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Solar Panel Market - Global Industry Analysis

Solar Panel Market By Technology (Mono-Crystalline, Poly-Crystalline, And Thin-Film Solar Panel), By End User (Residential, Commercial and Utility): Global Industry Perspective, Comprehensive Analysis and Forecast, 2020 – 2028

Published Date: 29-Apr-2021 Category: Energy & Mining Report Format : PDF Pages: 125 Report Code: ZMR-2074 Status : Published

The global solar panel market accounted for USD 109.33 billion in 2020 and is expected to reach USD 205.31 billion by 2028, growing at a CAGR of 8.7% from 2021 to 2028.

Description

Market Overview

The global solar panel market accounted for USD 109.33 billion in 2020 and is expected to reach USD 205.31 billion by 2028, growing at a CAGR of 8.7% from 2021 to 2028.

Solar energy is a clean source of energy and present in abundant quantity available to our planet. Solar energy is radiated energy by sun. It is unconventional and convenient source of energy. Solar energy is also a solution towards global warming and greenhouse gases effect. Solar energy is an alternative to fissile fuel which harms our environment Developed and developing economies around the globe are promoting solar energy as a main alternative source of energy. Governments are launching various schemes to promote use of solar panels. Governments have set clean energy targets which they are committed to. Paris agreement is one such example and their member nations are committed to fulfill its target and help in decarbonizing the economy. In order to harness this energy different technology are used such as Mono-Crystalline, Poly-Crystalline, and Thin-Film Solar Panel.

COVID-19 Impact Analysis

The global solar panel market has witnessed a downturn in the sales for short term owing to the lockdown enforcement places and restriction places of movement of public due to COVID. This lockdown had crippled the manufacturing industry as they were short of labor forces. The restrictions imposed by various nations to contain COVID had stopped the production resulting in a disruption across the whole supply chain. Thaw the manufacturing was hampered during early lockdown phase but was later allowed due to its growing demand and ease in lockdown restriction. However, the world markets are slowly opening to their full potential and theirs a surge in demand of Solar Panel Market. The market would remain bullish in upcoming year.

Global Solar Panel Market

Growth Factors

Various agreements signed by governments in order to save environment has made global energy producer shift their focus to clean energy sources across the globe. Government is providing Incentives and tax rebates are given to install solar panel to decrease environmental pollution. Roof top solar installing is one of the mast common uses of solar panels. The decrees in solar panel prices due to various innovation and researches have moved the focus to solar usage. Europe and china are leading the way it solar technology and has stabilized the solar panel prices to lower rate than earlier. Investors are seeing this as an opportunity to set up solar projects at commercial levels. Governments are promoting rural use of solar power plant. In total about 630 KW clean energy was produced using solar installations around the globe, of which more than 50 % was harnessed in Asia pacific region. Europe is one of the largest energy producer using solar panels.

Report Scope:

Report Attribute Details
Base Year 2020
Historic Years 2016 - 2020
Forecast Years 2021 - 2028
Segments Covered By Product Type, By Application, and By End Use
Forecast Units Value (USD Billion), and Volume (Units)
Quantitative Units Revenue in USD million/billion and CAGR from 2021 to 2028
Regions Covered North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World
Countries Covered U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others
Number of Companies Covered 10 companies with scope for including additional 15 companies upon request
Report Coverage Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.
Customization Scope Avail customized purchase options to meet your exact research needs.

Technology Segment Analysis Preview

Mono-Crystalline solar panels segment held a share of around 40.51% in 2020. Mono-Crystalline solar panels are made using silicon. Silicon bars are made using single crystal growth method and put on wafers and placed in right direction. Mono refers to a single bar silicon structure. It’s a premium solar product as it has higher efficiency compared to Polycrystalline solar panels. Some of the major companies producing Mono-Crystalline solar panels are Canadian Solar, Sunpower, LG, Hyundai, Trina Solar, etc.

