SOLAR PV PANELS MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

The Solar PV Panels Market is estimated to be valued at USD 183.14 Bn in 2024 and, exhibiting a compound annual growth rate (CAGR) of 7.6% from 2024 to 2031.  The solar photovoltaic (PV) panel market has witnessed significant growth over the past decade. Growing awareness around climate change and the need for renewable sources of energy has driven rapid adoption of solar energy globally. Solar PV panels directly convert sunlight into electricity and provide a clean and sustainable source of power. With continuous innovations to improve efficiency and reduce costs, solar PV is becoming more competitive compared to traditional power sources. Many governments and countries have set ambitious targets to increase the share of solar power in total energy generation. The solar PV market is expected to grow substantially in the coming years as it remains one of the fastest growing renewable technologies globally.

Market Dynamics:

The global solar PV panels market is driven by several factors such as supportive government policies and regulations, increasing awareness about renewable energy sources, technological advancements leading to efficiency gains, and declining costs of solar panels. Many countries have set renewable energy targets and offer subsidies and tax benefits to promote solar power generation. On the other hand, intermittency of solar power and high initial installation costs remain a challenge. However, growing energy demand globally presents a strong opportunity for solar PV to play a bigger role in the energy mix. Energy storage solutions are also improving to address the grid stability issues arising from variable renewable sources. In addition, innovative business models like solar leasing are making solar more accessible.

Key Features of the Study:

• This report provides in-depth analysis of the global solar PV panels market, and provides market size (US$ Bn) and compound annual growth rate (CAGR%) for the forecast period (2024–2031), considering 2023 as the base year.
• It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
• This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends, regional outlook, and competitive strategies adopted by key players.
• It profiles key players in the global solar PV panels market based on the following parameters company highlights, products portfolio, key highlights, financial performance, and strategies.
• Key companies covered as a part of this study include JinkoSolar, JA Solar, Trina Solar, LONGi Solar, Canadian Solar, Hanwha Q-CELLS, Risen Energy, GCL-SI, First Solar, SunPower Corporation, Adani Solar, Saatvik Green Energy Pvt. Ltd., Adani Green, Waaree Energies, Tata Power Solar Systems, Vikram Solar, Loom Solar, Renewsys Solar.
• Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics.
• The global solar PV panels market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts.
• Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global solar PV panels market.

Detailed Segmentation-

• By Grid Type:
  • On Grid
  • Off Grid
• By Technology:
  • Thin Film
  • Crystalline Silicon
  • Others
• By Application:
  • Residential
  • Commercial
  • Industrial
• By Region:
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa
• Company Profiles:
  • JinkoSolar
  • JA Solar
  • Trina Solar
  • LONGi Solar
  • Canadian Solar
  • Hanwha Q-CELLS
  • Risen Energy
  • GCL-SI
  • First Solar
  • SunPower Corporation
  • Adani Solar
  • Saatvik Green Energy Pvt. Ltd.
  • Adani Green
  • Waaree Energies
  • Tata Power Solar Systems
  • Vikram Solar
  • Loom Solar
  • Renewsys Solar