Solar PV (Photovoltaic) Panels Market Competitive Landscape: Major Players, Competitor Market Shares, And Player Strategies - By The CMI
The global market size for solar PV (Photovoltaic) panels was estimated at USD 151.18 Billion in 2021 and is expected to reach USD 292.32 Billion by 2030, to grow at a CAGR rate of 8.6% during the forecasting period of 2022-2030.
Solar PV (Photovoltaic) panels consist of numerous photovoltaic or solar cells which are created using silicon, boron, and phosphorous arranged in a grid-like pattern on the base. PV cells are used to generate electricity from sunlight, which is a great alternative renewable source for pollution-free electricity generation. The electricity generated through solar PV cells is used to charge batteries and provides electricity in off-grid areas, remote power systems for cabins, remote sensing, telecommunication equipment, etc.
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The photovoltaic panels generate electricity through the photovoltaic effect in which the panels absorb the sunlight in the form of photons which get converted into an electric current. These photons strike the panel surface and the electron is knocked out which again gets pulled by the magnetic field generated by the solar panels, and electricity is generated. Solar PV cells were initially used in spacecraft, but currently, they have been widely used in the commercial and industrial sectors for the generation of electricity.
Market Dynamics
Drivers
The growth of the solar PV market is driven by the environmental awareness associated with the depletion of non-renewable sources and the emission of pollutants from such sources. The rapid production of energy from renewable sources and the transitional shift from conventional to renewable, associated with environmental friendliness, are the factors that drive the growth of the solar PV panel market across the globe. Several under-construction projects associated with the government’s supportive measures are expected to drive market growth in the projection period. Several solar PV panels have been installed and are expected to become the major source of electricity by 2030.
Restraints
The growth of the solar PV panel market can be hampered in the forecasting period due to the high installation cost of the solar PV panels and high electricity cost as compared to the other power generation sectors. The demand for solar PV panels in the future is likely to be affected due to such reasons. In addition to, there is no proper infrastructure or organization to recycle solar PV panels or reuse the waste materials associated with solar PV panels, which can hinder the market growth in the forecasting period.
Opportunities?
The government has introduced various preventive measures against the reduced GHG emission and non-renewable resource depletion resulting in the industry shift toward solar PV panels. The increased investments in the generation of renewable sources of energy may offer lucrative opportunities for the global solar PV market.
Report Highlights
Based on technology, the crystalline silicone segment held the largest global market share in 2021 and is expected to witness potential growth during the forecasting period. The rise in demand for solar PV applications in industrial, commercial, and residential supports the potential market growth across the globe. In addition to that, the crystalline silicone segment offers a high stability and efficiency rate, which drives its growth in the market.
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Based on application, the commercial segment has accounted for the largest market share with 42.02% in the global solar PV market. The rapid demand for solar PV modules across commercial buildings and remote places drives the growth of the market across the commercial segment.
Based on the installation, the on-grid segment has dominated the global market in 2021 due to the rise in the direct power supply of electricity rather than storing it in batteries. The other supportive factors include easy installation, easy energy transmission, and cost efficiency.
Segments covered in the report
Based On Technology
Based On Grid-Type
Based On Installation
Based On Application
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