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 cfree 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.
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.
Full Research Report On Solar PV Panels Market Visit Here:
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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.
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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
List of Key
Players of Solar PV Panels Market
- JinkoSolar
- JA Solar
- Trina Solar
- LONGi Solar
- Canadian Solar
- Hanwha Q-CELLS
- Risen Energy
- GCL-SI
- Talesun
- First Solar
- SunPower Corporation
- ReneSola
- Shenzhen Yingli New Energy Resources Co.,Ltd.
About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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