Solar PV Panels Market Size Worth $176.2 Billion by 2027 CAGR 4.3%: Grand View Research, Inc.
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.
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:
- The thin film technology segment accounted for a prominent revenue share and was valued at USD 46.1 billion in 2019 owing to inexpensive thin film manufacturing
- Off grid is likely to be the fastest-growing segment, accelerating at a CAGR of 7.9% over the forecast period owing to rising demand for decentralized power generation across remote locations
- On grid segment grabbed the largest revenue share and was valued at 100.9 billion in 2019 owing to rising level of grid integration in utility scale projects
- In Europe, the market was valued at USD 30.6 billion in 2019 and is expected to witness significant growth owing to rising demand for clean and renewable energy in the region.
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
Source: Grand View Research, Inc.
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