The global solar PV panels market has been growing steadily due to rising demand for renewable energy sources driven by climate change concerns and government policies promoting clean energy. Solar PV panels directly convert sunlight into electricity through solar cells or photovoltaic effect without any moving parts, providing a sustainable solution to meet energy needs. Key advantages include low generation cost, minimal environmental impact, and increasing lifespan of panels. The production of solar PV panels has lower installation and maintenance costs compared to fossil fuels.
The global solar PV panels market is estimated to be valued at US$ 305.81 billion in 2024 and is expected to exhibit a CAGR of 7.6% over the forecast period from 2024 to 2031.
Key Takeaways
Key players operating in the solar PV panels market include Canadian Solar, JinkoSolar, Trina Solar,JA Solar,Hanwha Q Cells and Longi Green Energy. Key players are focusing on enhancing efficiency and lowering manufacturing costs through economies of scale and technological advancements to remain competitive.
The growing demand for renewable energy due to rising energy consumption and climate change concerns is fueling market growth. Solar energy provides a sustainable solution to reduce dependence on fossil fuels. Government incentives and initiatives to promote use of clean energy are encouraging widespread adoption of solar PV technology.
Countries across regions are increasingly installing large utility-scale solar projects to meet renewable power targets. Falling prices have made solar energy cost competitive with conventional power sources. Investments in solar projects are expanding globally with major companies focusing on overseas markets for future business opportunities.
Market key trends
One of the key trends in the Solar PV Panels Market Demand is increasing adoption of bifacial solar panels. Bifacial panels can generate electricity from both sides by capturing light from both fronts and rears of the panels, improving efficiency by around 10-15%. This technology is gaining adoption for large commercial rooftops and ground-mounted installations. Growing demand for bifacial solar panels is expected to drive market revenue over the forecast period.
Porter’s Analysis
Threat of new entrants: High capital requirements and economies of scale makes it difficult for new players to enter this market.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitute products in the market.
Bargaining power of suppliers: Established suppliers have some bargaining power due to their expertise and economies of scale.
Threat of new substitutes: Threat from new substitutes like wind energy is moderate as solar pv panels have advantages over other renewable sources.
Competitive rivalry: Intense competition exists among key players to gain higher market share through product innovations and portfolio expansion.
Geographical Regions
Asia Pacific region dominates the global solar PV panels market in terms of value. China, Japan, and India are the major countries driving the regional market growth due to supportive government policies and initiatives to boost renewable energy adoption.
Middle East and Africa region is expected to witness the fastest growth during the forecast period. Increasing investments to establish solar projects and declining prices of solar panels are fueling the solar PV installation activities across many countries in this region.
About Author - Alice Mutum
Alice Mutum is a seasoned senior content editor at Coherent Market Insights, leveraging extensive expertise gained from her previous role as a content writer. With seven years in content development, Alice masterfully employs SEO best practices and cutting-edge digital marketing strategies to craft high-ranking, impactful content. As an editor, she meticulously ensures flawless grammar and punctuation, precise data accuracy, and perfect alignment with audience needs in every research report. Alice's dedication to excellence and her strategic approach to content make her an invaluable asset in the world of market insights. LinkedIn