Solar PV Panels Market
Solar PV Panels Market Size, Share & Trends Analysis Report, By Technology, By Grid Type, By Application By Region, And Segment Forecasts, 2023 - 2031
The solar PV (Photovoltaic) panels market was valued at USD 153.07 billion in 2022, and it is anticipated to increase at a CAGR of 9.3% from 2023 to 2031. A solar panel, sometimes referred to as a PV panel, is made up of solar (or photovoltaic) cells that use the sun's light to produce energy. It is constructed from a number of silicon, boron, and phosphorus-based solar cells that are arrayed on the surface in a grid-like arrangement. Globally, the use of solar panels has grown due to the fact that they do not cause any pollution and that their installation aids in reducing the dangerous greenhouse gas emissions. Additionally, advancements in quantum physics and nanotechnology may boost their potency. Solar power helps to reduce the quantity of electricity generated from fossil fuels by supplying clean and sustainable energy.
Market Growth - Solar PV (Photovoltaic) panels market
The main use of photovoltaic or solar cells is to transform solar energy into an electron flow. These cells generate electricity from solar energy, which is useful for recharging batteries or powering devices. Spacecraft and orbiting satellites were first powered by solar cells. However, in recent years, their use for grid-connected electricity generation has increased. In order to function better, photovoltaic systems seek to maximize production. During the anticipated timeframe, these variables should accelerate market expansion. The market for solar panels is anticipated to develop over the course of the forecast period as a result of falling prices for the industrial materials needed to create solar panels and rising electricity and natural gas price forecasts.
Market Dynamics
Market Drivers - Solar PV (Photovoltaic) panels market
The industrial sector's rising demand for solar panels is evidence of the public's preference for alternative energy sources over traditional ones. Solar technology and panel installation are receiving significant investment from many sectors throughout the world. The rising number of solar power plants in various industry verticals is the main factor driving the global market for solar panels. Solar energy is transformed into electrical energy through the use of solar panels. Photovoltaic solar cells made of silicon are used in solar panels to capture solar energy and transform it into electrical power. The demand for solar panels is mostly driven by the depletion of fossil fuels in addition to the growing awareness of the use of clean energy.
Market Restraints - Solar PV (Photovoltaic) panels market
The significant initial cost associated with installing solar panels, however, is somewhat limiting this market's expansion. However, solar panels are becoming more and more popular due to their overall long-term cost-effectiveness. Another obstacle to the market's expansion is the poor capacity utilization of solar panels, which results in lower energy output than from non-renewable energy sources. Without a storage mechanism like a battery, solar energy cannot function at night. Cloudy weather and climatic variations can interfere with the operation of solar panels during the day. These are a few of the elements that, in part, are preventing the market for solar panels from expanding.
Market Opportunities - Solar PV (Photovoltaic) panels market
Solar cells, often known as photovoltaic cells, are used primarily to transform solar energy into an electron flow. These cells generate electricity from solar energy, which can be used to run devices or top off batteries. Initially, satellites in orbit and spacecraft were powered by photovoltaic cells. They have, nevertheless, been utilized for grid-connected electricity generating more frequently throughout the last few years. Photovoltaic systems seek to increase output in order to perform better. During the anticipated period, these variables are anticipated to accelerate market expansion.
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Report Attribute |
Details |
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Projected CAGR in % |
9.30% |
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Estimated Market Value (2022) |
153.07 Billion |
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Base Year |
2022 |
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Forecast Years |
2023 - 2031 |
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Segments Covered |
By Technology, By Grid, By Application, By Region |
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Forecast Units |
Value (USD Billion), and Volume (Units) |
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Quantitative Units |
Revenue in USD million/billion and CAGR from 2023 to 2031 |
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Regions Covered |
North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World |
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Countries Covered |
U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
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Report Coverage |
Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis. |
Competitive Landscape - Solar PV (Photovoltaic) panels market
Along with comprehensive profiles of the key market players, the report also analyses the market's competitive environment. Among the key figures are Jinko Solar, Trina Solar, Canadian Solar, Solar, Hanwha Q-CELLS, GCL-SI, LONGi Solar, Risen Energy, Shunfeng, Yingli Green.
