Solar PV Panels Market – Industry Insights By Application

[sara James]

The global Solar PV Panels Market size is expected to reach USD 287.13 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 7.8% from 2023 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

Related Press Release@ Solar PV Panels Market Report

List of Key Players in the Solar PV Panels Market

• JinkoSolar
• JA Solar
• Trina Solar
• LONGi Solar
• Canadian Solar
• Hanwha Q-CELLS
• Risen Energy
• GCL-SI
• First Solar
• SunPower Corporation

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

Solar PV Panels Market Report Scope

Report Attribute	Details
Market size revenue in 2023	USD 170.25 billion
Revenue forecast in 2030	USD 287.13 billion
Growth rate	CAGR of 7.8% from 2023 to 2030
Base year for estimation	2022
Historical data	2018 - 2021
Forecast period	2023 - 2030

 

Related Reports@

Floating Solar Panels Market

Off-grid Solar PV Panels Market

Solar PV Panels Market Segmentation

Grand View Research has segmented the global solar PV panels market based on technology, grid type, application, and region:

Solar PV Panels Technology Outlook (Revenue, USD Billion, 2018 - 2030)

• Thin Film
• Crystalline Silicon
• Others

Solar PV Panels Grid Type Outlook (Revenue, USD Billion, 2018 - 2030)

• On Grid
• Off Grid

Solar PV Panels Application Outlook (Revenue, USD Billion, 2018 - 2030)

• Residential
• Commercial
• Industrial

Solar PV Panels Regional Outlook (Revenue, USD Billion, 2018 - 2030)

• North America
• • U.S.
  • Canada
  • Mexico
• Europe
• • Germany
  • Russia
  • UK
  • Spain
  • Italy
  • France
  • Turkey
  • Croatia
• Asia Pacific
• • China
  • Japan
  • South Korea
  • India
  • Australia
• Central & South America
• • Brazil
  • Colombia
  • Paraguay
• Middle East & Africa
• • Saudi Arabia
  • UAE
  • South Africa
  • Egypt