The Solar Photovoltaic Panel Manufacturing Global Market Report 2023 by The Business Research Company, provides solar photovoltaic panel manufacturing market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.
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According to The Business Research Company’s Solar Photovoltaic Panel Manufacturing Global Market Report 2023, the market size will grow from $193.56 billion in 2022 to $217.42 billion in 2023 at a compound annual growth rate (CAGR) of 12.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of the global solar photovoltaic panel is expected to grow to $339.07 billion in 2027 at a CAGR of 11.8%.s
Favorable government initiatives such as tax subsidies and huge investments favor the growth of the solar photovoltaic panel manufacturing market. In India, MNRE (Ministry of New and Renewable Energy – Central Government) has set the target to achieve 227 Gigawatts (22,70,00,000 kilowatt) of electricity production from solar PV cells by 31 March 2022. To achieve this target, the Indian government is promoting solar PV cell production through huge investments and policies that influence the solar PV panel manufacturing market directly or indirectly.
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The solar photovoltaic panel manufacturing market is segmented:
1) By Technology: Thin Film, Crystalline Silicon, Other Technologies
2) By End-Use: Residential, Commercial, Utility-Scale
3) By Grid Type: Grid Connected, Off-Grid
The solar photovoltaic panel manufacturing market is experiencing several significant trends that are focused on improving the rate of power production from the panels. Photovoltaic manufacturers are shifting towards monocrystalline cell technology from the more common multi-crystalline cells and modules is a prominent trend faced by the solar photovoltaic panel manufacturing industry. These cells form the building block of photovoltaic panels. Monocrystalline panels have a high-power output, occupy less space, and last longer because the formation of cells in these panels allows more freedom for the electrons to move, resulting in a higher efficiency compared to multi-crystalline cells. Many large developers in the solar photovoltaic panels manufacturing market have already increased their production of monocrystalline panels. For instance, monocrystalline solar, with an overall growth rate of 11.1%, is expected to hit $20.5 billion in 2020-2027 marking the emerging trend. Companies such as LONGi Solar, a subsidiary of LONGi Green Energy Technology are leading the mono-crystalline solar module manufacturers market. The company has experienced an increase in sales in the high-efficiency monocrystalline panels module segment. Further, companies such as LG Solar and JinkoSolar have also started investing more in the manufacturing of solar photovoltaic panels with monocrystalline cell technology.
The solar photovoltaic panel manufacturing market report table of contents includes:
1. Executive Summary
2. Solar Photovoltaic Panel Manufacturing Market Characteristics
3. Solar Photovoltaic Panel Manufacturing Market Trends And Strategies
4. Solar Photovoltaic Panel Manufacturing Market – Macro Economic Scenario
5. Solar Photovoltaic Panel Manufacturing Market Size And Growth
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26. Africa Solar Photovoltaic Panel Manufacturing Market
27. Solar Photovoltaic Panel Manufacturing Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Solar Photovoltaic Panel Manufacturing Market
29. Solar Photovoltaic Panel Manufacturing Market Future Outlook and Potential Analysis
30. Appendix
Top Major Players:
- Trina
- Canadian Solar
- Jinko
- Hanwha Q-Cell
- SunPower
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