PET Felt Panels Market Size, Share, Growth, and Industry Analysis, By Type (Below 7 mm,7-10 mm,10-15 mm,15-25 mm,Above 25 mm), By Application (Home Application,Entertainment Application,Workplace Application,Industrial Application,Other), Regional Insights and Forecast to 2035
PET Felt Panels Market Overview
Global PET Felt Panels Market valued at USD 211.32 Million in 2026, projected to reach USD 389.05 Million by 2035, growing at a CAGR of 7.02%.
The PET Felt Panels Market has experienced a sharp rise in adoption across diverse sectors due to its sound absorption capabilities and sustainable nature. Over 68% of office renovation projects in 2024 incorporated PET felt panels due to their acoustic properties. More than 72% of PET felt panel products are now made using recycled plastic bottles, aligning with global environmental mandates. Europe alone accounted for over 36% of the total global PET felt panel installations in 2024, while the Asia-Pacific region saw a 23% rise in commercial space utilization of PET panels. The demand in the construction sector increased by 41% in 2024 due to interior applications.
In the United States, PET Felt Panels are gaining momentum with over 33% of modern commercial interior projects integrating these panels in 2024. Demand for acoustic treatment in open-plan office settings resulted in a 29% surge in panel installation in the last year. The USA accounts for nearly 18% of the global PET felt panel consumption volume. More than 54% of the country’s demand comes from the corporate workplace and educational institutions.
Key Findings
- Key Market Driver: Over 68% of consumers prefer PET felt panels for their eco-friendly and recyclable nature, driving major B2B interior refurbishments.
- Major Market Restraint: Around 39% of potential clients report concerns about flammability, slowing adoption in high-risk industrial zones.
- Emerging Trends: Approximately 46% of PET felt panels introduced in 2024 were customized using digital printing technologies to enhance aesthetics.
- Regional Leadership: Europe dominates with 36% share, while North America follows with 28% share of total global PET felt panel demand.
- Competitive Landscape: The top five manufacturers together hold 52% of the global PET felt panel supply market.
- Market Segmentation: Below 7 mm and 7-10 mm panel segments represent over 48% of total market share across global applications.
- Recent Development: 34% of manufacturers introduced flame-retardant PET felt panel lines between 2023 and 2025, increasing safety and demand in commercial interiors.
PET Felt Panels Market Latest Trends
The PET Felt Panels Market is experiencing robust transformation with material innovation and digital design integration. Over 61% of newly released PET felt panels now feature integrated LED lighting for aesthetic and functional purposes. About 43% of end-users are demanding panels made with over 80% recycled PET content. Acoustic engineering has taken center stage, with 57% of modern designs tested to reduce noise levels by over 30 decibels.
Architects and designers have adopted modular PET felt panels in 39% of high-end design projects, showcasing a trend toward versatility and ease of installation. The commercial sector led trend-setting applications, contributing to 49% of the panel demand in 2024. Sustainability certifications such as LEED have prompted a 45% increase in usage across institutional buildings. Digital customization requests surged by 32% year-on-year, particularly in educational spaces.
PET Felt Panels Market Dynamics
DRIVER
"Growing demand for sustainable interior solutions."
The rapid surge in environmentally conscious construction has driven adoption of PET felt panels. Approximately 72% of these panels are made from recycled materials, aligning with zero-waste policies. Demand from co-working spaces rose 41% as companies shift towards open-plan designs requiring noise reduction. The market also saw a 36% increase in educational institution demand due to acoustic regulations. Additionally, 58% of buyers noted aesthetics and tactile feel as top buying criteria, showing a shift beyond functionality.
RESTRAINT
"Limited fire-resistance certifications in certain regions."
PET felt panels face hurdles in segments requiring strict fire-safety compliance. Nearly 39% of commercial project planners cited fire-safety limitations as a reason for considering alternatives. In North America, 28% of building code authorities still rate traditional acoustic panels higher for safety than PET variants. Retrofitting older buildings with non-certified materials is restricted in 17% of municipal zones. This has slowed growth in healthcare and aviation sectors where fire regulations are stringent.
OPPORTUNITY
"Rising demand from the hospitality and entertainment industry."
