Solar Photovoltaic (PV) Panels Market Analysis and Global Forecast 2023-2033

Solar Photovoltaic (PV) Panel Market Overview

The Solar Photovoltaic (PV) Panels Market Size is expected to reach USD 841.40 Billion by 2033. The Solar Photovoltaic (PV) Panel industry size accounted for USD 194.22 Billion in 2023 and is expected to expand at a CAGR of 13.25% from 2023 to 2033. A Solar Photovoltaic (PV) Panel is a semiconductor device designed for the direct conversion of incident solar radiation into electricity via the photovoltaic effect. It comprises multiple interconnected photovoltaic cells typically fabricated from semiconductor materials, such as crystalline silicon or thin-film compounds. These cells function by generating an electrical current when exposed to photons from sunlight, thereby facilitating the conversion of solar energy into direct current (DC) electricity. Solar PV panels are integral components of solar power systems and are employed extensively in various applications, encompassing grid-connected and off-grid installations, serving as sustainable and environmentally friendly sources of renewable electrical energy.

Global Solar Photovoltaic (PV) Panel Market Synopsis

COVID-19 Impact Analysis

The Solar Photovoltaic (PV) Panel market experienced a moderate impact from the COVID-19 pandemic. Initially, disruptions were observed in the supply chain and manufacturing processes due to lockdowns and restrictions, leading to delays in project timelines and increased costs. However, as the pandemic underscored the importance of resilient and sustainable energy sources, there was a growing interest in renewable energy, including solar PV. Governments and businesses around the world began to recognize the significance of investing in cleaner and more reliable energy solutions. This shift in focus led to increased demand for solar PV panels in the latter part of the pandemic, with many countries introducing stimulus packages and incentives to boost solar installations. While the industry faced challenges, it ultimately demonstrated resilience and adaptability, contributing to the overall growth of the renewable energy sector.

Global Solar Photovoltaic (PV) Panel Market Dynamics

The major factors that have impacted the growth of Solar Photovoltaic (PV) Panel are as follows:

Drivers:

⮚      Environmental Concerns and Renewable Energy Targets

One of the major drivers for the Solar Photovoltaic (PV) Panel market is the growing global concern about climate change and environmental sustainability. Governments and organizations worldwide are setting ambitious renewable energy targets and carbon reduction goals. Solar PV panels offer a clean and sustainable energy solution that aligns with these objectives, driving increased adoption and investment in the technology.

Restraint:

• Elevated Initial Expenses

Acquiring and setting up solar PV panels often entails substantial upfront expenditures, posing a notable impediment, especially for residential and small-scale consumers. While the long-term savings and environmental advantages are noteworthy, the initial financial commitment may discourage prospective customers. Nevertheless, the presence of government incentives, subsidies, and the ongoing reduction in panel costs are gradually alleviating this barrier.

Opportunity:

⮚      Technological Advancements and Cost Reduction

Continuous advancements in solar PV technology are presenting a significant opportunity for the market. Innovations such as improved efficiency, flexible and transparent solar panels, and energy storage integration are making solar PV more attractive and cost-effective. As the technology continues to evolve and manufacturing scales up, the cost of solar PV panels is expected to further decrease, making them even more competitive with conventional energy sources.

Solar Photovoltaic (PV) Panel Market Segment Overview

By Technology

 Based on the Technology, the market is segmented based on Crystalline Silicon, Thin Film, and Others. The Crystalline Silicon segment was projected to hold the largest market share in the Solar Photovoltaic (PV) Panel market due to its established efficiency, reliability, and cost-effectiveness.

By Grid Type

Based on the Grid Type, the market has been divided into On-grid and off-grid. The On-grid segment is expected to hold the largest market share in the Solar Photovoltaic (PV) Panel market due to its alignment with centralized power distribution systems and grid integration.

By End Use

Based on End Use, the market has been divided into Residential, Commercial & Industrial, and Utilities. The Residential segment is expected to hold the largest market share in the Solar Photovoltaic (PV) Panel market due to increasing demand for distributed solar energy solutions among homeowners.

Global Solar Photovoltaic (PV) Panel Market Regional Analysis

Based on region, the market has been divided into North America, Europe, Asia-Pacific, the Middle East & Africa, and Latin America. The area of North America is anticipated to dominate the market for the usage of Solar Photovoltaic (PV) Panels, followed by those in Asia-Pacific and Europe.

