Market Overview:

According to a new report by IMIR Market Research on Global Solar PV Panel Market size was valued at USD 258.32 billion in 2023, and is expected to reach USD 733.8 billion by 2032, registering a CAGR of 12.3% from 2024 to 2032.

Solar energy is a type of radiant energy produced by the sun, which is harvested by using panels with solar technologies such as crystalline silicon, and thin films. It is a ready substitute being easily applied to the wide majority of stations operating in the nonconventional form and is a clean renewable resource against greenhouse gas emissions and global warming. Solar panels consist of solar cells setting them up in stack-like structure, comprised of silicon instead makes wafers. Besides DC power produced from solar panels, an inverter is needed to convert it to AC power. Such AC power can be utilized in different end uses, for instance, residential, commercial, or even industrial users.

A world-wide solar PV panel market is the outcome of giving utility sector a gradual shift towards renewables. Besides that, green energy that concerns the contaminants which come from an old power generation process is supposed to be one of the crucial factors to increase the solar photovoltaic panel market in the forecast period. On the one hand, effective infrastructure and facilities, are not in place around the world to recover end-of-life solar panel waste materials. But, notwithstanding this, the growing physic crackdown (which deters this kind of waste from being dumped) and the globally increasing awareness campaigns on the recyclability of solar panel materials, should bear good outcomes for the market of solar PV panels during the forecast period. Specific revenue-generating prospects for key players in the solar photovoltaic panel market such as those arising from government activities towards reduction of carbon footprints and increasing investment into renewable energy infrastructure is expected to result in excellent opportunities for the players to maintain their leading market position in the solar photovoltaic panel market in the next few years.

Market Dynamics:

Market Drivers:

Rising Number of Off-grid Areas to Drive the Market Growth.

• Hard-to-reach regions or off-grid regions have very scarce if no access to grid electricity. These parts being dependent on Secondary sources of solar panels which use the energy of sun. Oftentimes the regions in remote and widely isolated places are so large that they are not connected to the main grid. With nearly 1 billion people or more still offline grid in the world, per the World Energy Outlook, pretty much makes it a global phenomenon.
• In the Sub-Saharan Africa, services the urban electrification rate is of 60% while the rate of rural electrification is the one that stand at 14%. It brings the governments of the countries in Sub-Saharan to use the sun as a source of energy to meet electricity demand in rural and urban areas. Forecasts made by the New Energy Finance agency affiliated with Bloomberg indicate that around 1.2 GW of solar photovoltaic power capacity will get installed in the Sub-Saharan region by the end of the year 2021. Therefore, the expanding of off-grid places all over the world also stimulates the demand for the off-grid energy systems, which is, in its turn, aimed to contribute to a steady increase in the segment of off-grid systems market within the predication period.

Rising Investment in Solar Energy to Propel the Market Growth.

• A number of countries recognition of environmental norms is general owing to the fact that environmental awareness is becoming a common thing all over the world. Both of these are the impulses that the power generation corporations have to shift their production scroll and chose renewable resources instead of the eco- and the clean ones. Major regions around the globe are adding more clear energy resources to the mix in an effort to decrease reliance on conventional fuel sources. Solar power is one of the fundamental emerging energy sources in renewables with its ability to replace fossil fuel electricity production.

Market Trends:

Ground-mounted Solar PV to Dominate the Market.

• Last year, the ground panel solar modules (PV) represented about 60% of the global capacity of the solar PV, and the main countries which are driver of the market are China, the United States, Germany, and India.
• The control of ground-mounted solar PV market share can be viewed as a result of certain factors among which the increasing number of utility projects, solar energy objectives and the decreasing costs of solar PV installation belong.
• Nations across the globe can be found starting big-scale solar PV projects in order to avoid the diminishing fossil fuel-based power supply and achieve energy sector diversification.
• In the month of May in year 2023, the wholly-owned subsidiary of British independent power company Savannah Energy Plc, known as Savannah Energy Niger Solar Ltd. purposely on diversifying its renewable energy portfolio, signed a memorandum of agreement (MoA) with the government of Niger related to the development of two solar photovoltaic power plants. The power plants installation capacity is to sum up to 200 MW or more by the end of implementation of the project. Buildings of the planned solar power plant will be tied to the electricity network of South-Central Zone of the country. Following this, the projects will be under the sanctions regime at the beginning of next year and will come on stream in around two to three years' time, depending on how quickly they are developed.
• Additionally in US context, utility-scale solar PV have dominated the market in general particularly they placed the largest contribution in 2022 with capacity reaching nearly 60% of the whole market. It has been announced that the next five years, until 2028, will witness 467 solar projects of USD 98 Billion altogether. Moreover, the states in the USA with the top 10 year Ground-mounted solar power investment trend are Texas ($ 27 billons), New York ($ 7 billons), Indiana ($ 6 billons), California ($ 6 billons), Ohio ($ 6 billions), and Nevada ($ 6 billions) according to the ranking.
• Therefore, owing to the above points, the increasing installations of large-scale utility solar PV projects are expected to make ground-mounted solar PV a dominating segment during the forecast period.

