Solar PV Panels Market Size, Share & Trends Analysis Report By Technology (Thin Film, Crystalline Silicon), By Grid Type (On Grid, Off Grid), By Application (Residential, Commercial, Industrial), By Region, And Segment Forecasts, 2024 - 2030
Solar PV Panels Market Size, Share & Trends Analysis Report By Technology (Thin Film, Crystalline Silicon), By Grid Type (On Grid, Off Grid), By Application (Residential, Commercial, Industrial), By Region, And Segment Forecasts, 2024 - 2030
Solar PV Panels Market Growth & Trends
The global solar PV panels market size was estimated at USD 287.13 billion in 2030 and is expected to grow at a compound annual growth rate (CAGR) of 7.7% from 2024 to 2030. Growing demand for sustainable carbon-free solar energy coupled with stringent regulations regarding climate change prevention is likely to strengthen the increasing demand for solar PV panels over the forecast period.
As solar PV systems are a form of renewable energy, various governments have implemented programs including feed-in tariffs to provide various economic incentives for investments. This is anticipated to positively impact the market growth in the coming years. Furthermore, cost cuts on account of improvements in technology and economies of scale are key characteristics of solar PV that are expected to be responsible.
The energy generation market has witnessed growth, in terms of the installed capacity of renewable sources, in the past few years on account of the rising environmental concerns along with the pressure to reduce the harmful effects of greenhouse gasses. This has been a major factor in the expansion of solar and wind energy sectors. Governments across the world are supporting energy saving and energy efficiency, which is expected to contribute to the growth of the market over the forecast period.
Industry participants are focusing on developing innovative manufacturing techniques to enhance conversion efficiency and generate the most immediate payback period. For instance, in January 2022, Jinko Solar won a tender offered by China Petroleum Engineering & Construction Corporation, for up to 1.85 GW of its highly efficient solar modules. The company mentioned that it is one of the largest solar module procurements made by CNPC. Further, the company announced that the modules were scheduled to be supplied in 2022 to support CNPC’s solar development pipeline in China
Solar PV Panels Market Report Highlights
Thin film technology segment accounted for a prominent revenue share and was valued at USD 6.93 billion in 2022 owing to inexpensive thin film manufacturing
The off-grid segment is expected to witness the fastest CAGR of 16.0% over the forecast period, owing to rising demand for decentralized power generation across remote locations
Asia Pacific accounted for the largest market share of 54.31% in 2022. The region is expected to witness significant growth owing to high grid utilization in countries such as China, India, and Japan
JinkoSolar, JA Solar, Trina Solar, LONGi Solar, Canadian Solar, Hanwha Q-CELLS, Risen Energy, GCL-SI, Talesun, and First Solar are some of the significant participants in the solar PV panel industry
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Chapter 1 Methodology & Scope
1.1 Market Segmentation & Scope
1.1.1 Market Definitions
1.1.2 Research Methodology and Assumptions
1.1.2.1 Bottom-Up Approach
1.1.2.2 Top-Down Approach
1.1.2.3 Cross-Validation
1.1.2.4 Market Forecasts
1.2 Information Procurement
1.2.1 Purchased Database
1.2.2 GVR’s Internal Database
1.2.3 Secondary Sources
1.2.4 Third-Party Perspective
1.2.5 Primary Research
1.3 Information Analysis
1.3.1 Data Analysis Models
1.4 Market Formulation and Data Visualization
1.5 Data Validation and Publishing
Chapter 2 Executive Summary
2.1 Market Snapshot
2.2 Segment Snapshot
2.3 Segment Snapshot
2.4 Competitive Landscape Snapshot
Chapter 3 Solar PV Panels Market Variables and Trends
3.1 Market Lineage Outlook
3.1.1 Energy Generation Market Outlook
3.2 Penetration & Growth Prospect Mapping
3.3 Industry Value Chain Analysis
3.4 Technology Overview
3.5 Regulatory Framework
3.5.1 Policies and Plans
3.5.2 Standards & Compliances
3.6 Market Dynamics
3.6.1 Market Driver Impact Analysis
3.6.1.1 Increasing demand for photovoltaic cells
3.6.1.2 Favorable policies and regulations
3.6.2 Market Restraint Impact Analysis
3.6.2.1 Presence of substitute clean power generation technologies
3.6.3 Industry Challenges
3.7 Business Environment Analysis: Solar PV Panels Market
3.7.1 Industry Analysis - Porter’s
3.7.2 PESTEL analysis
3.8 Impact of COVID-19 on the Solar PV Panels Market