Solar PV Panel Market to Garner $641.1 Bn, Globally, by 2030 at 11.9% CAGR: Allied Market Research

Surge in demand for clean energy generation and rapid industrialization and urbanization have boosted the growth of the global solar PV panel market.

PORTLAND, Ore., April 26, 2022 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Solar Photovoltaic (PV) Panel Market by Technology (Crystalline Silicon, Thin Film, and Others), Grid Type (On-grid and Off-grid), and End Use (Residential, Commercial & Industrial, and Others): Global Opportunity Analysis and Industry Forecast, 2021–2030" As per the report, the global solar PV panel industry was accounted for $180.4 billion in 2020, and is expected to reach $641.1 billion by 2030, growing at a CAGR of 11.9% from 2021 to 2030.

Major determinants of the market growth

Surge in demand for clean energy generation and rapid industrialization and urbanization have boosted the growth of the global solar PV panel market. However, high installation cost of solar panels hinders the market growth. On the contrary, surge in investment and government initiatives toward the solar energy sector would open new opportunities in the future.

Download Sample PDF (290 Pages PDF with Insights): https://www.alliedmarketresearch.com/request-sample/191   

Covid-19 scenario:

• The Covid-19 pandemic led to decline in need for solar panels due to halt in construction of commercial and industrial solar infrastructure activities.
• Moreover, prolonged lockdown disrupted the supply chain and increased the raw material prices. These factors posed challenges in manufacturing during the pandemic.

The crystalline silicon segment dominated the market

By technology, the crystalline silicon segment held the largest share in 2020, accounting for more than four-fifths of the global solar PV panel market. In addition, the segment is estimated to register the highest CAGR of 12.1% during the forecast period, due to rise in demand for solar PV applications such as commercial, residential, and industrial across the globe. The report includes an in-depth analysis of segments such as thin film solar cell and others.

Get detailed COVID-19 impact analysis on the Solar PV Panel Market: https://www.alliedmarketresearch.com/request-for-customization/191?reqfor=covid

The commercial and industrial segment to portray the highest CAGR through 2030

By end use, the commercial and industrial segment is projected to manifest the highest CAGR of 12.1% from 2021 to 2030, due to surge in urbanization and industrialization across the globe and surge in demand for power. However, the utilities segment held the largest share in 2020, accounting for around two-fifths of the global solar PV panel market, owing to rise in investment toward building of utility scale solar power plants, solar parks, and other big solar structures.

Europe, followed by North America, to manifest the highest CAGR by 2030

By region, the market across Europe, followed by North America, is anticipated to showcase the highest CAGR of 12.2% during the forecast period, due to rapid development of solar energy industry in the region. However, the global solar PV panel market across Asia-Pacific dominated in 2020, accounting for more than half of the market, owing to presence of major market players and large consumer base in the region.

Schedule a FREE Consultation Call with Our Analysts/Industry Experts to Find Solution for Your Business @ https://www.alliedmarketresearch.com/connect-to-analyst/191

Major market players

• JA SolarJinko Solar
• Aiko Solar
• First Solar
• Hanwha Solutions
• Tongwei Group Co., Ltd.
• Shunfeng International Clean Energy Co., Ltd.
• Trina Solar
• Yingli Solar
• Waaree Energies Ltd.

Interested in Procure Data? Visit Here: https://www.alliedmarketresearch.com/solar-photovoltaic-panel-market/purchase-options

Access AVENUE- A Subscription-Based Library (Premium on-demand, subscription-based pricing model) at: https://www.alliedmarketresearch.com/library-access

Avenue is a user-based library of global market report database, provides comprehensive reports pertaining to the world's largest emerging markets. It further offers e-access to all the available industry reports just in a jiffy. By offering core business insights on the varied industries, economies, and end users worldwide, Avenue ensures that the registered members get an easy as well as single gateway to their all-inclusive requirements.

Avenue Library Subscription | Request for 14 days free trial of before buying: 
https://www.alliedmarketresearch.com/avenueTrial

Similar Reports We Have:   

Flexible Solar Panels Market is projected to reach $914.07 million by 2030, with a CAGR of 7.1% from 2021 to 2030.

Solar Panel Recycling Market is expected to reach $478.6 million by 2030, registering a CAGR of 13.1% from 2021 to 2030.

Solar (PV) Inverter Market is expected to reach $17.9 billion by 2030, registering a CAGR of 8.8% from 2021 to 2030.

Renewable Energy Certificate Market is projected to reach $103.2 billion by 2030, growing at a CAGR of 27.2% from 2021 to 2030.

Perovskite Solar Cell Market is expected to reach $6.6 billion by 2030, growing at a CAGR of 32.4% from 2021 to 2030.

Space-Based Solar Power Market is expected to reach $902.2 million by 2030, registering a CAGR of 7.8% from 2021 to 2030.

Renewable Energy Market is projected to reach $1,977.6 billion by 2030, growing at a CAGR of 8.4% from 2021 to 2030.

Solar PV Module Market is projected to reach $260.2 billion by 2030, growing at a CAGR of 7.4% from 2021 to 2030.

Solar Battery Market is projected to reach $360.4 million by 2027, growing at a CAGR of 15.5% from 2020 to 2027.

Solar Energy Market is projected to reach $223.3 billion by 2026, growing at a CAGR of 20.5% from 2019 to 2026.

Pre-Book Now with 10% Discount:

Airport Solar Power Market – Global Opportunities and Forecast, 2021-2029

Solar Photovoltaic Glass Market: Global Opportunity Analysis and Industry Forecast, 2019-2026

Smart Solar Power Market: Global Opportunity Analysis and Industry Forecast, 2021 - 2030

Solar Panel Market: Global Opportunity Analysis and Industry Forecast, 2021–2030

Solar Panel Cleaning Market: Global Opportunity Analysis and Industry Forecast, 2021–2030

Solar Cell Films Market- Global Opportunity Analysis and Industry Forecast, 2021-2030

Solar (PV) Tracker Market: Global Opportunity Analysis and Industry Forecast, 2019–2026

Solar Cell Market: Global Opportunity Analysis and Industry Forecast 2021-2030

About us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

Contact us:
David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
Toll Free: 1-800-792-5285
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1-855-550-5975
Email: [email protected]
Web: https://www.alliedmarketresearch.com
Follow us on: LinkedIn Twitter

SOURCE Allied Market Research