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Solar PV Panels Market Size, Share & Trends Analysis Report By Technology (Thin Film, Crystalline Silicon), By Grid Type (On Grid, Off Grid), By Application (Residential, Commercial, Industrial), By Region, And Segment Forecasts, 2023 - 2030

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    Report

  • 128 Pages
  • May 2023
  • Region: Global
  • Grand View Research
  • ID: 5595838
Description Jump to:
The global solar PV panels market size is expected to reach USD 287.13 billion by 2030. 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

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


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Table of Contents

Chapter 1 Methodology & Scope
1.1 Market Segmentation & Scope
1.1.1 Market Definitions
1.1.2 Research Methodology and Assumptions
1.1.2.1 Bottom-Up Approach
1.1.2.2 Top-Down Approach
1.1.2.3 Cross-Validation
1.1.2.4 Market Forecasts
1.2 Information Procurement
1.2.1 Purchased Database
1.2.2 GVR’s Internal Database
1.2.3 Secondary Sources
1.2.4 Third-Party Perspective
1.2.5 Primary Research
1.3 Information Analysis
1.3.1 Data Analysis Models
1.4 Market Formulation and Data Visualization
1.5 Data Validation and Publishing
Chapter 2 Executive Summary
2.1 Market Snapshot
2.2 Segment Snapshot
2.3 Segment Snapshot
2.4 Competitive Landscape Snapshot
Chapter 3 Solar PV Panels Market Variables and Trends
3.1 Market Lineage Outlook
3.1.1 Energy Generation Market Outlook
3.2 Penetration & Growth Prospect Mapping
3.3 Industry Value Chain Analysis
3.4 Technology Overview
3.5 Regulatory Framework
3.5.1 Policies and Plans
3.5.2 Standards & Compliances
3.6 Market Dynamics
3.6.1 Market Driver Impact Analysis
3.6.1.1 Increasing demand for photovoltaic cells
3.6.1.2 Favorable policies and regulations
3.6.2 Market Restraint Impact Analysis
3.6.2.1 Presence of substitute clean power generation technologies
3.6.3 Industry Challenges
3.7 Business Environment Analysis: Solar PV Panels Market
3.7.1 Industry Analysis - Porter’s
3.7.2 PESTEL analysis
3.8 Impact of COVID-19 on the Solar PV Panels Market
3.8.1 Challenges
3.8.1.1 Disruption in supply chain
3.8.1.2 Reduction in demand from some Countries
3.8.2 Steps Taken
3.8.3 Impact Analysis - Medium
Chapter 4 Solar PV Panels Market: Technology Estimates & Trend Analysis
4.1 Technology Movement Analysis & Market Share, 2022 & 2030
4.2 Solar PV Panels Market Estimates & Forecast, by Technology (USD Billion)
4.2.1 Thin Film
4.2.2 Crystalline Silicon
4.2.3 Others
Chapter 5 Solar PV Panels Market: Application Estimates & Trend Analysis
5.1 Application Movement Analysis & Market Share, 2022 & 2030
5.2 Solar PV Panels Market Estimates & Forecast, By Application (USD Billion)
5.2.1 Residential
5.2.2 Commercial
5.2.3 Industrial
Chapter 6 Solar PV Panels Market: Grid Type Estimates & Trend Analysis
6.1 Grid Type Movement Analysis & Market Share, 2022 & 2030
6.2 Solar PV Panels Market Estimates & Forecast, By Grid Type (USD Billion)
6.2.1 On-grid
6.2.2 Off-grid
Chapter 7 Solar PV Panels Market: Regional Estimates & Trend Analysis
7.1 Solar PV Panel Market: Regional Outlook
7.2 North America
7.2.1 North America Solar PV Panel Market estimates & Forecasts, 2018 - 2030 (USD Billion)
7.2.2 U.S.
7.2.2.1 Key country dynamics
7.2.2.2 U.S. Solar PV Panel Market estimates & Forecasts, 2018 - 2030 (USD Billion)
7.2.3 Canada
7.2.3.1 Key country dynamics
7.2.3.2 Canada Solar PV Panel Market estimates & Forecasts, 2018 - 2030 (USD Billion)
7.2.4 Mexico
7.2.4.1 Key country dynamics
7.2.4.2 Mexico Solar PV Panel Market estimates & Forecasts, 2018 - 2030 (USD Billion)
7.3 Europe
7.3.1 Europe Solar PV Panel Market estimates & Forecasts, 2018 - 2030 (USD Billion)
7.3.2 Germany
7.3.2.1 Key country dynamics
7.3.2.2 Germany Solar PV Panel Market estimates & Forecasts, 2018 - 2030 (USD Billion)
7.3.3 France
7.3.3.1 Key country dynamics
7.3.3.2 France Solar PV Panel Market estimates & Forecasts, 2018 - 2030 (USD Billion)
7.3.4 Italy
7.3.4.1 Key country dynamics
7.3.4.2 Italy Solar PV Panel Market estimates & Forecasts, 2018 - 2030 (USD Billion)
7.3.5 UK
7.3.5.1 Key country dynamics
7.3.5.2 UK Solar PV Panel Market estimates & Forecasts, 2018 - 2030 (USD Billion)
7.3.6 Spain
7.3.6.1 Key country dynamics
7.3.6.2 Spain Solar PV Panel Market estimates & Forecasts, 2018 - 2030 (USD Billion)
7.3.7 Russia
7.3.7.1 Key country dynamics
