Global Solar (Photovoltaic) PV Panels Market Size Worth 292.32 Billion by 2030 at an 8.6% CAGR: Custom Market Insights (Share, Report, Trends, Forecast, Trends, Segmentation)

Sandy, Utah, USA, Sept. 26, 2022 (GLOBE NEWSWIRE) -- Custom Market Insights has published a new research report titled "Solar PV (Photovoltaic) Panels Market Size, Trends and Insights By Technology (Crystalline silicon, Thin-film , Others), By Grid-Type (On-grid, Off-grid), By Installation (Ground-mounted, Roof-top, Others), By Application (Commercial, Residential, Utility), and By Region - Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2022–2030" in its research database.

"According to the latest research study, the demand of global Solar PV Panels Market size & share was valued at approximately USD 151.18 Billion in 2021 and is expected to reach a value of around USD 292.32 Billion by 2030, at a compound annual growth rate (CAGR) of about 8.6% during the forecast period 2022 to 2030."

Solar PV panels consist of numerous photovoltaic or solar cells created using silicon, boron, and phosphorous arranged in a grid-like pattern on the base. PV cells are used to generate electricity from sunlight, which is a great alternative renewable source for pollution-free electricity generation. 

The electricity generated through solar PV cells is used to charge batteries and provides electricity in off-grid areas, remote power systems for cabins, remote sensing, telecommunication equipment, etc.

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The photovoltaic panels generate electricity through the photovoltaic effect, in which the panels absorb the sunlight in the form of photons converted into an electric current. These photons strike the panel surface, and the electron is knocked out, which again gets pulled by the magnetic field generated by the solar panels, and electricity is generated. Solar PV cells were initially used in spacecraft, but they are currently widely used in the commercial and industrial sectors to generate electricity.

(A free sample of the Solar PV Panels report is available upon request; please contact us for more information.)

 Our Free Sample Report Consists of the following:

• Introduction, Overview, and in-depth industry analysis are all included in the 2022 updated report.
• The COVID-19 Pandemic Outbreak Impact Analysis is included in the package.
• About 220+ Pages Research Report (Including Recent Research)
• Provide detailed chapter-by-chapter guidance on request
• Updated Regional Analysis with Graphical Representation of Size, Share, and Trends for the Year 2022
• Includes Tables and figures have been updated
• The most recent version of the report includes the Top Market Players, their Business Strategies, Sales Volume, and Revenue Analysis. 
• Custom Market Insights (CMI) research methodology

(Please note that the Solar PV Panels report sample has been modified to include the COVID-19 impact study before delivery.)

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Regional Snapshots

Currently, Asia Pacific is leading in the global solar PV panel market and is projected to grow significantly during the forecast period. The increase in solar power installation demand across countries like China and India is an alternative source for electricity generation. These two countries with a large consumer base are the key regions for establishing the solar PV panel market across the Asia Pacific.

The low production cost of the plants and the government's initiative to achieve the target of reduced carbon emission led to the growth of the solar PV panel market across Asia.

Market Dynamics

Drivers

The growth of the solar PV market is driven by the environmental awareness associated with the depletion of non-renewable sources and the emission of pollutants from such sources. 
The rapid production of energy from renewable sources and the transitional shift from conventional to renewable, associated with environmental friendliness, are the factors that drive the growth of the solar PV panel market across the globe. Several under-construction projects associated with the government's supportive measures are expected to drive market growth in the projection period. Several solar PV panels have been installed and are expected to become the major source of electricity by 2030.

Key questions answered in this report:

• What is the size of the Solar PV Panels market, and what is its expected growth rate?
• What primary driving factors push the Solar PV Panels market forward?
• What are the Solar PV Panels Industry's top companies?
• What are the different categories that the Solar PV Panels Market caters to?
• What will be the fastest-growing segment or region?
• In the value chain, what role do essential players play?
• What is the procedure for getting a free copy of the Solar PV Panels market sample report and company profiles?

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Key Offerings:

• Market Share, Size & Forecast by Revenue | 2022−2030
• Market Dynamics – Growth Drivers, Restraints, Investment Opportunities, and Leading Trends
• Market Segmentation – A detailed analysis by Types of Services, by End-User Services, and by Regions
• Competitive Landscape – Top Key Vendors and Other Prominent Vendors

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Restraints

The growth of the solar PV panel market can be hampered in the forecasting period due to the high installation cost of the solar PV panels and high electricity cost compared to the other power generation sectors. The future demand for solar PV panels is likely to be affected due to such reasons. In addition, there is no proper infrastructure or organization to recycle solar PV panels or reuse the waste materials associated with solar PV panels, which can hinder the market growth in the forecasting period.

Opportunities 

The government has introduced various preventive measures against the reduced GHG emission and non-renewable resource depletion resulting in the industry shift toward solar PV panels. The increased investments in the generation of renewable energy sources may offer lucrative opportunities for the global solar PV market.