Regional Analysis - Solar PV (Photovoltaic) panels market
A sizable portion of the market in 2022 belonged to North America. As more efficient solar cells have entered the market, the amount of electricity produced in North America by industrial solar cells has increased over time. Aside from that, the market's escalating competition has contributed to both an increase in solar panel options and a decrease in the cost of electricity production. The demand for solar PV panels in the area is anticipated to increase as a result of these factors throughout the projected period. In terms of revenue, Asia Pacific held the greatest market share (64.15%) in 2022, and it is anticipated that it will continue to hold a commanding position throughout the forecast period. The increased installation of solar power projects in China and India is to blame for the rising demand for solar PV panels in Asia Pacific. Solar panels are mostly sold in these nations, both internationally and in Asia Pacific.
Report Segmentation
Technology Insight - Solar PV (Photovoltaic) panels market
Due to its streamlined form, high level of durability, and use of flexible & light-weight materials during manufacture, the thin-film category had the greatest revenue share (45.09%) in the global market in 2022. Thin film, crystalline silicon, and other types of solar PV panels are the various technology-based market segments. Because they are inexpensive to install and are lightweight, thin-film solar PV panels are widely used in commercial and utility-scale applications. Because of the prolonged panel lifecycle, the low weight-to-volume ratio, and the inexpensive production of silicon semiconductors, the crystalline silicon market is anticipated to experience significant expansion during the forecast period.
Grid Insight - Solar PV (Photovoltaic) panels market
The market has been divided into on grid and off grid segments based on grid. The development of various regulatory policies for decentralizing the power generating sector, together with the rising energy demand from remote locations around the world, are anticipated to have a positive impact on the expansion of the off-grid type segment in the upcoming years. Due to the low operating and upkeep costs of grid-connected PV systems and their simplicity, the on-grid type sector has a leading position in the market.
Application Insight - Solar PV (Photovoltaic) panels market
The market has been divided into three categories based on application: residential, commercial, and industrial. It is anticipated that rising demand for sustainable energy would lead to more utility projects and drive market expansion for PV modules across all industrial sectors. The category for residential applications is anticipated to experience the largest CAGR growth during the projection period. Rooftop solar PV paired with an energy battery storage system provides dependable backup power in residential homes, which increases demand across the industry for products.
Recent Development - Solar PV (Photovoltaic) panels market
In November 2020, the largest off-grid solar project in Canada, which was developed in two parts, has been finished, according to Canadian Utilities, an ATCO company. A 600kW solar farm was part of the first phase, while a 2,200kW farm was part of the second.
Market Segmentation
By Technology
- Thin Film
- Crystalline Silicon
- Others
By Grid
- On Grid
- Off Grid
By Application
- Residential
- Commercial
- Industrial
By Regional
- North America
- Europe
- Asia-Pacific
- South America
- The Middle East and Africa
FAQ’s
- What size is the market for solar PV panels market expected to be in 2022
In 2022, it was projected that the market for solar PV panels would be worth USD 153.07 billion.
- How quickly is the market for solar PV panels market expanding
The market for solar PV panels is anticipated to expand at a compound yearly growth rate of 9.3% between 2023 and 2031.
- Which industry represented the biggest market share for solar PV panels market
With a market share of 64.15% in 2022, Asia Pacific controlled the solar PV panel industry. One of the major reasons influencing the expansion of the PV sector in China is the existence of significant market participants coupled with favorable government regulations offering subsidies and financial incentives to PV projects.
- Who are the major companies in the market for solar PV panels market
The research includes detailed profiles of the major industry participants and an analysis of the market's competitive landscape. Jinko Solar, Trina Solar, Canadian Solar, Solar, Hanwha Q-CELLS, GCL-SI, LONGi Solar, Risen Energy, Shunfeng, and Yingli Green are a few of the important players.
- What market dynamics are there for solar PV panels market
Increasing demand for renewable, clean electricity, along with government tax incentives and solar panel installation rebates, are the main reasons projected to fuel the market expansion for solar PV panels in the years to come.