7.3.7.2 Russia Solar PV Panel Market estimates & Forecasts, 2018 - 2030 (USD Billion)
7.3.8 Turkey
7.3.8.1 Key country dynamics
7.3.8.2 Turkey Solar PV Panel Market estimates & Forecasts, 2018 - 2030 (USD Billion)
7.3.9 Croatia
7.3.9.1 Key country dynamics
7.3.9.2 Croatia Solar pv market estimates & Forecasts, 2018 - 2030 (USD Billion)
7.4 Asia Pacific
7.4.1 Asia Pacific Solar PV Panels market estimates & Forecasts, 2018 - 2030 (USD Billion)
7.4.2 China
7.4.2.1 Key country dynamics
7.4.2.2 China Solar PV Panels market estimates & Forecasts, 2018 - 2030 (USD Billion)
7.4.3 India
7.4.3.1 Key country dynamics
7.4.3.2 India Solar PV Panels market estimates & Forecasts, 2018 - 2030 (USD Billion)
7.4.4 Japan
7.4.4.1 Key country dynamics
7.4.4.2 Japan Solar PV Panels market estimates & Forecasts, 2018 - 2030 (USD Billion)
7.4.5 Australia
7.4.5.1 Key country dynamics
7.4.5.2 Australia Solar PV Panels market estimates & Forecasts, 2018 - 2030 (USD Billion)
7.4.6 South Korea
7.4.6.1 Key country dynamics
7.4.6.2 South Korea Solar PV Panels market estimates & Forecasts, 2018 - 2030 (USD Billion)
7.5 Central & South America
7.5.1 Central and South America Solar PV Panel Market estimates & Forecasts, 2018 - 2030 (USD Billion)
7.5.2 Brazil
7.5.2.1 Key country dynamics
7.5.2.2 Brazil Solar PV Panel Market estimates & Forecasts, 2018 - 2030 (USD Billion)
7.5.3 Colombia
7.5.3.1 Key country dynamics
7.5.3.2 Colombia Solar PV Panel Market estimates & Forecasts, 2018 - 2030 (USD Billion)
7.5.4 Paraguay
7.5.4.1 Key country dynamics
7.5.4.2 Paraguay Solar PV Panel Market estimates & Forecasts, 2018 - 2030 (USD Billion)
7.6 Middle East and Africa
7.6.1 Middle East and Africa Solar PV Panel Market estimates & Forecasts, 2018 - 2030 (USD Billion)
7.6.2 Saudi Arabia
7.6.2.1 Key country dynamics
7.6.2.2 Saudi Arabia Solar PV Panel Market estimates & Forecasts, 2018 - 2030 (USD Billion)
7.6.3 UAE
7.6.3.1 Key country dynamics
7.6.3.2 UAE Solar PV Panel Market estimates & Forecasts, 2018 - 2030 (USD Billion)
7.6.4 South Africa
7.6.4.1 Key country dynamics
7.6.4.2 South Africa Solar PV Panel Market estimates & Forecasts, 2018 - 2030 (USD Billion)
7.6.5 Egypt
7.6.5.1 Key country dynamics
7.6.5.2 Egypt Solar PV Panel Market estimates & Forecasts, 2018 - 2030 (USD Billion)
Chapter 8 Solar PV Panels Market: Competitive Landscape
8.1 Recent Developments & Impact Analysis by Key Market Participants
8.2 Company Categorization
8.3 Participant’s Overview
8.3.1 JinkoSolar
8.3.2 JA Solar
8.3.3 Trina Solar
8.3.4 LONGi Solar
8.3.5 Canadian Solar
8.3.6 SunPower Corporation
8.3.7 First Solar
8.3.8 Talesun
8.3.9 Hanwha Group
8.3.10 RISEN ENERGY Co. LTD.
8.3.11 Yingli Solar
8.3.12 GCL-SI
8.3.13 HIANS Energy Solutions Ltd.
8.3.14 Sunrun
8.3.15 Trinity Solar, Inc
8.4 Financial Performance
8.5 Product Benchmarking
8.6 Company Market Positioning
8.7 Company Market Share Analysis, 2022
8.8 Company Heat Map Analysis
8.9 Strategy Mapping
8.9.1 expansion
8.9.2 mergers & acquisitions
8.9.3 collaborations
8.9.5 new product launches
8.9.6 research & Development
List of Tables
Table 1 Solar PV Panels Market Estimates and Forecast, by Technology, 2018 - 2030 (USD Billion)
Table 2 Global Solar PV Panels Market Revenue Estimates and Forecast, By Application, 2018 - 2030 (USD Billion)
Table 3 Global Solar PV Panels Market Revenue Estimates and Forecast, By Grid Type, 2018 - 2030 (USD Billion)
Table 4 U.S. macro-economic outlay
Table 5 Canada macro-economic outlay
Table 6 Mexico macro-economic outlay
Table 7 Germany macro-economic outlay
Table 8 France macro-economic outlay
Table 9 Italy macro-economic outlay
Table 10 UK macro-economic outlay
Table 11 Spain macro-economic outlay
Table 12 Russia macro-economic outlay
Table 13 Turkey macro-economic outlay
Table 14 Croatia macro-economic outlay
Table 15 China macro-economic outlay
Table 16 India macro-economic outlay
Table 17 Japan macro-economic outlay
Table 18 Australia macro-economic outlay
Table 19 South Korea macro-economic outlay
Table 20 Brazil macro-economic outlay
Table 21 Colombia macro-economic outlay
Table 22 Paraguay macro-economic outlay
Table 23 Saudi Arabia macro-economic outlay
Table 24 UAE macro-economic outlay
Table 25 South Africa macro-economic outlay
Table 26 Egypt macro-economic outlay
Table 27 Top 5 Company Market Share, 2022
Table 28 Company Heat Map Analysis
Table 29 Key companies undergoing expansion
Table 30 Key companies involved in M&A
Table 31 Key companies undergoing collaborations
Table 32 Key companies launching new products
Table 33 Key companies undertaking R&D activities
List of Figures
Fig. 1 Solar PV Panels Market Segmentation
Fig. 2 Information procurement
Fig. 3 Primary research pattern
Fig. 4 Primary research process
Fig. 5 Primary research approaches
Fig. 6 Market Snapshot
Fig. 7 Segment Snapshot
Fig. 8 Segment Snapshot
Fig. 9 Competitive Landscape Snapshot
Fig. 10 Renewable Energy Market Value, 2022 (USD Billion)
Fig. 11 Solar PV Panels Market - Industry Value Chain Analysis
Fig. 12 Solar PV Panels Market Dynamics
Fig. 13 Solar PV Panels Market - Porter’s Analysis
Fig. 14 Solar PV Panels Market - PESTEL analysis
Fig. 15 Solar PV Panels Market, by Technology: Key Takeaways
Fig. 16 Solar PV Panels Market Revenue Share, by Technology, 2022 & 2030 (%)
Fig. 17 Thin-film Solar PV Panels Market Estimates & Forecasts, 2018 - 2030 (USD Billion)
Fig. 18 Crystalline Silicon Solar PV Panels Market Estimates & Forecasts, 2018 - 2030 (USD Billion)
Fig. 19 Other Technology-based Solar PV Panels Market Estimates & Forecasts, 2018 - 2030 (USD Billion)
Fig. 20 Solar PV Panels Market, by Application: Key Takeaways
Fig. 21 Solar PV Panels Market, by Application: Market Share, 2022 & 2030
Fig. 22 Residential market estimates & forecasts, 2018 - 2030 (USD Billion)
Fig. 23 Commercial market estimates & forecasts, 2018 - 2030 (USD Billion)
Fig. 24 Industrial market estimates & forecasts, 2018 - 2030 (USD Billion)
Fig. 25 Solar PV Panels Market, by Grid Type: Key Takeaways
Fig. 26 Solar PV Panels Market, by Grid Type: Market Share, 2022 & 2030
Fig. 27 On-grid market estimates & forecasts, 2018 - 2030 (USD Billion)
Fig. 28 Off-grid market estimates & forecasts, 2018 - 2030 (USD Billion)
Fig. 29 Solar PV Panel Market revenue, by region, 2022 & 2030, (USD Billion)
Fig. 30 Regional Marketplace: Key Takeaways
Fig. 31 Regional marketplace: Key Takeaways
Fig. 32 North America Solar PV Panel Market Estimates & Forecasts, 2018 - 2030 (USD Billion)
Fig. 33 U.S. Solar PV Panel Market Estimates & Forecasts, 2018 - 2030 (USD Billion)
Fig. 34 Canada Solar PV Panel Market Estimates & Forecasts, 2018 - 2030 (USD Billion)
Fig. 35 Mexico Solar PV Panel Market Estimates & Forecasts, 2018 - 2030 (USD Billion)
Fig. 36 Europe Solar PV Panel Market Estimates & Forecasts, 2018 - 2030 (USD Billion)
Fig. 37 Germany Solar PV Panel Market Estimates & Forecasts, 2018 - 2030 (USD Billion)
Fig. 38 France Solar PV Panel Market Estimates & Forecasts, 2018 - 2030 (USD Billion)
Fig. 39 Italy Solar PV Panel Market Estimates & Forecasts, 2018 - 2030 (USD Billion)
Fig. 40 UK Solar PV Panel Market Estimates & Forecasts, 2018 - 2030 (USD Billion)
Fig. 41 Spain Solar PV Panel Market Estimates & Forecasts, 2018 - 2030 (USD Billion)
Fig. 42 Russia Solar PV Panel Market Estimates & Forecasts, 2018 - 2030 (USD Billion)
Fig. 43 Turkey Solar PV Panel Market Estimates & Forecasts, 2018 - 2030 (USD Billion)
Fig. 44 Asia Pacific Solar PV Panels Market Estimates & Forecasts, 2018 - 2030 (USD Billion)
Fig. 45 China Solar PV Panels Market Estimates & Forecasts, 2018 - 2030 (USD Billion)
Fig. 46 India Solar PV Panels Market Estimates & Forecasts, 2018 - 2030 (USD Billion)
Fig. 47 Japan Solar PV Panels Market Estimates & Forecasts, 2018 - 2030 (USD Billion)
Fig. 48 Australia Solar PV Panels Market Estimates & Forecasts, 2018 - 2030 (USD Billion)
Fig. 49 South Korea Solar PV Panels Market Estimates & Forecasts, 2018 - 2030 (USD Billion)
Fig. 50 Central and South America Solar PV Panel Market Estimates & Forecasts, 2018 - 2030 (USD Billion)
Fig. 51 Brazil Solar PV Panel Market Estimates & Forecasts, 2018 - 2030 (USD Billion)
Fig. 52 Colombia Solar PV Panel Market Estimates & Forecasts, 2018 - 2030 (USD Billion)
Fig. 53 Paraguay Solar PV Panel Market Estimates & Forecasts, 2018 - 2030 (USD Billion)
Fig. 54 Middle East and Africa Solar PV Panel Market Estimates & Forecasts, 2018 - 2030 (USD Billion)
Fig. 55 Saudi Arabia Solar PV Panel Market Estimates & Forecasts, 2018 - 2030 (USD Billion)
Fig. 56 UAE Solar PV Panel Market Estimates & Forecasts, 2018 - 2030 (USD Billion)
Fig. 57 South Africa Solar PV Panel Market Estimates & Forecasts, 2018 - 2030 (USD Billion)
Fig. 58 Egypt Solar PV Panel Market Estimates & Forecasts, 2018 - 2030 (USD Billion)
Fig. 59 Key Company Categorization
Fig. 60 Company Market Positioning
Fig. 61 Company Market Share Analysis, 2022
Fig. 62 Strategic Framework

