According to a market report by Lucintel, the future of the solar PV panel market looks promising with opportunities in the residential, commercial, and industrial applications. The global solar PV panel market is expected to grow with a CAGR of 7% to 9% from 2023 to 2028. The major drivers for this market are gradual transition of energy industry from conventional to renewable sources, rise in awareness towards environmental pollution, and huge price variance between retail electricity and solar-generated electricity.
In this market, thin-film and crystalline silicon are the major segments of solar PV panel market by technology. Lucintel forecasts that thin-film will remain the largest segment over the forecast period due to its benefits such as, strong durability, narrow design, and its build-up from flexible & lightweight materials. It has major applications in commercial and utility-scale projects as these lightweight panels have reduced the overall installation costs.
Within this market, residential is expected to remain the fastest growing segment due to rise in customer awareness regarding the monitory and environmental benefits associated with solar power. Also, the rooftop solar PV is equipped with an energy battery storage system that provides reliable secondary power in residential households.
APAC will remain the largest region due to increase in solar power installation across the countries like China and India as an alternative source for electricity generation, and government's incentives as an initiative to achieve the target of lowering the carbon emission.
Emerging trends which have a direct impact on the dynamics of the industry includes installation of solar panels in remote regions and government initiatives towards reducing carbon footprints. First Solar, Canadian Solar, SunPower Corporation, Jinko Solar, Hanwha Group, ReneSola, Trina Solar, JA Solar, LONGi Solar, and Sharp Corporation are the major suppliers in the global solar PV panel market.
Lucintel, a leading global strategic consulting and market research firm, has analyzed growth opportunities in the global solar PV panel market by technology, grid, application, and region. Lucintel has compiled a comprehensive research report titled “Growth Opportunities in the Global Solar PV Panel Market 2023-2028: Trends, Forecast, and Opportunity Analysis.” The Lucintel report serves as a catalyst for growth strategy, as it provides comprehensive data and analysis on trends, key drivers, and directions. The study includes a forecast for the global solar PV panel market by technology, grid, application, and region, as follows:
Solar PV Panel Market by Technology [Value ($B) Shipment Analysis from 2017 to 2028]:
· Thin Film
· Crystalline Silicon
· Others
Solar PV Panel Market by Grid [Value ($B) Shipment Analysis from 2017 to 2028]:
· On Grid
· Off Grid
Solar PV Panel Market by Application [Value ($B) Shipment Analysis from 2017 to 2028]:
· Residential
· Commercial
· Industrial
Solar PV Panel Market by Region [Value ($B) Shipment Analysis from 2017 to 2028]:
· North America
· Europe
· Asia Pacific
· The Rest of the World
A more than 150 pages and in-depth TOC on “Global Solar PV Panel Market". To download report brochure, please go to
https://www.lucintel.com and click "report brochure" tab from the menu.
About Lucintel
Lucintel, the premier global Management Consulting and market research firm, creates winning strategies for growth. Lucintel offers market assessments, competitive analysis, opportunity analysis, Growth Consulting, M&A, and Due diligence services to executives and key decision-makers in a variety of industries. For further information, visit www.lucintel.com.
This report answers the following 11 key questions:
Q.1. What are some of the most promising, high-growth opportunities for the solar PV panel market by technology (thin-film, crystalline silicon, and others), grid (on grid and off grid), application (residential, commercial, and industrial), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2. Which segments will grow at a faster pace and why?
Q.3. Which region will grow at a faster pace and why?
Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
Q.5. What are the business risks and competitive threats in this market?
Q.6. What are the emerging trends in this market and the reasons behind them?
Q.7. What are some of the changing demands of customers in the market?
Q.8. What are the new developments in the market? Which companies are leading these developments?
Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
Q.11. What M&A activity has occurred in the last 5 years and what has its impact been on the industry?