The Solar Photovoltaic Panel Manufacturing by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2024-2033).
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In accordance with The Business Research Company’s insights into Solar Photovoltaic Panel Manufacturing, the market has witnessed an impressive surge in size, soaring from $217.42 billion in 2024 to a projected $243.17 billion in 2024, boasting a noteworthy compound annual growth rate (CAGR) of 11.8%. The impetus behind this expansion in the historical context can be ascribed to robust economic advancements in emerging markets, burgeoning global population, governmental incentives, escalating environmental concerns linked to conventional power generation, corporate advocacy for solar electricity, and augmented research and development (R&D) investments.
Forecasts indicate a continuous and substantial upswing in the solar photovoltaic panel manufacturing market, anticipating a growth to $376.68 billion by 2028, guided by a CAGR of 11.6%. This growth trajectory in the foreseeable future is underpinned by global population expansion and urbanization, amplified investments in renewable power generation, a strategic focus on diminishing foreign oil dependency, the exploration of alternative power sources, a growing environmental consciousness, corporate social responsibility (CSR), and mounting fuel costs. Prominent trends in the upcoming period encompass a concerted effort to expand production capacity, integrate artificial intelligence into manufacturing processes, establish transnational solar power networks, incorporate robotics, and enhance solar panel efficiency.
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. For instance, the government of India has sectioned an amount of $0.71 billion (5000 crores) for solar subsidies. The Jawaharlal Nehru National Solar Mission scheme is being implemented by IREDA (Indian Renewable Energy Development Agency Ltd.) through NABARD (National Bank for Agriculture and Rural Development). The scheme provides a 40% subsidy on capital costs of solar PV systems for units located in both urban and rural areas in India. India is also supported by the Asian Development Bank (ADB), which announced a grant of USD 500 million towards rooftop solar PV panel systems, which will help the Indian government increase its renewable energy penetration by using solar energy.
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The solar photovoltaic panel manufacturing market covered in this report is segmented –
1) By Technology: Thin Film, Crystalline Silicon
2) By Grid: Grid Connected, Off-Grid
3) By End User: Residential, Commercial And Industrial, Utility-Scale
Top 5 Major Players:
- Wuxi Suntech Power Co. Ltd
- Longi Green Energy Technology Co. Ltd
- JA Solar Technology Co., Ltd
- Jinkosolar Holding Co. Ltd
- Canadian Solar Inc
Within this dynamic landscape, the solar photovoltaic panel manufacturing sector is witnessing transformative trends, primarily geared towards augmenting power production efficiency. A significant trend involves the industry’s shift towards monocrystalline cell technology, deviating from the prevalent use of multi-crystalline cells and modules. Monocrystalline panels, distinguished by their heightened power output, reduced spatial requirements, and prolonged lifespan, capitalize on enhanced electron movement, resulting in superior efficiency compared to their multi-crystalline counterparts. Evidently, major players like LONGi Solar and LG Solar are strategically investing in the production of monocrystalline solar panels, showcasing a remarkable growth rate of 11.1% and paving the way for a burgeoning market expected to reach $20.5 billion by 2027. These advancements underscore a paradigm shift towards cutting-edge technologies within the solar photovoltaic panel manufacturing realm, positioning companies for sustained growth and environmental responsibility.
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. Global Solar Photovoltaic Panel Manufacturing Market Size and Growth
…..
32. Global Solar Photovoltaic Panel Manufacturing Market Competitive Benchmarking
33. Global Solar Photovoltaic Panel Manufacturing Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Solar Photovoltaic Panel Manufacturing Market
35. Solar Photovoltaic Panel Manufacturing Market Future Outlook and Potential Analysis
36. Appendix
List Of Tables:
Table 1: Global Historic Market Growth, 2018-2023, $ Billion
Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion
Table 3: Global Solar Photovoltaic Panel Manufacturing Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 4: Global Solar Photovoltaic Panel Manufacturing Market, Segmentation By End-Use, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 5: Global Solar Photovoltaic Panel Manufacturing Market, Segmentation By Grid Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
…..
Table 74: Wuxi Suntech Power Co. Ltd Financial Performance
Table 75: Longi Green Energy Technology Co. Ltd Financial Performance
Table 76: JA Solar Technology Co., Ltd Financial Performance
Table 77: Jinkosolar Holding Co. Ltd Financial Performance
Table 78: Canadian Solar Inc Financial Performance
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