The global solar PV panels market was valued at USD 146.15 billion in 2021 and it is predicted to surpass around USD 287.33 billion by 2030 with a CAGR of 7.8% from 2022 to 2030

Report Highlights

• In terms of revenue, the thin-film segment accounted for the largest revenue share of 42.1% in the global market in 2021.


• The crystalline silicon segment is projected to witness substantial growth during the forecast period.


• In terms of revenue, the off grid segment is projected to ascend at the highest CAGR of 16.62% during the forecast period.


• With regards to revenue, the industrial application segment led the market in 2021 by accounting for a share of 40.7% of the market.


• The residential application segment is expected to grow at the highest CAGR during the forecast period.


• Asia Pacific accounted for the largest market share of 54.2% in terms of revenue, in 2021; it is expected to remain dominant during the projection period.

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Increasing demand for sustainable carbon-free solar energy along with strict regulations related to climate change prevention are likely to support the growing demand for solar PV panels during the projection period.

The market is primarily driven by the increasing adoption of solar PV panels across the commercial, utility, and residential segments. The demand for solar photovoltaic panels across these sectors is rising due to huge price variance between retail electricity and solar-generated electricity. European countries such as Italy, Germany, and Spain have attained grid parity, with solar power having a lower price when compared with retail power.

Germany is a developed economy and a leading market in Europe. Over the past few years, the country invested in unconventional power generation technologies to reduce its reliance on conventional sources such as crude oil, coal, and others, as well as to be energy self-sufficient. Apart from solar panel, other key components include solar inverter and battery. Major solar system parts manufacturers include Tesla, SunPower, and LG Chem. Some manufacturers have forward integrated into the value chain, wherein they provide solar system parts directly to residential end-users along with the required EPC services to deploy solar PV systems.

In Mexico, factors such as approval procedures for solar projects sized from 500kW to 2MW by net metering, along with the government's initiative to expand and promote the domestic PV market, are expected to support market growth. The COVID-19 pandemic has resulted in hindered market growth for solar PV panels in the residential sector, owing to factors such as disruptions in the supply chain resulting in delays in existing projects. Furthermore, demand has declined for solar PV systems in some of the states by residential end-users to sustain during the COVID-19 pandemic.

Technology Insights

In terms of revenue, the thin-film segment accounted for the largest revenue share of 42.1% in the global market in 2021, owing to its narrow design, strong durability, and manufacturing from flexible & lightweight materials. Based on technology, the solar PV panels market has been segmented into thin film, crystalline silicon, and others. Thin-film solar PV panels find major application in commercial and utility-scale projects as these lightweight panels have reduced installation costs.

The crystalline silicon segment is projected to witness substantial growth during the forecast period owing to the extended lifecycle of panels, low weight volume ratio, and low-cost manufacturing of silicon semiconductors. Monocrystalline solar PV panels are made from the highest-grade silicon and possess higher space efficiency compared to thin-film solar PV panels. However, companies manufacturing monocrystalline panels target only the premium segment of the market owing to high initial investment for these panels.

Grid Insights

In terms of revenue, the off grid segment is projected to ascend at the highest CAGR of 16.62% during the forecast period. Based on grid, the market has been segmented into on grid and off grid. The rising energy demand from isolated locations worldwide, along with the formulation and stringent implementation of various regulatory policies for decentralizing the power generation sector, is expected to positively influence the growth of the off-grid type segment in the coming years.

The dominant position of the on-grid type segment in the market can be attributed to the low operating and maintenance costs of grid-connected PV systems and their non-complexity. On-grid PV systems have low costs as the excess electricity generated by them is transmitted to grids. These systems eliminate the requirement of installing battery storage near them.

Application Insights

With regards to revenue, the industrial application segment led the market in 2021 by accounting for a share of 40.7% of the market. Based on application, the market has been segmented into residential, commercial, and industrial. The growing demand for clean electricity is expected to increase the number of utility projects and fuel the PV modules market growth across industrial sector.

The commercial solar PV panels have a lifespan of 15-20 years and can be used to power industrial buildings in off-grid or remote locations, pre-heating ventilation air, and water heating in offices, businesses, and others. The rapid adoption of PV modules in corporate offices, hotels, and hospitals, coupled with increased power demand in communication base stations and data centers, is expected to drive product demand across the commercial sector.

The residential application segment is expected to grow at the highest CAGR during the forecast period. Rooftop solar PV equipped with an energy battery storage system provides reliable secondary power in residential households, thereby boosting product demand across the segment.

The deployment of large-scale storage systems to protect against peak demand power changes has resulted in the adoption of extra-large rooftop solar PV systems to store the desired power in batteries. Increasing energy demand due to population growth and industrialization is expected to stimulate the growth of the regional market.

Regional Insights

Asia Pacific accounted for the largest market share of 54.2% in terms of revenue, in 2021; it is expected to remain dominant during the projection period. The increasing demand for solar PV panels in Asia Pacific is attributed to the rising installation of solar power projects in China and India. These countries are the key markets for solar panels both globally and in Asia Pacific.

North America occupied a significant market share in 2021. In North America, power generation from industrial sector solar cells has increased over the years as more efficient solar cells are in the market. In addition, the intensifying competition in the market has helped reduce the price of electricity produced, as well as increase the variety of solar panels. These factors are expected to bolster the demand for solar PV panels in the region during the forecast period.

In Mexico, increasing solar energy installations owing to the projects announced in the LTAs during 2015-2018, rising demand for decentralized solar energy systems, and the ambitious renewable energy targets are expected to drive the solar PV market during the forecast period. In the Middle East and Africa, the growth is attributed to the large-scale solar power plants under construction that are expected to be operational in the coming years. Various guidelines are being implemented in different countries to support the growth of solar power, with the aim of converting to renewable energy in the future.

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.

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. The solar PV panel installation is costly compared to the other traditionally used panels, which is challenging for the market growth in the forecasting period.

Key Players

• Jinko Solar


• JA Solar


• Trina Solar


• LONGi Solar


• Canadian Solar


• SunPower Corporation


• First Solar


• Hanwha Q-CELLS


• Risen Energy


• Talesun

Market Segmentation

By Technology Outlook

• Thin Film


• Crystalline Silicon


• Others

By Grid Outlook

• On Grid


• Off Grid

By Application Outlook

• Residential


• Commercial


• Industrial

By Regional Outlook

• North America


• Europe


• Asia Pacific


• Central and South America


• Middle East and Africa

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