Solar Pv Panels Market Is Anticipated To Advance At A CAGR Of 7.8% From 2022 To 2030

 Solar PV Panels Industry Overview

The global solar PV panels market size was valued at USD 146.08 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 7.8% from 2022 to 2030. The increasing use of solar panels in the European region, especially countries such as Spain and Italy, whose strategic geographic location exposes them to the maximum amount of sunlight throughout the year, is expected to drive the market. The U.S. emerged as the largest market in North America in 2021. The U.S. is recognized as one of the largest countries in terms of adoption of PV panels globally, owing to rising consumption of PV panels in the country. This market is projected to grow at a significant CAGR during the forecast period. Factors such as substantial PV projects under construction and in the planning stage, coupled with several government support measures, are expected to increase the cumulative installed capacity of solar energy during the projection period. 

Increasing awareness among people regarding the use of low carbon-intensive technologies to limit carbon footprint is one of the major factors driving the adoption of solar PV systems in the commercial, industrial and residential sectors. Furthermore, the extension of Investment Tax Credit (ITC) for residential solar PV installations at 26% by 2022 and 22% by 2023, is anticipated to boost the growth of the industry in the coming years.

Gather more insights about the market drivers, restrains and growth of the Global Solar PV Panels market

 

The Solar Investment Tax Credit (ITC) is a federal tax incentive enacted into law to encourage the deployment of solar energy in the United States. This federal tax credit is claimed against the tax liability of residential, commercial, and utility-scale investors in solar energy projects.

Photovoltaic cells or solar cells are primarily employed to convert solar energy into a flow of electrons. These cells produce electricity from sunlight, which can be used to power equipment or recharge batteries. Initially, photovoltaic cells were used to power spacecraft and orbiting satellites. However, over the past few years, they are being increasingly used for grid-connected electricity generation. Photovoltaic systems aim to maximize productivity for better performance. These factors are expected to enhance the growth of the market during the forecast period.

In Canada, after recovery from the COVID-19 pandemic, the market is expected to witness policy changes from the government to accelerate the growth of the domestic solar energy market. Factors such as upcoming solar projects and government support to reduce the reliance on fossil fuels are expected to promote the use of renewable energy sources. This is anticipated to foster the demand for solar PV panels in the country during the projection period.


Browse through Grand View Research's Renewable Energy Industry Research Reports.

  • Biomass Power Market - The global biomass power market size was valued at USD 121,340.76 million in 2021 and is projected to exhibit a compound annual growth rate (CAGR) of 6.0% from 2022 to 2030. The market has been witnessed growth with the rise in environmental concerns, which has forced various countries to increase the share of renewable energy in their power mix.

 

  • Energy Retrofit Systems Market - The energy retrofit systems market size was valued at USD 142.88 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 4.5% from 2020 to 2028. Factors, such as growing concerns about Greenhouse Gas (GHG) emissions and strict regulations to decrease carbon footprint, are projected to drive the global market.

 

Solar PV Panels Market Segmentation

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

Solar PV Panels Technology Outlook (Revenue, USD Billion, 2019 - 2030)

  • Thin Film
  • Crystalline Silicon
  • Others

Solar PV Panels Grid Outlook (Revenue, USD Billion, 2019 - 2030)

  • On Grid
  • Off Grid

Solar PV Panels Application Outlook (Revenue, USD Billion, 2019 - 2030)

  • Residential
  • Commercial
  • Industrial

Solar PV Panels Regional Outlook (Revenue, USD Billion, 2019 - 2030)

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

 

Market Share Insights

  • November 2020: Canadian Utilities, an ATCO company, announced the completion of Canada's largest off-grid solar project, which was built in two phases. The first phase included a 600kW solar farm and the second phase included a 2,200kW solar farm.


Key Companies profiled:

Some prominent players in thesolar PV panels market include

  • Jinko Solar
  • JA Solar
  • Trina Solar
  • LONGi Solar
  • Canadian Solar
  • SunPower Corporation
  • First Solar
  • Hanwha Q-CELLS
  • Risen Energy
  • Talesun

 

Order a free sample PDF of the Solar PV Panels Market Intelligence Study, published by Grand View Research.

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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