Photovoltaic panel assembly factory trend analysis chart

What is the global solar PV panels market size?

The global solar PV panels market size was estimated at USD 170.25 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 7.7% from 2024 to 2030.

What is the market share of solar PV panels in 2023?

The industrial segment accounted for a dominant share of over 40.0% in solar PV panels sector in 2023 and is projected to grow at a significant CAGR of 7.6% over the forecast period.

What are the trends in the solar industry?

Among the findings in this quarter’s report is the technology trend of suppliers shifting focus to TOPCon and HJT solar, which will increase efficiency levels of solar panels. This is leading to more expansions in the solar cell manufacturing space to supply the need for updated cells with the latest technologies.

What is the value chain of solar PV panels?

The value chain of solar PV panels includes raw material suppliers, equipment suppliers, module manufacturers, distributors, and buyers that function in industrial, commercial, and residential markets. The majority of manufacturers in the solar PV panels industry are heavily backward integrated.

Will new solar PV panels increase demand over the forecast period?

The launch of new solar PV panel products in residential applications is expected to increase product demand over the forecast period. In December 2022, Soloes launched next-generation solar panels, ANTARES BI 144, with high radiation capacity and proof against negative effects from sunlight.

What are thin-film solar PV panels?

Thin-film solar PV panels are mainly used in utility-scale and commercial applications owing to their low installation costs. These panels are known as cost-effective substitutes for silicon-based solar PV panels as they can be manufactured in bulk.