SAN FRANCISCO, June 18, 2020 /PRNewswire/ -- 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.
Key suggestions from the report:
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.
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.
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)
Solar PV Panels Grid Type Outlook (Revenue, USD Billion, 2016 - 2027)
Solar PV Panels Application Outlook (Revenue, USD Billion, 2016 - 2027)
Solar PV Panels Regional Outlook (Revenue, USD Billion, 2016 - 2027)
Floating Solar Panels Market– The rapid depletion of fossil fuel reserves has created a need for the utilization of renewable sources of electricity generation. Solar power is one of the fastest growing renewable energy technology owing to the ease in system installation as well as abundant sunlight across the globe.
Wind Turbine Operations and Maintenance Market– Increase in capacity installations across the globe has accelerated the wind turbine operations & maintenance market. Focus on reducing environmental impacts in the power generation industry was the key driver for exponential growth in annual installation over the past few years, leading to rapid growth in capacity installation in Asia Pacific, Europe, and North America.
Biodiesel Market– Capital investment and technology know-how are expected to be the key parameters for the industry players to establish themselves in the industry. The market is highly fragmented owing to the presence of many suppliers.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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