Solar PV Panels   Market – Size, Analysis, Forecast & Competition Benchmarking


Report Formats

Report ID – EGRI6591

Report Segment | Energy & Power > Energy Efficiency & Storage


Solar PV Panels   Market Overview:

The Solar PV Panels market was valued at XX Mn USD in 2023 and is projected to reach XX Mn by 2030, with a CAGR of XX% during 2019-2030. Solar PV panels are a modular technology that can be manufactured in large plants. As electricity costs continue to rise, solar panel options are becoming more readily available. The market for solar PV panels is expected to continue growing in the upcoming years, driven by increased demand in the household solar market.

Governments worldwide are offering incentives to encourage the adoption of solar panels, contributing to their popularity in areas where traditional cells are not suitable for electricity generation. Rising investments in renewable energy are also driving the growth of solar panels. One of the key market drivers for solar panels is the increasing demand for clean energy. Many countries are turning towards solar panels with the help of government incentives and tax rebates for installation.

However, the high cost of installation remains a restraint for solar panels in the market. The solar panel market is spread across various regions, including North America, Asia Pacific, South America, Europe, and the Middle East and Africa.

Given the increasing demand for electrical energy globally, solar panels have become a major attraction for investors. With the availability of skilled labor and supportive government policies, investors are confident in investing in solar panels. The adoption of solar panels is also driven by the issue of power shortages in many countries.

Solar panels have become more accessible and affordable to consumers, further driving market growth. Continued innovations and developments in solar panel technologies are expected to be adopted more widely worldwide.

SolarPV Panels Market Analysis

Solar PV Panels Market Dynamics:

Solar PV Panels Market Drivers

  • Rising  Investment in renewable energy sector encourage the market growth
  • Growing adoption of solar panel in urban areas to increase  development  of smart cities

Solar PV Panels Market Restraints

  • Transmission & distribution losses in continuity of  power supply
  • High cost of installation for  solar  panels

Solar PV Panels Market Opportunities

  • Cost saving potential 
  • Strong innovation scope to increase the efficiency

Solar PV Panels Market Trends

  • Solar  panel growing demand for floating solar  panel  which are photovoltaic solar panels
  • Installation of solar panels in remote regions and Government incentives

Solar PV Panels Market Report Segments Overview:

SolarPV Panels Market Segments

By Technology Type Segment Overview:

The solar panel technology segment is divided into Crystalline Silicon Solar and Thin Film. The crystalline silicon segment currently leads the largest market share in the global solar PV panel market. This is due to the rising demand for solar PV applications in commercial, industrial, and residential sectors worldwide.

One of the key advantages of crystalline silicon is its high efficiency and long-term durability compared to thin film technology. As a result, the crystalline silicon segment is expected to continue experiencing growth in the solar panel market.

By Grid Type Segment Overview:

The Solar  Panel Grid  Type segment is divided into on grid and off  grid. The grid segment  is dominated in share, rising investment of electricity than batteries. Advantage of on grid solar PV panels has easy installation, cost efficiency and can manage high electricity  demand. Which encourages an  increase in demand  for solar panels in the market.

Solar PV Panels Market Regional Outlook:

SolarPV Panels Market Regional insights

North America:

The market for Solar PV panel in the North America region is expected to grow significantly. Long term factors like decreased cost in kilowatt of  electricity and increase in environmental awareness expect to be boosted in the market.. new models of solar cells which are made up of thin film technology have lower cost and higher efficiency. Creating electricity for larger consumers for residential or non residential use. North America is  estimated as a dominant market and grows faster in the  coming years.

Asia Pacific:

The Solar PV panel in the Asia pacific region drives the  market by providing reduced cost of solar PV panel. This gives a positive impact on growth of Solar PV panels . However, factors such as high installation cost, high maintenance dependencies and limited awareness in the developing countries in the region, is projected to present strong challenges for the growth across the market.

