Solar Photovoltaic (PV) Panels Market Overview:
Global Solar Photovoltaic (PV) Panels Market was valued at $118,704 million in 2016 and is expected to reach $307,204 million by 2023, registering a CAGR of 15.0% from 2017 to 2023. Photovoltaic devices directly convert sunlight into electricity. The key components of PV power system are various types of photovoltaic cells (also known as solar cells). These components are interconnected and encapsulated to form a photovoltaic module, the mounting structure of modules which is manufactured for the grid connected and off-grid systems. Moreover, solar energy is renewable and helps countries to meet their policy goals for secure, reliable, and affordable energy and provides electricity access with reduced price volatility and the promotion of social and economic development. Therefore, decrease in price of solar energy has further led to the demand for production of solar power which in turn proves to be a cost-effective solution.
Global Solar photovoltaic (PV) Panels Market Segmentation
The solar photovoltaic (PV) panels market is segmented based on technology, grid-type, end use, and geography. Based on technology, it is classified into thin-film, crystalline, and others (organic and concentrator photovoltaics). Crystalline silicon solar photovoltaic (PV) is further segmented into mono and multi crystalline. Based on grid type, it is bifurcated into grid connected and off-grid. Grid connected is further segmented into centralized and decentralized. By end use, it is categorized into residential, commercial, and utility scale. Based on geography, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Demand for solar power in the emerging markets of all continents, especially in areas where electricity is needed the most significantly contributes to the market growth. Moreover, rapid expansion of the market is primarily due to the increase in competitiveness of solar photovoltaic and rise in government initiatives and programs owing to increased demand for electricity. In addition, countries switch toward solar photovoltaic (PV) potential to seek problems of alleviating pollution and CO2 emissions. Furthermore, recent addition of solar photovoltaics in countries such as India and China was catered owing to response to national feed-in tariff (FIT) payments and other incentives that aid in alleviating chronic power shortages and increase reliability.
The global solar photovoltaic (PV) panels market provides various opportunities to the market players, owing to disposable incomes and rapid growth in the global economy. Moreover, utility scale solar photovoltaic (PV) witnesses great demand owing to improving cost competitiveness of solar photovoltaic (PV) and growth in electricity demand. However, rapid increase in solar power has also led to grid congestion issues and interconnection delays in several emerging nations. In addition, insufficient grid capacity posed a significant hurdle for the setup of new plants and key players were growing cautious of the sector due to delays in subsidy collection and problems with solar panel quality. Therefore, the aforementioned factors are expected to restrain the market growth to some extent.
Top Investment Pockets
Utility Scale segment is expected to project highest growth rate owing to rapid investments in utility scale solar plants. Utility-scale solar plants provide the benefit of fixed-priced electricity during peak demand periods when electricity from fossil fuels is the most expensive. In addition, it has aided in development of clean energy thereby reducing carbon pollution in atmosphere.
Top Investment Pockets
The grid connected segment, dominated the global market in 2016, and is anticipated to maintain its dominance throughout the forecast period. Based on end use, the market is classified into residential, commercial, and utility scale. The utility scale segment is estimated to grow at a significant CAGR of 16.0%.
Solar Photovoltaic (PV) Panels Market Share, by Technology, 2016 (%)
Europe accounted for a considerable share of the total revenue in 2016, followed by Asia-Pacific and North America. Moreover, the demand for solar photovoltaics is on a rise in Latin America, majorly in Africa owing to presence of widely distributed solar resources and is expected to gain a major growth during the forecast period. Key players, which include Suntech Power Holding Co. Ltd., Sun Power Corporation, First Solar Inc., Yingli Green Energy Holding Co. Ltd., Canadian Solar Inc., Schott Solar Ag., Sharp Corporation, Solar World Ag, Jinko Solar Holding Company Ltd, and Trina Solar Ltd invest in R&D activities to develop advanced products to cater to the requirements of the market.
The other players in the value chain (profiles not included in the report) include Kaneka Corporation, Kyocera Corporation, Panasonic Corporation, Renesola Co. Ltd, BP Solar International, Bloo Solar Inc, 1366 Technologies Inc., and 3GSolar Photovoltaics Ltd.
- The report provides an extensive analysis of solar photovoltaic (PV) panels market trends and size from 2016 to 2023 to determine the prevailing opportunities.
- It offers comprehensive analysis of North America, Europe, Asia-Pacific, and LAMEA to understand the regional trends.
- Comprehensive analysis of factors that drive & restrict the growth of the market is provided.
- Extensive analysis is conducted by following product benchmarking, positioning, and monitoring the top competitors within the global market.
- The report provides extensive qualitative solar photovoltaic (PV) market trends on the significant segments or regions.
- The report provides key insights on strategic solar photovoltaic (PV) industry analysis of various companies and the value chain analysis of solar photovoltaic.
Solar Photovoltaic (PV) Panels Market Key Segmentation:
- Thin Film
- Crystalline Silicon
- Others (Organic and Concentrator Photovoltaics)
By Grid Type
- Grid Connected
By End Use
- North America
- Rest of Europe
- Rest of Asia-Pacific
- South Africa
- Rest of LAMEA