North America Market

North America asserts dominance in the Solar Photovoltaic (PV) Panel market due to a combination of robust government incentives, ambitious renewable energy targets, and growing environmental awareness. The United States, in particular, has witnessed substantial growth, driven by federal tax credits, state-level incentives, and a commitment to reducing carbon emissions. Canada has also been actively investing in solar PV projects, encouraged by its vast geographical expanse and abundant solar resources. Moreover, technological innovation and the integration of solar energy into mainstream power grids have further solidified North America’s position as a frontrunner in the global solar PV panel market, with a strong emphasis on sustainability and reducing greenhouse gas emissions.

Asia Pacific Market

The Asia-Pacific region has been experiencing remarkable growth in the Solar Photovoltaic (PV) Panel market, driven by several key factors. First, countries like China and India, with their burgeoning populations and increasing energy demands, have turned to solar PV as a sustainable solution to meet their power needs. Second, declining manufacturing costs and economies of scale have made solar PV more affordable and accessible throughout the region. Third, governments across the Asia-Pacific have implemented supportive policies, such as feed-in tariffs and subsidies, to incentivize solar adoption. Lastly, the region’s abundant sunlight resources make it exceptionally conducive to solar energy generation. This combination of factors has positioned the Asia-Pacific as a global leader in the adoption and expansion of solar PV technology.

Competitive Landscape

The competitive landscape includes key players (tier 1, tier 2, and local) having a presence across the globe. Companies such as Jinko Solar, Aiko Solar, First Solar, Hanwha Solutions, and Tongwei Group Co Ltd are some of the leading players in the global  Solar Photovoltaic (PV) Panel Industry. These players have adopted partnership, acquisition, expansion, and new product development, among others as their key strategies.

Key Market Players:

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

Key development:

In May 2023, the state-owned company SJVN Ltd. secured a solar power project contract valued at USD 73.24 million from Rajasthan Urja Vikas Nigam Ltd. The competitive bidding process, followed by an e-Reverse Auction (e-RA), was conducted by Rajasthan Urja Vikas Nigam Ltd, with SJVN Green Energy Ltd (SGEL), a wholly-owned subsidiary of SJVN, participating in the process.

In March 2021, JA Solar introduced a 415 W solar module boasting an impressive efficiency rate of 21.3%. This module is designed for use in residential and commercial photovoltaic (PV) projects, significantly enhancing the company’s product portfolio.

Scope of the Report

Global Solar Photovoltaic (PV) Panel Market, by Technology

• Crystalline Silicon
• Thin Film
• Others

Global Solar Photovoltaic (PV) Panel Market, by Grid Type

• On-grid
• Off-grid

Global Solar Photovoltaic (PV) Panel Market, by End Use

• Residential
• Commercial & Industrial
• Utilities

Global Solar Photovoltaic (PV) Panel Market, by Region

• North America
  • US
  • Canada
  • Mexico
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Benelux
  • Nordic
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • South Korea
  • Indonesia
  • Austalia
  • Malaysia
  • India
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • South Africa
  • Rest of Middle East & Africa

 

Parameters	Indicators
Market Size	2033: $841.40 Billion
CAGR	13.25% CAGR (2023-2033)
Base year	2022
Forecast Period	2023-2033
Historical Data	2021
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Key Segmentations	Technology, Grid Type, End Use
Geographies Covered	North America, Europe, Asia-Pacific, Latin America, Middle East, Africa
Key Vendors	JA Solar, Jinko Solar, Aiko Solar, First Solar, Hanwha Solutions, Tongwei Group Co Ltd, Shunfeng International Clean Energy Co Ltd, Trina Solar, Yingli Solar, and Waaree Energies Ltd
Key Market Opportunities	• Technological Advancements and Cost Reduction
Key Market Drivers	• Environmental Concerns and Renewable Energy Targets

REPORT CONTENT BRIEF:

• High-level analysis of the current and future Solar Photovoltaic (PV) Panel Industry trends and opportunities
• Detailed analysis of current market drivers, restraining factors, and opportunities analysis in the future
• Historical market size for the year 2021, and forecast from 2023 to 2033
• Solar Photovoltaic (PV) Panel market share analysis for each segment
• Competitor analysis with a comprehensive insight into its product segment, financial strength, and strategies adopted.
• Identifies key strategies adopted by the key players including new product development, mergers and acquisitions, joint ventures, collaborations, and partnerships.
• To identify and understand the various factors involved in the global Solar Photovoltaic (PV) Panel market affected by the pandemic
• To provide year-on-year growth from 2022 to 2033
• To provide short-term, long-term, and overall CAGR comparison from 2022 to 2033.
• Provide Total Addressable Market (TAM) for the Global Solar Photovoltaic (PV) Panel Market.