Government support and technological advancement in he region is expected to create some lucrative opportunities in the region for the market

Europe:

The Europe  region is rising the demand for electricity and produces many renewable sources of electricity that have driven growth of the market. Increase in consumption of natural gas and availability of gas  at lower prices turn the growth of solar PV panels in the Europe region market . Rising investment in solar panels increases the demand . Germany  has the largest capacity to install solar PV panels.

South America:

The Solar PV panel  in South America has grown in the market. The region’s growth in solar PV panels is due  to energy needs in the area. The region is also improving  its climate by energy projects and  adding policies .In Brazil  the government also started promotional activities to promote solar panels. Argentina also developed due to an increase in electricity demand. Government regulations, investment in the private sector and government incentives drive the growth of solar PV panels in the region.

Middle East & Africa:

The solar PV panel in middle  east and Africa markets  stands for renewable energy transformation, sunlight driven growth in demand in the region. Technology advancement and policy support this advancement in future projects. Decreasing the cost of solar panels .  government and policy support increase the growth of the demand for industry in the region.

Solar PV Panels Market Players Mapping:

Yingli SolarChina
JA SolarChina
Trina solarChina
RenesolaUS
Canadian SolarCanada
First SolarUS
SunpowerUS
Sharp SolarJapan
REC SolarSingapore
SuntechChina
LinyangChina
Tata Power SolarIndia
Adani SolarIndia
Leaders Board




Solar PV Panels Market Coverage:

By Technology :

  • Crystalline silicon solar
  • Thin Film

By Grid Type:

  • On Grid
  • Off Grid

By Region:

  • North America (leading Country – XXX)
    • US
    • Canada
    • Mexico
  • Asia Pacific (leading Country – XXX)
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • Rest of APAC
  • Europe (leading Country – XXX)
    • Germany
    • UK
    • France
    • Italy
    • Spain
    • Russia
    • Rest of Europe
  • South America (leading Country – XXX )
    • Brazil
    • Argentina
    • Rest of South America
  • MEA (leading Country – XXX)
    • UAE
    • Saudi Arabia
    • Qatar
    • South Africa
    • Rest of MEA

Solar PV Panels   Market Report Outlook

Solar PV Panels Market Coverage2019- 2030
Solar PV Panels Market Fastest Growing RegionAsia Pacific
Solar PV Panels Market Fastest Growing SegmentXX
Solar PV Panels Market Forecast2024 – 2030
Solar PV Panels Market Historical Data2019 – 2022
Solar PV Panels Market Base Year2023
Solar PV Panels Market Competition Benchmarking10 + Key Players Mapping 
Solar PV Panels Market Report FormatPPT + PDF + Excel

Research Methodology:

  • Secondary research
  • Primary research
  • Data Models    
  • Primary Research: 

Grand Report Insights conducts primary research by directly engaging with industry experts, stakeholders, and key market players. This approach allows us to gather firsthand information and insights, ensuring the accuracy and relevance of our research findings. We employ a variety of methods for primary data collection, including email surveys and telephonic interviews.

Email Surveys: We use email surveys to reach a wide range of respondents and gather their feedback on specific topics related to the market. Our surveys are carefully designed to elicit detailed responses that help us understand market trends, challenges, and opportunities. By analyzing the data from these surveys, we are able to identify key insights and trends that inform our research.

Telephonic Interviews: We conduct telephonic interviews with industry experts and key stakeholders to gain deeper insights into market dynamics. These interviews allow us to ask probing questions and have in-depth discussions that may not be possible through other means. By speaking directly with industry insiders, we are able to validate our findings and gather unique perspectives that enhance the depth and quality of our research.

Through a combination of email surveys and telephonic interviews, Grand Report Insights is able to gather comprehensive and reliable primary data that forms the foundation of our market research reports.

  • Primary Respondents Bifurcation
















Secondary Research: In addition to primary research, we rely on secondary sources of information to supplement our findings. These sources include industry reports, articles, and data from reputable organizations. By leveraging existing research and data, we enhance the depth and breadth of our analysis, providing clients with comprehensive insights into their industries.

