Global Solar Photovoltaic Panel Manufacturing Market Report 2021 - Opportunities And Strategies, Market Forecast And Trends

24 Nov, 2021

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The solar photovoltaic panel manufacturing market consists of sales of solar photovoltaic panels for residential or commercial purposes. Photovoltaics (PV) is the technology for converting sunlight into electricity by using semiconductors which are present in PV cells. These PV cells are interconnected to form an array and are mounted to a frame. When the PV cells receives the sun rays, the electrons in the semiconductors are released and their movement generates an electric current. These PV cells are packaged behind glass to form photovoltaic modules with an average service life of 20-40 years.

Global Solar Photovoltaic Panel Manufacturing Market Size And Drivers:

The global solar photovoltaic panel manufacturing market is expected to grow from $164.52 billion in 2020 to $180.76 billion in 2021 at a compound annual growth rate (CAGR) of 9.9%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The solar photovoltaic panel manufacturing market is expected to reach $298.56 billion in 2025 at a CAGR of 13.4%. Favorable government initiatives such as tax subsidies and huge investments favors the growth of the solar photovoltaic panel manufacturing market.

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Trends In The Global Solar Photovoltaic Panel Manufacturing Market

The solar photovoltaic panel manufacturing market is experiencing a number of significant trends that are focused on improving the rate of power production from the panels. Photovoltaic manufacturers are shifting towards monocrystalline cell technology from the more common multi crystalline cells and modules is a prominent trend faced by the solar photovoltaic panel manufacturing industry. These cells form the building block of photovoltaic panels. Monocrystalline panels have a high-power output, occupy less space, and last long because of the formation of cells in these panels allows more freedom for the electrons to move, resulting in a higher efficiency compared to multi crystalline cells. Many large-developers of solar photovoltaic panels manufacturing market have already increased their production of monocrystalline panels. For instance, monocrystalline solar, with an overall growth rate of 11.1%, is expected to hit $20.5 billion in 2020-2027 marking the emerging trend. Companies such as LONGi Solar, a subsidiary of LONGi Green Energy Technology is leading the mono-crystalline solar module manufacturers market. The company has experienced an increase in sales in the high-efficiency monocrystalline panels’ module segment. Further, companies such as LG Solar and JinkoSolar have also started investing more towards the manufacturing of solar photovoltaic panels with monocrystalline cell technology.

Global Solar Photovoltaic Panel Manufacturing Market Segments:
The global solar photovoltaic panel market is further segmented –
By Technology: Thin Film, Crystalline Silicon, Others (Organic and Concentrator Photovoltaics)
By End-Use: Residential, Commercial, Utility-Scale
By Grid Type: Grid Connected, Off-Grid
By Geography: The global solar PV panel manufacturing market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa.

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Solar Photovoltaic Panel Manufacturing Global Market Report 2021 is one of a series of new reports from that provides solar photovoltaic panel manufacturing market overviews, analyzes and forecasts market size and growth for the global solar photovoltaic panel manufacturing market, solar photovoltaic panel manufacturing market share, solar photovoltaic panel manufacturing market players, solar photovoltaic panel manufacturing market segments and geographies, solar photovoltaic panel manufacturing market’s leading competitors’ revenues, profiles and market shares. The solar photovoltaic panel manufacturing market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.