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Browse the full "Solar PV (Photovoltaic) Panels Market Size, Trends and Insights By Technology (Crystalline silicon, Thin-film, Others), By Grid-Type (On-grid, Off-grid), By Installation (Ground-mounted, Roof-top, Others), By Application (Commercial, Residential, Utility), and By Region - Global Industry Overview, Statistical Data, Competitive Analysis, Share Outlook, and Forecast 2022–2030" Report at https://www.custommarketinsights.com/report/solar-pv-panels-market/

Challenges

One of the major challenges of the solar PV system is the lifetime of the installed solar PV panels under multiple environmental conditions. The quality and ability of solar panels degrade under tough environmental stresses; such a factor is crucial for the global market to retain its growth in the future. 

The lack of proper energy storage and maintenance is another crucial challenge for the market. Usually, solar-generated energy has stored batteries that require high cost and maintenance. The solar PV panel installation is costly compared to the other traditionally used panels, which is challenging for the market growth in the forecasting period.

Report Highlights

Based on technology, the crystalline silicone segment held the largest global market share in 2021 and is expected to witness potential growth during the forecasting period. The rise in demand for solar PV applications in industrial, commercial, and residential supports the potential market growth across the globe. In addition to that, the crystalline silicone segment offers high stability and efficiency rate, which drives its growth in the market.

Based on application, the commercial segment has the largest market share, with 42.02% in the global solar PV market. The rapid demand for solar PV modules across commercial buildings and remote places drives the market growth across the commercial segment.

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Report Scope

Recent activity in Solar PV Panel Market

• In September 2021, Orsted declared the completion of 670,000 solar projects which increased their power capacity to 647 MW, which listed the company among the rapidly growing power generation companies. Their vision is to completely depend on green energy for power generation. The company also declared its partnership with Tennessee Valley Authority.

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Key developments in the solar PV panel market

• In March 2021, JA Solar introduced the Deepblue 3.0 high-efficiency solar PV rooftop module for the commercial and industrial sectors in the global market. The developed solar module is highly efficient and requires low-cost maintenance. It can provide 540 W of electricity at one time which can cover the mass area.
• In July 2021, Jinko Solar has created the world record for the fourth time, for the construction of N-typed monocrystalline solar cells with a high conservation efficiency rate of 25%. Through this innovation, the company achieved a major technological breakthrough.

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• Comprehensive coverage
• Maximum number of market tables and figures
• Subscription-based option offered
• Best price guarantee
• Free 35% or 60 hours of customization.
• Free post-sale service assistance.
• 25% discount on your next purchase.
• Service guarantees are available.
• Personalized market brief by author.

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Segments covered in the report

Based on Technology

• Thin film
• Crystalline

Based on Product

• Monocrystalline
• Polycrystalline
• Cadmium Telluride
• Amorphous Silicon
• Copper Indium Gallium Di-Selenide

Based on Connectivity

• On-Grid
• Off-Grid

Based on Mounting

• Ground-mounted
• Rooftop

Based on End-use

• Residential
• Commercial & Industrial
• Utility

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On the basis of Geography

North America

• The U.S.
• Canada
• Mexico

Europe

• France
• The UK
• Spain
• Germany
• Italy
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• Australia
• South Korea
• Rest of Asia Pacific

The Middle East & Africa

• Saudi Arabia
• UAE
• Egypt
• Kuwait
• South Africa
• Rest of the Middle East & Africa

Latin America

• Brazil
• Argentina
• Rest of Latin America

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Reasons for the Research Report

• The study provides a thorough overview of the global Solar PV Panels market. Compare your performance to that of the market as a whole.

• Aim to maintain competitiveness while innovations from established key players fuel market growth.

What does the report include?

• Drivers, restrictions, and opportunities are among the qualitative elements covered in the worldwide Solar PV Panels market analysis.

• The competitive environment of current and potential participants in the Solar PV Panels market is covered in the report, as well as those companies' strategic product development ambitions.

• According to the component, application, and industry vertical, this study analyzes the market qualitatively and quantitatively. Additionally, the report offers comparable data for the important regions.

• For each segment mentioned above, actual market sizes and forecasts have been given.

Directly Purchase a copy of the report [220+ Pages] @ https://www.custommarketinsights.com/report/solar-pv-panels-market/

Who should buy this report?

•  Participants and stakeholders worldwide Solar PV Panels market should find this report useful. The research will be useful to all market participants in the Solar PV Panels industry.

•  Managers in the Solar PV Panels sector are interested in publishing up-to-date and projected data about the worldwide Solar PV Panels market.

•  Governmental agencies, regulatory bodies, decision-makers, and organizations want to invest in Solar PV Panels products' market trends.

•  Market insights are sought for by analysts, researchers, educators, strategy managers, and government organizations to develop plans. 

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About Custom Market Insights:

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