Solar Photovoltaic (PV) Market Size, Trends and Insights By Technology (Thin film, Crystalline), By Product (Monocrystalline, Polycrystalline, Cadmium Telluride, Amorphous Silicon, Copper Indium Gallium Di-Selenide), By Connectivity (On-Grid, Off-Grid), By Mounting (Ground-mounted, Rooftop), By End-use (Residential, Commercial & Industrial, Utility), and By Region - Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2024–2033
Report Snapshot
| Study Period: | 2024-2033 |
| Fastest Growing Market: | Asia-Pacific |
| Largest Market: | Europe |
Major Players
- SunPower Corporation
- First Solar
- Jinko Solar
- JA Solar
- Others
Reports Description
According to a Custom Market Insights (CMI) report, the global solar (PV) photovoltaic market size was valued at USD 161.15 Billion in 2021 and is expected to reach USD 253.11 Billion in 2022, and is estimated to reach USD 306.16 Billion by end of 2030 at a CAGR of approximately 8.3% during the forecast period 2022-2030.
Photovoltaic (PV) cells or solar cells convert solar energy into a flow of electrons that leads to generating electricity. The heat energy from the sunlight is directly extracted and converted into electrical energy, which is used for charging the equipment’s batteries. Initially, photovoltaic cells were used in spacecraft and organic satellites. Over the past few years, they have been used for generating electricity through a grid connection.
The solar panel consists of a photovoltaic (PV) system made of crystalline silicon cells. These cells can generate light energy into electric energy. The crystalline silicon cells are mostly used in most solar panels accounting for 95%. The rest 5% relies upon the experimental organic photovoltaic (PV) cells. The solar panels are often coated with glass to protect the thin silicon layers while exposed to sunlight. The aluminum frame acts as a supportive system for the solar panel system setup. The system can be installed on the rooftop, ground, and wall.
Growth Factors
The growth of the development rate of solar panels, along with government initiatives, is expected to result in the growth of crystalline solar PV modules. The initiatives, including tax rebates, Feed-in-Tariff, financial leverages, and others, are being provided with investments by private and public institutions, enhancing overall market growth in upcoming years.
The industrial market is shifting from the conventional to the renewable sector, where the solar panel market is expected to grow during the forecasting period. The transitional growth in the market associated with environmental awareness is boosting the market. Thus, solar panel setup ensures pollution-free electricity production leading to sustainable development.
Based on the World Energy Outlook analytical report, more than 1% of people don’t have access to electricity. The off-grid connectivity of the world needs solar panels as the ultimate source of generating electricity. For instance, the electrification rate in rural African regions was merely 14%. This was a wake-up call for the government to implement solar power plants across such regions.
Sunlight energy being a renewable source generates electricity to meet the potential demands. The increasing awareness of environmental norms has led power generation companies to alleviate the use of conventional sources while adopting the eco-friendly method.
The power sector is the backbone of the residential, commercial, industrial, and utility sectors, which accounts for the large-scale deployments of renewable energy resources, including solar panels, despite the pandemic outbreak.
Solar PV Market: Segmental Insights
Market Segmentation by Technology
The solar panel segments are divided into a thin film and crystalline silicon based on the technology. The thin film segment holds a dominant position in the global PV market. It is lightweight and flexible in nature. Thin film solar panels play a significant role in the commercial and utility sectors due to their narrow, lightweight design and low installation costs.
The thin film segment is expected to grow substantially during the forecasting period of 2022-2030 wing to low-cost manufacturing and installation, high durability, and support for the environmental cause.
Market Segmentation by Product
The solar panel market is categorized by product type into monocrystalline, polycrystalline, cadmium telluride, amorphous silicon, and copper indium gallium di-selenide. The monocrystalline segment is expected to dominate during the forecast period.
Monocrystalline solar PV panels are constructed using high-grade silicon and exhibit higher space efficiency than thin film segments. However, the monocrystalline manufacturing, panels are commonly preferred for large-scale solar PV installation. Thus, several companies target the premium market segments owing to higher investment.
