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Powering the Future: Solar Photovoltaic Panel Manufacturing Market 2024
Solar Photovoltaic Panel Manufacturing Market
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According to The Business Research Company's, The solar photovoltaic panel manufacturing market size has grown rapidly in recent years. It will grow from $217.42 billion in 2023 to $243.17 billion in 2024 at a compound annual growth rate (CAGR) of 11.8%. The growth in the historic period can be attributed to strong economic growth in emerging markets, growth in world population, government incentives, high environment impact of conventional power generation sources, corporate support to promote solar electricity and a rise in research and development (r&d) investments.
The solar photovoltaic panel manufacturing market size is expected to see rapid growth in the next few years. It will grow to $376.68 billion in 2028 at a compound annual growth rate (CAGR) of 11.6%. The growth in the forecast period can be attributed to global population growth and urbanization, rising investment for renewable power generation, focus on reducing foreign oil dependence, alternative sources of power generation, the urge to go green and corporate csr and increasing fuel costs. Major trends in the forecast period include focus on expanding production capacity, focus on use of artificial intelligence in manufacturing, focus on transnational solar power networks, focus on use of robotics and focus on ultra-efficient solar panels.
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Market Drivers and Trends:
Favorable government initiatives such as tax subsidies and huge investments favor the growth of the solar photovoltaic panel manufacturing market. In India, MNRE (Ministry of New and Renewable Energy - Central Government) has set the target to achieve 227 Gigawatts (22,70,00,000 kilowatt) of electricity production from solar PV cells by 31 March 2022. To achieve this target, the Indian government is promoting solar PV cell production through huge investments and policies that influence the solar PV panel manufacturing market directly or indirectly. For instance, the government of India has sectioned an amount of $0.71 billion (5000 crores) for solar subsidies. The Jawaharlal Nehru National Solar Mission scheme is being implemented by IREDA (Indian Renewable Energy Development Agency Ltd.) through NABARD (National Bank for Agriculture and Rural Development). The scheme provides a 40% subsidy on capital costs of solar PV systems for units located in both urban and rural areas in India. India is also supported by the Asian Development Bank (ADB), which announced a grant of USD 500 million towards rooftop solar PV panel systems, which will help the Indian government increase its renewable energy penetration by using solar energy.
The solar photovoltaic panel manufacturing market is experiencing several 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 longer because 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 in the 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 are 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 Jinko Solar have also started investing more in the manufacturing of solar photovoltaic panels with monocrystalline cell technology.
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Major Key Players of the Market:
China State Construction Engineering Co., Ltd., VINCI, Bechtel Corporation, Skanska AB, Turner Construction Company, Jacobs Engineering Group Inc., The Whiting-Turner Contracting Company, PCL Construction, AECOM, BESIX Group, Shanghai Construction Group (SCG), SGS Group, Larsen & Toubro, GMR Group, Hindustan Construction Company, GVK Group, Kajima Corporation, Shimizu Corporation, Shanghai Intelligent Building Technology (SIBT), Obayashi Corporation, Taisei Corporation, Balfour Beatty, Bouygues, Royal BAM Group, Laing O`Rourke, ACS Group, EllisDon Corporation, Aecon Group Incorporated, Ledcor Group of Companies, Gilbane Building Company, Empresas ICA SAB de CV, Carso Infraestructura y Construcción S.A.B., Clark Group, Swinerton, Hensel Phelps, Lendlease, Arabian Construction Company, WBHO Construction (Pty) Ltd., Stefanutti Stocks (Pty) Ltd, WK construction, Redcon Construction Company, Estim Construction Co. Ltd, Eco-Beam, Ecomo, TSAI design studio
Solar Photovoltaic Panel Manufacturing Market 2024 Key Insights:
• The solar photovoltaic panel manufacturing market size is expected to see rapid growth in the next few years. It will grow to $376.68 billion in 2028 at a compound annual growth rate (CAGR) of 11.6%.
• Government Initiatives And Investment Driving Growth In Solar Photovoltaic Panel Manufacturing
• Growing Adoption Of Monocrystalline Solar Panels For Enhanced Efficiency
• Asia-Pacific was the largest region in the solar photovoltaic panel manufacturing market in 2023
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