Solar PV Panels Market Size, Trends and Insights By Technology (Crystalline silicon, Thin-film , Others), By Grid-Type (On-grid, Off-grid), By Installation (Ground-mounted, Roof-top, Others), By Application (Commercial, Residential, Utility), and By Region - Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2022–2030


Report Code: CMI17346

Published Date: August 2022

Pages: 220+

Category: Renewable Energy

Reports Description

The global market size for solar PV panels was estimated at USD 189.2 Billion and is expected to reach USD 720.1 Billion, to grow at a CAGR rate of 12% during the forecasting period of 2022-2030.

Solar energy is the radiant form of energy extracted from the sunlight and used as a renewable source for the generation of electricity. The solar or photovoltaic cells are made from materials like silicon, phosphorous, and boron arranged altogether in a grid-like pattern. These cells have the capability of converting sunlight energy into electrical energy through the mechanism of the photovoltaic effect. Electricity generation through solar PV cells is a prominent method of using renewable sources for energy production.

Solar PV Panels Market (By Application)

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The electricity produced through solar PV panels is used to charge batteries and provides electricity to off-grid or remote areas where conventional electricity facilities are not available. It is also used in remote power systems for cabins, remote sensing, telecommunication equipment, etc.

The solar PV panels generate electricity through the photovoltaic effect in which the rays of the sunlight strike the photovoltaic surface in the form of photons which generates the knock-out of electrons from the surface which is bounced back using the magnetic force generated by the PV cells. This is how solar PV technology generates electricity from sunlight being used as a renewable resource.

Growth Factors

The utilization of conventional sources for electricity generation brought many challenges from environmental aspects such as the depletion of non-renewable sources, GHG emissions, pollution from fossil fuels, etc. Such concerning factors shifted the global market from conventional toward the renewable source for electricity generation, which drives the growth of the global solar PV panel market. With the increasing environmental awareness, the government has introduced multiple initiatives and provided investments to uplift solar PV-related projects, which could boost the market growth in the projection period. Rapid urbanization and consumer base due to increased population led to the potential market growth.

The high demand for electricity across remote regions and the industrial setup for energy generation has propelled the global market growth.

Increased industrialization across multiple regions drives the growth of the solar PV market across the globe due to the high demand for solar energy. Along with that, the technological advancements and research developments for improvising the solar PV cells in terms of quality, durability, and capacity, propel the growth of the market.

Solar PV Panels Market (By Grid-Type)

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The rapid demand for electricity in off-grid areas has led to the rise of the solar PV panel market. Based on the analysis by World Energy Outlook, more than one billion people live in areas where they don’t have even access to conventional electricity. Hence, solar PV panels are a splendid electricity source in off-grid areas.

Solar PV Panel Market Segment Analysis:

Solar PV Panel Market, Segmentation Based On Technology

Depending upon the technology, the market is segmented into crystalline silicon, thin-film, and others. The crystalline silicon is expected to hold a larger share by 2031. This can be attributed to factors like low weight volume ratio, low-cost manufacturing, and extended lifecycle of the panels. Based on the working efficiency, the crystalline solar panels can convert sunlight into electrical energy with a laboratory-mediated efficiency rate, which is 20% and 25% for monocrystalline and polycrystalline respectively.

The industrial-generated crystalline panels have an efficiency rate between 18-22%. The crystalline solar PV panels have high demand in commercial, residential, and industrial sectors due to their long shelf life and high-efficiency rate. Among the other solar technology, crystal silicon PV cells are extensively used for electricity generation. They are also useful in areas with limited space. Monocrystalline solar PV panels are made from the highest-grade silicone, hence enhancing the quality and efficiency rate, that propels the crystal silicone panels.

Solar PV Panel Market, Segmentation Based On Application

Depending on the application, the commercial segment held the largest market share in 2021 and is expected to grow significantly during the forecast period. The commercial solar PV panels have 15-20 years of lifespan and are widely used to power industrial buildings, water heating in offices, pre-heating ventilation air, etc. The rapid demand for solar PV modules in corporate buildings, hotels, and hospitals, along with the high demand for power in data centres and communication base stations.

Solar PV Panel Market, Segmentation Based On Grid-Type

Based on the grid-type analysis, the on-grid segment has dominated the market in 2021, due to the less complex nature as well as the low-cost operation and maintenance of the on-grid solar PV panels. The in-grid can produce a large amount of electricity which can be widely distributed across power grids. The electricity can be directly transferred to the grids and there is no need for a battery for storage. The beneficial factors of the on-grid segment include easy feeding of energy, easy operation and maintenance process, easy installation, cost-efficiency, etc.

Solar PV Panels Market (By Installation)

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The on-grid segment is connected to the utility segment. Since the energy is not stored, the excess electricity is passed on directly to the utility segment. Likewise, if the power is not sufficient on the on-grid, then it can be borrowed from the utility segment to fulfil the needs. However, there is a specific time for energy generation which sometimes can be affected by the weather and other conditions.

The peak time for power generation is between 10: AM to 2:00 PM when the sun’s rays are brighter. The on-grid system cut the extra expenses as extra storage in the battery is not required. For the night, the energy is stored in the load which is a part of the system and works like a battery. The stored energy from the load is transferred to the grid for electricity generation.