Market Restraining Factors:

Land Use Constraints to Hinder the Global Market Growth.

• Solar plants level’s up with them in terms of their capacity; but is distinct enough in that it uses land power generation. The development choice contending with many environmental and technical aspects may get beaten. Installing such a solar system on such land can hinder the conservation areas and be detrimental to the natural atomic garden.
• For maintaining the equality of every land under irrespective to environmental suitability solar photovoltaic plant cannot be set up at wetlands, agricultural land water bodies or forest as it is unstable and unreachable. Huge-scale solar photovoltaic power plants entail a series of problems concerning space, whole transportation networks, proximity of living areas, as well as the distance from the grid. The above mentioned limitations are the reasons contributing to the obstruction of growth of global solar PV market.

Key Industry Developments:

In May 2023, State-owned SJVN Ltd. bagged a 100 MW solar power project worth USD 73.24 Million from Rajasthan Urja Vikas Nigam Ltd. SJVN Green Energy Ltd (SGEL), a wholly-owned subsidiary of SJVN, participated in an open competitive tariff bidding process followed by e-Reverse Auction (e-RA) organized by Rajasthan Urja Vikas Nigam Ltd (RUVNL).

In November 2022, European Energy, a Danish-based developer of solar parks, was set to build a 128.5 MW solar park near Helsingborg in southern Sweden. The plant is expected to produce 175 GWh of electricity annually. Production is scheduled to begin in 2024 after the completion of the project by 2023.

Report Coverage:

The report will cover the qualitative and quantitative data on the global Solar Photovoltaic (PV) Market. The qualitative data includes latest trends, market players analysis, market drivers, market opportunity, and many others. Also, the report quantitative data includes market size for every region, country, and segments according to your requirements. We can also provide customize report in every industry vertical.

By Technology (Crystalline Silicon, Thin Film, Others), By Grid Type (On-grid, Off-grid), By End Use (Residential, Commercial & Industrial, Utilities).

Report Scope and Segmentations:

Solar PV Market Players Analysis:

• First Solar Inc.
• Sharp Corporation
• Suntech Power Holding Co. Ltd.
• JinkoSolar Holding Co. Ltd.
• JA Solar Holdings Co. Ltd.
• Trina Solar Ltd.
• Hanwha Q Cells Co. Ltd.
• Acciona SA
• Canadian Solar Inc.
• SunPower Corporation
• LONGi Green Energy Technology Co. Ltd.

Solar PV Market Players & Competitor Analysis: The report covers the key players of the industry including Company Profile, Product Specifications, Production Capacity/Sales, Revenue, Price and Gross Margin 2024-2032 & Sales with a thorough analysis of the market’s competitive landscape and detailed information on vendors and comprehensive details of factors that will challenge the growth of major market vendors.

Solar PV Market Segmentation Analysis:

By Technology

• Crystalline Silicon
• Thin Film
• Others

By Grid Type

• On-grid
• Off-grid

By End Use

• Residential
• Commercial & Industrial
• Utilities

The report also helps in understanding Global Solar PV Market dynamics, structure by analyzing the market segments, and project the Global Solar PV Market size. Clear representation of competitive analysis of key players by type, price, financial position, product portfolio, growth strategies, and regional presence in the Global Solar PV Market make the report investor’s guide.

Segmentation Analysis:

The market scope is segmented because of by Technology, by Grid Type, by End Use.

By Technology

Based on the Technology of the market is segmented into Crystalline Silicon, Thin Film, Others.

