to supply the market with the components needed to create solar panel PV systems. As the global market looks for more renewable energy sources, this naturally increases the demand for solar panels as well as investments into making the technology more affordable in the future. This has led to the development of n-type solar panels and other technologies that look like they will improve over the next few years into the next decade.
EU Directives Affecting European Market and Impact on The Republic of Ireland
The Green Deal Industrial plan has spurred growth across the Euro Zone which has seen a positive increase in the European Markets which affects The Republic of Ireland’s market. The plan is designed to enhance net zero contributions and also provides investment into innovation and the development of further solar panel technologies. This technology is aimed to make solar cheaper to afford and install as well as provides directives.
Global Recovery of the Manufacturing Market
The global recovery of the manufacturing market has also contributed significantly to the growth and rebound of the industry in 2024. China is the largest manufacturer of solar panel technology and parts which are then used for the construction of many solar panel PV systems globally. This affects the overall market and works to reduce the overall cost of installation as well as the supply of solar PV systems. This makes them more attractive to those who are looking to invest in the technology as well as governments who are providing grants to stimulate investment and installation of solar panels by businesses and individuals. This has bolstered the market and is making 2025 an already exciting year for solar panel installation and investment.
We are the leading installers of solar panels in Belfast and the surrounding areas. We help all of our clients harness and enjoy the benefits of generating their own solar electricity. We design and install fully comprehensive solar PV panel systems for businesses and homeowners. We can also retroactively upgrade or replace older-style systems. Get in touch with our solar panel experts to arrange for your free quote.
