Solar PV Panels Market Size, Share, Growth, Trends, and Global Industry Analysis: By Panel Type (Monofacial Panels, Bifacial Panels), By Technology (Monocrystalline Silicon, Thin Film, Multicrystalline Silicon, and Others), By Installation (Ground Mounted, Rooftop, and Others), By Grid Type (On-grid and Off-grid), By Application (Residential, Non-Residential and Utilities), and Region Forecast 2019-2030

Solar PV Panels Market size was valued at US$ 165.3 billion in 2023 and is expected to grow at an 11.6% CAGR from 2024 to 2030. Solar energy conversion through photovoltaic (PV) technology has emerged as a leading renewable electricity source. The market for solar PV panels is driven by growing demand for clean energy, supportive government policies, and financial incentives. Commercial and industrial sectors are major consumers, benefiting from economies of scale in large installations. The residential sector is also gaining momentum, aided by net metering schemes and energy storage solutions for both grid-connected and off-grid systems. Environmental awareness has spurred many countries to establish eco-friendly norms. The International Energy Agency reports significant shifts in energy investment, with clean energy now receiving US$ 1.7 for every dollar spent on fossil fuels, a marked improvement from the 1:1 ratio five years ago. This trend reflects the increasing prioritization of renewable energy sources. The total investment in energy reached approximately US$ 2.8 trillion in 2023, with over US$ 1.7 trillion directed towards clean energy technologies, including renewables, nuclear, grids, storage, and efficiency improvements.

However, the solar PV market faces restraints, primarily in the form of land use constraints. Utility-scale projects require large areas, and site selection is complicated by environmental and technical parameters. Wetlands, agricultural lands, water bodies, and forests pose particular challenges due to instability and inaccessibility. The growth of alternative renewable technologies like wind and bioenergy may also impact solar PV market expansion. Additionally, factors such as transportation networks, proximity to residential areas, and distance to electricity grids must be considered, further complicating large-scale solar power plant deployments. Despite these challenges, significant opportunities exist in emerging nations across Africa and Southeast Asia. Government efforts to provide universal electricity access in remote areas, coupled with off-grid applications and technological advancements in solar PV modules, are expected to create substantial market opportunities. The push for 100% electricity access in these regions is driving innovation in solar PV technology and opening new markets for both grid-connected and standalone systems. The dominant trend in the solar PV market is ground-mounted installations. This segment accounted for over 60% of global solar PV capacity in 2022, led by countries like China, the United States, Germany, and India. The trend is driven by increasing utility-scale projects, ambitious solar energy targets, and declining installation costs. As technology improves and costs continue to decrease, this trend is expected to strengthen, with more countries adopting large-scale solar projects as a key component of their renewable energy strategies.

Key Developments

• In May 2023, State-owned SJVN Ltd. bagged a 100 MW solar power project worth US$ 73.24 Million from Rajasthan Urja Vikas Nigam Ltd. SJVN Green Energy Ltd (SGEL), a wholly-owned subsidiary of SJVN, participated in an open competitive tariff bidding process followed by e-Reverse Auction (e-RA) organized by Rajasthan Urja Vikas Nigam Ltd (RUVNL).
• In November 2022, European Energy, a Danish-based developer of solar parks, was set to build a 128.5 MW solar park near Helsingborg in southern Sweden. The plant is expected to produce 175 GWh of electricity annually. Production is scheduled to begin in 2024 after the completion of the project by 2023.