Solar PV Panel Market, Segmentation Based On Installation

Based on the installation, the market is segmented into roof-top, ground-mounted, and others. In terms of market share, the ground-mounted segment held the larger share by 2021. The ground-mounted panels are widely used in commercial and utility sectors. These PV panels are highly efficient and infer low-cost operation, maintenance, and installation.

Report Scope

Feature of the Report Details
Market Size in 2021 USD 189.2 Billion
Projected Market Size in 2030 USD 720.1 Billion
CAGR Growth Rate 12% CAGR
Base Year 2021
Forecast Period 2022-2030
Prominent Players Hanwha Q-Cells, Risen Energy, Jinko Solar, LONGI Solar, Canadian Solar, SunPower Corporation, First Solar, Aiko Solar, Tongwei Group Co. Ltd., Shungfen International Clean Energy Co. Ltd., Yingli Solar, and Others
Key Segment By Technology, Grid-Type, Installation, Application, and Region
Report Coverage Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends
Regional Scope North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America
Buying Options Request tailored purchasing options to fulfil your requirements for research.

Regional Insights

The Asia-Pacific dominated the solar PV market in 2021 and is expected to hold a major share in the forecast period of 2022-2031. The high demand for solar PV panels across Asia-Pacific is due to the increased installations of solar power projects across regions like India and China. These regions with a large consumer base and a huge part of the land are ideal for energy industrial development.

The rapid development of the renewable energy sector, industrialization, and the rise in demand for distributed energy has enhanced the growth of the solar PV market. Additionally, the regular involvement of the key players in the renewable energy industry set-up and the government initiatives drive the market growth across such regions.

Solar PV Panels Market (trends by region)

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COVID-19 impact on the solar PV panel market

The outbreak of Covid imposed a lockdown on the whole world, due to which the export, import, and manufacturing processes got disturbed which resulted in the decline of the solar PV panel market. The fall in demand for power equipment brought a decrease in the solar PV market.

The restricted movement and the lack of manpower led to a halting in the manufacturing and industrial process that affected the market growth in a pandemic, with a predictable decline of 4%. For some countries, the renewable industry mainly depends on imports from China, including the raw materials, prefabricated structures, inverters, etc., which got affected during the pandemic breaking the supply chain. However, it started to recover due to the controlled vaccination and rising health concern. To mitigate the negative impact on the market, the government introduced post-covid economic recovery programs which are supposed to uplift the market during the forecast period.

Solar PV Panels Market Size

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Key developments in the solar PV panel market

  • In March 2021, JA Solar introduced the Deepblue 3.0 high-efficiency solar PV rooftop module for the commercial and industrial sectors in the global market. The developed solar module is highly efficient and requires low-cost maintenance. It can provide 540 W of electricity at one time which can cover the mass area.
  • In July 2021, Jinko Solar has created the world record for the fourth time, for the construction of N-typed monocrystalline solar cells with a high conservation efficiency rate of 25%. Through this innovation, the company achieved a major technological breakthrough.

Segments covered in the report

Based On Technology

  • Crystalline silicon
  • Thin-film
  • Others

Based On Grid-Type

  • On-grid
  • Off-grid

Based On Installation

  • Ground-mounted
  • Roof-top
  • Others

Based On Application

  • Commercial
  • Residential
  • Utility

Based On Region

North America

  • US
  • Mexico
  • Canada

Europe

  • Germany
  • France
  • UK
  • Italy
  • Spain
  • Rest of Europe

Asia-Pacific

  • Japan
  • India
  • China
  • South Korea
  • Australia
  • Rest of Asia-Pacific