Market Segmentation by Connectivity
Based on connectivity or grid type, the solar panel market is segmented into on-grid and off-grid. The off-grid segment is projected to dominate during the forecast period. The increasing demand for isolated locations for electricity is expected to influence the off-grid type segment in the forecast period positively. The on-grid solar panels are connected to the utility grid and generate electricity using solar photovoltaics.
The off-grid segment is expected to have significant growth. This is attributed to the fact that low-cost operational maintenance. The electricity is generated at a low cost and transmitted to the power grids without requiring a storage battery. The off-grid segment is widely propelling in the rural areas owing to a rapid increase in urbanization, growing industrial sectors, and advancement of technology has spurred the overall market growth for the off-grid segment.
Market Segmentation by Mounting
Based on mounting, the market is segmented into ground-mounted and rooftop. The ground-mounted segment dominated the market by holding the largest market share and is projected to witness high growth during the forecast period. The attributing factors can be the growing installation of high-capacity ground-mounted panels that have enhanced the solar PV mounting Systems.
The rooftop-mounted solar panels are expected to grow significantly during forecasting. Rooftop-mounted solar panels are widely observed in regional areas across small towns and villages owing to ease of operation, growing income of middles class families, and increasing building and construction sectors, has enhanced the overall growth of rooftop-mounted solar panels. This is anticipated to increase the overall demand for the mounting segment in upcoming years, thus offering lucrative market opportunities.
Market Segmentation by End-Use
Based on the end-user, the solar PV market is segmented into residential, commercial &industrial, and utility. The utility sector is expected to dominate during the forecast year. This is attributed to the fact that the largest number of shares and increasing investments from government and commercial sectors enhance demand for solar PV in the utility sector. Multiple investments were made toward constructing solar power plants, parks, and other solar structures. The investment projects have a lower Levelized Cost of Energy (LCOE) for revenue, leading to high-efficiency solar projects with low manufacturing and installation cost.
Commercial solar PV panels have experienced positive growth during the forecast period. This is due to have high durability with a life span of 15-20 years. These factors are increasing the consumer purchasing power towards commercial solar PV panels, and it is being observed that it is widely used in industrial buildings, pre-heating ventilation, air, and water heating in offices, and other places.
The residential application segment is expected to grow high during the forecast period. The solar panels have been installed on rooftops and various off-grid and remote areas and provide a secondary source of electricity in the residential sector, which helps increase the market’s overall growth.
Report Scope
| Feature of the Report | Details |
| Market Size in 2021 | USD 161.15 Billion |
| Projected Market Size in 2030 | USD 306.16 Billion |
| CAGR Growth Rate | 8.3% CAGR (2022-2030) |
| Base Year | 2023 |
| Forecast Period | 2024-2033 |
| Prominent Players | SunPower Corporation, First Solar, Jinko Solar, JA Solar, Trina Solar, Hanwha Q-Cells, Risen Energy, Talesun, LONGI Solar, and Others |
| Key Segment | By Technology, Product, Connectivity, Mounting, End-use, and Region |
| Report Coverage | Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends |
| Regional Scope | North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America |
| Buying Options | Request tailored purchasing options to fulfil your requirements for research. |
Regional Insights
The Asia Pacific region holds the largest market share in 2022-2030. The rise in the solar panel market across the Asia Pacific region is attributed to the multiple government initiatives and rapid installation of solar power plants in India and China.
North America witnessed significant growth during the forecast period for the solar panel market. The solar PV market expanded due to high competition among the key players who are actively engaged in launching a variety of solar panels with reduced manufacturing costs.
Government schemes and initiatives such as Feed-in tariffs, net metering, self-consumption schemes, investment subsidiaries, and other similar reforms helped expand the solar PV market. These factors together anticipate enhancing the overall market in the APAC region.
In regions like Africa and the Middle East, many solar power plants are set up and expected to function over the coming years. There have been multiple industrial sets up across different regions.
Key Market Players in Solar PV Market
The global market is occupied by various companies expanding the solar panel industries on a regional and global scale. The attributing factors like strong R&D, skilled workforce and technology sourcing can be among the factors responsible for their industrial growth.