Polycrystalline solar panels are made using silica but instead of using single silica crystal manufacturers melt silica fragments and form a wafer on the panel. It is cost efficient compared to Mono-Crystalline solar panels but is less efficient. They are used more commonly for residential purpose. It is found on rooftop solar panels.

Thin-film solar cell is a device that converts light energy in electrical energy by photovoltaic effect. It is made of micron thick photon absorbing material deposited over the structure

End User Segment Analysis Preview

Utility segment held a share of around 45.24% in 2020. This is attributed to the large number of projects in pipeline across the globe. Government and private company projects are lined up which will be all for utility purpose. Commercial sector is also set to boom as many private companies are setting up solar power plant to harness solar energy to reduce their liability in long run.

Residential segment is steady rise as off grid solar panels with energy storage system proves to be alternative source of energy. Large batteries are requires to save more power.

Regional Analysis Preview

The Asia Pacfic region held a share of about 34.56% in 2020. This is attributable to the presence of top companies such as Trina Solar, JinkoSolar, Hanwha Q Cells, Microtek, Tesla, SolarWorld JA Solar, Longi Solar,etc among others. Moreover, the increasing usage of solar panel market is expected to generate huge demand for the market in this region. China is the largest solar energy producer in the region. China also the world’s largest floating solar field which generates about 40 MW of electricity. Indian government is ambitious to achieve its 175 GW of renewable energy as commitments to Paris Agreement by 2022.

The European region is projected to grow at considerable CAGR over the forecast period. This surge is due to the increasing awareness of using clean source of energy. Germany is the largest producer of electricity using solar panels in this region followed by Spain. Cost reduction, user friendly, efficient, wide applications, convenient etc. are some of the reasons why solar panel market is a booming market in this region. The North American region had seen surge of solar panel usage as their residents were aware of the new utility project across the country in coming years.

Key Market Players & Competitive Landscape

Some of key players in solar panel market are Canadian Solar, Sunpower, LG, Hyundai, Trina Solar, JinkoSolar, Hanwha Q Cells, Microtek, Tesla, SolarWorld, JA Solar, Longi Solar, adani, among others. 

The global solar panal market is segmented as follows:

By Technology

  • Mono-Crystalline
  • Poly-Crystalline
  • Thin-Film Solar Panel

By End User Industry

  • Residential
  • Commercial
  • Utility

By Region

  • North America
    • The U.S.
    • Canada
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