LAMEA

  • Brazil
  • UAE
  • South Africa
  • Turkey
  • Rest of LAMEA

Table of Contents

  • Chapter 1. Preface
    • 1.1 Report Description and Scope
    • 1.2 Research scope
    • 1.3 Research methodology
      • 1.3.1 Market Research Type
      • 1.3.2 Market research methodology
  • Chapter 2. Executive Summary
    • 2.1 Global Solar PV Panels Market, (2022 – 2030) (USD Billion)
    • 2.2 Global Solar PV Panels Market: snapshot
  • Chapter 3. Global Solar PV Panels Market – Industry Analysis
    • 3.1 Solar PV Panels Market: Market Dynamics
    • 3.2 Market Drivers
      • 3.2.1 Increasing environmental awareness
      • 3.2.2 Government has introduced multiple initiatives
    • 3.3 Market Restraints
    • 3.4 Market Opportunities
    • 3.5 Market Challenges
    • 3.6 Porter’s Five Forces Analysis
    • 3.7 Market Attractiveness Analysis
      • 3.7.1 Market attractiveness analysis By Technology
      • 3.7.2 Market attractiveness analysis By Grid-Type
      • 3.7.3 Market attractiveness analysis By Installation
      • 3.7.4 Market attractiveness analysis By Application
  • Chapter 4. Global Solar PV Panels Market- Competitive Landscape
    • 4.1 Company market share analysis
      • 4.1.1 Global Solar PV Panels Market: company market share, 2021
    • 4.2 Strategic development
      • 4.2.1 Acquisitions & mergers
      • 4.2.2 New Product launches
      • 4.2.3 Agreements, partnerships, collaborations, and joint ventures
      • 4.2.4 Research and development and Regional expansion
    • 4.3 Price trend analysis
  • Chapter 5. Global Solar PV Panels Market – Technology Analysis
    • 5.1 Global Solar PV Panels Market overview: By Technology
      • 5.1.1 Global Solar PV Panels Market share, By Technology, 2021 and 2030
    • 5.2 Crystalline silicon
      • 5.2.1 Global Solar PV Panels Market by Crystalline silicon, 2022 – 2030 (USD Billion)
    • 5.3 Thin-film
      • 5.3.1 Global Solar PV Panels Market by Thin-film, 2022 – 2030 (USD Billion)
    • 5.4 Others
      • 5.4.1 Global Solar PV Panels Market by Others, 2022 – 2030 (USD Billion)
  • Chapter 6. Global Solar PV Panels Market – Grid-Type Analysis
    • 6.1 Global Solar PV Panels Market overview: By Grid-Type
      • 6.1.1 Global Solar PV Panels Market share, By Grid-Type, 2021 and 2030
    • 6.2 On-grid
      • 6.2.1 Global Solar PV Panels Market by On-grid, 2022 – 2030 (USD Billion)
    • 6.3 Off-grid
      • 6.3.1 Global Solar PV Panels Market by Off-grid, 2022 – 2030 (USD Billion)
  • Chapter 7. Global Solar PV Panels Market – Installation Analysis
    • 7.1 Global Solar PV Panels Market overview: By Installation
      • 7.1.1 Global Solar PV Panels Market share, By Installation, 2021 and 2030
    • 7.2 Ground-mounted
      • 7.2.1 Global Solar PV Panels Market by Ground-mounted, 2022 – 2030 (USD Billion)
    • 7.3 Roof-top
      • 7.3.1 Global Solar PV Panels Market by Roof-top, 2022 – 2030 (USD Billion)
    • 7.4 Others
      • 7.4.1 Global Solar PV Panels Market by Others, 2022 – 2030 (USD Billion)
  • Chapter 8. Global Solar PV Panels Market – Application Analysis
    • 8.1 Global Solar PV Panels Market overview: By Application
      • 8.1.1 Global Solar PV Panels Market share, By Application, 2021 and 2030
    • 8.2 Commercial
      • 8.2.1 Global Solar PV Panels Market by Commercial, 2022 – 2030 (USD Billion)
    • 8.3 Residential
      • 8.3.1 Global Solar PV Panels Market by Residential, 2022 – 2030 (USD Billion)
    • 8.4 Utility
      • 8.4.1 Global Solar PV Panels Market by Utility, 2022 – 2030 (USD Billion)
  • Chapter 9. Solar PV Panels Market – Regional Analysis
    • 9.1 Global Solar PV Panels Market Regional Overview
    • 9.2 Global Solar PV Panels Market Share, by Region, 2021 & 2030 (USD Billion)
    • 9.3. North America
      • 9.3.1 North America Solar PV Panels Market, 2022 – 2030 (USD Billion)
        • 9.3.1.1 North America Solar PV Panels Market, by Country, 2022 – 2030 (USD Billion)
    • 9.4 North America Solar PV Panels Market, by Technology, 2022 – 2030
      • 9.4.1 North America Solar PV Panels Market, by Technology, 2022 – 2030 (USD Billion)
    • 9.5 North America Solar PV Panels Market, by Grid-Type, 2022 – 2030
      • 9.5.1 North America Solar PV Panels Market, by Grid-Type, 2022 – 2030 (USD Billion)
    • 9.6 North America Solar PV Panels Market, by Installation, 2022 – 2030
      • 9.6.1 North America Solar PV Panels Market, by Installation, 2022 – 2030 (USD Billion)
    • 9.7 North America Solar PV Panels Market, by Application, 2022 – 2030
      • 9.7.1 North America Solar PV Panels Market, by Application, 2022 – 2030 (USD Billion)
    • 9.4. Europe
      • 9.4.2 Europe Solar PV Panels Market, 2022 – 2030 (USD Billion)
        • 9.4.2.1 Europe Solar PV Panels Market, by Country, 2022 – 2030 (USD Billion)
    • 9.4 Europe Solar PV Panels Market, by Technology, 2022 – 2030
      • 9.4.1 Europe Solar PV Panels Market, by Technology, 2022 – 2030 (USD Billion)
    • 9.5 Europe Solar PV Panels Market, by Grid-Type, 2022 – 2030
      • 9.5.1 Europe Solar PV Panels Market, by Grid-Type, 2022 – 2030 (USD Billion)
