Solar PV Panels Market Size, Trends, Share, Growth | Report 2022-2030
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
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.
Scope of The Report
| Report Coverage | Details |
| Market Size in 2021 | USD 146.15 billion |
| Revenue Forecast by 2030 | USD 287.33 billion |
| Growth rate from 2022 to 2030 | CAGR of 7.8% |
| Base Year | 2021 |
| Forecast Period | 2022 to 2030 |
| Segmentation | Technology, grid, application, region |
| Companies Covered | Jinko Solar; JA Solar; Trina Solar; LONGi Solar; Canadian Solar; SunPower Corporation; First Solar; Hanwha Q-CELLS; Risen Energy; Talesun |
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.
Key Players
Market Segmentation
Chapter 1. Introduction
1.1. Research Objective
1.2. Scope of the Study
1.3. Definition
Chapter 2. Research Methodology
2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations
Chapter 3. Executive Summary
3.1. Market Snapshot
Chapter 4. Market Variables and Scope
4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Channel Analysis
4.3.3. Downstream Buyer Analysis
Chapter 5. COVID 19 Impact on Solar PV Panels Market
5.1. COVID-19 Landscape: Solar PV Panels Industry Impact
5.2. COVID 19 - Impact Assessment for the Industry
5.3. COVID 19 Impact: Global Major Government Policy
5.4. Market Trends and Opportunities in the COVID-19 Landscape
Chapter 6. Market Dynamics Analysis and Trends
6.1. Market Dynamics
6.1.1. Market Drivers
6.1.2. Market Restraints
6.1.3. Market Opportunities
6.2. Porter’s Five Forces Analysis
6.2.1. Bargaining power of suppliers
6.2.2. Bargaining power of buyers
6.2.3. Threat of substitute
6.2.4. Threat of new entrants
6.2.5. Degree of competition
Chapter 7. Competitive Landscape
7.1.1. Company Market Share/Positioning Analysis
7.1.2. Key Strategies Adopted by Players
7.1.3. Vendor Landscape
7.1.3.1. List of Suppliers
7.1.3.2. List of Buyers
Chapter 8. Global Solar PV Panels Market, By Technology
8.1. Solar PV Panels Market, by Technology, 2022-2030
8.1.1 Thin Film
8.1.1.1. Market Revenue and Forecast (2017-2030)
8.1.2. Crystalline Silicon
8.1.2.1. Market Revenue and Forecast (2017-2030)
8.1.3. Others
8.1.3.1. Market Revenue and Forecast (2017-2030)
Chapter 9. Global Solar PV Panels Market, By Grid
9.1. Solar PV Panels Market, by Grid, 2022-2030
9.1.1. On Grid
9.1.1.1. Market Revenue and Forecast (2017-2030)
9.1.2. Off Grid
9.1.2.1. Market Revenue and Forecast (2017-2030)
Chapter 10. Global Solar PV Panels Market, By Application
10.1. Solar PV Panels Market, by Application, 2022-2030
10.1.1. Residential
10.1.1.1. Market Revenue and Forecast (2017-2030)
10.1.2. Commercial
10.1.2.1. Market Revenue and Forecast (2017-2030)
10.1.3. Industrial
10.1.3.1. Market Revenue and Forecast (2017-2030)
Chapter 11. Global Solar PV Panels Market, Regional Estimates and Trend Forecast
11.1. North America
11.1.1. Market Revenue and Forecast, by Technology (2017-2030)
11.1.2. Market Revenue and Forecast, by Grid (2017-2030)
11.1.3. Market Revenue and Forecast, by Application (2017-2030)
11.1.4. U.S.
11.1.4.1. Market Revenue and Forecast, by Technology (2017-2030)
11.1.4.2. Market Revenue and Forecast, by Grid (2017-2030)
11.1.4.3. Market Revenue and Forecast, by Application (2017-2030)
11.1.5. Rest of North America
11.1.5.1. Market Revenue and Forecast, by Technology (2017-2030)
11.1.5.2. Market Revenue and Forecast, by Grid (2017-2030)
11.1.5.3. Market Revenue and Forecast, by Application (2017-2030)
11.2. Europe
11.2.1. Market Revenue and Forecast, by Technology (2017-2030)
11.2.2. Market Revenue and Forecast, by Grid (2017-2030)
11.2.3. Market Revenue and Forecast, by Application (2017-2030)
11.2.4. UK
11.2.4.1. Market Revenue and Forecast, by Technology (2017-2030)
11.2.4.2. Market Revenue and Forecast, by Grid (2017-2030)
11.2.4.3. Market Revenue and Forecast, by Application (2017-2030)
11.2.5. Germany
11.2.5.1. Market Revenue and Forecast, by Technology (2017-2030)
11.2.5.2. Market Revenue and Forecast, by Grid (2017-2030)
11.2.5.3. Market Revenue and Forecast, by Application (2017-2030)
11.2.6. France
11.2.6.1. Market Revenue and Forecast, by Technology (2017-2030)
11.2.6.2. Market Revenue and Forecast, by Grid (2017-2030)
11.2.6.3. Market Revenue and Forecast, by Application (2017-2030)
11.2.7. Rest of Europe
11.2.7.1. Market Revenue and Forecast, by Technology (2017-2030)
11.2.7.2. Market Revenue and Forecast, by Grid (2017-2030)