- SunPower Corporation
- First Solar
- Jinko Solar
- JA Solar
- Trina Solar
- Hanwha Q-Cells
- Risen Energy
- Talesun
- LONGI Solar
Key Developments
- In August 2020, Canadian Solar Inc. announced a collaboration with Antah. Solar Sdn. Bhd. and EleapSdn Bhd. to implement a solar power project in Malaysia. The rooftop solar panels were expected to be installed over 26,000 m2.
- In July 2020, Narendra Modi, an Indian Prime Minister, introduced Asia’s largest solar power plant in the Rewa district of Madhya Pradesh. The Indian government stated that installing a solar power plant would help reduce approximately 15 lakh tons of carbon dioxide per year across the country.
Segments covered in the report
Based on Technology
- Thin film
- Crystalline
Based on Product
- Monocrystalline
- Polycrystalline
- Cadmium Telluride
- Amorphous Silicon
- Copper Indium Gallium Di-Selenide
Based on Connectivity
- On-Grid
- Off-Grid
Based on Mounting
- Ground-mounted
- Rooftop
Based on End-use
- Residential
- Commercial & Industrial
- Utility
On the basis of Geography
North America
- U.S.
- Canada
- Mexico
- Rest of North America
Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- New Zealand
- Australia
- South Korea
- Rest of Asia Pacific
The Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of the Middle East & Africa
Latin America
- Brazil
- Argentina
- Rest of Latin America
Table of Contents
- Chapter 1. Preface
- 1.1 Report Description and Scope
- 1.2 Research scope
- 1.3 Research methodology
- 1.3.1 Market Research Type
- 1.3.2 Market Research Methodology
- Chapter 2. Executive Summary
- 2.1 Global Solar Photovoltaic Market, (2022 – 2030) (USD Billion)
- 2.2 Global Solar Photovoltaic Market: snapshot
- Chapter 3. Global Solar Photovoltaic Market – Industry Analysis
- 3.1 Solar Photovoltaic Market: Market Dynamics
- 3.2 Market Drivers
- 3.2.1 The industrial market is shifting from the conventional to the renewable sector
- 3.2.2 Driver 2
- 3.3 Market Restraints
- 3.4 Market Opportunities
- 3.5 Market Challenges
- 3.6 Porter’s Five Forces Analysis
- 3.7 Market Attractiveness Analysis
- 3.7.1 Market Attractiveness Analysis By Technology
- 3.7.2 Market Attractiveness Analysis By Product
- 3.7.3 Market Attractiveness Analysis By Connectivity
- 3.7.4 Market Attractiveness Analysis By Mounting
- 3.7.5 Market Attractiveness Analysis By End-use
- Chapter 4. Global Solar Photovoltaic Market- Competitive Landscape
- 4.1 Company market share analysis
- 4.1.1 Global Solar Photovoltaic Market: company market share, 2021
- 4.2 Strategic development
- 4.2.1 Acquisitions & mergers
- 4.2.2 New Product launches
- 4.2.3 Agreements, partnerships, collaborations, and joint ventures
- 4.2.4 Research and development and Regional expansion
- 4.3 Price trend analysis
- 4.1 Company market share analysis
- Chapter 5. Global Solar Photovoltaic Market – Technology Analysis
- 5.1 Global Solar Photovoltaic Market Overview: By Technology
- 5.1.1 Global Solar Photovoltaic Market Share, By Technology, 2021 and 2030
- 5.2 Thin Film
- 5.2.1 Global Solar Photovoltaic Market by Thin Film, 2022 – 2030 (USD Billion)
- 5.3 Crystalline
- 5.3.1 Global Solar Photovoltaic Market by Crystalline, 2022 – 2030 (USD Billion)
- 5.1 Global Solar Photovoltaic Market Overview: By Technology
- Chapter 6. Global Solar Photovoltaic Market – Product Analysis
- 6.1 Global Solar Photovoltaic Market Overview: By Product
- 6.1.1 Global Solar Photovoltaic Market Share, By Product, 2021 and 2030