    • 9.6 Europe Solar PV Panels Market, by Installation, 2022 – 2030
      • 9.6.1 Europe Solar PV Panels Market, by Installation, 2022 – 2030 (USD Billion)
    • 9.7 Europe Solar PV Panels Market, by Application, 2022 – 2030
      • 9.7.1 Europe Solar PV Panels Market, by Application, 2022 – 2030 (USD Billion)
    • 9.5. Asia Pacific
      • 9.5.3 Asia Pacific Solar PV Panels Market, 2022 – 2030 (USD Billion)
        • 9.5.3.1 Asia Pacific Solar PV Panels Market, by Country, 2022 – 2030 (USD Billion)
    • 9.4 Asia Pacific Solar PV Panels Market, by Technology, 2022 – 2030
      • 9.4.1 Asia Pacific Solar PV Panels Market, by Technology, 2022 – 2030 (USD Billion)
    • 9.5 Asia Pacific Solar PV Panels Market, by Grid-Type, 2022 – 2030
      • 9.5.1 Asia Pacific Solar PV Panels Market, by Grid-Type, 2022 – 2030 (USD Billion)
    • 9.6 Asia Pacific Solar PV Panels Market, by Installation, 2022 – 2030
      • 9.6.1 Asia Pacific Solar PV Panels Market, by Installation, 2022 – 2030 (USD Billion)
    • 9.7 Asia Pacific Solar PV Panels Market, by Application, 2022 – 2030
      • 9.7.1 Asia Pacific Solar PV Panels Market, by Application, 2022 – 2030 (USD Billion)
    • 9.6. Latin America
      • 9.6.4 Latin America Solar PV Panels Market, 2022 – 2030 (USD Billion)
        • 9.6.4.1 Latin America Solar PV Panels Market, by Country, 2022 – 2030 (USD Billion)
    • 9.4 Latin America Solar PV Panels Market, by Technology, 2022 – 2030
      • 9.4.1 Latin America Solar PV Panels Market, by Technology, 2022 – 2030 (USD Billion)
    • 9.5 Latin America Solar PV Panels Market, by Grid-Type, 2022 – 2030
      • 9.5.1 Latin America Solar PV Panels Market, by Grid-Type, 2022 – 2030 (USD Billion)
    • 9.6 Latin America Solar PV Panels Market, by Installation, 2022 – 2030
      • 9.6.1 Latin America Solar PV Panels Market, by Installation, 2022 – 2030 (USD Billion)
    • 9.7 Latin America Solar PV Panels Market, by Application, 2022 – 2030
      • 9.7.1 Latin America Solar PV Panels Market, by Application, 2022 – 2030 (USD Billion)
    • 9.7. The Middle-East and Africa
      • 9.7.5 The Middle-East and Africa Solar PV Panels Market, 2022 – 2030 (USD Billion)
        • 9.7.5.1 The Middle-East and Africa Solar PV Panels Market, by Country, 2022 – 2030 (USD Billion)
    • 9.4 The Middle-East and Africa Solar PV Panels Market, by Technology, 2022 – 2030
      • 9.4.1 The Middle-East and Africa Solar PV Panels Market, by Technology, 2022 – 2030 (USD Billion)
    • 9.5 The Middle-East and Africa Solar PV Panels Market, by Grid-Type, 2022 – 2030
      • 9.5.1 The Middle-East and Africa Solar PV Panels Market, by Grid-Type, 2022 – 2030 (USD Billion)
    • 9.6 The Middle-East and Africa Solar PV Panels Market, by Installation, 2022 – 2030
      • 9.6.1 The Middle-East and Africa Solar PV Panels Market, by Installation, 2022 – 2030 (USD Billion)
    • 9.7 The Middle-East and Africa Solar PV Panels Market, by Application, 2022 – 2030
      • 9.7.1 The Middle-East and Africa Solar PV Panels Market, by Application, 2022 – 2030 (USD Billion)
  • Chapter 10. Company Profiles
    • 10.1 Hanwha Q-Cells
      • 10.1.1 Overview
      • 10.1.2 Financials
      • 10.1.3 Product Portfolio
      • 10.1.4 Business Strategy
      • 10.1.5 Recent Developments
    • 10.2 Risen Energy
      • 10.2.1 Overview
      • 10.2.2 Financials
      • 10.2.3 Product Portfolio
      • 10.2.4 Business Strategy
      • 10.2.5 Recent Developments
    • 10.3 Jinko Solar
      • 10.3.1 Overview
      • 10.3.2 Financials
      • 10.3.3 Product Portfolio
      • 10.3.4 Business Strategy
      • 10.3.5 Recent Developments
    • 10.4 LONGI Solar
      • 10.4.1 Overview
      • 10.4.2 Financials
      • 10.4.3 Product Portfolio
      • 10.4.4 Business Strategy
      • 10.4.5 Recent Developments
    • 10.5 Canadian Solar
      • 10.5.1 Overview
      • 10.5.2 Financials
      • 10.5.3 Product Portfolio
      • 10.5.4 Business Strategy
      • 10.5.5 Recent Developments
    • 10.6 SunPower Corporation
      • 10.6.1 Overview
      • 10.6.2 Financials
      • 10.6.3 Product Portfolio
      • 10.6.4 Business Strategy
      • 10.6.5 Recent Developments
    • 10.7 First Solar
      • 10.7.1 Overview
      • 10.7.2 Financials
      • 10.7.3 Product Portfolio
      • 10.7.4 Business Strategy
      • 10.7.5 Recent Developments
    • 10.8 Aiko Solar
      • 10.8.1 Overview
      • 10.8.2 Financials
      • 10.8.3 Product Portfolio
      • 10.8.4 Business Strategy
      • 10.8.5 Recent Developments
    • 10.9 Tongwei Group Co. Ltd.
      • 10.9.1 Overview
      • 10.9.2 Financials
      • 10.9.3 Product Portfolio
      • 10.9.4 Business Strategy
      • 10.9.5 Recent Developments
    • 10.10 Shungfen International Clean Energy Co. Ltd.
      • 10.10.1 Overview
      • 10.10.2 Financials
      • 10.10.3 Product Portfolio
      • 10.10.4 Business Strategy
      • 10.10.5 Recent Developments
    • 10.11 Yingli Solar
      • 10.11.1 Overview
      • 10.11.2 Financials
      • 10.11.3 Product Portfolio
      • 10.11.4 Business Strategy
      • 10.11.5 Recent Developments

