If you use the Panels module on your website and you’re not making big changes to panes, you can cache Panel pages in their entirety. To do this:
http://[site_URL]/admin/structure/pages
for Drupal 7.Although individual Panel panes aren’t cached by default, you can cache them as well.
To cache Panels panes:
Find the Panel pane that you want to cache.
In the pane itself and not the region, click its gear icon.
In the menu’s Caching section, click Change.
Determine the best method for your site. Panel panes use a cache with increments between 15 seconds and a week. You can also break out the cache based on the Panel pane’s arguments and contexts.
You should cache any pane that doesn’t need to be updated frequently.
Note
Be careful when you’re using Views and Panel caching at the same time. Users can be confused when one cache is cleared and items on a page don’t change because the other cache hasn’t cleared.
Several modules can help with additional caching for Panels. The Panels Hash Cache module provides a hash-based cache for Panels. In addition, the Cache actions module provides integration with the Rules module, allowing the cache to be cleared on specific triggers.
For more information about caching on your Drupal website, see Caching overview.