Solar PV Panels Market is Projected to Grow $176.2 Billion With CAGR of Above 4.3% By 2027 | Grand View Research, Inc.

Solar PV Panels Market is Projected to Grow $176.2 Billion With CAGR of Above 4.3% By 2027 | Grand View Research, Inc.

Grand View Research, Inc. – Market Research And Consulting.
According to report published by Grand View Research, The global solar PV panels market size was valued at USD 115.2 billion in 2019 and is projected to grow at a compound annual growth rate (CAGR) of 4.3% from 2020 to 2027.

The global solar PV panels market size is expected to reach USD 176.2 billion by 2027, escalating at a CAGR of 4.3% over the forecast period, according to a new report by Grand View Research, Inc. Growing demand for sustainable carbon-free solar energy coupled with stringent regulations regarding climate change prevention are likely to strengthen the growth of the market over the forecast period.

The market is primarily driven by growing adoption of clean energy systems in utility, commercial, and residential sector. This is due to huge price difference between solar-generated electricity and retail electricity. In Europe, countries such as Italy, Germany, and Spain have achieved grid parity with solar power having a lower price as compared to retail power.

Technological advancements over the years have resulted in declining costs and higher efficiency of solar photovoltaic (PV) modules, thereby increasing the demand for clean energy technology across several sectors. However, in order for the technology to be implemented for large scale electricity generation, high capital investment cost needs to be reduced substantially.

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U.S. solar PV panels market size, by technology, 2016 - 2027 (USD Billion)

Hence, industry participants are focusing on developing innovative manufacturing techniques in order to enhance the conversion efficiency and generate the most immediate payback period. For instance, in February 2020, Trina Solar launched ultra-high power PV modules which can provide power output of more than 500 W with up to 21.0% module efficiency. The module is expected to lower the levelized cost of electricity by three to four percent, thereby making solar-generated electricity the most competitive.

Solar PV Panels Market Report Highlights

  • The thin film technology segment accounted for a prominent revenue share and was valued at USD 46.1 billion in 2019 owing to inexpensive thin film manufacturing
  • Off grid is likely to be the fastest-growing segment, accelerating at a CAGR of 7.9% over the forecast period owing to rising demand for decentralized power generation across remote locations
  • On grid segment grabbed the largest revenue share and was valued at 100.9 billion in 2019 owing to rising level of grid integration in utility scale projects
  • In Europe, the market was valued at USD 30.6 billion in 2019 and is expected to witness significant growth owing to rising demand for clean and renewable energy in the region.

Global solar pv panels market share, by grid type, 2019 (%)

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Solar PV Panels Market Segmentation

Grand View Research has segmented the global solar PV panels market on the basis of technology, grid type, application, and region:

Solar PV Panels Technology Outlook (Revenue, USD Billion, 2016 – 2027)

  • Thin Film
  • Crystalline Silicon
  • Others

Solar PV Panels Grid Type Outlook (Revenue, USD Billion, 2016 – 2027)

  • On Grid
  • Off Grid

Solar PV Panels Application Outlook (Revenue, USD Billion, 2016 – 2027)

  • Residential
  • Commercial
  • Industrial

Solar PV Panels Regional Outlook (Revenue, USD Billion, 2016 – 2027)

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • Russia
    • U.K.
    • Spain
    • Italy
    • France
  • Asia Pacific
    • China
    • Japan
    • South Korea
    • India
    • Australia
  • Central & South America
    • Brazil
    • Colombia
    • Paraguay
  • Middle East & Africa
    • Saudi Arabia
    • UAE
    • South Africa
    • Egypt

Key Topics Covered 

Table of Content

Chapter 1. Methodology and Scope
                    1.1. Research Methodology
                    1.2. Research Scope & Assumption
                    1.3. Information Procurement
                         1.3.1. Purchased Database
                         1.3.2. GVR’s Internal Database
                         1.3.3. Secondary Sources & Third-Party Perspectives
                         1.3.4. Primary Research
                    1.4. Information Analysis
                         1.4.1. Data Analysis Models
                    1.5. Market Formulation & Data Visualization
                    1.6. Data Validation & Publishing
Chapter 2. Executive Summary
                    2.1. Market Outlook
                    2.2. Segmental Outlook
                    2.3. Competitive Insights
Chapter 3. Solar PV Panels Market Variables, Trends & Scope
                    3.1. Market Segmentation & Scope
                    3.2. Market Lineage Outlook
                    3.3. Penetration and Growth Prospect Mapping
                    3.4. Industry Value Chain Analysis
                    3.5. Technology Overview
                    3.6. Regulatory Framework
                    3.7. Market Dynamics
                         3.7.1. Market Driver Analysis
                         3.7.2. Market Restraint Analysis
                         3.7.3. Industry Challenges
                    3.8. Business Environment Analysis: Solar PV Panels Market
                         3.8.1. Industry Analysis – Porter’s
                    Supplier Power

…. continue

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About Grand View Research

Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.

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