List Of Figures

  • 1. Market research Type
  • 2. Market research methodology
  • 3. Global Solar PV Panels Market, 2022 – 2030 (USD Billion)
  • 4. Porter’s Five Forces Analysis
  • 5. Global Solar PV Panels Market Attractiveness, By Technology
  • 6. Global Solar PV Panels Market attractiveness, By Grid-Type
  • 7. Global Solar PV Panels Market attractiveness, By Installation
  • 8. Global Solar PV Panels Market attractiveness, By Application
  • 9. Global Solar PV Panels Market share by Technology, 2022 and 2030 (USD Billion)
  • 10. Global Solar PV Panels Market by Crystalline silicon, 2022 – 2030 (USD Billion)
  • 11. Global Solar PV Panels Market by Thin-film, 2022 – 2030 (USD Billion)
  • 12. Global Solar PV Panels Market by Others, 2022 – 2030 (USD Billion)
  • 13. Global Solar PV Panels Market share by Grid-Type, 2022 and 2030 (USD Billion)
  • 14. Global Solar PV Panels Market by On-grid, 2022 – 2030 (USD Billion)
  • 15. Global Solar PV Panels Market by Off-grid, 2022 – 2030 (USD Billion)
  • 16. Global Solar PV Panels Market share by Installation, 2022 and 2030 (USD Billion)
  • 17. Global Solar PV Panels Market by Ground-mounted, 2022 – 2030 (USD Billion)
  • 18. Global Solar PV Panels Market by Roof-top, 2022 – 2030 (USD Billion)
  • 19. Global Solar PV Panels Market by Others, 2022 – 2030 (USD Billion)
  • 20. Global Solar PV Panels Market share by Application, 2022 and 2030 (USD Billion)
  • 21. Global Solar PV Panels Market by Commercial, 2022 – 2030 (USD Billion)
  • 22. Global Solar PV Panels Market by Residential, 2022 – 2030 (USD Billion)
  • 23. Global Solar PV Panels Market by Utility, 2022 – 2030 (USD Billion)
  • 24. Global Solar PV Panels Market share, by Region, 2022 and 2030
  • 25. North America Solar PV Panels Market, 2022 – 2030 (USD Billion)
  • 26. Europe Solar PV Panels Market, 2022 – 2030 (USD Billion)
  • 27. Asia Pacific Solar PV Panels Market, 2022 – 2030 (USD Billion)
  • 28. Latin America Solar PV Panels Market, 2022 – 2030 (USD Billion)
  • 29. The Middle-East and Africa Solar PV Panels Market, 2022 – 2030 (USD Billion)