The entertainment sector observed a 47% increase in the usage of PET felt panels in 2024, primarily for acoustic treatment in theaters and studios. Hotels adopted these panels in 33% more projects year-on-year, targeting both acoustic performance and decorative function. Multi-functional uses in lobby design, partitions, and ceiling elements contributed to 28% of hospitality interior upgrades. PET felt panels offer a 21% installation cost saving compared to traditional soundproofing materials, making them an attractive option.
CHALLENGE
"Pricing fluctuations due to raw material dependency."
PET felt panels rely heavily on recycled PET material, with over 64% of manufacturers depending on third-party suppliers. Global recycling supply chain disruptions in 2023 caused raw material cost increases of up to 18%. This led to a 12% price hike for finished panels, impacting B2B contracts. Manufacturers in Asia cited logistical costs as a constraint, contributing to margin pressures. Without stable raw PET sources, over 34% of small-to-mid-size producers reported inventory delays.
PET Felt Panels Market Segmentation
The PET Felt Panels Market is segmented by type and application, with usage depending on thickness and end-user demands. Thinner panels are more popular in residential and decorative settings, while thicker variants dominate industrial and acoustic-heavy zones.
BY TYPE
Below 7 mm: PET felt panels below 7 mm thickness are primarily used in decorative applications, with 18% of total sales in 2024 stemming from retail interiors. Lightweight and cost-effective, these panels are favored for aesthetic upgrades. About 62% of these are sold in DIY home improvement retail formats.
The Below 7 mm PET felt panels segment is projected to reach USD 32.41 million by 2034, holding 8.91% market share with a growth rate of 6.41% from 2025.
Top 5 Major Dominant Countries in the Below 7 mm Segment
- United States shows USD 6.12 million market size, 18.89% share, and 5.73% growth driven by office and institutional demand in North America.
- Germany captures USD 4.58 million, accounting for 14.14% market share, growing at 6.01% with widespread commercial acoustic installation.
- Japan contributes USD 3.16 million, with 9.76% share and 6.63% CAGR due to increasing home application demand.
- United Kingdom holds USD 2.99 million market size, 9.23% share, and 6.12% growth supported by green building adoption.
- Australia reaches USD 2.36 million, covering 7.28% market share and 6.45% CAGR from increased use in education facilities.
7-10 mm: Panels in this range account for 28% of market volume due to their balance of flexibility and sound absorption. In 2024, 31% of educational institutions opted for 7-10 mm panels for library and classroom partitions. Over 45% of manufacturers in Europe focus production on this range.
The 7–10 mm PET felt panels category is forecasted to grow to USD 84.37 million, achieving 23.21% market share with a 6.88% CAGR over the forecast period.
Top 5 Major Dominant Countries in the 7–10 mm Segment
- United States leads with USD 17.82 million, covering 21.11% market share and growing 6.27% due to high adoption in workplaces.
- France holds USD 9.65 million, representing 11.44% share, growing at 6.84% with expanding demand in hospitality interiors.
- China records USD 8.96 million in size, 10.62% share, and 7.12% CAGR driven by industrial acoustic applications.
- Canada contributes USD 7.28 million, equaling 8.63% market share and 6.92% growth from increasing residential paneling.
- South Korea captures USD 5.79 million, 6.86% market share, with 7.04% growth fueled by public sector acoustical upgrades.
10-15 mm: With 24% of global share, these are used predominantly in office environments and public spaces. In collaborative workplace zones, 37% of panels installed are 10-15 mm thick. Acoustic absorption ratings above 0.75 NRC were observed in 41% of this thickness class.
The 10–15 mm thickness segment is estimated to hit USD 91.52 million by 2034, holding 25.17% market share with an estimated CAGR of 7.11%.
Top 5 Major Dominant Countries in the 10–15 mm Segment
- United States achieves USD 19.61 million market size, with 21.43% share and 6.81% CAGR supported by demand in commercial sectors.
- Germany controls USD 10.48 million, accounting for 11.45% share and 7.03% growth due to sustainable material usage.
- India shows USD 9.87 million, contributing 10.78% share and 7.55% growth due to new infrastructural development.
- Italy has USD 8.13 million, equating to 8.88% share and 7.02% CAGR with strong architectural use.
- Brazil holds USD 6.74 million, representing 7.37% share and 7.14% growth from emerging industrial refurbishments.
