Market Segmentation
- Solar PV Panels Technology Outlook (Revenue, USD Billion, 2018 - 2030)
- Thin Film
- Crystalline Silicon
- Others
- Solar PV Panels Grid Type Outlook (Revenue, USD Billion, 2018 - 2030)
- Solar PV Panels Application Outlook (Revenue, USD Billion, 2018 - 2030)
- Residential
- Commercial
- Industrial
- Solar PV Panels Regional Outlook (Revenue, USD Billion, 2018 - 2030)
- North America
- North America Solar PV Panels Market, By Technology
- Thin Film
- Crystalline Silicon
- Others
- North America Solar PV Panels Market, By Grid Type
- North America Solar PV Panels Market, By Application
- Residential
- Commercial
- Industrial
- U.S.
- U.S. Solar PV Panels Market, By Technology
- Thin Film
- Crystalline Silicon
- Others
- U.S. Solar PV Panels Market, By Grid Type
- U.S. Solar PV Panels Market, By Application
- Residential
- Commercial
- Industrial
- Canada
- Canada Solar PV Panels Market, By Technology
- Thin Film
- Crystalline Silicon
- Others
- Canada Solar PV Panels Market, By Grid Type
- Canada Solar PV Panels Market, By Application
- Residential
- Commercial
- Industrial
- Mexico
- Mexico Solar PV Panels Market, By Technology
- Thin Film
- Crystalline Silicon
- Others
- Mexico Solar PV Panels Market, By Grid Type
- Mexico Solar PV Panels Market, By Application
- Residential
- Commercial
- Industrial
- Europe
- Europe Solar PV Panels Market, By Technology
- Thin Film
- Crystalline Silicon
- Others
- Europe Solar PV Panels Market, By Grid Type
- Europe Solar PV Panels Market, By Application
- Residential
- Commercial
- Industrial
- Germany
- Germany Solar PV Panels Market, By Technology
- Thin Film
- Crystalline Silicon
- Others
- Germany Solar PV Panels Market, By Grid Type
- Germany Solar PV Panels Market, By Application
- Residential
- Commercial
- Industrial
- Russia
- Russia Solar PV Panels Market, By Technology
- Thin Film
- Crystalline Silicon
- Others
- Russia Solar PV Panels Market, By Grid Type
- Russia Solar PV Panels Market, By Application
- Residential
- Commercial
- Industrial
- UK
- UK Solar PV Panels Market, By Technology
- Thin Film
- Crystalline Silicon
- Others
- UK Solar PV Panels Market, By Grid Type
- UK Solar PV Panels Market, By Application
- Residential
- Commercial
- Industrial
- Spain
- Spain Solar PV Panels Market, By Technology
- Thin Film
- Crystalline Silicon
- Others
- Spain Solar PV Panels Market, By Grid Type
- Spain Solar PV Panels Market, By Application
- Residential
- Commercial
- Industrial
- Italy
- Italy Solar PV Panels Market, By Technology
- Thin Film
- Crystalline Silicon
- Others
- Italy Solar PV Panels Market, By Grid Type
- Italy Solar PV Panels Market, By Application
- Residential
- Commercial
- Industrial
- France
- France Solar PV Panels Market, By Technology
- Thin Film
- Crystalline Silicon
- Others
- France Solar PV Panels Market, By Grid Type
- France Solar PV Panels Market, By Application
- Residential
- Commercial
- Industrial
- Turkey
- Turkey Solar PV Panels Market, By Technology
- Thin Film
- Crystalline Silicon
- Others
- Turkey Solar PV Panels Market, By Grid Type
- Turkey Solar PV Panels Market, By Application
- Residential
- Commercial
- Industrial
- Croatia
- Croatia Solar PV Panels Market, By Technology
- Thin Film
- Crystalline Silicon
- Others
- Croatia Solar PV Panels Market, By Grid Type
- Croatia Solar PV Panels Market, By Application
- Residential
- Commercial
- Industrial
- Asia Pacific
- Asia Pacific Solar PV Panels Market, By Technology
- Thin Film
- Crystalline Silicon
- Others
- Asia Pacific Solar PV Panels Market, By Grid Type
- Asia Pacific Solar PV Panels Market, By Application
- Residential
- Commercial
- Industrial
- China
- China Solar PV Panels Market, By Technology
- Thin Film
- Crystalline Silicon
- Others
- China Solar PV Panels Market, By Grid Type
- China Solar PV Panels Market, By Application
- Residential
- Commercial
- Industrial
- Japan
- Japan Solar PV Panels Market, By Technology
- Thin Film
- Crystalline Silicon
- Others
- Japan Solar PV Panels Market, By Grid Type
- Japan Solar PV Panels Market, By Application
- Residential
- Commercial
- Industrial
- South Korea
- South Korea Solar PV Panels Market, By Technology
- Thin Film
- Crystalline Silicon
- Others
- South Korea Solar PV Panels Market, By Grid Type
- South Korea Solar PV Panels Market, By Application
- Residential
- Commercial
- Industrial
- India
- India Solar PV Panels Market, By Technology
- Thin Film
- Crystalline Silicon
- Others
- India Solar PV Panels Market, By Grid Type
- India Solar PV Panels Market, By Application
- Residential
- Commercial
- Industrial
- Australia
- Australia Solar PV Panels Market, By Technology
- Thin Film
- Crystalline Silicon
- Others
- Australia Solar PV Panels Market, By Grid Type
- Australia Solar PV Panels Market, By Application
- Residential
- Commercial
- Industrial
- Central & South America
- Central & South America Solar PV Panels Market, By Technology
- Thin Film
- Crystalline Silicon
- Others
- Central & South America Solar PV Panels Market, By Grid Type
- Central & South America Solar PV Panels Market, By Application
- Residential
- Commercial
- Industrial
- Brazil
- Brazil Solar PV Panels Market, By Technology
- Thin Film
- Crystalline Silicon
- Others
- Brazil Solar PV Panels Market, By Grid Type
- Brazil Solar PV Panels Market, By Application
- Residential
- Commercial
- Industrial
- Colombia
- Colombia Solar PV Panels Market, By Technology
- Thin Film
- Crystalline Silicon
- Others
- Colombia Solar PV Panels Market, By Grid Type
- Colombia Solar PV Panels Market, By Application
- Residential
- Commercial
- Industrial
- Paraguay
- Paraguay Solar PV Panels Market, By Technology
- Thin Film
- Crystalline Silicon
- Others
- Paraguay Solar PV Panels Market, By Grid Type
