Solar Surge: Anticipated Brilliance as Solar PV Panels Market Eyes a Staggering USD 400.50 Billion Milestone by 2031, Propelled by an Electrifying 11.0% Compound Annual Growth Rate (CAGR) | Econ Market Research

The global Solar PV Panels Market is projected to reach USD 400.50 billion by 2031, at a CAGR of 11.0%, from USD 155.80 billion in 2022. The solar PV panels market is expected to continue to grow in the coming years due to the growing awareness of climate change and ongoing innovations in PV panel design, materials, and manufacturing processes.

From the invention of the photovoltaic effect, the solar PV technology market has grown rapidly worldwide. PV panels were mostly utilized for specialized purposes in the early 20th century, such powering satellites and distant sites. But in the twenty-first century, the business took off because of rising environmental awareness, technological advancements, and government subsidies.  An essential part of the renewable energy scene are solar photovoltaic panels. They provide clean, sustainable power for home, business, and industrial uses by converting sunlight into electrical.

The market has grown significantly as a result of widespread use, rising energy efficiency, and declining costs. Globally, corporations and governments have accepted solar photovoltaics (PV) as a vital tool in the fight against climate change and carbon emissions. As a result of the producers’ increasing competitiveness brought about by this market expansion, PV panels have become more economical and efficient. The market for solar photovoltaic panels has a bright future ahead of it and is anticipated to be vital to the shift to a world powered by renewable and sustainable energy sources.

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In November 2023, through the acquisition of a 26 MW photovoltaic park, HELLENiQ ENERGY expands its portfolio of renewable energy sources in Cyprus. It is anticipated that the acquisition is going to result in an extra 43 GWh of renewable electricity produced year, bringing the total annual production to 68 GWh. This investment is guided by HELLENiQ ENERGY’s Vision 2025 strategy, which aims to maintain the company’s leadership position in the quickly changing energy industry.

In September 2023, Solarvest Holdings Berhad, a prominent figure in the clean energy sector, has successfully procured 11 contracts for the installation of rooftop solar photovoltaic (PV) systems in Vietnam, representing a significant milestone. These projects, boasting a combined capacity of 12.8 megawatt-peak (MWp), are anticipated to play a pivotal role in advancing the adoption of renewable energy in the region.

Segment Analysis and Market Dynamics

Based on technology, the global market for solar PV panels is segmented into thin film, crystalline silicon, and other categories. With the largest revenue share, the thin film segment leads the market. Thin film solar foils are characterized by their flexibility and lightweight design. They are manufactured by depositing thin semiconductor materials, such as amorphous silicon, cadmium telluride, or copper indium gallium selenide, onto various substrates. Thin film technology is known for its versatility and suitability for a wide range of applications, including building-integrated photovoltaic and portable solar devices.

The on-grid segment of the solar PV panels market is the largest based on the grid type. On-grid solar PV systems, also known as grid-tied or grid-connected systems, are designed to be connected to the local electricity grid. These systems are characterized by their ability to feed excess electricity generated by the solar panels back into the grid, allowing consumers to earn credits or receive compensation for the surplus energy they produce. Based on the end use, the global solar PV panels market is divided into utilities, commercial & industrial, and residential segments. With the highest revenue share, the utilities sector dominates the market. The utilities segment encompasses large-scale solar foil installations that are primarily developed and operated by utility companies.

These projects are often grid-connected and can generate a significant amount of electricity, contributing to a region’s energy supply. Utilities use solar foils to expand their renewable energy portfolio, reduce greenhouse gas emissions, and meet renewable energy targets set by governments. Policies and incentives from the government have a big impact on the market. The adoption of solar PV systems can be greatly increased by subsidies, tax credits, and feed-in tariffs; on the other hand, regulatory changes or a reduction in incentives can have the reverse effect. The dynamics of the market are also greatly influenced by technological developments. Increased effectiveness, longevity, and cost-effectiveness are the results of innovations in PV panel design, materials, and manufacturing techniques. Solar technology is becoming more and more appealing to businesses and people. Energy costs and environmental concerns drive market demand. Investments in solar PV systems by individuals and businesses are driven by growing awareness of climate change and the need for sustainable energy sources, which further propels market expansion.