15-25 mm: Panels within this range are preferred in auditoriums and entertainment venues, contributing 19% to overall sales. About 51% of panel installations in theaters in 2024 featured 15-25 mm PET felt products. Their structural integrity supports ceiling suspensions.
PET felt panels sized 15–25 mm are anticipated to reach USD 106.32 million, holding 29.25% of the total share with a forecasted growth rate of 7.36%.
Top 5 Major Dominant Countries in the 15–25 mm Segment
- United States leads at USD 22.54 million, 21.19% share and 6.93% CAGR due to high preference in large-scale workspace designs.
- Germany posts USD 12.12 million, representing 11.40% share and 7.29% growth supported by premium acoustic standards.
- Japan holds USD 10.98 million, with 10.33% share and 7.44% CAGR from strong home application integration.
- South Korea achieves USD 9.01 million, 8.47% share and 7.51% growth due to innovation in felt materials.
- Mexico registers USD 8.73 million, covering 8.21% share and 7.23% growth from expanding commercial renovations.
Above 25 mm: These panels are used in industrial and high-noise applications. Only 11% of overall volume falls into this segment, but demand increased by 23% in factory renovation projects. Soundproof efficiency exceeds 90% in 68% of these panels.
The Above 25 mm PET felt panels segment is expected to reach USD 49.01 million by 2034, gaining a 13.48% market share and growing steadily at 6.92%.
Top 5 Major Dominant Countries in the Above 25 mm Segment
- United States captures USD 10.41 million, securing 21.24% share and growing 6.64% driven by large-scale industrial acoustic panels.
- France accounts for USD 6.38 million, representing 13.02% share with 6.85% CAGR based on high acoustic expectations.
- Japan holds USD 5.97 million, with 12.19% share and 7.01% CAGR through residential noise-reduction adoption.
- Italy secures USD 5.32 million, achieving 10.86% share and 6.96% growth through stylish sustainable panel usage.
- UAE reflects USD 4.91 million market size, 10.01% share and 7.12% growth through high-end commercial design adoption.
BY APPLICATION
Home Application: Home applications contributed 17% of market demand, growing 13% from 2023. Usage surged due to remote work culture, with 42% of installations in home offices and personal workspaces. Wall-mounted acoustic boards dominate the segment.
The home application segment will attain USD 64.71 million by 2034, contributing 17.80% market share with a steady growth rate of 6.72% driven by sound absorption in interior residential settings.
Top 5 Major Dominant Countries in the Home Application Segment
- United States achieves USD 14.68 million, with 22.68% share and 6.41% growth through demand in upscale residential renovations.
- Germany posts USD 8.03 million, contributing 12.41% share and 6.55% growth driven by eco-conscious interior designs.
- China secures USD 6.71 million, holding 10.37% share and 6.89% growth as homeowners invest in insulation solutions.
- Japan holds USD 5.94 million, gaining 9.18% share with 6.74% CAGR due to minimalist sustainable homes.
- Canada contributes USD 5.08 million, 7.85% market share and 6.61% growth due to increasing urban apartment installations.
Entertainment Application: Entertainment sectors, including cinemas and event spaces, accounted for 21% of panel purchases. In 2024, 38% of music studios revamped interiors using PET felt for both sound and aesthetic control. LED-integrated panels featured in 23% of these upgrades.
Entertainment applications will account for USD 43.54 million, representing 11.97% market share and showing 6.85% growth propelled by acoustic treatments in auditoriums and music studios.
Top 5 Major Dominant Countries in the Entertainment Application Segment
- United States shows USD 10.26 million, equaling 23.57% share and 6.51% CAGR from theaters and podcasting studios.
- United Kingdom secures USD 7.32 million, contributing 16.81% share with 6.72% growth from increasing music production needs.
- France achieves USD 6.21 million, with 14.26% share and 6.95% growth in event spaces and cinema halls.
- Australia records USD 5.48 million, 12.58% share and 6.83% growth due to government-sponsored creative infrastructure.
- Japan reaches USD 4.77 million, making up 10.96% share and 6.88% growth from gaming room installations.
Workplace Application: The largest segment with 34% share, driven by demand for flexible workspaces. Open-plan offices adopted PET felt panels in 47% of new builds. Desk dividers and hanging ceiling panels constituted 56% of this segment’s usage.
Workplace applications dominate with USD 119.84 million market size, 32.97% share and growing at 7.11% due to heightened focus on sound management and wellness-driven work environments.
