Solar Photovoltaic (PV) Panel Market - Global Industry Analysis, Size, Share, Trends, Growth, and Forecasts, 2021 - 2031
Solar Photovoltaic (PV) Panel Market – Overview
The global solar photovoltaic (PV) panel market is projected to witness significant growth from 2021 to 2031 (forecast period). The progressive movement of the energy industry from traditional to renewable is expected to drive the growth of the global solar photovoltaic (PV) panel market. Moreover, a surge in environmental pollution awareness linked with pollutants from traditional power generation is expected to boost the expansion of the global solar photovoltaic (PV) panel market during the forecast period.
Furthermore, government efforts to reduce carbon footprints and substantial investment in renewable energy infrastructure are expected to present attractive development prospects for major players in the global solar photovoltaic (PV) panel market in the coming years.
Solar Photovoltaic (PV) Panel Market – Competitive Landscape
Leading players in the solar photovoltaic (PV) panel market are Jinko Solar, JA Solar, Aiko Solar, First Solar, Tongwei Group Co., Ltd., Hanwha Solutions, Trina Solar, Yingli Solar, Shunfeng International Clean Energy Co., Ltd., and Waaree Energies Ltd.
To widen their global position, key companies are actively pursuing marketing tactics such as alliances, investments, new product development, acquisitions, technological improvements, and R&D activities.
For example, in March 2021, JA Solar released a 415 W solar module with a 21.3% efficiency rating. This module is utilized in both commercial and residential photovoltaic applications. This strategy expanded the company's product portfolio.
Solar Photovoltaic (PV) Panel Market – Trends and Opportunities
Global warming and overreliance on fossil fuels for electricity generation are major concerns among governments throughout the world. Efforts to minimize greenhouse gas emissions and the carbon footprint on the environment have increased the demand for renewable and alternative energy sources. This has been a driving element in the development of solar energy and the consequent increase in the sales of solar photovoltaic (PV) panels. Solar energy not only minimizes the carbon footprint but also cuts energy expenses over time and has nearly no maintenance requirements.
Moreover, governments throughout the world have been providing customers subsidies for placing solar panels, which is encouraging end users to deploy solar photovoltaic (PV) panels as a source of energy. With technological developments, a trend of decreasing average module process for solar photovoltaic panels has been steady over the last several years, and this trend is projected to continue. Furthermore, irrigation and home energy usage are likely to provide substantial development prospects for the solar photovoltaic (PV) panel market in the coming years.
The COVID-19 pandemic led to a temporary prohibition on import and export and manufacturing and processing operations across numerous industries, which reduced demand for power equipment and impacted the solar photovoltaic (PV) panel market. This had a negative impact on market growth in 2020. Nevertheless, the solar photovoltaic (PV) panel market is likely to rebound during the forecast period due to the loosening of restrictions around the world.
Solar Photovoltaic (PV) Panel Market – Regional Landscape
The Asia Pacific solar photovoltaic (PV) panel market is expected to develop throughout the projected period. This is due to the existence of significant players and a large customer base in the region. Moreover, due to a spike in demand for distributed energy systems in the area, solar panel installation has expanded dramatically throughout China, India, Japan, and South Korea, providing revenue-generation opportunities in solar photovoltaic (PV) panel market in Asia Pacific. Moreover, significant growth of the renewable energy sector, increased investment in upgrading aging power infrastructure, and growing industrialization are expected to fuel the regional market growth in the future years.
North America and Europe are anticipated to contribute to the solar photovoltaic (PV) panel market during the forecast period. North America and Europe are in the front of shifting the emphasis toward renewable energy sources for commercial and household energy usage. The increasing use of solar energy in personal houses and commercial scale facilities is projected to increase demand for solar photovoltaic (PV) panels in the future years.
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