List Of Tables

  • 1. Global Solar PV Panels Market: Snapshot
  • 2. Drivers of the Solar PV Panels Market: impact analysis
  • 3. North America Solar PV Panels Market Revenue, By Technology, 2022 – 2030 (USD Billion)
  • 4. North America Solar PV Panels Market Revenue, By Grid-Type, 2022 – 2030 (USD Billion)
  • 5. North America Solar PV Panels Market Revenue, By Installation, 2022 – 2030 (USD Billion)
  • 6. North America Solar PV Panels Market Revenue, By Application, 2022 – 2030 (USD Billion)
  • 7. U.S. Solar PV Panels Market Revenue, By Technology, 2022 – 2030 (USD Billion)
  • 8. U.S. Solar PV Panels Market Revenue, By Grid-Type, 2022 – 2030 (USD Billion)
  • 9. U.S. Solar PV Panels Market Revenue, By Installation, 2022 – 2030 (USD Billion)
  • 10. U.S. Solar PV Panels Market Revenue, By Application, 2022 – 2030 (USD Billion)
  • 11. Canada Solar PV Panels Market Revenue, By Technology, 2022 – 2030 (USD Billion)
  • 12. Canada Solar PV Panels Market Revenue, By Grid-Type, 2022 – 2030 (USD Billion)
  • 13. Canada Solar PV Panels Market Revenue, By Installation, 2022 – 2030 (USD Billion)
  • 14. Canada Solar PV Panels Market Revenue, By Application, 2022 – 2030 (USD Billion)
  • 15. Europe Solar PV Panels Market Revenue, By Technology, 2022 – 2030 (USD Billion)
  • 16. Europe Solar PV Panels Market Revenue, By Grid-Type, 2022 – 2030 (USD Billion)
  • 17. Europe Solar PV Panels Market Revenue, By Installation, 2022 – 2030 (USD Billion)
  • 18. Europe Solar PV Panels Market Revenue, By Application, 2022 – 2030 (USD Billion)
  • 19. Germany Solar PV Panels Market Revenue, By Technology, 2022 – 2030 (USD Billion)
  • 20. Germany Solar PV Panels Market Revenue, By Grid-Type, 2022 – 2030 (USD Billion)
  • 21. Germany Solar PV Panels Market Revenue, By Installation, 2022 – 2030 (USD Billion)
  • 22. Germany Solar PV Panels Market Revenue, By Application, 2022 – 2030 (USD Billion)
  • 23. France Solar PV Panels Market Revenue, By Technology, 2022 – 2030 (USD Billion)
  • 24. France Solar PV Panels Market Revenue, By Grid-Type, 2022 – 2030 (USD Billion)
  • 25. France Solar PV Panels Market Revenue, By Installation, 2022 – 2030 (USD Billion)
  • 26. France Solar PV Panels Market Revenue, By Application, 2022 – 2030 (USD Billion)
  • 27. U.K. Solar PV Panels Market Revenue, By Technology, 2022 – 2030 (USD Billion)
  • 28. U.K. Solar PV Panels Market Revenue, By Grid-Type, 2022 – 2030 (USD Billion)
  • 29. U.K. Solar PV Panels Market Revenue, By Installation, 2022 – 2030 (USD Billion)
  • 30. U.K. Solar PV Panels Market Revenue, By Application, 2022 – 2030 (USD Billion)
  • 31. Italy Solar PV Panels Market Revenue, By Technology, 2022 – 2030 (USD Billion)
  • 32. Italy Solar PV Panels Market Revenue, By Grid-Type, 2022 – 2030 (USD Billion)
  • 33. Italy Solar PV Panels Market Revenue, By Installation, 2022 – 2030 (USD Billion)
  • 34. Italy Solar PV Panels Market Revenue, By Application, 2022 – 2030 (USD Billion)
  • 35. Spain Solar PV Panels Market Revenue, By Technology, 2022 – 2030 (USD Billion)
  • 36. Spain Solar PV Panels Market Revenue, By Grid-Type, 2022 – 2030 (USD Billion)
  • 37. Spain Solar PV Panels Market Revenue, By Installation, 2022 – 2030 (USD Billion)
  • 38. Spain Solar PV Panels Market Revenue, By Application, 2022 – 2030 (USD Billion)
  • 39. Rest of Europe Solar PV Panels Market Revenue, By Technology, 2022 – 2030 (USD Billion)
  • 40. Rest of Europe Solar PV Panels Market Revenue, By Grid-Type, 2022 – 2030 (USD Billion)
  • 41. Rest of Europe Solar PV Panels Market Revenue, By Installation, 2022 – 2030 (USD Billion)
  • 42. Rest of Europe Solar PV Panels Market Revenue, By Application, 2022 – 2030 (USD Billion)
  • 43. Asia Pacific Solar PV Panels Market Revenue, By Technology, 2022 – 2030 (USD Billion)
  • 44. Asia Pacific Solar PV Panels Market Revenue, By Grid-Type, 2022 – 2030 (USD Billion)
  • 45. Asia Pacific Solar PV Panels Market Revenue, By Installation, 2022 – 2030 (USD Billion)
  • 46. Asia Pacific Solar PV Panels Market Revenue, By Application, 2022 – 2030 (USD Billion)
  • 47. China Solar PV Panels Market Revenue, By Technology, 2022 – 2030 (USD Billion)
  • 48. China Solar PV Panels Market Revenue, By Grid-Type, 2022 – 2030 (USD Billion)
  • 49. China Solar PV Panels Market Revenue, By Installation, 2022 – 2030 (USD Billion)
  • 50. China Solar PV Panels Market Revenue, By Application, 2022 – 2030 (USD Billion)
  • 51. Japan Solar PV Panels Market Revenue, By Technology, 2022 – 2030 (USD Billion)
  • 52. Japan Solar PV Panels Market Revenue, By Grid-Type, 2022 – 2030 (USD Billion)
  • 53. Japan Solar PV Panels Market Revenue, By Installation, 2022 – 2030 (USD Billion)
