Global Solar Photovoltaic (PV) Panels Market to Reach $1000000 Million by 2030

Market Overview:

The Global Solar Photovoltaic (PV) Market Size Was Valued At USD 282200 Million In 2023 And Is Projected To Reach USD 1000000 Million By 2030, Growing At A CAGR Of 17.20% From 2023 To 2030.

A photovoltaic system, or PV system, is an innovative technology that converts sunlight into electricity using solar panels and a solar inverter. These systems come in various sizes, from small rooftop installations to large utility-scale power stations. Most PV systems are connected to the electrical grid, enabling surplus electricity to be fed back into it. While off-grid systems exist, they make up a smaller portion of the market. PV systems play a significant role in generating clean and renewable energy for our world.

Leading companies reviewed in the Solar Photovoltaic (PV) Market report is:

Astronergy Co. Ltd. (China), Canadian Solar Inc. (Canada), First Solar Inc. (U.S.), Hanwha Q CELLS Co. Ltd. (South Korea), JA Solar Holdings Co. Ltd. (China), JinkoSolar Holding Co. Ltd. (China), LONGi Green Energy Technology Co. Ltd. (China), Risen Energy Co. Ltd. (China), Suntech Power Holdings Co. Ltd. (China), Trina Solar Co. Ltd. (China), Maxeon Solar Technologies (MAXN) (Singapore), SMA Solar Technology (Germany), SunPower Corporation (U.S.), Sharp Solar (Japan), Solaredge Technologies Inc (Israel), Kyocera Solar (Japan), Enphase Energy Inc (U.S.), Sunrun Inc. (U.S.), Panasonic (Japan), Waaree Energies Ltd. (IND) and Other Major Players.

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Key Chapter Will Be Provided In The Report

·       Patent Analysis

·       Regulatory Framework

·       Technology Roadmap

·       BCG Matrix

·       Heat Map Analysis

·       Price Trend Analysis

·       Investment Analysis

·       Company Profiling and Competitive Positioning

·       Industry Value Chain Analysis

·       Market Dynamics and Factors

·       Porter’s Five Forces Analysis

·       Pestle Analysis

·       SWOT Analysis

 

Market Dynamics:

Drivers:

Global electricity demand has surged, straining major markets and driving prices to unprecedented levels. This increase in demand is a result of rapid urbanization, development in both rural and urban areas, and a growing global population. To meet these escalating demands, there is a pressing need for more electricity production, but it must be done in an environmentally sustainable way. The photovoltaic system, with its zero-carbon emission approach, has emerged as a crucial solution to generate clean energy and address the challenges posed by rising electricity needs while reducing greenhouse gas emissions.

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Opportunities:

The escalating demand for clean and renewable energy solutions has created significant opportunities in the solar photovoltaic market. With banks and financial institutions backing solar energy projects, investors are increasingly drawn to the sector. This influx of funding is not only driving the growth of large-scale solar power plants but also encouraging residential and commercial consumers to adopt solar PV systems, contributing to a more sustainable and environmentally friendly energy landscape. As the solar industry continues to innovate and expand, it holds tremendous promise for meeting the world's growing energy needs in a greener and more sustainable manner.

Segmentation Analysis of The Solar Photovoltaic (PV) Market

The solar photovoltaic (PV) market segment covers the Technology, System, Application, Grid, installation. By type, the thin film segment is anticipated to dominate the market over the forecast period.

 

·       Cells made from thin films making them much more flexible and durable. One type of thin film PV cell is amorphous silicon (a-Si) which is produced by depositing thin layers of silicon onto a glass substrate.

 

·       The result is a very thin and flexible cell that uses less than 1% of the silicon needed for a crystalline cell. Due to this reduction in raw material and a less energy-intensive manufacturing process, amorphous silicon cells are much cheaper to produce.

 

 

·       With the increasing efficiencies of thin film solar, installing them on metal roofs has become cost competitive with traditional Monocrystalline and Polycrystalline solar cells.

·       The thin film panels are flexible and run down the standing seam metal roofs and stick to the metal roof with Adhesive, so no holes are needed to install. The connection wires run under the ridge cap at the top of the roof.

 

By Technology

·       Thin Film

·       Mono Si

·       Multi Si

By System

·       High Concentration Photovoltaic (HCPV)

·       Low Concentration Photovoltaic (LCPV)

By Application

 

·       Industrial

·       Residential

·       Commercial

By Grid

·       On-grid

·       Off-grid

By Installation

·       Ground Mounted

·       Rooftop

·       Others

 

Regional Analysis of The Solar Photovoltaic (PV) Market

Asia Pacific is Expected to Dominate the Market Over the Forecast Period.

 

·       China became the leading manufacturer of PV panels for both residential and commercial usage in the last decade, surpassing Europe, Japan, and the United States, which were earlier more active in the PV supply domain. According to the IEA, Xinjiang province of China is responsible for one out of seven solar panels manufactured worldwide.

·       Furthermore, With the strong support of the policy, China’s solar PV industry has achieved breakthrough progress in the past decade, and its social welfare effect has been gradually reflected.

 

·       China’s annual new installed capacity and the cumulative installed capacity of solar PV have seen significant growth. At the same time, the growth rate of its new installed capacity is significantly higher than the world average.

 

 

·       North America

o   US

o   Canada

o   Mexico

 

·       Eastern Europe

o   Bulgaria

o   The Czech Republic

o   Hungary

o   Poland

o   Romania

o   Rest of Eastern Europe

 

·       Western Europe

o   Germany

o   UK

o   France

o   Netherlands

o   Italy

o   Russia

o   Spain

o   Rest of Western Europe

 

·       Asia Pacific

o   China

o   India

o   Japan

o   South Korea

o   Malaysia

o   Thailand

o   Vietnam

o   The Philippines

o   Australia

o   New Zealand

o   Rest of APAC

 

·       Middle East & Africa

o   Turkey

o   Bahrain

o   Kuwait

o   Saudi Arabia

o   Qatar

o   UAE

o   Israel

o   South Africa

 

·       South America

o   Brazil

o   Argentina

o   Rest of SA

 

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Key Industry Developments in Solar Photovoltaic (PV) Market

·       In April 2023, Brookfield expanded its green footprint and buys a 51% stake in CleanMax Enviro. Canadian investment firm Brookfield has picked up a 51% stake in CleanMax Enviro (CleanMax Solar), which supplies renewable energy to commercial and industrial establishments, said two sources aware of the development.

 

·       In May 2023, A Swiss manufacturer entered Australia with a heterojunction solar module. By offering a range of high-performance solar panels it claimed greater energy yields than traditional technologies. Which offer up to 20% more yield compared to conventional PERC modules.

 

 

 

The report provides insights on the following pointers:

1.       Market Penetration: Offers comprehensive information on the market offered by the key players

2.       Market Analysis: Provides detailed information on lucrative growing markets and examines market penetration across mature segments.

3.       Market Diversification: Details regarding new product launches, untapped geographies, recent developments, and investments are provided.

4.       Competitive Landscape: Provides an in-depth analysis of the top companies' market shares, strategies, products, certification, regulatory approvals, patent landscape, and production capabilities.

5.       Industry Dynamics and Factors: Offers insightful information about future technologies, R&D initiatives, and game-changing product breakthroughs.

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The report covers exhaustive analysis on:

•The market size and industry growth rate of the global and regional market across various segments

•Based on extensive primary and secondary research this report provides comprehensive and granular data

•Key technological advancements and market trends that shape the market

•Brand dynamics and distribution trends in order to effectively plan strategies in the forecast period 2023-2030

•Key companies operating in this market and their market share

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