According to a new report published by Allied Market Research titled, "Solar Photovoltaic (PV) Panel Marketby Technology, Grid Type, and End Use: Global Opportunity Analysis and Industry Forecast, 2021–2030,"the solar PV panel market size was valued at $180.4 billion in 2020, and is projected to reach $641.1 billion by 2030, growing at a CAGR of 11.9% from 2021 to 2030.
Rapid growth of solar energy industry is expected to drive the growth of thesolar PV panel marketduring the forecast period. In addition, increase in installation of solar panels in various applications, including power generation, transportation, and water heating is anticipated to fuel the growth of the solar PV panel market during the forecast period. Moreover, favorable government measures, including government incentives have been introduced to promote the adoption of various solar energy technologies that includes crystalline silicon and thin film. For instance, in 2019, the U.S. government introduced solar tax credit with an objective to reduce cost of installing a solar energy system by 30.0%. In addition, drop in prices, improvements in conversion efficiencies, and increase in efforts toward advancements of solar panels is projected to propel the growth of the solar energy industry ,which, in turn, is projected to drive the solar photovoltaic (PV) panel market from 2021 to 2030.
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Depending on the technology, crystalline silicon segment held the highest market share of about 86.8% in 2020, and is expected to maintain its dominance during the solar PV panel market forecast period, owing to rise in demand for solar PV applications including residential, commercial, and industrial across the globe. In addition, advantages associated with crystalline silicon technologies such as high efficiency rate, long life, and optimized commercial use compare to thin film technologies is expected to be drive the solar PV panel market during the forecast period.
According to grid type, on-grid segment holds the largest share, in terms of revenue, and is expected to maintain its dominance during the forecast period. This growth is attributed to rise in investment for direct supply of electricity rather than storing it in batteries. In addition, advantages of using on-grid solar PV panels include easy energy supply, easy installation, cost-efficiency, and managing high electricity demand, which are anticipated to fuel the growth of the market in the upcoming years.
By end use, utilities segment held the highest market share of about 42.8% in 2020, and is expected to maintain its dominance during the forecast period. This is attributed to increase in investment toward building of utility scale solar power plants, solar parks, and other big solar structures. In addition, increase in construction projects such as decentralized solar power plants, rural electrification projects, solar power plants on the water body & rooftops, and commercial buildings drive the growth of the solar PV panel market for the utilities segment across the globe.
Region wise, the market is analyzed across four major regions such as North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific held the dominant share in 2020, and is anticipated to maintain this dominance in solar PV panel market during the forecast period. This is attributed to the presence of key players and huge consumer base in the region.
In addition, the demand for solar panel installation has increased significantly across China, Japan, India, Vietnam, and South Korea, owing to surge in demand for solar energy systems in residential and utility sectors, which, in turn, is anticipated to drive the growth of the solar photovoltaic (PV) panel market in the Europe from 2021 to 2030.
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The global solar PV panel market analysis covers in-depth information of the major solar panel recycling industry participants. The key players operating and profiled in the report include JA Solar, Jinko Solar, Aiko Solar, First Solar, Hanwha Solutions, Tongwei Group Co., Ltd., Shunfeng International Clean Energy Co., Ltd., Trina Solar, Yingli Solar, and Waaree Energies Ltd.
COVID-19 Impact on the Market
The global solar PV panel market witnessed gradual growth in 2020, owing to outbreak of the COVID-19 pandemic. The outbreak negatively impacted various industries and countries, thereby decreasing manpower across the globe, which, in turn, decreased consumer spending and thus, decreased the demand for various key products including solar panels. However, owing to the lockdown imposed across the globe, there is supply-demand gap, which halted the supply for equipment used in solar panel production. In Europe, economies, such as Germany, France, Spain, and Italy, followed stringent measures, such as social distancing and limiting movements, to prevent the spread of coronavirus. Moreover, such safety measures were witnessed across the globe, which impacted the global solar PV panel market growth.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
Tags: Solar Panel, Solar PV Panel Market, Solar PV Panel
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