Global Solar PV Panel Market was valued at USD 10 Billion in 2022 and is projected to reach USD 18 Billion by 2030, growing at a CAGR of 8.0% from 2024 to 2030.
The solar photovoltaic (PV) panel market is experiencing unprecedented growth, driven by technological advancements and a global shift towards renewable energy sources. As of 2023, the market was valued at approximately $170.25 billion and is projected to grow at a compound annual growth rate (CAGR) of 7.7% from 2024 to 2030, reaching an estimated $305.81 billion by 2031. This surge is attributed to decreasing costs of solar technology and increasing environmental awareness among consumers and industries alike.
Several key factors contribute to this upward trajectory:
Technological Innovations: The development of bifacial solar panels, which capture sunlight from both sides, has enhanced efficiency and energy yield, making solar power more accessible and cost-effective.
Government Incentives: Policies such as tax credits and subsidies have made solar installations more financially viable for both residential and commercial users.
Environmental Concerns: Growing awareness of climate change and the need to reduce carbon footprints have led to increased adoption of clean energy solutions.
In my personal experience, installing solar panels on my property not only reduced my electricity bills but also provided a sense of contributing to environmental sustainability. The initial investment was offset by long-term savings and the satisfaction of utilizing renewable energy.
However, the market faces challenges. The rapid decline in solar panel prices has led to increased competition among manufacturers, impacting profit margins. For instance, companies like Longi Green Energy Technology are exploring strategies such as vertical expansion into solar farm operations and horizontal integration into producing electrolysers for green hydrogen to maintain competitiveness.
Looking ahead, the solar PV panel market is poised for continued expansion. Emerging markets in the Global South are experiencing significant growth, with countries like Kenya and Namibia substantially increasing their solar energy outputs. The International Energy Agency forecasts that solar energy will surpass other energy forms by 2033, underscoring the importance of continued investment in this sector.
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JinkoSolar
Hanwha Q Cells
Canadian Solar
SunPower Corporation
Trina Solar
GCL System Integration
LONGi Solar
First Solar
Risen Energy
Talesun
JA Solar
Yingli Solar
ReneSola
By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the Global Solar PV Panel Market
Residential
Commercial
Based on Types the Market is categorized into Below types that held the largest Solar PV Panel market share In 2023.
Monocrystalline
Polycrystalline
And Thin-Film
Global (United States, Global and Mexico)
Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
Asia-Pacific (China, Global, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia, etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
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1. Introduction of the Global Solar PV Panel Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. Global Solar PV Panel Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. Global Solar PV Panel Market, By Type
6. Global Solar PV Panel Market, By Application
7. Global Solar PV Panel Market, By Geography
Global
Europe
Asia Pacific
Rest of the World
8. Global Solar PV Panel Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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