A solar photovoltaic panel is a device that absorbs the sun’s rays and converts them into electricity or heat. Photovoltaics (PV) is the technology for converting sunlight into electricity by using semiconductors. When the PV cells receive the sun’s rays, the electrons in the semiconductors are released and their movement generates an electric current. These PV cells are packaged behind glass to form photovoltaic modules with an average service life of 20-40 years.
Sizing and Forecast
The solar photovoltaic panel manufacturing market size has grown rapidly in recent years. It will grow from $217.42 billion in 2023 to $243.17 billion in 2024 at a compound annual growth rate (CAGR) of 11.8%. The growth in the historic period can be attributed to strong economic growth in emerging markets, growth in world population, government incentives, high environment impact of conventional power generation sources, corporate support to promote solar electricity and a rise in research and development (r&d) investments.
The solar photovoltaic panel manufacturing market size is expected to see rapid growth in the next few years. It will grow to $376.68 billion in 2028 at a compound annual growth rate (CAGR) of 11.6%. The growth in the forecast period can be attributed to global population growth and urbanization, rising investment for renewable power generation, focus on reducing foreign oil dependence, alternative sources of power generation, the urge to go green and corporate csr and increasing fuel costs. Major trends in the forecast period include focus on expanding production capacity, focus on use of artificial intelligence in manufacturing, focus on transnational solar power networks, focus on use of robotics and focus on ultra-efficient solar panels.
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Segmentation & Regional Insights
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
Asia-Pacific was the largest region in the solar photovoltaic panel manufacturing market in 2023. The regions covered in the solar photovoltaic panel manufacturing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
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.
Key Industry Players
Major companies operating in the solar photovoltaic panel manufacturing market report are Wuxi Suntech Power Co. Ltd, Longi Green Energy Technology Co. Ltd, JA Solar Technology Co., Ltd, Jinkosolar Holding Co. Ltd, Canadian Solar Inc, First Solar Inc, Aiko Solar, Trinasolar Co., Ltd, Tata Power Solar Systems Ltd, Yingli Solar, China Sunergy, DelSolar Co Ltd, Motech Solar, Waaree Energies Ltd, Vikram Solar, Adani Solar, Microtek Solar Solutions, Loom Solar Pvt. Ltd, Moser Baer Solar Ltd, EMMVEE, GB-Sol Ltd, UK Solar Power Ltd, UKSOL, SolarWorld AG, Centrotherm Photovoltaics AG, Centrosolar Group AG, Schott Solar, Scheuten Solar Technology GmbH, Solimpeks Solar GmbH, Alfa Solar Technologies, Gehrlicher Solar AG, CadWare S.r.L, ib vogt GmbH, EasySolar, KACO New Energy GmbH, KIOTO Photovoltaics GmbH, Selfa Ge S.A, Europe Solar Production Sp, Solar Turbines Incorporated, ENVEA, Inciner8 Limited, Pace Global Energy Services, Monocrystal, Siberia EXPO, Caipos GmbH, Kaizen Imperial, Lumos Solar, Next Energy Alliance, Prism Solar, SoliTek, CSI Solar, GMA Solar, Go Power, Heliene, Vestas Wind Systems A/S, Electricite de France SA, BrightSource Energy, Inc, SunPower Corporation, Enel Green Power S.p.A, Atlas Renewable Energy, Sonnedix Power Holdings Ltd, Solarity Solar Energy, TSK Electronica y Electricidad SA, Kuwait National Petroleum Company, Alternative Energy Projects Co, Marubeni Corp, Total SA Qatar Solar Energy WLL, Nebras Power QSC, Globeleq, Enel SpA, Renenergy South Africa Pty Ltd
The solar photovoltaic panel manufacturing market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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