Research Methodology
Our research methodology has always been the key differentiating reason which sets us apart in comparison from the competing organizations in the industry. Our organization believes in consistency along with quality and establishing a new level with every new report we generate; our methods are acclaimed and the data/information inside the report is coveted. Our research methodology involves a combination of primary and secondary research methods. Data procurement is one of the most extensive stages in our research process. Our organization helps in assisting the clients to find the opportunities by examining the market across the globe coupled with providing economic statistics for each and every region. The reports generated and published are based on primary & secondary research. In secondary research, we gather data for global Market through white papers, case studies, blogs, reference customers, news, articles, press releases, white papers, and research studies. We also have our paid data applications which includes hoovers, Bloomberg business week, Avention, and others.
Data Collection
Data collection is the process of gathering, measuring, and analyzing accurate and relevant data from a variety of sources to analyze market and forecast trends. Raw market data is obtained on a broad front. Data is continuously extracted and filtered to ensure only validated and authenticated sources are considered. Data is mined from a varied host of sources including secondary and primary sources.
Primary Research
After the secondary research process, we initiate the primary research phase in which we interact with companies operating within the market space. We interact with related industries to understand the factors that can drive or hamper a market. Exhaustive primary interviews are conducted. Various sources from both the supply and demand sides are interviewed to obtain qualitative and quantitative information for a report which includes suppliers, product providers, domain experts, CEOs, vice presidents, marketing & sales directors, Type & innovation directors, and related key executives from various key companies to ensure a holistic and unbiased picture of the market.
Secondary Research
A secondary research process is conducted to identify and collect information useful for the extensive, technical, market-oriented, and comprehensive study of the market. Secondary sources include published market studies, competitive information, white papers, analyst reports, government agencies, industry and trade associations, media sources, chambers of commerce, newsletters, trade publications, magazines, Bloomberg BusinessWeek, Factiva, D&B, annual reports, company house documents, investor presentations, articles, journals, blogs, and SEC filings of companies, newspapers, and so on. We have assigned weights to these parameters and quantified their market impacts using the weighted average analysis to derive the expected market growth rate.
Top-Down Approach & Bottom-Up Approach
In the top – down approach, the Global Batteries for Solar Energy Storage Market was further divided into various segments on the basis of the percentage share of each segment. This approach helped in arriving at the market size of each segment globally. The segments market size was further broken down in the regional market size of each segment and sub-segments. The sub-segments were further broken down to country level market. The market size arrived using this approach was then crosschecked with the market size arrived by using bottom-up approach.
In the bottom-up approach, we arrived at the country market size by identifying the revenues and market shares of the key market players. The country market sizes then were added up to arrive at regional market size of the decorated apparel, which eventually added up to arrive at global market size.
This is one of the most reliable methods as the information is directly obtained from the key players in the market and is based on the primary interviews from the key opinion leaders associated with the firms considered in the research. Furthermore, the data obtained from the company sources and the primary respondents was validated through secondary sources including government publications and Bloomberg.
Market Analysis & size Estimation
Post the data mining stage, we gather our findings and analyze them, filtering out relevant insights. These are evaluated across research teams and industry experts. All this data is collected and evaluated by our analysts. The key players in the industry or markets are identified through extensive primary and secondary research. All percentage share splits, and breakdowns have been determined using secondary sources and verified through primary sources. The market size, in terms of value and volume, is determined through primary and secondary research processes, and forecasting models including the time series model, econometric model, judgmental forecasting model, the Delphi method, among Flywheel Energy Storage. Gathered information for market analysis, competitive landscape, growth trends, product development, and pricing trends is fed into the model and analyzed simultaneously.
Quality Checking & Final Review
The analysis done by the research team is further reviewed to check for the accuracy of the data provided to ensure the clients’ requirements. This approach provides essential checks and balances which facilitate the production of quality data. This Type of revision was done in two phases for the authenticity of the data and negligible errors in the report. After quality checking, the report is reviewed to look after the presentation, Type and to recheck if all the requirements of the clients were addressed.