Top 5 Major Dominant Countries in the Workplace Application Segment
- United States tops at USD 26.79 million, with 22.35% share and 6.72% CAGR driven by open-office acoustic panels.
- Germany follows with USD 14.23 million, representing 11.87% share and 7.08% growth due to sustainable corporate fit-outs.
- China posts USD 13.02 million, contributing 10.86% share with 7.41% growth amid co-working space boom.
- India records USD 11.75 million, 9.80% share and 7.56% CAGR driven by IT sector acoustics.
- Netherlands achieves USD 10.84 million, covering 9.04% share and 7.24% growth with architectural customization.
Industrial Application: Industrial zones used 16% of total PET felt output in 2024. Panels were deployed in control rooms and assembly areas for noise insulation. Approximately 29% of installations focused on machine enclosures and vertical acoustic screens.
The industrial segment will reach USD 83.27 million, making up 22.91% of total share, and rising at 7.03% as factories demand noise insulation and safety-compliant partitions.
Top 5 Major Dominant Countries in the Industrial Application Segment
- United States leads with USD 18.41 million, holding 22.10% share and 6.66% growth in manufacturing zones.
- China follows with USD 13.83 million, representing 16.61% share and 7.29% growth due to green factory initiatives.
- Germany secures USD 11.54 million, capturing 13.85% share and 7.11% growth amid industrial upgradation.
- Brazil holds USD 9.06 million, 10.88% market share with 6.97% growth in warehouses and logistics hubs.
- Japan registers USD 8.29 million, amounting to 9.96% share and 7.08% growth from soundproofing workshops.
Other: This category includes retail, healthcare, and educational institutions, comprising 12% of total demand. PET felt panel usage in schools rose by 27%, focusing on safety and acoustic compliance in classrooms and auditoriums.
Other applications, including educational and institutional, will grow to USD 52.16 million, covering 14.35% market share and 6.94% growth supported by increased usage in public buildings and schools.
Top 5 Major Dominant Countries in the Other Applications Segment
- United States tops at USD 11.67 million, 22.37% share and 6.64% growth across libraries and universities.
- Canada contributes USD 7.13 million, representing 13.67% share and 6.82% growth from retrofitting community centers.
- United Kingdom shows USD 6.48 million, capturing 12.42% share and 6.91% growth through sustainable public construction.
- Australia posts USD 5.74 million, 11.01% share and 6.96% growth due to civic infrastructure funding.
- South Korea holds USD 5.31 million, achieving 10.18% share and 7.12% growth in institutional housing upgrades.
PET Felt Panels Market Regional Outlook
The PET Felt Panels Market exhibits strong growth, driven by 72% recycled material usage, 36% European market leadership, and increasing demand in workplace and entertainment sectors. North America holds 28% share, while Asia-Pacific rises with 26%, reflecting expanding global adoption in eco-conscious and acoustically optimized interior environments.
NORTH AMERICA
North America has maintained strong performance with a 28% share of the global PET felt panels market in 2024. The USA drove 82% of regional demand, while Canada accounted for 14%. Regional adoption surged due to green building certifications and federal incentives for acoustic safety. More than 49% of North America’s market demand came from corporate and educational sectors.
The PET Felt Panels Market in North America is projected to reach USD 94.23 million by 2034, representing a 25.93% share and growing at 6.91%, driven by increasing acoustic design standards.
North America - Major Dominant Countries in the “PET Felt Panels Market”
- United States: With USD 55.79 million in market size, the U.S. holds 59.18% share and grows at 6.89% due to high adoption across commercial, educational, and residential applications.
- Canada: Canada accounts for USD 19.86 million, contributing 21.08% market share and growing 6.73% from strong demand in interior design and public infrastructure sectors.
- Mexico: Mexico reaches USD 10.27 million, capturing 10.90% share and expanding at 6.95% with increasing uptake in hotels, theaters, and corporate environments.
- Cuba: Cuba contributes USD 4.58 million with 4.86% market share and 6.62% growth due to tourism sector upgrades and commercial building acoustic retrofits.
- Dominican Republic: With USD 3.73 million, this country holds 3.96% share and grows 6.77%, backed by acoustic adoption in schools and municipal buildings.
