The global solar PV panels market size was valued at USD 171.08 billion in 2023 and is expected to reach around USD 359.88 billion by 2033, expanding at a CAGR of 7.72% from 2024 to 2033.
Key Points
- Asia Pacific led the market with the largest revenue share of 55% in 2023.
- North America is expected to grow at a fastest CAGR of 7.93% over the forecast period.
- By technology, the thin-film segment has held a major revenue share of 44% in 2023.
- By technology, the crystalline silicon segment is expected to witness the fastest growth in the market in the upcoming years.
- By grid type, the on-grid segment has contributed more than 98% of revenue share in 2023.
- By grid type, the off-grid segment is expected to grow rapidly in the market during the forecast period.
- By application, the industrial segment has held a biggest revenue share of 41% in 2023.
- By application, the commercial segment is expected to witness rapid expansion in the market in the upcoming years.
The solar photovoltaic (PV) panels market has experienced substantial growth in recent years, driven by increasing global awareness of environmental issues and the shift towards renewable energy sources. Solar PV panels convert sunlight into electricity, offering a clean and sustainable alternative to traditional fossil fuels. This technology has gained significant traction across residential, commercial, and industrial sectors as governments worldwide incentivize solar adoption through subsidies, tax credits, and regulatory support.
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Growth Factors
Several factors contribute to the growth of the solar PV panels market. Firstly, declining costs of PV technology, including panels, inverters, and installation, have made solar energy increasingly cost-competitive with conventional electricity sources. Technological advancements in PV efficiency and durability have also bolstered market expansion, making solar energy a viable option even in regions with less sunlight intensity. Moreover, the growing focus on energy security and independence has spurred demand for distributed solar installations, further boosting market growth.
Regional Insights into the Solar PV Panels Market
The solar PV panels market exhibits varying dynamics across different regions. In Europe, supportive government policies and ambitious renewable energy targets have propelled substantial growth in solar installations. Countries like Germany, Spain, and the Netherlands have emerged as key markets due to favorable regulatory frameworks and robust financial incentives. In North America, the United States leads in solar capacity additions, driven by state-level renewable portfolio standards and federal tax incentives. Asia-Pacific, particularly China and India, dominates the global solar PV market with large-scale manufacturing capabilities and ambitious renewable energy goals.
Trends
Several trends shape the solar PV panels market landscape. One prominent trend is the shift towards bifacial solar panels, which capture sunlight from both sides, enhancing energy generation efficiency. Energy storage integration with PV systems is also gaining traction, allowing consumers to store excess solar energy for use during peak demand periods or when sunlight is limited. Additionally, the rise of smart solar technologies, including IoT-enabled monitoring and predictive maintenance, is optimizing PV system performance and reducing operational costs.
Solar PV Panels Market Scope
| Report Coverage | Details |
| Market Size by 2033 | USD 359.88 Billion |
| Market Size in 2023 | USD 171.08 Billion |
| Market Size in 2024 | USD 184.29 Billion |
| Market Growth Rate from 2024 to 2033 | CAGR of 7.72% |
| Largest Market | Asia Pacific |
| Base Year | 2023 |
| Forecast Period | 2024 to 2033 |
| Segments Covered | Technology, Application, Grid Type, and Regions |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Solar PV Panels Market Dynamics
Drivers
Key drivers fostering growth in the solar PV panels market include increasing environmental concerns related to climate change and air pollution. Governments and international organizations are promoting renewable energy adoption to mitigate carbon emissions and achieve sustainability targets outlined in global agreements like the Paris Agreement. Economic benefits such as job creation in the renewable energy sector and reduced reliance on imported fossil fuels further incentivize solar PV adoption globally.
Opportunities
The solar PV panels market presents abundant opportunities for stakeholders across the value chain. Innovations in PV technology, such as perovskite solar cells and thin-film technologies, hold promise for further improving efficiency and reducing manufacturing costs. Emerging markets in Africa, Latin America, and Southeast Asia offer untapped potential for solar PV deployment, driven by improving access to electricity and favorable solar irradiance conditions. Additionally, collaborative efforts between utilities, governments, and private sector entities can unlock new business models and financing mechanisms for solar projects.
Challenges
Despite its growth trajectory, the solar PV panels market faces several challenges. One significant obstacle is intermittency and variability of solar energy generation, necessitating advancements in energy storage and grid integration technologies. Regulatory uncertainty and policy changes in key markets can also impact investor confidence and project viability. Supply chain disruptions, including shortages of raw materials and components, occasionally affect manufacturing and installation timelines, posing challenges to market stability. Furthermore, achieving grid parity in regions with low electricity tariffs remains a hurdle for widespread solar PV adoption.
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Solar PV Panels Market Companies
- Trina Solar
- First Solar
- Yingli Solar
- Tata Power Solar System Ltd
- Abengoa
- Canadian Solar Inc.
- Waaree Group
- General Electric Company
Recent Development
- In May 2024, the debut of its own line of photovoltaic panels employing heterojunction technology was announced by Domuneo, a pioneer in creative and sustainable solar energy solutions in France. Domuneo’s continued dedication to quality and excellence in the field of renewable energy is reflected in this calculated step.
Segment Covered in the Report
By Technology
- Thin Film
- Crystalline Silicon
- Others
By Application
- Residential
- Commercial
- Industrial
By Grid Type
- On-grid
- Off-grid
By Geography
- North America
- Asia Pacific
- Europe
- Latin America
- Middle East & Africa
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