Table Of Content

  • Chapter No. 1 Introduction
    • 1.1. Report Description
      • 1.1.1. Purpose of the Report
      • 1.1.2. USP & Key Offerings
    • 1.2. Key Benefits for Stakehulders
    • 1.3. Target Audience
    • 1.4. Report Scope
  • Chapter No. 2 Executive Summary
    • 2.1. Key Findings
      • 2.1.1. Top Investment Pockets
        • 2.1.1.1. Market Attractiveness Analysis, By Technulogy
        • 2.1.1.2. Market Attractiveness Analysis, By End User
        • 2.1.1.3. Market Attractiveness Analysis, By Region
    • 2.2. Market Snapshot
    • 2.3. Global Solar Panel Market, 2016 – 2028 (USD Million)
    • 2.4. Insights from Primary Respondents
  • Chapter No. 3 COVID 19 Impact Analysis
    • 3.1. Impact Assessment of COVID-19 Pandemic, By Region
      • 3.1.1. North America
      • 3.1.2. Europe
      • 3.1.3. Asia Pacific
      • 3.1.4. Latin America
      • 3.1.5. The Middle-East and Africa
    • 3.2. Quarterly Market Revenue and Forecast by Region 2020 & 2021
    • 3.3. Pre COVID-19 Market Revenue, By Region, 2016-2019 (USD Million)
    • 3.4. Post COVID-19 Market Revenue, By Region, 2020-2028 (USD Million)
    • 3.5. Key Strategies Undertaken by Companies to Tackle COVID-19
      • 3.5.1. Company Quarterly Revenue Analysis, 2019 & 2020
    • 3.6. Short Term Dynamics
    • 3.7. Long Term Dynamics
  • Chapter No. 4 Solar Panel Market – Technulogy Segment Analysis
    • 4.1. Overview
      • 4.1.1. Market Revenue Share, By Technulogy, 2020 & 2028
    • 4.2. Mono-Crystalline
      • 4.2.1. Market Size and Forecast, By Region (USD Million)
      • 4.2.2. Comparative Revenue Analysis, By Country, 2020 & 2028
      • 4.2.3. Key Market Trends, Growth Factors, & Opportunities
    • 4.3. Puly-Crystalline
      • 4.3.1. Market Size and Forecast, By Region (USD Million)
      • 4.3.2. Comparative Revenue Analysis, By Country, 2020 & 2028
      • 4.3.3. Key Market Trends, Growth Factors, & Opportunities
    • 4.4. Thin-Film Solar Panel
      • 4.4.1. Market Size and Forecast, By Region (USD Million)
      • 4.4.2. Comparative Revenue Analysis, By Country, 2020 & 2028
      • 4.4.3. Key Market Trends, Growth Factors, & Opportunities
  • Chapter No. 5 Solar Panel Market – End User Segment Analysis
    • 5.1. Overview
      • 5.1.1. Market Revenue Share, By End User, 2020 & 2028
    • 5.2. Residential
      • 5.2.1. Market Size and Forecast, By Region (USD Million)
      • 5.2.2. Comparative Revenue Analysis, By Country, 2020 & 2028
      • 5.2.3. Key Market Trends, Growth Factors, & Opportunities
    • 5.3. Commercial
      • 5.3.1. Market Size and Forecast, By Region (USD Million)
      • 5.3.2. Comparative Revenue Analysis, By Country, 2020 & 2028
      • 5.3.3. Key Market Trends, Growth Factors, & Opportunities
    • 5.4. Utility
      • 5.4.1. Market Size and Forecast, By Region (USD Million)
      • 5.4.2. Comparative Revenue Analysis, By Country, 2020 & 2028
      • 5.4.3. Key Market Trends, Growth Factors, & Opportunities
  • Chapter No. 6 Solar Panel Market – Regional Analysis
    • 6.1. Overview
      • 6.1.1. Global Market Revenue Share, By Region, 2020 & 2028
      • 6.1.2. Global Market Revenue, By Region, 2016 – 2028 (USD Million)
    • 6.2. North America
      • 6.2.1. North America Market Revenue, By Country, 2016 – 2028 (USD Million)
      • 6.2.2. North America Market Revenue, By Technulogy, 2016 – 2028
      • 6.2.3. North America Market Revenue, By End User, 2016 – 2028
      • 6.2.4. U.S.
        • 6.2.4.1. U.S. Market Revenue, By Technulogy, 2016 – 2028
        • 6.2.4.2. U.S. Market Revenue, By End User, 2016 – 2028
