https://cdn.gophotonics.com/news/Solar_PV_Panels_Market_By_Technology_cover_638019277624416702.png712370
Custom Market Insights recently published a research report titled “Solar PV (Photovoltaic) Panels Market Size, Trends, and Insights - Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2022–2030” in its research database. The demand analysis of the Global Solar PV (Photovoltaic) Panels Market size & share revenue was valued at approximately USD 151.18 Billion in 2021 and is expected to reach around USD 292.32 Billion by 2030, at a compound annual growth rate (CAGR) of about 8.6% during the forecast period 2022 to 2030.
Solar PV panels consist of numerous photovoltaic or solar cells created using silicon, boron, and phosphorous arranged in a grid-like pattern on the base. PV cells are used to generate electricity from sunlight, which is a great alternative renewable source for pollution-free electricity generation. The electricity generated through solar PV cells is used to charge batteries and provides electricity in off-grid areas, remote power systems for cabins, remote sensing, telecommunication equipment, etc.
The photovoltaic panels generate electricity through the photovoltaic effect, in which the panels absorb the sunlight in the form of photons converted into an electric current. These photons strike the panel surface, and the electron is knocked out, which again gets pulled by the magnetic field generated by the solar panels, and electricity is generated. Solar PV cells were initially used in spacecraft, but they are currently widely used in the commercial and industrial sectors to generate electricity.
Regional Snapshots
Currently, Asia Pacific is leading in the global solar PV panel market and is projected to grow significantly during the forecast period. The increase in solar power installation demand across countries like China and India is an alternative source for electricity generation. These two countries, with a large consumer base, are the key regions for establishing the solar PV panel market across the Asia Pacific.
The low production cost of the plants and the government's initiative to achieve the target of reduced carbon emissions led to the growth of the solar PV panel market across Asia.
Market Dynamics
Drivers
The growth of the solar PV market is driven by the environmental awareness associated with the depletion of non-renewable sources and the emission of pollutants from such sources.
The rapid production of energy from renewable sources and the transitional shift from conventional to renewable, associated with environmental friendliness, are the factors that drive the growth of the solar PV panel market across the globe. Several under-construction projects associated with the government's supportive measures are expected to drive market growth in the projection period. Several solar PV panels have been installed and are expected to become the major source of electricity by 2030.
Key Offerings:
- Market Share, Size & Forecast by Revenue | 2022−2030
- Market Dynamics – Growth Drivers, Restraints, Investment Opportunities, and Leading Trends
- Market Segmentation – A detailed analysis by Types of Services, by End-User Services, and by Regions
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
Restraints
The growth of the solar PV panel market can be hampered in the forecasting period due to the high installation cost of the solar PV panels and high electricity cost compared to the other power generation sectors. The future demand for solar PV panels is likely to be affected due to such reasons. In addition, there is no proper infrastructure or organization to recycle solar PV panels or reuse the waste materials associated with solar PV panels, which can hinder the market growth in the forecasting period.
Opportunities
The government has introduced various preventive measures against the reduced GHG emission and non-renewable resource depletion resulting in the industry shift toward solar PV panels. The increased investments in the generation of renewable energy sources may offer lucrative opportunities for the global solar PV market.
Challenges
One of the major challenges of the solar PV system is the lifetime of the installed solar PV panels under multiple environmental conditions. The quality and ability of solar panels degrade under tough environmental stresses; such a factor is crucial for the global market to retain its growth in the future.
The lack of proper energy storage and maintenance is another crucial challenge for the market. Usually, solar-generated energy has stored batteries that require high cost and maintenance. Solar PV panel installation is costly compared to other traditionally used panels, which is challenging for the market growth in the forecasting period.
Report Highlights
Based on technology, the crystalline silicone segment held the largest global market share in 2021 and is expected to witness potential growth during the forecasting period. The rise in demand for solar PV applications in industrial, commercial, and residential supports the potential market growth across the globe. In addition to that, the crystalline silicone segment offers high stability and efficiency rate, which drives its growth in the market.
Based on application, the commercial segment has the largest market share, with 42.02% in the global solar PV market. The rapid demand for solar PV modules across commercial buildings and remote places drives market growth across the commercial segment.
Segments covered in the report
Based on Technology
Based on Product
- Monocrystalline
- Polycrystalline
- Cadmium Telluride
- Amorphous Silicon
- Copper Indium Gallium Di-Selenide
Based on Connectivity
Based on Mounting
Based on End-use
- Residential
- Commercial & Industrial
- Utility
On the basis of Geography
North America
Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia Pacific
The Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of the Middle East & Africa
Latin America
- Brazil
- Argentina
- Rest of Latin America
The key market players listed in the report with their sales, revenues, and strategies are Hanwha Q-Cells, Risen Energy, Jinko Solar, LONGI Solar, Canadian Solar, SunPower Corporation, First Solar, Aiko Solar, Tongwei Group Co. Ltd., Shungfen International Clean Energy Co. Ltd., Yingli Solar, and others.
Click here to read the report titled, “Solar PV (Photovoltaic) Panels Market Size, Trends & Insights - Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2022–2030."
