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

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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 Segmentation

Grand View Research has segmented the global solar PV panels market report 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 

Regional Insights

Asia Pacific held the largest market share of over 54.0% in 2023, with China being the largest contributor to revenue generation. The presence of large market players and supportive government policy of providing subsidies and financial incentives for photovoltaic projects are key factors for the growth of the industry in China. The North American market is expected to grow at a CAGR of about 7.9% over the forecast period. Proliferating capacity of residential consumers coupled with the announcement of new utility projects is expected to enhance product penetration across the country over the forecast period.

Apart from being the largest hub of panel manufacturing, China has several solar farms including the world’s largest floating farm that can generate 40 MW of electricity. In addition, the country accounts for a prominent position in solar PV panel exports to the world. However, some countries like the U.S. and India have applied restrictions on amount of PV panels imported from China, thereby disrupting solar industry profits in the country.

Key Companies & Market Share Insights

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

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

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

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