Solar PV panels market size to reach USD 176.2 billion by 2027, escalating at a CAGR of 4.3% by GVR
The global solar PV panels market size is expected to reach USD 176.2 billion by 2027, escalating at a CAGR of 4.3% over the forecast period, according to a new report by Grand View Research, Inc. Growing demand for sustainable carbon-free solar energy coupled with stringent regulations regarding climate change prevention are likely to strengthen the growth of the market over the forecast period.
The market is primarily driven by growing adoption of clean energy systems in utility, commercial, and residential sector. This is due to huge price difference between solar-generated electricity and retail electricity. In Europe, countries such as Italy, Germany, and Spain have achieved grid parity with solar power having a lower price as compared to retail power.
Key suggestions from the report:
- The thin film technology segment accounted for a prominent revenue share and was valued at USD 46.1 billion in 2019 owing to inexpensive thin film manufacturing
- Off grid is likely to be the fastest-growing segment, accelerating at a CAGR of 7.9% over the forecast period owing to rising demand for decentralized power generation across remote locations
- On grid segment grabbed the largest revenue share and was valued at 100.9 billion in 2019 owing to rising level of grid integration in utility scale projects
- In Europe, the market was valued at USD 30.6 billion in 2019 and is expected to witness significant growth owing to rising demand for clean and renewable energy in the region.
Read 120 page research report with ToC on “Solar PV Panels Market Size, Share & Trends Analysis Report By Technology (Thin Film, Crystalline Silicon), By Grid Type, By Application (Residential, Commercial), By Region, And Segment Forecasts, 2020 – 2027” at: https://www.grandviewresearch.com/industry-analysis/solar-panels-market
Technological advancements over the years have resulted in declining costs and higher efficiency of solar photovoltaic (PV) modules, thereby increasing the demand for clean energy technology across several sectors. However, in order for the technology to be implemented for large scale electricity generation, high capital investment cost needs to be reduced substantially.
Hence, industry participants are focusing on developing innovative manufacturing techniques in order to enhance the conversion efficiency and generate the most immediate payback period. For instance, in February 2020, Trina Solar launched ultra-high power PV modules which can provide power output of more than 500 W with up to 21.0% module efficiency. The module is expected to lower the levelized cost of electricity by three to four percent, thereby making solar-generated electricity the most competitive.
Source: Grand View Research, Inc.
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