- 6.2 Monocrystalline
- 6.2.1 Global Solar Photovoltaic Market by Monocrystalline, 2022 – 2030 (USD Billion)
- 6.3 Polycrystalline
- 6.3.1 Global Solar Photovoltaic Market by Polycrystalline, 2022 – 2030 (USD Billion)
- 6.4 Cadmium Telluride
- 6.4.1 Global Solar Photovoltaic Market by Cadmium Telluride, 2022 – 2030 (USD Billion)
- 6.5 Amorphous Silicon
- 6.5.1 Global Solar Photovoltaic Market by Amorphous Silicon, 2022 – 2030 (USD Billion)
- 6.6 Copper Indium Gallium Di-Selenide
- 6.6.1 Global Solar Photovoltaic Market by Copper Indium Gallium Di-Selenide, 2022 – 2030 (USD Billion)
- 6.1 Global Solar Photovoltaic Market Overview: By Product
- Chapter 7. Global Solar Photovoltaic Market – Connectivity Analysis
- 7.1 Global Solar Photovoltaic Market Overview: By Connectivity
- 7.1.1 Global Solar Photovoltaic Market Share, By Connectivity, 2021 and 2030
- 7.2 On-Grid
- 7.2.1 Global Solar Photovoltaic Market by On-Grid, 2022 – 2030 (USD Billion)
- 7.3 Off-Grid
- 7.3.1 Global Solar Photovoltaic Market by Off-Grid, 2022 – 2030 (USD Billion)
- 7.1 Global Solar Photovoltaic Market Overview: By Connectivity
- Chapter 8. Global Solar Photovoltaic Market – Mounting Analysis
- 8.1 Global Solar Photovoltaic Market Overview: By Mounting
- 8.1.1 Global Solar Photovoltaic Market Share, By Mounting, 2021 and 2030
- 8.2 Ground-mounted
- 8.2.1 Global Solar Photovoltaic Market by Ground-mounted, 2022 – 2030 (USD Billion)
- 8.3 Rooftop
- 8.3.1 Global Solar Photovoltaic Market by Rooftop, 2022 – 2030 (USD Billion)
- 8.1 Global Solar Photovoltaic Market Overview: By Mounting
- Chapter 9. Global Solar Photovoltaic Market – End-use Analysis
- 9.1 Global Solar Photovoltaic Market Overview: By End-use
- 9.1.1 Global Solar Photovoltaic Market Share, By End-use, 2021 and 2030
- 9.2 Residential
- 9.2.1 Global Solar Photovoltaic Market by Residential, 2022 – 2030 (USD Billion)
- 9.3 Commercial & Industrial
- 9.3.1 Global Solar Photovoltaic Market by Commercial & Industrial, 2022 – 2030 (USD Billion)
- 9.4 Utility
- 9.4.1 Global Solar Photovoltaic Market by Utility, 2022 – 2030 (USD Billion)
- 9.1 Global Solar Photovoltaic Market Overview: By End-use
- Chapter 10. Solar Photovoltaic Industry – Regional Analysis
- 10.1 Global Solar Photovoltaic Industry Regional Overview
- 10.2 Global Solar Photovoltaic Industry Share, by Region, 2021 & 2030 (USD Billion)
- 10.3. North America
- 10.3.1 North America Solar Photovoltaic Industry, 2022 – 2030 (USD Billion)
- 10.3.1.1 North America Solar Photovoltaic Industry, by Country, 2022 – 2030 (USD Billion)
- 10.3.1 North America Solar Photovoltaic Industry, 2022 – 2030 (USD Billion)
- 10.4 North America Solar Photovoltaic Industry, by Technology, 2022 – 2030
- 10.4.1 North America Solar Photovoltaic Industry, by Technology, 2022 – 2030 (USD Billion)
- 10.5 North America Solar Photovoltaic Industry, by Product, 2022 – 2030
- 10.5.1 North America Solar Photovoltaic Industry, by Product, 2022 – 2030 (USD Billion)
- 10.6 North America Solar Photovoltaic Industry, by Connectivity, 2022 – 2030
- 10.6.1 North America Solar Photovoltaic Industry, by Connectivity, 2022 – 2030 (USD Billion)
- 10.7 North America Solar Photovoltaic Industry, by Mounting, 2022 – 2030
- 10.7.1 North America Solar Photovoltaic Industry, by Mounting, 2022 – 2030 (USD Billion)
- 10.8 North America Solar Photovoltaic Industry, by End-use, 2022 – 2030
- 10.8.1 North America Solar Photovoltaic Industry, by End-use, 2022 – 2030 (USD Billion)
- 10.9. Europe