  • 54. Japan Solar PV Panels Market Revenue, By Application, 2022 – 2030 (USD Billion)
  • 55. India Solar PV Panels Market Revenue, By Technology, 2022 – 2030 (USD Billion)
  • 56. India Solar PV Panels Market Revenue, By Grid-Type, 2022 – 2030 (USD Billion)
  • 57. India Solar PV Panels Market Revenue, By Installation, 2022 – 2030 (USD Billion)
  • 58. India Solar PV Panels Market Revenue, By Application, 2022 – 2030 (USD Billion)
  • 59. South Korea Solar PV Panels Market Revenue, By Technology, 2022 – 2030 (USD Billion)
  • 60. South Korea Solar PV Panels Market Revenue, By Grid-Type, 2022 – 2030 (USD Billion)
  • 61. South Korea Solar PV Panels Market Revenue, By Installation, 2022 – 2030 (USD Billion)
  • 62. South Korea Solar PV Panels Market Revenue, By Application, 2022 – 2030 (USD Billion)
  • 63. South-East Asia Solar PV Panels Market Revenue, By Technology, 2022 – 2030 (USD Billion)
  • 64. South-East Asia Solar PV Panels Market Revenue, By Grid-Type, 2022 – 2030 (USD Billion)
  • 65. South-East Asia Solar PV Panels Market Revenue, By Installation, 2022 – 2030 (USD Billion)
  • 66. South-East Asia Solar PV Panels Market Revenue, By Application, 2022 – 2030 (USD Billion)
  • 67. Rest of Asia Pacific Solar PV Panels Market Revenue, By Technology, 2022 – 2030 (USD Billion)
  • 68. Rest of Asia Pacific Solar PV Panels Market Revenue, By Grid-Type, 2022 – 2030 (USD Billion)
  • 69. Rest of Asia Pacific Solar PV Panels Market Revenue, By Installation, 2022 – 2030 (USD Billion)
  • 70. Rest of Asia Pacific Solar PV Panels Market Revenue, By Application, 2022 – 2030 (USD Billion)
  • 71. Latin America Solar PV Panels Market Revenue, By Technology, 2022 – 2030 (USD Billion)
  • 72. Latin America Solar PV Panels Market Revenue, By Grid-Type, 2022 – 2030 (USD Billion)
  • 73. Latin America Solar PV Panels Market Revenue, By Installation, 2022 – 2030 (USD Billion)
  • 74. Latin America Solar PV Panels Market Revenue, By Application, 2022 – 2030 (USD Billion)
  • 75. Brazil Solar PV Panels Market Revenue, By Technology, 2022 – 2030 (USD Billion)
  • 76. Brazil Solar PV Panels Market Revenue, By Grid-Type, 2022 – 2030 (USD Billion)
  • 77. Brazil Solar PV Panels Market Revenue, By Installation, 2022 – 2030 (USD Billion)
  • 78. Brazil Solar PV Panels Market Revenue, By Application, 2022 – 2030 (USD Billion)
  • 79. Mexico Solar PV Panels Market Revenue, By Technology, 2022 – 2030 (USD Billion)
  • 80. Mexico Solar PV Panels Market Revenue, By Grid-Type, 2022 – 2030 (USD Billion)
  • 81. Mexico Solar PV Panels Market Revenue, By Installation, 2022 – 2030 (USD Billion)
  • 82. Mexico Solar PV Panels Market Revenue, By Application, 2022 – 2030 (USD Billion)
  • 83. Rest of Latin America Solar PV Panels Market Revenue, By Technology, 2022 – 2030 (USD Billion)
  • 84. Rest of Latin America Solar PV Panels Market Revenue, By Grid-Type, 2022 – 2030 (USD Billion)
  • 85. Rest of Latin America Solar PV Panels Market Revenue, By Installation, 2022 – 2030 (USD Billion)
  • 86. Rest of Latin America Solar PV Panels Market Revenue, By Application, 2022 – 2030 (USD Billion)
  • 87. The Middle-East and Africa Solar PV Panels Market Revenue, By Technology, 2022 – 2030 (USD Billion)
  • 88. The Middle-East and Africa Solar PV Panels Market Revenue, By Grid-Type, 2022 – 2030 (USD Billion)
  • 89. The Middle-East and Africa Solar PV Panels Market Revenue, By Installation, 2022 – 2030 (USD Billion)
  • 90. The Middle-East and Africa Solar PV Panels Market Revenue, By Application, 2022 – 2030 (USD Billion)
  • 91. GCC Countries Solar PV Panels Market Revenue, By Technology, 2022 – 2030 (USD Billion)
  • 92. GCC Countries Solar PV Panels Market Revenue, By Grid-Type, 2022 – 2030 (USD Billion)
  • 93. GCC Countries Solar PV Panels Market Revenue, By Installation, 2022 – 2030 (USD Billion)
  • 94. GCC Countries Solar PV Panels Market Revenue, By Application, 2022 – 2030 (USD Billion)
  • 95. South Africa Solar PV Panels Market Revenue, By Technology, 2022 – 2030 (USD Billion)
  • 96. South Africa Solar PV Panels Market Revenue, By Grid-Type, 2022 – 2030 (USD Billion)
  • 97. South Africa Solar PV Panels Market Revenue, By Installation, 2022 – 2030 (USD Billion)
  • 98. South Africa Solar PV Panels Market Revenue, By Application, 2022 – 2030 (USD Billion)
  • 99. Rest of Middle-East Africa Solar PV Panels Market Revenue, By Technology, 2022 – 2030 (USD Billion)
  • 100. Rest of Middle-East Africa Solar PV Panels Market Revenue, By Grid-Type, 2022 – 2030 (USD Billion)
  • 101. Rest of Middle-East Africa Solar PV Panels Market Revenue, By Installation, 2022 – 2030 (USD Billion)
  • 102. Rest of Middle-East Africa Solar PV Panels Market Revenue, By Application, 2022 – 2030 (USD Billion)