Global Market Size – Top Down & Bottom Up Approach

In our market sizing analysis, we meticulously examined the revenue generated by each segment within the global market. Utilizing a combination of top-down and bottom-up approaches, we provide a detailed breakdown of revenue contributions from various segments. This analysis offers valuable insights into the revenue distribution across different segments, enabling businesses to identify lucrative opportunities and tailor their strategies accordingly.

Regional Revenue Analysis

Our regional revenue analysis provides a comprehensive view of market dynamics across different regions. Leveraging both top-down and bottom-up approaches, we evaluated the revenue generated in each region to understand regional variations in market performance. This analysis offers valuable insights into regional market trends, helping businesses make informed decisions regarding market expansion and resource allocation.

Market Sizing Using Top-Down Approach

In our market sizing using the top-down approach, we started by analyzing macroeconomic indicators and industry data to estimate the total addressable market (TAM). We then segmented the TAM based on relevant criteria to arrive at the market size for each segment. This approach provides a high-level view of the market size, serving as a valuable reference point for further analysis.

Market Sizing Using Bottom-Up Approach

Conversely, our market sizing using the bottom-up approach involved aggregating individual sales data from companies operating in the market to estimate the total market size. This granular approach allows for a detailed assessment of market size, providing insights into the revenue generated by each player and segment. This method is particularly useful for validating market trends and identifying growth opportunities at a more detailed level.

Data Models: Grand Report Insights employs advanced data modeling techniques to analyze and interpret market trends, patterns, and dynamics comprehensively. By applying sophisticated statistical and analytical methods to a wide range of market data, including primary and secondary research, macro-economic factors, and country-level data, we uncover hidden insights and forecast future market developments with a high degree of accuracy. 

Our approach includes developing data models, tracking sector activities, creating company profiles, and conducting in-depth analysis to provide clients with valuable insights for informed decision-making.

Macro-Economic Factor Analysis: At Grand Report Insights, we carefully evaluate the impact of macro-economic factors such as GDP growth, inflation rates, and government policies on the market. By understanding the broader economic context, we provide our clients with insights into how these factors may influence market dynamics and trends.

Our analysis extends to the country level, allowing us to understand regional variations in the market. By analyzing market data at this level, we identify regional trends and opportunities, providing our clients with a comprehensive view of the market landscape.

Company Profiles

Our company profiles are meticulously crafted to provide clients with a holistic view of key market players. We analyze their product and service offerings in detail, evaluating the uniqueness and competitiveness of each offering. Our vendor analysis dives deep into their relationships with suppliers and partners, shedding light on the strength and stability of their supply chain.

We also assess their market position, examining factors such as market share, brand reputation, and customer loyalty. Financial data analysis includes revenue, profit margins, and financial stability indicators, offering insights into their financial health and growth potential.

Furthermore, we track competitors’ movements to understand how they are positioning themselves in the market and how key players are responding. R&D activities are scrutinized to gauge innovation capabilities and future product development strategies.

Our analysis extends to joint ventures and collaborations, evaluating their impact on market positioning and growth strategies. Finally, we closely monitor product launches to assess market acceptance and potential impact on the competitive landscape.

Continuous Updates: Our research is updated regularly to reflect the latest market developments and trends. By staying abreast of industry news and events, we ensure that our clients have access to the most current and relevant information.

Sector Activities: We monitor activities within the sector to identify emerging trends and opportunities. By tracking market developments such as new product launches, partnerships, and acquisitions, we provide clients with insights into market dynamics.

Deals Mapping: Grand Report Insights maps out mergers, acquisitions, and partnerships within the market. This helps us understand the competitive landscape and identify potential areas of growth and collaboration for our clients.

Market Models Dynamics: We analyze the dynamics of market models to understand how they evolve over time. By studying market structures and trends, we provide clients with insights into market dynamics and potential future developments.

Business Interactions: Our team engages with businesses to gather insights and feedback on market conditions and trends. By building relationships with industry players, we gain valuable perspectives that inform our research and analysis.

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