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According to a report, “Solar PV Panels Market Size, Share & Trends Analysis Report By Technology (Thin Film, Crystalline Silicon), By Grid Type, By Application (Residential, Commercial), By Region, And Segment Forecasts, 2020 – 2027” published by Grand View Research, Inc., 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. Growing demand for sustainable carbon-free solar energy coupled with stringent regulations regarding climate change prevention is likely to strengthen the growth of the market over the forecast period.

The market is primarily driven by the growing adoption of clean energy systems in the utility, commercial, and residential sectors. This is due to the 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.

Solar PV Panels Market Report Highlights

1. On the basis of technology, the thin-film technology segment accounted for around 40.0% of the market share in 2019. This dominance was due to the narrow design, strong durability, and manufacturing from flexible and lightweight materials.

2. On the basis of application, the commercial segment dominated the market with a market share of 30.4% in 2019. 

3. The residential application segment is expected to witness significant growth at a CAGR of 5.3% over the forecast period. 

4. The industrial segment accounted for more than 40.0% of the market share in 2019. The growing number of utility-scale projects owing to the rising demand for clean electricity is expected to drive the solar PV panels market across the industrial sector.

5. On the basis of grid type, the on-grid type accounted for a significant market share of 87.6% and was valued at USD 100.9 billion in 2019.

6. The off-grid type 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.

7. Asia Pacific held the largest market share of 33.0% and was valued at USD 38.0 billion in 2019. China was the largest contributor to the market revenue generation in 2019.

8. In February 2020, Trina Solar launched ultra-high power PV modules which can provide a 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.

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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)

1. Thin Film

2. Crystalline Silicon

3. Others

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

1. On Grid

2. 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)

1. North America

1. The U.S.

2. Canada

3. Mexico

2. Europe

1. Germany

2. Russia

3. The U.K.

4. Spain

5. Italy

6. France

3. Asia Pacific

1. China

2. Japan

3. South Korea

4. India

5. Australia

4. Central & South America

1. Brazil

2. Colombia

3. Paraguay

5. Middle East & Africa

1. Saudi Arabia

2. UAE

3. South Africa

4. Egypt

1. JinkoSolar

2. JA Solar

3. Trina Solar

4. LONGi Solar

5. Canadian Solar

6. Hanwha Q-CELLS

7. Risen Energy

8. GCL-SI

9. Talesun

10. First Solar

11. SunPower Corporation

12. ReneSola

13. Shenzhen Yingli New Energy Resources Co.,Ltd.

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