11.2.7.3. Market Revenue and Forecast, by Application (2017-2030)
11.3. APAC
11.3.1. Market Revenue and Forecast, by Technology (2017-2030)
11.3.2. Market Revenue and Forecast, by Grid (2017-2030)
11.3.3. Market Revenue and Forecast, by Application (2017-2030)
11.3.4. India
11.3.4.1. Market Revenue and Forecast, by Technology (2017-2030)
11.3.4.2. Market Revenue and Forecast, by Grid (2017-2030)
11.3.4.3. Market Revenue and Forecast, by Application (2017-2030)
11.3.5. China
11.3.5.1. Market Revenue and Forecast, by Technology (2017-2030)
11.3.5.2. Market Revenue and Forecast, by Grid (2017-2030)
11.3.5.3. Market Revenue and Forecast, by Application (2017-2030)
11.3.6. Japan
11.3.6.1. Market Revenue and Forecast, by Technology (2017-2030)
11.3.6.2. Market Revenue and Forecast, by Grid (2017-2030)
11.3.6.3. Market Revenue and Forecast, by Application (2017-2030)
11.3.7. Rest of APAC
11.3.7.1. Market Revenue and Forecast, by Technology (2017-2030)
11.3.7.2. Market Revenue and Forecast, by Grid (2017-2030)
11.3.7.3. Market Revenue and Forecast, by Application (2017-2030)
11.4. MEA
11.4.1. Market Revenue and Forecast, by Technology (2017-2030)
11.4.2. Market Revenue and Forecast, by Grid (2017-2030)
11.4.3. Market Revenue and Forecast, by Application (2017-2030)
11.4.4. GCC
11.4.4.1. Market Revenue and Forecast, by Technology (2017-2030)
11.4.4.2. Market Revenue and Forecast, by Grid (2017-2030)
11.4.4.3. Market Revenue and Forecast, by Application (2017-2030)
11.4.5. North Africa
11.4.5.1. Market Revenue and Forecast, by Technology (2017-2030)
11.4.5.2. Market Revenue and Forecast, by Grid (2017-2030)
11.4.5.3. Market Revenue and Forecast, by Application (2017-2030)
11.4.6. South Africa
11.4.6.1. Market Revenue and Forecast, by Technology (2017-2030)
11.4.6.2. Market Revenue and Forecast, by Grid (2017-2030)
11.4.6.3. Market Revenue and Forecast, by Application (2017-2030)
11.4.7. Rest of MEA
11.4.7.1. Market Revenue and Forecast, by Technology (2017-2030)
11.4.7.2. Market Revenue and Forecast, by Grid (2017-2030)
11.4.7.3. Market Revenue and Forecast, by Application (2017-2030)
11.5. Latin America
11.5.1. Market Revenue and Forecast, by Technology (2017-2030)
11.5.2. Market Revenue and Forecast, by Grid (2017-2030)
11.5.3. Market Revenue and Forecast, by Application (2017-2030)
11.5.4. Brazil
11.5.4.1. Market Revenue and Forecast, by Technology (2017-2030)
11.5.4.2. Market Revenue and Forecast, by Grid (2017-2030)
11.5.4.3. Market Revenue and Forecast, by Application (2017-2030)
11.5.5. Rest of LATAM
11.5.5.1. Market Revenue and Forecast, by Technology (2017-2030)
11.5.5.2. Market Revenue and Forecast, by Grid (2017-2030)
11.5.5.3. Market Revenue and Forecast, by Application (2017-2030)
Chapter 12. Company Profiles
12.1. Jinko Solar
12.1.1. Company Overview
12.1.2. Product Offerings
12.1.3. Financial Performance
12.1.4. Recent Initiatives
12.2. JA Solar
12.2.1. Company Overview
12.2.2. Product Offerings
12.2.3. Financial Performance
12.2.4. Recent Initiatives
12.3. Trina Solar
12.3.1. Company Overview
12.3.2. Product Offerings
12.3.3. Financial Performance
12.3.4. Recent Initiatives
12.4. LONGi Solar
12.4.1. Company Overview
12.4.2. Product Offerings
12.4.3. Financial Performance
12.4.4. Recent Initiatives
12.5. Canadian Solar
12.5.1. Company Overview
12.5.2. Product Offerings
12.5.3. Financial Performance
12.5.4. Recent Initiatives
12.6. SunPower Corporation
12.6.1. Company Overview
12.6.2. Product Offerings
12.6.3. Financial Performance
12.6.4. Recent Initiatives
12.7. First Solar
12.7.1. Company Overview
12.7.2. Product Offerings
12.7.3. Financial Performance
12.7.4. Recent Initiatives
12.8. Hanwha Q-CELLS
12.8.1. Company Overview
12.8.2. Product Offerings
12.8.3. Financial Performance
12.8.4. Recent Initiatives
12.9. Risen Energy
12.9.1. Company Overview
12.9.2. Product Offerings
12.9.3. Financial Performance
12.9.4. Recent Initiatives
12.10. Talesun
12.10.1. Company Overview
12.10.2. Product Offerings
12.10.3. Financial Performance
12.10.4. Recent Initiatives
Chapter 13. Research Methodology
13.1. Primary Research
13.2. Secondary Research
13.3. Assumptions
Chapter 14. Appendix
14.1. About Us
14.2. Glossary of Terms
Cross-segment Market Size and Analysis for
Mentioned Segments
Additional Company Profiles (Upto 5 With No Cost)
Additional Countries (Apart From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers