Solar PV Panels Market Size Worth $176.2 Billion by 2027 | CAGR 4.3%: Grand View Research, Inc.

Solar PV Panels Market Size Worth $176.2 Billion by 2027 | CAGR 4.3%: Grand View Research, Inc.

PR Newswire

SAN FRANCISCO, June 18, 2020

SAN FRANCISCO, June 18, 2020 /PRNewswire/ -- The global solar PV panels market size is expected to reach USD 176.2 billion by 2027, escalating at a CAGR of 4.3% over the forecast period, according to a new report by Grand View Research, Inc. Growing demand for sustainable carbon-free solar energy coupled with stringent regulations regarding climate change prevention are likely to strengthen the growth of the market over the forecast period.

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The market is primarily driven by growing adoption of clean energy systems in utility, commercial, and residential sector. This is due to huge price difference between solar-generated electricity and retail electricity. In Europe, countries such as Italy, Germany, and Spain have achieved grid parity with solar power having a lower price as compared to retail power.

Key suggestions from the report:

Read 120 page research report with ToC on "Solar PV Panels Market Size, Share & Trends Analysis Report By Technology (Thin Film, Crystalline Silicon), By Grid Type, By Application (Residential, Commercial), By Region, And Segment Forecasts, 2020 - 2027" at: https://www.grandviewresearch.com/industry-analysis/solar-panels-market

Technological advancements over the years have resulted in declining costs and higher efficiency of solar photovoltaic (PV) modules, thereby increasing the demand for clean energy technology across several sectors. However, in order for the technology to be implemented for large scale electricity generation, high capital investment cost needs to be reduced substantially.

Hence, industry participants are focusing on developing innovative manufacturing techniques in order to enhance the conversion efficiency and generate the most immediate payback period. For instance, in February 2020, Trina Solar launched ultra-high power PV modules which can provide power output of more than 500 W with up to 21.0% module efficiency. The module is expected to lower the levelized cost of electricity by three to four percent, thereby making solar-generated electricity the most competitive.

Grand View Research has segmented the global solar PV panels market on the basis of technology, grid type, application, and region:

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About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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