LONDON : The rapid growth in investments in renewable power generation capacities is expected to drive the solar photovoltaic panel manufacturing market during the forecast period. A large number of power generation companies are investing in renewable energy sources, especially in the USA and European countries. For instance, according to the World Energy Investment Report, 2021 by the International Energy Agency (IEA), renewable energy for new power generation capacity attracted an estimated 70% of global energy investment in 2021, with most of the investment flowing towards power and end-use sectors, shifting out of traditional fossil fuel production.
The global solar photovoltaic panel manufacturing market size is expected to grow from $177.20 billion in 2021 to $209.90 billion in 2022 at a compound annual growth rate (CAGR) of 18.5%. The solar photovoltaic panel manufacturing market growth is expected to reach $416.87 billion in 2026 at a CAGR of 18.7%.
The Use Of Smart Robots Is A Popular Trend In The Market
Companies in the solar photovoltaic panel manufacturing market are focusing on the launch of smart robots to support the construction of new solar projects. Robots automate the construction of new solar resources, enabling a safer work environment, shorter project timelines, and lower overall energy costs. For example, in December 2021, AES Corporation of Virginia, a US-based energy technology company, launched an artificially intelligent (AI) robot, Atlas, to support the construction of new solar projects. Atlas supports AES’ workforce by performing the heavy lifting, placing, and attachment of solar modules while adding new high-tech jobs. It enables the rapid deployment of new solar resources at a scale to help meet the demand for greener energy.
Wuxi Suntech Power Co., Ltd. was the largest competitor in the solar photovoltaic panel manufacturing market in 2021, with a 6.74% share of the market. Wuxi Suntech Power Co., Ltd. is a manufacturer and a distributor of solar energy equipment. The company was established in 2001 and is headquartered in Wuxi, China. Suntech’s growth strategy focuses on developing customer-focused products with superior quality by adding new products to its portfolio. For instance, in March 2021, Suntech launched its Ultra V high-power PV module series in the European market with Import Export Code (IEC) certifications. The module is designed in accordance with occupational safety and health regulations, and it weighs only 22.1 kg for personal handling.
Asia-Pacific Was The Largest Region In The Market In 2021
Asia-Pacific was the largest region in the solar photovoltaic panel manufacturing market and was worth $69.91 billion in 2021. As per the solar photovoltaic panel manufacturing market analysis, the solar photovoltaic panel manufacturing market in Asia Pacific is supported by a growing awareness of solar energy, rising consumption of electricity, growth in urban populations, rising electronic products, and government initiatives. For instance, in December 2021, the power development authority of Bangladesh signed a 20-year electricity purchase deal relating to four solar projects with a total generation capacity of 181 MW.