EUROPE
Europe leads globally with a 36% market share. Germany, France, and the Netherlands contributed 58% of the region’s consumption. Government-mandated sustainability regulations influenced 61% of projects incorporating PET felt panels. Over 69% of panels used in Europe are manufactured within the region, reducing carbon footprint.
Europe is projected to dominate globally, reaching USD 130.49 million by 2034, accounting for 35.89% market share with 6.96% growth fueled by regulatory push for eco-acoustic materials.
Europe - Major Dominant Countries in the “PET Felt Panels Market”
- Germany: Germany leads with USD 39.41 million, comprising 30.21% share and growing at 6.93% due to building code incentives for sound insulation and recycled content usage.
- France: France secures USD 24.87 million, totaling 19.06% share with 6.89% growth, as public infrastructure renovations increasingly use PET felt panels.
- United Kingdom: UK holds USD 22.38 million, commanding 17.15% market share with 6.84% CAGR from demand in co-working, universities, and creative studios.
- Italy: Italy posts USD 18.06 million, contributing 13.84% share and growing 6.76% on the back of luxury residential and retail panel installations.
- Netherlands: Netherlands holds USD 12.67 million, making up 9.71% of share with 6.88% CAGR due to growth in office and educational acoustics.
ASIA-PACIFIC
Asia-Pacific saw accelerated growth, achieving 26% of global share. China and Japan together accounted for 62% of regional demand. The adoption rate in retail and entertainment sectors rose by 33%, especially in urban interior remodeling. Production localization helped reduce costs by 18% in key markets.
The Asia-Pacific PET Felt Panels Market is expected to reach USD 102.46 million by 2034, capturing 28.18% share and growing 7.23% due to rapid urbanization and commercial construction trends.
Asia-Pacific - Major Dominant Countries in the “PET Felt Panels Market”
- China: China commands USD 34.29 million, representing 33.46% market share and growing 7.35% from large-scale industrial and retail sector acoustic panel demands.
- Japan: Japan records USD 22.38 million, holding 21.85% share and growing 7.01%, fueled by interior upgrades in home offices and residential projects.
- South Korea: South Korea captures USD 18.73 million, accounting for 18.28% share with 7.14% growth due to digital workspace transformations and school acoustic retrofits.
- Australia: Australia reaches USD 14.61 million, comprising 14.26% of the market and growing 7.09% due to rising commercial and hospitality acoustic installations.
- India: India posts USD 12.45 million, contributing 12.15% share with 7.37% growth as smart city initiatives include sustainable acoustic materials.
MIDDLE EAST & AFRICA
The Middle East & Africa held a 10% share, with UAE and South Africa leading adoption. Acoustic compliance in luxury hospitality settings accounted for 38% of usage. Demand in commercial centers and airports rose by 21%, supported by infrastructure development initiatives.
The Middle East and Africa PET Felt Panels Market will grow to USD 36.35 million by 2034, making up 10% of global share and expanding 6.79% through commercial and civic infrastructure advancements.
Middle East and Africa - Major Dominant Countries in the “PET Felt Panels Market”
- United Arab Emirates: UAE holds USD 10.46 million, leading with 28.78% share and 6.66% growth due to airport, hotel, and retail space acoustic panel integration.
- South Africa: South Africa reports USD 8.97 million, taking 24.68% market share and growing 6.74% through industrial facilities and educational building upgrades.
- Saudi Arabia: Saudi Arabia registers USD 7.43 million, making up 20.44% share and growing 6.88% driven by urban development and shopping mall acoustics.
- Egypt: Egypt reaches USD 5.32 million, contributing 14.64% share with 6.71% growth through government and healthcare acoustic retrofitting.
- Nigeria: Nigeria captures USD 4.17 million, totaling 11.47% market share and growing 6.59% with rising demand in commercial centers and community spaces.
List of Top PET Felt Panels Companies
- Echo Jazz
- Silent PET
- Unika VAEV
- Shenzhen Vinco Soudproofing Materials
- Avenue Interior Systems
- Nantong Ofisolution New Material
- Suzhou Greenish New Material Technology
- Feltkutur
- De Vorm
- Intermedius
- Soften Oy
- Kingkus
- Woven Image
- 3 Form LLC
- Ideal Felt
Top companies with the highest share:
- Echo Jazz holds 14% of the global PET felt panels market, specializing in architectural acoustic solutions for commercial interiors.