- 10.9.1 Europe Solar Photovoltaic Industry, 2022 – 2030 (USD Billion)
- 10.9.1.1 Europe Solar Photovoltaic Industry, by Country, 2022 – 2030 (USD Billion)
- 10.9.1 Europe Solar Photovoltaic Industry, 2022 – 2030 (USD Billion)
- 10.10 Europe Solar Photovoltaic Industry, by Technology, 2022 – 2030
- 10.10.1 Europe Solar Photovoltaic Industry, by Technology, 2022 – 2030 (USD Billion)
- 10.11 Europe Solar Photovoltaic Industry, by Product, 2022 – 2030
- 10.11.1 Europe Solar Photovoltaic Industry, by Product, 2022 – 2030 (USD Billion)
- 10.12 Europe Solar Photovoltaic Industry, by Connectivity, 2022 – 2030
- 10.12.1 Europe Solar Photovoltaic Industry, by Connectivity, 2022 – 2030 (USD Billion)
- 10.13 Europe Solar Photovoltaic Industry, by Mounting, 2022 – 2030
- 10.13.1 Europe Solar Photovoltaic Industry, by Mounting, 2022 – 2030 (USD Billion)
- 10.14 Europe Solar Photovoltaic Industry, by End-use, 2022 – 2030
- 10.14.1 Europe Solar Photovoltaic Industry, by End-use, 2022 – 2030 (USD Billion)
- 10.15. Asia Pacific
- 10.15.1 Asia Pacific Solar Photovoltaic Industry, 2022 – 2030 (USD Billion)
- 10.15.1.1 Asia Pacific Solar Photovoltaic Industry, by Country, 2022 – 2030 (USD Billion)
- 10.15.1 Asia Pacific Solar Photovoltaic Industry, 2022 – 2030 (USD Billion)
- 10.16 Asia Pacific Solar Photovoltaic Industry, by Technology, 2022 – 2030
- 10.16.1 Asia Pacific Solar Photovoltaic Industry, by Technology, 2022 – 2030 (USD Billion)
- 10.17 Asia Pacific Solar Photovoltaic Industry, by Product, 2022 – 2030
- 10.17.1 Asia Pacific Solar Photovoltaic Industry, by Product, 2022 – 2030 (USD Billion)
- 10.18 Asia Pacific Solar Photovoltaic Industry, by Connectivity, 2022 – 2030
- 10.18.1 Asia Pacific Solar Photovoltaic Industry, by Connectivity, 2022 – 2030 (USD Billion)
- 10.19 Asia Pacific Solar Photovoltaic Industry, by Mounting, 2022 – 2030
- 10.19.1 Asia Pacific Solar Photovoltaic Industry, by Mounting, 2022 – 2030 (USD Billion)
- 10.20 Asia Pacific Solar Photovoltaic Industry, by End-use, 2022 – 2030
- 10.20.1 Asia Pacific Solar Photovoltaic Industry, by End-use, 2022 – 2030 (USD Billion)
- 10.21. Latin America
- 10.21.1 Latin America Solar Photovoltaic Industry, 2022 – 2030 (USD Billion)
- 10.21.1.1 Latin America Solar Photovoltaic Industry, by Country, 2022 – 2030 (USD Billion)
- 10.21.1 Latin America Solar Photovoltaic Industry, 2022 – 2030 (USD Billion)
- 10.22 Latin America Solar Photovoltaic Industry, by Technology, 2022 – 2030
- 10.22.1 Latin America Solar Photovoltaic Industry, by Technology, 2022 – 2030 (USD Billion)
- 10.23 Latin America Solar Photovoltaic Industry, by Product, 2022 – 2030
- 10.23.1 Latin America Solar Photovoltaic Industry, by Product, 2022 – 2030 (USD Billion)
- 10.24 Latin America Solar Photovoltaic Industry, by Connectivity, 2022 – 2030
- 10.24.1 Latin America Solar Photovoltaic Industry, by Connectivity, 2022 – 2030 (USD Billion)
- 10.25 Latin America Solar Photovoltaic Industry, by Mounting, 2022 – 2030
- 10.25.1 Latin America Solar Photovoltaic Industry, by Mounting, 2022 – 2030 (USD Billion)
- 10.26 Latin America Solar Photovoltaic Industry, by End-use, 2022 – 2030
- 10.26.1 Latin America Solar Photovoltaic Industry, by End-use, 2022 – 2030 (USD Billion)
- 10.27. The Middle East and Africa
- 10.27.1 The Middle-East and Africa Solar Photovoltaic Industry, 2022 – 2030 (USD Billion)
- 10.27.1.1 The Middle-East and Africa Solar Photovoltaic Industry, by Country, 2022 – 2030 (USD Billion)
- 10.27.1 The Middle-East and Africa Solar Photovoltaic Industry, 2022 – 2030 (USD Billion)
