Solar PV Panels Market Size, Share & Growth Analysis 2032

The Photovoltaic Global Market Report 2023 by The Business Research Company, provides photovoltaic market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.

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According to The Business Research Company’s Photovoltaic Global Market Report 2023, the global photovoltaic market size is expected to grow from $82.75 billion in 2022 to $91.06 billion in 2023 at a compound annual growth rate (CAGR) of 10%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global photovoltaic market size is expected to reach $127.80 billion in 2027 at a CAGR of 8.8%.

The rise in demand for renewable energy is expected to propel the growth of the photovoltaic market going forward. Renewable energy is defined as energy produced from natural sources that are regenerated at a faster rate than it is consumed. Photovoltaic systems are made up of solar panels, which are commonly built of silicon-based materials, and an inverter, which converts the direct current electricity produced by the solar panels into alternating current electricity that may be utilized to power homes and businesses, as a result, rise in demand for renewable energy increases the demand for photovoltaic market.

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The photovoltaic market is segmented:

1) By Component: Modules, Inverters, Balance Of Systems (BOS)

2) By Cell Type: Full-Cell PV Modules, Half-Cell PV Modules

3) By Installation Type: Ground-Mounted, Building-Integrated Photovoltaics (BIPV), Floating PV

4) By Technology: Thin Film, Mono-Si, Multi-Si

5) By Application: Residential, Commercial And Industrial, Utilities

Technological advancements are a key trend gaining popularity in the photovoltaic market. Major companies operating in the photovoltaic market are adopting new technologies to sustain their position in the market. For instance, in September 2021, PZL Sedziszow, a Poland-based auto parts manufacturer launched modern photovoltaic panels for the Avia Solar brand with silicon–monocrystalline technology. These panels produced are made of silicon with an efficiency ranging from 17 to 22% and are characterized by high efficiency and low loss of efficiency in relation to temperature.

The photovoltaic market report table of contents includes: