Global Solar PV (Photovoltaic) Panels Market Size (2022-2030) Share, Industry Trends, Growth, Challenges, and Forecast: Custom Market Insights

The global market size for solar PV (Photovoltaic) panels was estimated at USD 151.18 Billion in 2021 and is expected to reach USD 161.17 billion in 2022 and is expected to reach USD 292.32 Billion by 2030, growing at a CAGR rate of 8.6% during the forecasting period of 2022-2030.

Solar energy is the radiant form of energy extracted from sunlight and used as a renewable source for the generation of electricity. Solar or photovoltaic cells are made from materials like silicon, phosphorous, and boron arranged altogether in a grid-like pattern. These cells have the capability of converting sunlight energy into electrical energy through the mechanism of the photovoltaic effect. Electricity generation through solar PV cells is a prominent method of using renewable sources for energy production.

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The Solar PV (Photovoltaic) Panels Market: Overview

The electricity produced through solar PV (Photovoltaic) panels is used to charge batteries and provides electricity to off-grid or remote areas where conventional electricity facilities are not available. It is also used in remote power systems for cabins, remote sensing, telecommunication equipment, etc.

Solar PV (Photovoltaic) panels generate electricity through the photovoltaic effect in which the rays of the sunlight strike the photovoltaic surface in the form of photons which generates the knock-out of electrons from the surface which is bounced back using the magnetic force generated by the PV cells. This is how solar PV technology generates electricity from sunlight being used as a renewable resource.

The Solar PV (Photovoltaic) Panels Market: Growth Factors

The utilization of conventional sources for electricity generation brought many challenges from environmental aspects such as the depletion of non-renewable sources, GHG emissions, pollution from fossil fuels, etc. Such concerning factors shifted the global market from conventional toward the renewable source for electricity generation, which drives the growth of the global solar PV panel market.

With increasing environmental awareness, the government has introduced multiple initiatives and provided investments to uplift solar PV-related projects, which could boost the market growth in the projection period. Rapid urbanization and consumer base due to increased population led to potential market growth.

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The high demand for electricity across remote regions and the industrial setup for energy generation has propelled the global market growth.

Increased industrialization across multiple regions drives the growth of the solar PV market across the globe due to the high demand for solar energy. Along with that, the technological advancements and research developments for improvising solar PV cells in terms of quality, durability, and capacity, propel the growth of the market.

The rapid demand for electricity in off-grid areas has led to the rise of the solar PV panel market. Based on the analysis by World Energy Outlook, more than one billion people live in areas where they don't have even access to conventional electricity. Hence, solar PV panels are a splendid electricity source in off-grid areas.

The Solar PV (Photovoltaic) Panels Market: Key Insights

A) As per the analysis shared by our research analyst, the Solar PV Panels market is estimated to grow annually at a CAGR of around 8.6% over the forecast period (2022-2030).
B) In terms of revenue, the Solar PV Panels market size was valued at around USD 151.18 billion in 2021 and is projected to reach USD 292.32 Billion by 2030. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
C) 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.
D) 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 as compared to the other power generation sectors.
E) 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 sources of energy may offer lucrative opportunities for the global solar PV market.

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The Solar PV (Photovoltaic) Panels Market: Regional Landscape

The Asia-Pacific dominated the solar PV market in 2021 and is expected to hold a major share in the forecast period of 2022-2031. The high demand for solar PV panels across Asia-Pacific is due to the increased installations of solar power projects across regions like India and China. These regions with a large consumer base and a huge part of the land are ideal for energy industrial development.

The rapid development of the renewable energy sector, industrialization, and the rise in demand for distributed energy has enhanced the growth of the solar PV market. Additionally, the regular involvement of the key players in the renewable energy industry set-up and the government initiatives drive the market growth across such regions.

The Solar PV (Photovoltaic) Panels Market: Key Players

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

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The Solar PV (Photovoltaic) Panels Market: Segments

Based On Technology

Crystalline silicon
Thin-film
Others

Based On Grid-Type

On-grid
Off-grid

Based On Installation

Ground-mounted
Roof-top
Others

Based On Application

Commercial
Residential
Utility

The Solar PV (Photovoltaic) Panels Market: Regions

North America

US
Mexico
Canada

Europe

Germany
France
UK
Italy
Spain
Rest of Europe

Asia-Pacific

Japan
India
China
South Korea
Australia
Rest of Asia-Pacific

LAMEA

Brazil
UAE
South Africa
Turkey
Rest of LAMEA

Check Out Some of Our Other Reports:

Global Renewable Energy Certificate Market: https://www.custommarketinsights.com/report/renewable-energy-certificate-market/
Global Industrial Electrification Market: https://www.custommarketinsights.com/report/industrial-electrification-market/
Global Solar PV Market: https://www.custommarketinsights.com/report/solar-photovoltaic-market/
Global Thin Film Solar Market: https://www.custommarketinsights.com/report/thin-film-solar-market/
Global Solar Energy Market: https://www.custommarketinsights.com/report/solar-energy-market/

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