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2022

Solar Photovoltaic (pv) Panel Market

Solar Photovoltaic (PV) Panel Market Size, Share, Competitive Landscape and Trend Analysis Report by Technology (Crystalline Silicon, Thin Film, and Others), Grid Type (On-grid and Off-grid), and End Use (Residential, Commercial & Industrial, and Others): Global Opportunity Analysis and Industry Forecast, 2021-2030

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Author's: Saurabh Dixit | Eswara Prasad
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Solar PV Panel Market Analysis-2030

The global solar PV panel market size was valued at $180.4 billion in 2020, and is expected to reach $641.1 billion by 2030, registering a CAGR of 11.9% from 2021 to 2030. Solar energy is the radiant energy emitted from the sun, which is harnessed by using various solar panel technologies such as crystalline silicon, and thin film. It is an efficient form of nonconventional energy and a convenient renewable solution toward growing greenhouse emissions and global warming. Solar panels comprise solar cells that are arranged in sandwich-like structure made up of silicon material. Power (DC) generated by solar panels is then converted into AC power with the help of solar inverters, which can be used by various consumers, including residential, commercial, and industrial.

The growth of the global solar PV panel market is driven by gradual transition of energy industry from conventional to renewable sector. In addition, rise in awareness toward environmental pollution associated with pollutants from conventional power generation is projected to fuel the growth of solar photovoltaic panel market during the forecast period. However, lack of solar panel recycling infrastructure and facilities to recover solar panel waste materials across the globe hinders the growth of the solar PV panel market during the forecast period. On the contrary, government initiatives toward reducing carbon footprints and rise in investment toward renewable energy infrastructure are anticipated to provide lucrative growth opportunities for the key players to maintain the position in the solar photovoltaic panel market in the upcoming years.

	Solar-Photovoltaic-(PV)-Panels-Market

The solar PV panel market is segmented on the basis of technology, grid type, end use, and region. Depending on technology, the solar photovoltaic panel market is classified into crystalline silicon, thin film, and others. Crystalline silicon segment is further divided into mono-crystalline silicon and multi-crystalline silicon. On the basis of grid type, solar PV panel market bifurcated into on-grid and off-grid. According to end use, it is fragmented into residential, commercial & industrial, and utilities. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The global market covers in-depth information of the major solar panel industry participants. Some of the major players in the market include JA Solar, Jinko Solar, Aiko Solar, First Solar, Hanwha Solutions, Tongwei Group Co., Ltd., Shunfeng International Clean Energy Co., Ltd., Trina Solar, Yingli Solar, and Waaree Energies Ltd.

Other players operating in the value chain of the global solar PV panel industry are Risen Energy, GCL-SI, Talesun, SunPower Corporation, and ReneSola. Key players are adopting numerous strategies such as product launch, agreement, and investment, to stay competitive in the solar PV panel market.

For instance, in March 2021, JA Solar launched 415 W solar module with 21.3% efficiency. This module is used for residential and commercial PV projects. This strategy enhanced the product portfolio of the company. In addition, in August 2020, JA Solar launched 800 W solar panel named Jumbo. This strategy strengthened the product portfolio and position of the company in solar panel sector.

The solar PV panel market is analyzed and estimated in accordance with the impacts of the drivers, restraints, and opportunities. The period studied in this report is 2021–2030. The report includes the study of the solar PV panel market with respect to the growth prospects and restraints based on the regional analysis. The study includes Porter’s five forces analysis of the industry to determine the impact of suppliers, competitors, new entrants, substitutes, and buyers on the market growth.

Solar Photovoltaic (PV) Panel Market
By Technology
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Crystalline Silicon segment is projected as the most lucrative segment.

Solar Photovoltaic (PV) Panel Market, by Technology

According to technology, the crystalline silicon segment held the largest solar PV panel market share in 2020, owing to rise in demand for solar PV applications, including residential, commercial, and industrial across the globe.In addition, advantages associated with crystalline silicon technologies such as high efficiency rate and long life & optimized commercial use compared to thin-film technologies are expected to be drive the solar PV panel market during the forecast period.

Solar Photovoltaic (PV) Panel Market
By Grid Type
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On Grid is projected as the most lucrative segment.

Solar Photovoltaic (PV) Panel Market, by Grid Type

On the basis of grid type, the on-grid segment dominated the global market in 2020, in terms of share, owing to rise in investment for direct supply of electricity rather than storing it in batteries. In addition, advantages of using on-grid solar PV panels include easy feeding of energy, easy installation, cost-efficiency, and managing high electricity demand, which are anticipated to fuel the growth of the market in the upcoming years.Solar Photovoltaic

Solar Photovoltaic (PV) Panel Market
By End Use
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Utilities is projected as the most lucrative segment.

(PV) Panel Market, by End Use

Depending on end use, the utilities segment dominated the global market in 2020, in terms of share, owing to increase in investment toward building of utility scale solar power plants, solar parks, and other big solar structures. In addition, increase in construction projects such as decentralized solar power plants, rural electrification projects, solar power plants on the water body & rooftops, and commercial buildings drive the solar PV panel market across the globe.

Solar Photovoltaic (PV) Panel Market
By Region
2030
Asia-pacific 
North America
Europe
LAMEA

Asia-Pacific holds a dominant position in 2020 and would continue to maintain the lead over the forecast period.

