Solar PV Panels Market Size Worth $176.2 Billion by 2027|CAGR 4.3%: Grand View Research, Inc
- The international solar PV panels market size is expected to reach USD 176.2 billion by 2027, intensifying at a CAGR of 4.3% over the forecast duration, according to a brand-new record by Grand View Research, Inc. Growing need for sustainable carbon-free solar power combined with rigid regulations regarding climate change prevention are likely to enhance the growth of the market over the projection period.
The marketplace is mostly driven by expanding fostering of clean energy systems in energy, commercial, and also residential industry. This results from massive price distinction in between solar-generated electrical power and also retail electricity. In Europe, countries such as Italy, Germany, and also Spain have attained grid parity with solar energy having a reduced rate as contrasted to retail power.
Key recommendations from the record:
The thin movie innovation sector made up a noticeable revenue share and was valued at USD 46.1 billion in 2019 due to affordable thin movie manufacturing
Off grid is likely to be the fastest-growing section, accelerating at a CAGR of 7.9% over the projection period owing to rising need for decentralized power generation across remote places
On grid segment got hold of the biggest income share and also was valued at 100.9 billion in 2019 owing to increasing degree of grid integration in energy scale tasks
In Europe, the market was valued at USD 30.6 billion in 2019 and is anticipated to witness substantial development owing to increasing demand for clean and also renewable resource 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
Technical innovations for many years have resulted in decreasing costs and also higher efficiency of solar photovoltaic (PV) modules, therefore raising the need for clean power modern technology across numerous markets. However, in order for the innovation to be executed for big scale electrical energy generation, high capital expense needs to be minimized significantly.
For this reason, market individuals are concentrating on creating innovative manufacturing techniques in order to improve the conversion efficiency and also generate one of the most prompt repayment duration. For example, in February 2020, Trina Solar introduced ultra-high power PV components which can offer power outcome of greater than 500 W with up to 21.0% module effectiveness. The module is anticipated to lower the levelized cost of electrical energy by 3 to 4 percent, therefore making solar-generated electrical power the most competitive.
Grand View Research has segmented the international solar PV panels market on the basis of modern technology, grid type, application, and also region:
Solar PV Panels Technology Outlook (Revenue, USD Billion, 2016 - 2027).
- Thin Film.
- Crystalline Silicon.
Solar PV Panels Grid Type Outlook (Revenue, USD Billion, 2016 - 2027).
- On Grid.
- Off Grid.
Solar PV Panels Application Outlook (Revenue, USD Billion, 2016 - 2027).
Solar PV Panels Regional Outlook (Revenue, USD Billion, 2016 - 2027).
- North America.
- Asia Pacific.
- South Korea.
- Central & South America.
- Middle East & Africa.
- Saudi Arabia.
- South Africa.
List of Key Players of Solar PV Panels Market.
- JA Solar.
- Trina Solar.
- LONGi Solar.
- Canadian Solar.
- Hanwha Q-CELLS.
- Risen Energy.
- First Solar.
- SunPower Corporation.
- Shenzhen Yingli New Energy Resources Co., Ltd
Locate extra study reports on Renewable Energy Industry, by Grand View Research:.
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