Companies Mentioned

  • JinkoSolar
  • JA Solar
  • Trina Solar
  • LONGi Solar
  • Canadian Solar
  • SunPower Corporation
  • First Solar
  • Talesun
  • Hanwha Group
  • RISEN ENERGY Co. LTD.
  • Yingli Solar
  • GCL-SI
  • HIANS Energy Solutions Ltd.
  • Sunrun
  • Trinity Solar, Inc

Methodology

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Table Information

Report AttributeDetails
No. of Pages128
PublishedMay 2023
Forecast Period2022 - 2030
Estimated Market Value ( USD ) in 2022 $ 157.75 Billion
Forecasted Market Value ( USD ) by 2030 $ 287.13 Billion
Compound Annual Growth Rate7.8%
Regions CoveredGlobal
No. of Companies Mentioned15

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About the Photovoltaic Panel Market

The Photovoltaic Panel market is a subset of the Photovoltaics industry, which is the conversion of sunlight into electricity. Photovoltaic Panels are the most common form of photovoltaic technology, and are composed of a number of solar cells connected together. These panels are used to generate electricity for residential, commercial, and industrial applications. Photovoltaic Panels are typically made of silicon, and are designed to absorb sunlight and convert it into electricity. The Photovoltaic Panel market is highly competitive, with a number of manufacturers offering a variety of products. Companies in the market include SunPower, SolarEdge, Trina Solar, Canadian Solar, Jinko Solar, and Hanwha Q Cells. Show Less Read more

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