Solar PV Panel Market to Garner $641.1 Bn, Globally, by 2030 at 11.9% CAGR: Allied Market Research

Surge in demand for clean energy generation and rapid industrialization and urbanization have boosted the growth of the global solar PV panel market.

PORTLAND, Ore., April 26, 2022 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Solar Photovoltaic (PV) Panel Market by Technology (Crystalline Silicon, Thin Film, and Others), Grid Type (On-grid and Off-grid), and End Use (Residential, Commercial & Industrial, and Others): Global Opportunity Analysis and Industry Forecast, 2021–2030" As per the report, the global solar PV panel industry was accounted for $180.4 billion in 2020, and is expected to reach $641.1 billion by 2030, growing at a CAGR of 11.9% from 2021 to 2030.

Major determinants of the market growth

Surge in demand for clean energy generation and rapid industrialization and urbanization have boosted the growth of the global solar PV panel market. However, high installation cost of solar panels hinders the market growth. On the contrary, surge in investment and government initiatives toward the solar energy sector would open new opportunities in the future.

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Covid-19 scenario:

• The Covid-19 pandemic led to decline in need for solar panels due to halt in construction of commercial and industrial solar infrastructure activities.
• Moreover, prolonged lockdown disrupted the supply chain and increased the raw material prices. These factors posed challenges in manufacturing during the pandemic.

The crystalline silicon segment dominated the market

By technology, the crystalline silicon segment held the largest share in 2020, accounting for more than four-fifths of the global solar PV panel market. In addition, the segment is estimated to register the highest CAGR of 12.1% during the forecast period, due to rise in demand for solar PV applications such as commercial, residential, and industrial across the globe. The report includes an in-depth analysis of segments such as thin film solar cell and others.

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The commercial and industrial segment to portray the highest CAGR through 2030

By end use, the commercial and industrial segment is projected to manifest the highest CAGR of 12.1% from 2021 to 2030, due to surge in urbanization and industrialization across the globe and surge in demand for power. However, the utilities segment held the largest share in 2020, accounting for around two-fifths of the global solar PV panel market, owing to rise in investment toward building of utility scale solar power plants, solar parks, and other big solar structures.

Europe, followed by North America, to manifest the highest CAGR by 2030

By region, the market across Europe, followed by North America, is anticipated to showcase the highest CAGR of 12.2% during the forecast period, due to rapid development of solar energy industry in the region. However, the global solar PV panel market across Asia-Pacific dominated in 2020, accounting for more than half of the market, owing to presence of major market players and large consumer base in the region.

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Major market players

• JA SolarJinko Solar
• Aiko Solar
• First Solar
• Hanwha Solutions
• Tongwei Group Co., Ltd.
• Shunfeng International Clean Energy Co., Ltd.
• Trina Solar
• Yingli Solar
• Waaree Energies Ltd.

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