- 10.28 The Middle-East and Africa Solar Photovoltaic Industry, by Technology, 2022 – 2030
- 10.28.1 The Middle-East and Africa Solar Photovoltaic Industry, by Technology, 2022 – 2030 (USD Billion)
- 10.29 The Middle-East and Africa Solar Photovoltaic Industry, by Product, 2022 – 2030
- 10.29.1 The Middle-East and Africa Solar Photovoltaic Industry, by Product, 2022 – 2030 (USD Billion)
- 10.30 The Middle-East and Africa Solar Photovoltaic Industry, by Connectivity, 2022 – 2030
- 10.30.1 The Middle-East and Africa Solar Photovoltaic Industry, by Connectivity, 2022 – 2030 (USD Billion)
- 10.31 The Middle-East and Africa Solar Photovoltaic Industry, by Mounting, 2022 – 2030
- 10.31.1 The Middle-East and Africa Solar Photovoltaic Industry, by Mounting, 2022 – 2030 (USD Billion)
- 10.32 The Middle-East and Africa Solar Photovoltaic Industry, by End-use, 2022 – 2030
- 10.32.1 The Middle-East and Africa Solar Photovoltaic Industry, by End-use, 2022 – 2030 (USD Billion)
- Chapter 11. Company Profiles
- 11.1 SunPower Corporation
- 11.1.1 Overview
- 11.1.2 Financials
- 11.1.3 Product Portfolio
- 11.1.4 Business Strategy
- 11.1.5 Recent Developments
- 11.2 First Solar
- 11.2.1 Overview
- 11.2.2 Financials
- 11.2.3 Product Portfolio
- 11.2.4 Business Strategy
- 11.2.5 Recent Developments
- 11.3 Jinko Solar
- 11.3.1 Overview
- 11.3.2 Financials
- 11.3.3 Product Portfolio
- 11.3.4 Business Strategy
- 11.3.5 Recent Developments
- 11.4 JA Solar
- 11.4.1 Overview
- 11.4.2 Financials
- 11.4.3 Product Portfolio
- 11.4.4 Business Strategy
- 11.4.5 Recent Developments
- 11.5 Trina Solar
- 11.5.1 Overview
- 11.5.2 Financials
- 11.5.3 Product Portfolio
- 11.5.4 Business Strategy
- 11.5.5 Recent Developments
- 11.6 Hanwha Q-Cells
- 11.6.1 Overview
- 11.6.2 Financials
- 11.6.3 Product Portfolio
- 11.6.4 Business Strategy
- 11.6.5 Recent Developments
- 11.7 Risen Energy
- 11.7.1 Overview
- 11.7.2 Financials
- 11.7.3 Product Portfolio
- 11.7.4 Business Strategy
- 11.7.5 Recent Developments
- 11.8 Talesun
- 11.8.1 Overview
- 11.8.2 Financials
- 11.8.3 Product Portfolio
- 11.8.4 Business Strategy
- 11.8.5 Recent Developments
- 11.9 LONGI Solar
- 11.9.1 Overview
- 11.9.2 Financials
- 11.9.3 Product Portfolio
- 11.9.4 Business Strategy
- 11.9.5 Recent Developments
- 11.1 SunPower Corporation
List Of Figures
Figures No 1 to 34
List Of Tables
Tables No 1 to 127
Report Methodology
In order to get the most precise estimates and forecasts possible, Custom Market Insights applies a detailed and adaptive research methodology centered on reducing deviations. For segregating and assessing quantitative aspects of the market, the company uses a combination of top-down and bottom-up approaches. Furthermore, data triangulation, which examines the market from three different aspects, is a recurring theme in all of our research reports. The following are critical components of the methodology used in all of our studies:
Preliminary Data Mining
On a broad scale, raw market information is retrieved and compiled. Data is constantly screened to make sure that only substantiated and verified sources are taken into account. Furthermore, data is mined from a plethora of reports in our archive and also a number of reputed & reliable paid databases. To gain a detailed understanding of the business, it is necessary to know the entire product life cycle and to facilitate this, we gather data from different suppliers, distributors, and buyers.