      • 6.2.5. Canada
        • 6.2.5.1. Canada Market Revenue, By Technulogy, 2016 – 2028
        • 6.2.5.2. Canada Market Revenue, By End User, 2016 – 2028
      • 6.2.6. Mexico
        • 6.2.6.1. Mexico Market Revenue, By Technulogy, 2016 – 2028
        • 6.2.6.2. Mexico Market Revenue, By End User, 2016 – 2028
    • 6.3. Europe
      • 6.3.1. Europe Market Revenue, By Country, 2016 – 2028 (USD Million)
      • 6.3.2. Europe Market Revenue, By Technulogy, 2016 – 2028
      • 6.3.3. Europe Market Revenue, By End User, 2016 – 2028
      • 6.3.4. Germany
        • 6.3.4.1. Germany Market Revenue, By Technulogy, 2016 – 2028
        • 6.3.4.2. Germany Market Revenue, By End User, 2016 – 2028
      • 6.3.5. France
        • 6.3.5.1. France Market Revenue, By Technulogy, 2016 – 2028
        • 6.3.5.2. France Market Revenue, By End User, 2016 – 2028
      • 6.3.6. U.K.
        • 6.3.6.1. U.K. Market Revenue, By Technulogy, 2016 – 2028
        • 6.3.6.2. U.K. Market Revenue, By End User, 2016 – 2028
      • 6.3.7. Italy
        • 6.3.7.1. Italy Market Revenue, By Technulogy, 2016 – 2028
        • 6.3.7.2. Italy Market Revenue, By End User, 2016 – 2028
      • 6.3.8. Spain
        • 6.3.8.1. Spain Market Revenue, By Technulogy, 2016 – 2028
        • 6.3.8.2. Spain Market Revenue, By End User, 2016 – 2028
      • 6.3.9. Rest of Europe
        • 6.3.9.1. Rest of Europe Market Revenue, By Technulogy, 2016 – 2028
        • 6.3.9.2. Rest of Europe Market Revenue, By End User, 2016 – 2028
    • 6.4. Asia Pacific
      • 6.4.1. Asia Pacific Market Revenue, By Country, 2016 – 2028 (USD Million)
      • 6.4.2. Asia Pacific Market Revenue, By Technulogy, 2016 – 2028
      • 6.4.3. Asia Pacific Market Revenue, By End User, 2016 – 2028
      • 6.4.4. China
        • 6.4.4.1. China Market Revenue, By Technulogy, 2016 – 2028
        • 6.4.4.2. China Market Revenue, By End User, 2016 – 2028
      • 6.4.5. Japan
        • 6.4.5.1. Japan Market Revenue, By Technulogy, 2016 – 2028
        • 6.4.5.2. Japan Market Revenue, By End User, 2016 – 2028
      • 6.4.6. India
        • 6.4.6.1. India Market Revenue, By Technulogy, 2016 – 2028
        • 6.4.6.2. India Market Revenue, By End User, 2016 – 2028
      • 6.4.7. South Korea
        • 6.4.7.1. South Korea Market Revenue, By Technulogy, 2016 – 2028
        • 6.4.7.2. South Korea Market Revenue, By End User, 2016 – 2028
      • 6.4.8. South-East Asia
        • 6.4.8.1. South-East Asia Market Revenue, By Technulogy, 2016 – 2028
        • 6.4.8.2. South-East Asia Market Revenue, By End User, 2016 – 2028
      • 6.4.9. Rest of Asia Pacific
        • 6.4.9.1. Rest of Asia Pacific Market Revenue, By Technulogy, 2016 – 2028
        • 6.4.9.2. Rest of Asia Pacific Market Revenue, By End User, 2016 – 2028
    • 6.5. Latin America
      • 6.5.1. Latin America Market Revenue, By Country, 2016 – 2028 (USD Million)
      • 6.5.2. Latin America Market Revenue, By Technulogy, 2016 – 2028
      • 6.5.3. Latin America Market Revenue, By End User, 2016 – 2028
      • 6.5.4. Brazil
        • 6.5.4.1. Brazil Market Revenue, By Technulogy, 2016 – 2028
        • 6.5.4.2. Brazil Market Revenue, By End User, 2016 – 2028
      • 6.5.5. Argentina
        • 6.5.5.1. Argentina Market Revenue, By Technulogy, 2016 – 2028
        • 6.5.5.2. Argentina Market Revenue, By End User, 2016 – 2028
      • 6.5.6. Rest of Latin America
        • 6.5.6.1. Rest of Latin America Market Revenue, By Technulogy, 2016 – 2028
        • 6.5.6.2. Rest of Latin America Market Revenue, By End User, 2016 – 2028
    • 6.6. The Middle-East and Africa