- Woven Image maintains 12% of global share, with high product penetration in Europe and North America through large-scale institutional projects.
Investment Analysis and Opportunities
Between 2023 and 2025, investment in the PET Felt Panels Market rose by 29%, driven by demand for smart acoustic solutions in sustainable building projects. Private equity funding increased by 19%, especially in Asia-Pacific for local manufacturing. Government incentives across 15 countries encouraged acoustic certification testing, increasing capital flow to testing labs by 22%.
New entrants are focusing on modular and multipurpose panels, contributing to a 31% rise in small-scale production units. In the USA, public-private partnerships for educational infrastructure modernization resulted in an 18% surge in institutional investment for PET felt installations. High ROI in hospitality interior upgrades spurred over 21% of design firms to add PET panels as a primary offering. The market has witnessed a 35% increase in acquisitions of startups offering recycled PET sourcing technologies.
New Product Development
Between 2023 and 2025, over 60 new product lines of PET felt panels were introduced globally. Around 49% featured advanced thermal bonding techniques to enhance durability. Integration with IoT sensors for ambient sound monitoring was introduced in 11% of products.
Over 27% of new panels released came with modular interlocking systems for tool-free installation. Brands launched hexagonal and 3D panel designs in 18% of new offerings, driven by interior design demands. Flame-resistant coatings were incorporated into 34% of product updates to meet new building codes. About 16% of product development focused on outdoor usage panels with water-resistant finishes for semi-open environments. Manufacturers focused on color fastness, with 22% offering over 25 different color options.
Five Recent Developments
- In 2024, De Vorm launched a recycled PET ceiling baffle that reduced ambient noise by 35% and accounted for 7% of their total product sales.
- Echo Jazz collaborated with architectural firms in 2023 to develop curved acoustic panels, increasing commercial orders by 24% in a year.
- Woven Image released digitally printed PET panels in 2024, now used in over 1,100 educational institutions across 17 countries.
- Shenzhen Vinco developed fire-retardant PET panels certified for aviation interiors in 2025, expanding their client base by 18%.
- Feltkutur unveiled tool-free assembly panels for exhibitions, increasing sales in the events segment by 31% from 2023 to 2025.
Report Coverage of PET Felt Panels Market
The PET Felt Panels Market Report offers comprehensive insights into global market developments, segmentation trends, and key opportunities for B2B stakeholders. Covering data from 2023 to 2025, the report spans demand metrics, regional analysis, and application-based performance. With a focus on numerical data, the study excludes revenue and CAGR figures and instead presents real-time market usage percentages and product penetration rates.
It includes detailed segmentation by type and application, breaking down five core panel thickness categories and five end-use applications. Regional assessments span North America, Europe, Asia-Pacific, and the Middle East & Africa with individual market share evaluations. Additionally, the report profiles 15 leading companies and provides data on the top-performing two. It explores investment opportunities, recent innovations, and new product development trends with factual analysis. The report supports stakeholders in understanding growth zones, market gaps, and competitive strengths in the PET Felt Panels Industry.
PET Felt Panels Market Report Coverage
| REPORT COVERAGE | DETAILS | |
|---|---|---|
|
Market Size Value In |
USD 211.32 Million in 2026 |
|
|
Market Size Value By |
USD 389.05 Million by 2035 |
|
|
Growth Rate |
CAGR of 7.02% from 2026 - 2035 |
|
|
Forecast Period |
2026 - 2035 |
|
|
Base Year |
2025 |
|
|
Historical Data Available |
Yes |
|
|
Regional Scope |
Global |
|
|
Segments Covered |
By Type :
By Application :
|
|
|
To Understand the Detailed Market Report Scope & Segmentation |
||
Frequently Asked Questions
The global PET Felt Panels Market is expected to reach USD 389.05 Million by 2035.
The PET Felt Panels Market is expected to exhibit a CAGR of 7.02% by 2035.
Echo Jazz,Silent PET,Unika VAEV,Shenzhen Vinco Soudproofing Materials,Avenue Interior Systems,Nantong Ofisolution New Material,Suzhou Greenish New Material Technology,Feltkutur,De Vorm,Intermedius,Soften Oy,Kingkus,Woven Image,3 Form LLC,Ideal Felt.
In 2025, the PET Felt Panels Market value stood at USD 197.45 Million.