Solar Photovoltaic (PV) Panel Market, by Region

Asia-Pacific dominated the solar photovoltaic (PV) panel market with highest share in 2020, in terms of revenue, and is anticipated to maintain its dominance throughout the forecast period. This is attributed to the presence of key players and huge consumer base in the region. In addition, the demand for solar panel installation has increased significantly across China, Japan, India, and South Korea, owing to surge in demand for distributed energy systems in the region, which, in turn, is anticipated to drive the growth of the solar PV panel market in Europe from 2021 to 2030. Moreover, rapid expansion of the renewable energy sector, rise in investment toward upgradation of aged power infrastructure, and rapid industrialization are anticipated to fuel the growth of the market in the upcoming years.

COVID-19 Impact on the Market

Lockdown imposed due to the outbreak of COVID-19 pandemic resulted in temporary ban on import & export and manufacturing & processing activities across various industries that decreased the demand for power equipment, which hampered the solar PV panel market. This declined the market growth in the second, third, and fourth quarters of 2020. However, the solar photovoltaic (PV) panel market is expected to recover by the end of 2021 as COVID-19 vaccination has started in various countries across the globe, which is expected to improve the situation globally.

Key Benefits For Stakeholders

  • This report provides a detailed analysis of the current global solar PV panel market trends and future estimations from 2021 to 2030, which helps identify the prevailing solar PV panel market opportunities.
  • A comprehensive market analysis of the factors that drive and restrict the solar PV panel market growth is provided.
  • Estimations and market forecast are based on factors impacting the market growth, in terms of value.
  • Profiles of leading players operating in the solar PV panel market are provided to understand the global competitive scenario.
  • The report provides extensive qualitative insights on the significant segments and regions exhibiting favorable solar PV panel market growth.

Solar Photovoltaic (PV) Panel Market Report Highlights

Aspects Details
Solar Photovoltaic (PV) Panel Market By Technology
By Technology
  • Crystalline Silicon
  • Thin Film
  • Others
Solar Photovoltaic (PV) Panel Market By Grid Type
By Grid Type
  • On-grid
  • Off-grid
Solar Photovoltaic (PV) Panel Market By End Use
By End Use
  • Residential
  • Commercial & Industrial
  • Utilities
Solar Photovoltaic (PV) Panel Market By Region
By Region
  • North America  (U.S., Canada, Mexico)
  • Europe  (Germany, France, UK, Spain, Italy, Rest of Europe)
  • Asia-Pacific  (China, Japan, India, Australia, South Korea, Rest of Asia-Pacific)
  • LAMEA  (Brazil, South Africa, UAE, Turkey, Rest of LAMEA)

Analyst Review

Rapid growth of the solar energy industry is the key factor attributed to the leading position of Asia-Pacific & Europe in the global solar panel market. Asia-Pacific  is expected to provide lucrative opportunities to leading solar panel companies, owing to its huge potential to set up manufacturing plants and surge in demand for solar panels.

Presently, the global solar panel market witnesses numerous opportunities, owing to rapid growth of the solar energy industry in Asia-Pacific and Europe to cope up with the increasing  electricity demand. In addition, rise in awareness toward environmental pollution caused by conventional power generation is anticipated to fuel the growth of the solar panel market during the forecast period. However, lack of solar panel waste recycling infrastructure in rapidly growing regions from North America & Asia-Pacific and lower power conversion efficiency of some solar panels types are anticipated to hamper the market growth during the forecast period.  

Among the analyzed regions, Asia-Pacific is expected to account for the highest revenue in the market by the end of 2030, followed by Europe, North America, and LAMEA.
 

Author Name(s) : Saurabh Dixit | Eswara Prasad
Frequently Asked Questions?

Rise in demand for solar PV panels from residential, commercial and industrial applications and increase in government activities towards promotion of solar power are key factors drives the solar panel market growth during the forecast period.

Product launch, agreement and investment are the key growth strategies of solar panel market players.

The report sample for global Solar panel market report can be obtained on demand from the website. Also, the 24*7 chat support and direct call services are provided to procure the sample report.

Europe and Asia-Pacific regions will provide more business opportunities for solar panel in future

JA Solar, Jinko Solar, Aiko Solar, First Solar, Hanwha Solutions, Tongwei Group Co., Ltd., Shunfeng International Clean Energy Co., Ltd., Trina Solar, Yingli Solar, and Waaree Energies Ltd. are the leading global players in the solar panel market.

The top ten market players are selected based on two key attributes - competitive strength and market positioning.

On the basis of technology, crystalline silicon segment will drive the solar panel market growth during the forecast period. On the basis of grid type, on grid segment will drive the growth of the solar panel market. On the basis of end use, utilities segment will drive the growth of the solar panel market.

The potential customers of solar panel industry are residential, commercial, industrial and utilities.

Key benefits of the solar panel market report include detailed analysis on global trends, key players, competitive scenario, opportunities, market size & forecast, and segmental & regional analysis.

Rapid growth of electric vehicle industry along with investment towards solar energy infrastructure in the economies such as China, India, Japan, U.S., Germany, France and others will influence the solar panel market in the next few years

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Solar Photovoltaic (pv) Panel Market

Global Opportunity Analysis and Industry Forecast, 2021-2030