Solar PV Panels Industry Overview
The global solar PV panels market size is expected to reach USD 286.64 billion by 2030, according to a new report by Grand View Research, Inc. The industry is anticipated to advance at a CAGR of 7.8% from 2022 to 2030. Increasing demand for sustainable carbon-free solar energy along with strict regulations related to climate change prevention are likely to support the growing demand for solar PV panels during the projection period.
The market is primarily driven by the increasing adoption of solar PV panels across the commercial, utility, and residential segments. The demand for solar photovoltaic panels across these sectors is rising due to huge price variance between retail electricity and solar-generated electricity. European countries such as Italy, Germany, and Spain have attained grid parity, with solar power having a lower price when compared with retail power.
Solar PV Panels Market Segmentation
Grand View Research has segmented the global solar PV panels market on the basis of technology, grid, application, and regional:
Based on the Technology Insights, the market is segmented into Thin Film, Crystalline Silicon, and Others
- In terms of revenue, the thin-film segment accounted for the largest revenue share of 42.07% in the global market in 2021, owing to its narrow design, strong durability, and manufacturing from flexible & lightweight materials.
- The crystalline silicon segment is projected to witness substantial growth during the forecast period owing to the extended lifecycle of panels, low weight volume ratio, and low-cost manufacturing of silicon semiconductors.
Based on the Grid Insights, the market is segmented into On Grid and Off Grid
- In terms of revenue, the off grid segment is projected to ascend at the highest CAGR of 16.4% during the forecast period.
- The rising energy demand from isolated locations worldwide, along with the formulation and stringent implementation of various regulatory policies for decentralizing the power generation sector, is expected to positively influence the growth of the off-grid type segment in the coming years.
- The dominant position of the on-grid type segment in the market can be attributed to the low operating and maintenance costs of grid-connected PV systems and their non-complexity.
Based on the Application Insights, the market is segmented into Residential, Commercial, and Industrial
- With regards to revenue, the industrial application segment led the market in 2021 by accounting for a share of 40.61% of the market.
- The growing demand for clean electricity is expected to increase the number of utility projects and fuel the PV modules market growth across industrial sector.
- The rapid adoption of PV modules in corporate offices, hotels, and hospitals, coupled with increased power demand in communication base stations and data centers, is expected to drive product demand across the commercial sector.
- The residential application segment is expected to grow at the highest CAGR during the forecast period. Rooftop solar PV equipped with an energy battery storage system provides reliable secondary power in residential households, thereby boosting product demand across the segment.
Solar PV Panels Regional Outlook
- North America
- Europe
- Asia Pacific
- South & Central America
- Middle East & Africa (MEA)
Key Companies Profile & Market Share Insights
The global market is highly competitive and consolidated due to presence of large number of market players. Technology sourcing, skilled man power, and strong R&D are among the significant factors governing the competitiveness of the solar PV panels industry.
In November 2020, Canadian Utilities, an ATCO company, announced the completion of Canada's largest off-grid solar project, which was built in two phases. The first phase included a 600kW solar farm and the second phase included a 2,200kW solar farm. This is expected to increase the demand for solar PV panels in the country in the coming years.
Some prominent players in the global Solar PV Panels market include:
- Jinko Solar
- JA Solar
- Trina Solar
- LONGi Solar
- Canadian Solar
- SunPower Corporation
- First Solar
- Hanwha Q-CELLS
- Risen Energy
- Talesun
Order a free sample PDF of the Solar PV Panels Market Intelligence Study, published by Grand View Research.
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