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FAQs 6

What is the global solar PV panels market size?

The global solar PV panels market size was estimated at USD 170.25 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 7.7% from 2024 to 2030.

What is a snapshot of global PV markets?

This 11th edition of the “Snapshot of Global PV Markets” aims at providing preliminary information on how the PV market developed in 2022. The 28th edition of the PVPS complete “Trends in Photovoltaic Applications” report will be published in Q4 2023.

What is the market share of solar PV panels in 2023?

The industrial segment accounted for a dominant share of over 40.0% in solar PV panels sector in 2023 and is projected to grow at a significant CAGR of 7.6% over the forecast period.

What are China's solar PV exports?

In 2021, the value of China’s solar PV exports was over USD 30 billion, almost 7% of China’s trade surplus over the last five years. In addition, Chinese investments in Malaysia and Viet Nam also made these countries major exporters of PV products, accounting for around 10% and 5% respectively of their trade surpluses since 2017.

Which region dominated the solar PV market in 2021?

Regional Insights The Asia-Pacific dominated the solar PV market in 2021 and is expected to hold a major share in the forecast period of 2022-2031. The high demand for solar PV panels across Asia-Pacific is due to the increased installations of solar power projects across regions like India and China.

What is the segmentation of solar PV panel market?

Solar PV Panel Market, Segmentation Based On Installation Based on the installation, the market is segmented into roof-top, ground-mounted, and others. In terms of market share, the ground-mounted segment held the larger share by 2021. The ground-mounted panels are widely used in commercial and utility sectors.

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