Surveys, technological conferences, and trade magazines are used to identify technical issues and trends. Technical data is also gathered from the standpoint of intellectual property, with a focus on freedom of movement and white space. The dynamics of the industry in terms of drivers, restraints, and valuation trends are also gathered. As a result, the content created contains a diverse range of original data, which is then cross-validated and verified with published sources.
Statistical Model
Simulation models are used to generate our business estimates and forecasts. For each study, a one-of-a-kind model is created. Data gathered for market dynamics, the digital landscape, development services, and valuation patterns are fed into the prototype and analyzed concurrently. These factors are compared, and their effect over the projected timeline is quantified using correlation, regression, and statistical modeling. Market forecasting is accomplished through the use of a combination of economic techniques, technical analysis, industry experience, and domain knowledge.
Short-term forecasting is typically done with econometric models, while long-term forecasting is done with technological market models. These are based on a synthesis of the technological environment, legal frameworks, economic outlook, and business regulations. Bottom-up market evaluation is favored, with crucial regional markets reviewed as distinct entities and data integration to acquire worldwide estimates. This is essential for gaining a thorough knowledge of the industry and ensuring that errors are kept to a minimum.
Some of the variables taken into account for forecasting are as follows:
• Industry drivers and constraints, as well as their current and projected impact
• The raw material case, as well as supply-versus-price trends
• Current volume and projected volume growth through 2030
We allocate weights to these variables and use weighted average analysis to determine the estimated market growth rate.
Primary Validation
This is the final step in our report’s estimating and forecasting process. Extensive primary interviews are carried out, both in-person and over the phone, to validate our findings and the assumptions that led to them.
Leading companies from across the supply chain, including suppliers, technology companies, subject matter experts, and buyers, use techniques like interviewing to ensure a comprehensive and non-biased overview of the business. These interviews are conducted all over the world, with the help of local staff and translators, to overcome language barriers.
Primary interviews not only aid with data validation, but also offer additional important insight into the industry, existing business scenario, and future projections, thereby improving the quality of our reports.
All of our estimates and forecasts are validated through extensive research work with key industry participants (KIPs), which typically include:
• Market leaders
• Suppliers of raw materials
• Suppliers of raw materials
• Buyers.
The following are the primary research objectives:
• To ensure the accuracy and acceptability of our data.
• Gaining an understanding of the current market and future projections.
Data Collection Matrix
| Perspective | Primary research | Secondary research |
| Supply-side |
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| Demand-side |
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Market Analysis Matrix
| Qualitative analysis | Quantitative analysis |
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FAQs
The “Asia Pacific” region will lead the global Solar Photovoltaic market during the forecast period 2022 to 2030.
The growth of the development rate of solar panels along with government initiatives is expected to result in the growth of crystalline solar PV modules. The initiatives including the tax rebates, Feed-in-Tariff, financial leverages, and others are being provided with investments by the private and public institutions and government institutions which enhance the overall market growth in upcoming years.
The key players operating in the Solar Photovoltaic market are SunPower Corporation, First Solar, Jinko Solar, JA Solar, Trina Solar, Hanwha Q-Cells, Risen Energy, Talesun, LONGI Solar, and Others.
The global Solar Photovoltaic market is expanding growth with a CAGR of approximately 8.3% during the forecast period (2022 to 2030).
The global Solar Photovoltaic market size was valued at USD 161.15 Billion in 2021 and it is projected to reach around USD 306.16 Billion by 2030.