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Furthermore, changes in the cost of conventional energy can have an impact on how appealing solar energy is as a low-cost substitute. The supply chain can be impacted by trade regulations, geopolitical issues, and global economic situations, which can change the cost and accessibility of PV panels. Consumer preferences, energy storage technologies, and the expansion of grid infrastructure all have an impact on market dynamics. Government regulations, technology advancements, environmental consciousness, economic considerations, and customer behavior interact intricately to shape the solar PV panels market. The solar photovoltaic (PV) business is anticipated to become more and more important in the global energy scene as these dynamics continue to change.

Regional Analysis

The solar PV panels market in Asia Pacific is expected to lead globally. Some of the world’s fastest-growing economies, such as those of China and India, are found in the Asia Pacific region. The need for energy has increased as these nations become more industrialized and urbanized. In order to meet this expanding energy demand while lowering carbon emissions and relying less on fossil fuels, solar PV panels provide a sustainable option. Solar energy is now widely used in several Asia-Pacific nations as an essential part of their energy plans. To promote the use of solar PV, governments have put in place feed-in tariffs, incentives, and supportive laws. As a result, the climate is favorable for the growth of solar PV. The area has a lot of sunshine and climate conditions that are ideal for producing solar energy. Because of this inherent benefit, solar PV installations are very productive and efficient throughout Asia Pacific. Utility-scale solar projects have seen substantial investment in Asia Pacific, especially in nations like China and India. The area’s solar potential and leadership on the international scene are greatly enhanced by these massive projects. Manufacturing of solar PV panels is concentrated in Asia Pacific. The area is home to several of the top producers of solar panels in the world, which helps to lower production costs and guarantee a consistent supply of panels while increasing the accessibility of solar energy. The area is actively engaged in research and development to raise the performance and efficiency of solar photovoltaic systems. The Asia Pacific market is more competitive as a result of this ongoing innovation.

The report “Solar PV Panels Market Size, Share & Trends Analysis Report by Technology (Crystalline Silicon, Thin Film, and Others), by Grid Type (On-grid and Off-grid), by End Use (Residential, Commercial & Industrial, and Utilities), and by Region (North America, Europe, APAC, MEA, and CSA), and Segment Forecasts, 2023 – 2031” is available now to Econ Market Research customers and can also be purchased directly from: https://www.econmarketresearch.com/

Further key findings from the report suggest:

• The global solar PV panels market is predicted to register a compound annual growth rate (CAGR) of 11.0% over the projected period of 2023-2031.
• Asia Pacific will be the leading region of the global solar PV panels market during the forecast period of 2023-2031.
• The major key players in the global solar PV panels market are: JinkoSolar; JA Solar; Trina Solar; LONGi Solar; Canadian Solar; Hanwha Q-CELLS; Risen Energy; GCL-SI; First Solar; and SunPower Corporation.

Read More Information about Solar PV Panels Market: https://www.econmarketresearch.com/industry-report/solar-pv-panels-market/

Econ Market Research has segmented the global solar PV panels market based on technology, grid type, end use and region:

Solar PV Panels Market by Technology (Revenue, USD Billion, 2023-2031)

• Crystalline Silicon
• Thin Film
• Others

Solar PV Panels Market by Grid Type (Revenue, USD Billion, 2023-2031)

• On-grid
• Off-grid

 Solar PV Panels Market by End Use (Revenue, USD Billion, 2023-2031)

• Residential
• Commercial & Industrial
• Utilities

Solar PV Panels Market Regional Analysis (Revenue, USD Billion, 2023-2031)

• North America
• U.S.
• Canada
• Mexico
• Europe
• Germany
• U.K.
• France
• Italy
• Spain
• Rest of Europe
• Asia Pacific
• China
• India
• Japan
• South Korea
• Australia
• Rest of Asia Pacific
• Middle East & Africa
• Saudi Arabia
• UAE
• South Africa
• Rest of MEA
• Latin America
• Brazil
• Argentina
• Rest of Latin America 

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