It is indicated that technology´s share in the solar PV panel market was the largest in 2023 as a result of the surge in demand for solar PV for applications such as residential, commercial, and industrial installation(s) across the globe. Moreover, the crystalline silicon photovoltaic (solar PV) technology offers benefits in terms of high efficiency, lifespan and commercial use at affordable cost. These advantages are anticipated to propel the solar PV panel market beyond the forecast period.

By Grid Type

Based on the Grid Type of the market is segmented into On-grid, Off-grid.

On the basis of the grid type, the dominant part of the global market in 2023 was the on-grid segment because of the improvement in the level of investment for the direct supply of electricity rather than the storage of electricity in batteries. On the other hand, net metering and interconnection in can benefit solar PV power advantageously. It is easy to feed energy by creating a virtual power plant, as the number of solar PV installations increase. Ease of installation, economics cost, and rising electricity demand supplying these formats are expected to fuel the market growth in the future.

By End Use

Based on the End Use of the market is segmented into Residential, Commercial & Industrial, Utilities.

Almost 57% of the global market in respect of the application area was captured by the utilities segment, the reason being the increasing expenditure made on building of utility scale solar power plants, solar parks together with other big solar construction projects in 2023. Furthermore, there is a surge in the number of upcoming construction projects which comprise of centralized solar plants, rural electrification projects, solar installation on water bodies and rooftops, and solar plants located in commercial buildings that contribute to the growth of solar PV panel market globally.

Regional Snapshots:

Asia-Pacific had the most impressive share in revenue generated by solar PV panels in 2023, and is projected to remain as the leading country in sales throughout our forecast period. This is evident as key figures and huge consumer market are the factors present in the market. On the other hand, it is common knowledge that installation of solar panels has had a considerable increase across Europe, including China, Japan, India, and South Korea. The underlying reason is surge in demand for distributed energy systems in the region which is expected to substantially push the growth of solar PV panel market in Europe in the coming years. Similarly, further diversification of the renewable energy industry, investment into modernization of old power systems and fast growing economy are anticipated to sustain the market growth prospects in the nearest future.

Solar PV Market Report is also available for below Regions and Country Please Ask for that

North America

• U.S.
• Canada

Europe

• Switzerland
• Belgium
• Germany
• France
• U.K.
• Italy
• Spain
• Sweden
• Netherland
• Turkey
• Rest of Europe

Asia-Pacific

• India
• Australia
• Philippines
• Singapore
• South Korea
• Japan
• China
• Malaysia
• Thailand
• Indonesia
• Rest Of APAC

Latin America

• Mexico
• Argentina
• Peru
• Colombia
• Brazil
• Rest of South America

Middle East and Africa

• Saudi Arabia
• UAE
• Egypt
• South Africa
• Rest Of MEA

Points Covered in the Report:

The points that are discussed within the report are the major market players that are involved in the market such as market players, raw material suppliers, equipment suppliers, end users, traders, distributors and etc.

The complete profile of the companies is mentioned. And the capacity, production, price, revenue, cost, gross, gross margin, sales volume, sales revenue, consumption, growth rate, import, export, supply, future strategies, and the technological developments that they are making are also included within the report. This report analysed 12 years data history and forecast.

The growth factors of the market are discussed in detail wherein the different end users of the market are explained in detail.

Data and information by market player, by region, by type, by application and etc., and custom research can be added according to specific requirements.

The report contains the SWOT analysis of the market. Finally, the report contains the conclusion part where the opinions of the industrial experts are included.

Key Reasons to Purchase:

To gain insightful analyses of the Solar PV market and have comprehensive understanding of the global market and its commercial landscape.

Assess the production processes, major issues, and solutions to mitigate the development risk.

To understand the most affecting driving and restraining forces in the market and its impact in the global market.

Learn about the Solar PV market strategies that are being adopted by leading respective organizations.

To understand the future outlook and prospects for the Solar PV market. Besides the standard structure reports, we also provide custom research according to specific requirements.

Research Scope of Solar PV Market:

• Historic year: 2018- 2022
• Base year: 2023
• Forecast: 2024 to 2032
• Representation of Market revenue in USD Million

Solar PV Market Trends: Market key trends which include Increased Competition and Continuous Innovations Trends: