The latest study collated and published by Nova one advisor analyzes the historical and present-day scenario of the global Solar PV Panels market to accurately gauge its growth potential. The study presents detailed information about important growth factors, restraints, future scopes, cost analysis and key trends during the forecast timeframe 2022 to 2030.

Latest Study on "Solar PV Panels Market Size, Share, Trends, Growth, Production, Consumption, Revenue, Company Analysis and Forecast 2022-2030".

The global Solar PV Panels market size is expected to be worth around USD 286.70 billion by 2030, according to a new report by Nova one advisor.

The global Solar PV Panels market size was valued at USD 146.08 billion in 2021 and is anticipated to grow at a CAGR of 7.9% during forecast period 2022 to 2030.

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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.

Key Takeaways:

• By Technology, the U.S. Solar PV Panels market was valued at USD 19.11 Billion in 2021 and expected to witness growth at a CAGR of 7.9% from 2022 to 2030.


• In 2021, thin-film technology emerged as the largest segment and accounted for 42.17% revenue share owing to its narrow design, strong durability, and manufacturing from flexible & lightweight materials


• The U.S. emerged as the largest Solar PV panel market in North America in 2021. The U.S. is recognized as one of the largest countries in terms of adoption of PV panels on the global level, owing to the rising consumption of PV panels in the country


• 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, for pre-heating ventilation air, and water heating in offices, businesses, and others


• The proliferation of PV panel manufacturers, along with improving capacities of off-grid solar PV panels, is expected to drive the growth of the off-grid segment in the market


• The Central & South America regional market is expected to grow at a significant rate during the forecast period. This is attributed to supportive government policies, rising demand for renewable energy, efforts to reduce GHG emissions, and declining cost of solar PV systems. Increasing energy demand due to population growth and industrialization is expected to stimulate growth of this market segment

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Technology Insights

In terms of revenue, the thin-film segment accounted for the largest revenue share of 42.17% 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 16.9% 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 40.60% 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 54.20% 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.

Some of the prominent players in the Solar PV Panels Market include:

• Jinko Solar


• JA Solar


• Trina Solar


• LONGi Solar


• Canadian Solar


• SunPower Corporation


• First Solar


• Hanwha Q-CELLS


• Risen Energy


• Talesun

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Nova one advisor, Inc. has segmented the global Solar PV Panels market

• Technology

• 
  
  
  
  • Thin Film
  
  
  • Crystalline Silicon
  
  
  • Others
  
  
  
  


• Grid
  
  
  
  • On Grid
  
  
  • Off Grid
  
  
  
  


• Application
  
  
  
  • Residential
  
  
  • Commercial
  
  
  • Industrial
  
  
  
  

By Region

• North America


• Europe


• Asia Pacific


• Latin America


• Middle East & Africa

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