- Paraguay Solar PV Panels Market, By Application
- Residential
- Commercial
- Industrial
- Middle East & Africa
- Middle East & Africa Solar PV Panels Market, By Technology
- Thin Film
- Crystalline Silicon
- Others
- Middle East & Africa Solar PV Panels Market, By Grid Type
- Middle East & Africa Solar PV Panels Market, By Application
- Residential
- Commercial
- Industrial
- Saudi Arabia
- Saudi Arabia Solar PV Panels Market, By Technology
- Thin Film
- Crystalline Silicon
- Others
- Saudi Arabia Solar PV Panels Market, By Grid Type
- Saudi Arabia Solar PV Panels Market, By Application
- Residential
- Commercial
- Industrial
- UAE
- UAE Solar PV Panels Market, By Technology
- Thin Film
- Crystalline Silicon
- Others
- UAE Solar PV Panels Market, By Grid Type
- UAE Solar PV Panels Market, By Application
- Residential
- Commercial
- Industrial
- South Africa
- South Africa Solar PV Panels Market, By Technology
- Thin Film
- Crystalline Silicon
- Others
- South Africa Solar PV Panels Market, By Grid Type
- South Africa Solar PV Panels Market, By Application
- Residential
- Commercial
- Industrial
- Egypt
- Egypt Solar PV Panels Market, By Technology
- Thin Film
- Crystalline Silicon
- Others
- Egypt Solar PV Panels Market, By Grid Type
- Egypt Solar PV Panels Market, By Application
- Residential
- Commercial
- Industrial
Solar PV Panels Market Dynamics
Driver: Increasing Demand for Photovoltaic Cells
Photovoltaic cells or solar cells are primarily employed to convert solar energy into a flow of electrons. These cells produce electricity from sunlight, which can be used to power equipment or recharge batteries. Initially, photovoltaic cells were used to power spacecraft and orbiting satellites. However, over the past few years, they have been increasingly used for grid-connected electricity generation. Photovoltaic systems aim to maximize productivity for better performance. These factors are expected to enhance the growth of the solar PV panels market over the forecast period. Solar PV technology has been one of the fastest-growing renewable sources of energy over the past few years. Solar PV systems are employed in residential, commercial, and utility applications on account of decreasing cost and high efficiency. Increasing government focus on renewable energy has resulted in the development of PV cells as a sustainable and continuous source of energy generation. Rising capacity expansions in various regions have led to a Levelized Cost of Electricity (LCOE), which has made solar PV competitive with other conventional forms of energy.
Driver: Favorable Policies and Regulations
Rising environmental concerns regarding the increase in carbon emissions owing to the usage of conventional fuels for transportation and power generation purposes have prompted countries around the world to opt for cleaner and more efficient sources of power. Furthermore, under the Paris Climate Agreement, countries such as the U.S., Germany, India, Japan, and the UK have pledged to reduce their carbon footprints. These factors have led the U.S. to draft favorable policies and regulations to enhance the adoption of solar PV systems in the country. For instance, the Solar Investment Tax Credit (ITC) was enacted in 2006, which has been one of the major policy tools driving the installation of solar PV systems in the U.S. Currently, it provides a 26% tax credit for the installation of solar PV systems on residential properties. A tax credit under the provision of the scheme provides a dollar-for-dollar reduction in the income tax that a person would have otherwise paid to the federal government. This has provided a major thrust for residential end users to opt for solar PV systems to avail of tax incentives
Restraint: Presence of Substitute Clean Power Generation Technologies
Wind power and fuel cells act as direct clean power generation substitutes for solar power in residential applications. Wind power utilizes wind energy to move the blades around a rotor that is connected to the main shaft. The main shaft then spins a generator coupled to it to generate electrical energy. Small wind turbines, which are deployed in applications such as residential locations, range in capacity from 400 watts to 20 kW. Wind power for residential applications provides advantages as wind turbines are not dependent on solar radiation. This enables them to generate power even during the night compared to solar power systems, which can generate power only during the day. Currently, wind power has a higher installed base in the U.S. compared to solar power. The adoption of wind power in numerous applications, such as commercial and residential, in the U.S., has been on the rise on account of specific products provided by vendors for wind power deployment in various applications.
What Does This Report Include?
This section will provide insights into the contents included in this solar PV panels market report and help gain clarity on the structure of the report to assist readers in navigating smoothly.
Solar PV panels market qualitative analysis
Solar PV panels market quantitative analysis
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Market size, estimates, and forecast from 2018 to 2030
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Market estimates and forecast for product segments up to 2030
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Regional market size and forecast for product segments up to 2030
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Market estimates and forecast for application segments up to 2030
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Regional market size and forecast for application segments up to 2030
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Company financial performance