Report Methodology

In order to get the most precise estimates and forecasts possible, Custom Market Insights applies a detailed and adaptive research methodology centered on reducing deviations. For segregating and assessing quantitative aspects of the market, the company uses a combination of top-down and bottom-up approaches. Furthermore, data triangulation, which examines the market from three different aspects, is a recurring theme in all of our research reports. The following are critical components of the methodology used in all of our studies:

Preliminary Data Mining

On a broad scale, raw market information is retrieved and compiled. Data is constantly screened to make sure that only substantiated and verified sources are taken into account. Furthermore, data is mined from a plethora of reports in our archive and also a number of reputed & reliable paid databases. To gain a detailed understanding of the business, it is necessary to know the entire product life cycle and to facilitate this, we gather data from different suppliers, distributors, and buyers.

Surveys, technological conferences, and trade magazines are used to identify technical issues and trends. Technical data is also gathered from the standpoint of intellectual property, with a focus on freedom of movement and white space. The dynamics of the industry in terms of drivers, restraints, and valuation trends are also gathered. As a result, the content created contains a diverse range of original data, which is then cross-validated and verified with published sources.

Statistical Model

Simulation models are used to generate our business estimates and forecasts. For each study, a one-of-a-kind model is created. Data gathered for market dynamics, the digital landscape, development services, and valuation patterns are fed into the prototype and analyzed concurrently. These factors are compared, and their effect over the projected timeline is quantified using correlation, regression, and statistical modeling. Market forecasting is accomplished through the use of a combination of economic techniques, technical analysis, industry experience, and domain knowledge.

Short-term forecasting is typically done with econometric models, while long-term forecasting is done with technological market models. These are based on a synthesis of the technological environment, legal frameworks, economic outlook, and business regulations. Bottom-up market evaluation is favored, with crucial regional markets reviewed as distinct entities and data integration to acquire worldwide estimates. This is essential for gaining a thorough knowledge of the industry and ensuring that errors are kept to a minimum.

Some of the variables taken into account for forecasting are as follows:

• Industry drivers and constraints, as well as their current and projected impact

• The raw material case, as well as supply-versus-price trends

• Current volume and projected volume growth through 2030

We allocate weights to these variables and use weighted average analysis to determine the estimated market growth rate.

Primary Validation

This is the final step in our report’s estimating and forecasting process. Extensive primary interviews are carried out, both in-person and over the phone, to validate our findings and the assumptions that led to them.
Leading companies from across the supply chain, including suppliers, technology companies, subject matter experts, and buyers, use techniques like interviewing to ensure a comprehensive and non-biased overview of the business. These interviews are conducted all over the world, with the help of local staff and translators, to overcome language barriers.

Primary interviews not only aid with data validation, but also offer additional important insight into the industry, existing business scenario, and future projections, thereby improving the quality of our reports.

All of our estimates and forecasts are validated through extensive research work with key industry participants (KIPs), which typically include:

• Market leaders

• Suppliers of raw materials

• Suppliers of raw materials

• Buyers.

The following are the primary research objectives:

• To ensure the accuracy and acceptability of our data.

• Gaining an understanding of the current market and future projections.

Data Collection Matrix

Perspective Primary research Secondary research
Supply-side
  • Manufacturers
  • Technology distributors and wholesalers
  • Company reports and publications
  • Government publications
  • Independent investigations
  • Economic and demographic data
Demand-side
  • End-user surveys
  • Consumer surveys
  • Mystery shopping
  • Case studies
  • Reference customers


Market Analysis Matrix

Qualitative analysis Quantitative analysis
  • Industry landscape and trends
  • Market dynamics and key issues
  • Technology landscape
  • Market opportunities
  • Porter’s analysis and PESTEL analysis
  • Competitive landscape and component benchmarking
  • Policy and regulatory scenario
  • Market revenue estimates and forecast up to 2028
  • Market revenue estimates and forecasts up to 2028, by technology
  • Market revenue estimates and forecasts up to 2028, by application
  • Market revenue estimates and forecasts up to 2028, by type
  • Market revenue estimates and forecasts up to 2028, by component
  • Regional market revenue forecasts, by technology
  • Regional market revenue forecasts, by application
  • Regional market revenue forecasts, by type
  • Regional market revenue forecasts, by component

Key market players in the solar PV panel market

  • Hanwha Q-Cells
  • Risen Energy
  • Jinko Solar
  • LONGI Solar
  • Canadian Solar
  • SunPower Corporation
  • First Solar
  • Aiko Solar
  • Tongwei Group Co. Ltd.
  • Shungfen International Clean Energy Co. Ltd.
  • Yingli Solar

FAQs

“Asia-Pacific” region will lead the global Solar PV Panels market during the forecast period 2022 to 2030.

The utilization of conventional sources for electricity generation brought many challenges from environmental aspects such as the depletion of non-renewable sources, GHG emissions, pollution from fossil fuels, etc. Such concerning factors shifted the global market from conventional toward the renewable source for electricity generation, which drives the growth of the global solar PV panel market.

The key players operating in the Solar PV Panels market are Hanwha Q-Cells, Risen Energy, Jinko Solar, LONGI Solar, Canadian Solar, SunPower Corporation, First Solar, Aiko Solar, Tongwei Group Co. Ltd., Shungfen International Clean Energy Co. Ltd., Yingli Solar, and Others.

The global Solar PV Panels market is expanding growth with a CAGR of approximately 12% during the forecast period (2022 to 2030).

The global Solar PV Panels market size was valued at USD 189.2 Billion in 2021 and it is projected to reach around USD 720.1 Billion by 2030.

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