      • 6.6.1. The Middle-East and Africa Market Revenue, By Country, 2016 – 2028 (USD Million)
      • 6.6.2. The Middle-East and Africa Market Revenue, By Technulogy, 2016 – 2028
      • 6.6.3. The Middle-East and Africa Market Revenue, By End User, 2016 – 2028
      • 6.6.4. GCC Countries
        • 6.6.4.1. GCC Countries Market Revenue, By Technulogy, 2016 – 2028
        • 6.6.4.2. GCC Countries Market Revenue, By End User, 2016 – 2028
      • 6.6.5. South Africa
        • 6.6.5.1. South Africa Market Revenue, By Technulogy, 2016 – 2028
        • 6.6.5.2. South Africa Market Revenue, By End User, 2016 – 2028
      • 6.6.6. Rest of Middle-East Africa
        • 6.6.6.1. Rest of Middle-East Africa Market Revenue, By Technulogy, 2016 – 2028
        • 6.6.6.2. Rest of Middle-East Africa Market Revenue, By End User, 2016 – 2028
  • Chapter No. 7 Solar Panel Market – Industry Analysis
    • 7.1. Introduction
    • 7.2. Market Drivers
      • 7.2.1. Driving Factor 1 Analysis
      • 7.2.2. Driving Factor 2 Analysis
    • 7.3. Market Restraints
      • 7.3.1. Restraining Factor Analysis
    • 7.4. Market Opportunities
      • 7.4.1. Market Opportunity Analysis
    • 7.5. Porter’s Five Forces Analysis
    • 7.6. PEST Analysis
    • 7.7. Regulatory Landscape
    • 7.8. Technulogy Landscape
    • 7.9. Regional Market Trends
      • 7.9.1. North America
      • 7.9.2. Europe
      • 7.9.3. Asia Pacific
      • 7.9.4. Latin America
      • 7.9.5. The Middle-East and Africa
    • 7.10. Pricing Analysis
    • 7.11. Value Chain Analysis
    • 7.12. Downstream Buyers
    • 7.13. Distributors/Traders List
  • Chapter No. 8 Competitive Landscape
    • 8.1. Company Market Share Analysis – 2019
      • 8.1.1. Global Solar Panel Market: Company Market Share, 2019
      • 8.1.2. Global Solar Panel Market, Company Market Revenue, 2016 – 2019 (USD Million)
      • 8.1.3. Global Solar Panel Market, Company Y-o-Y Growth, 2017 – 2019 (%)
      • 8.1.4. Global Solar Panel Market: Radar Determinant Chart, 2019
    • 8.2. Strategic Developments
      • 8.2.1. Acquisitions & Mergers
      • 8.2.2. New Product Launch
      • 8.2.3. Regional Expansion
    • 8.3. Company Strategic Developments – Heat Map Analysis
  • Chapter No. 9 Company Profiles
    • 9.1. Canadian Solar
      • 9.1.1. Company Overview
      • 9.1.2. Key Executives
      • 9.1.3. Product Portfulio
      • 9.1.4. Financial Overview
      • 9.1.5. Operating Business Segments
      • 9.1.6. Business Performance
      • 9.1.7. Recent Developments
    • 9.2. Sunpower
    • 9.3. LG
    • 9.4. Hyundai
    • 9.5. Trina Solar
    • 9.6. JinkoSolar
    • 9.7. Hanwha Q Cells
    • 9.8. Microtek
    • 9.9. Tesla
    • 9.10. SolarWorld
    • 9.11. JA Solar
    • 9.12. Longi Solar
    • 9.13. adani
  • Chapter No. 10 Marketing Strategy Analysis
    • 10.1. Marketing Channel
    • 10.2. Direct Marketing
    • 10.3. Indirect Marketing
    • 10.4. Marketing Channel Development Trends
    • 10.5. Economic/Pulitical Environmental Change
  • Chapter No. 11 Research Methodulogy
    • 11.1. Research Methodulogy
    • 11.2. Phase I - Secondary Research
    • 11.3. Phase II - Data Modeling
      • 11.3.1. Company Share Analysis Model
      • 11.3.2. Revenue Based Modeling
    • 11.4. Phase III - Primary Research
    • 11.5. Research Limitations
      • 11.5.1. Assumptions.

Methodology

This report is based on in-depth qualitative and quantitative analyses of the global Solar Panel Market market. Zion Research has collected and analyzed key data belong to the global Solar Panel Market market using a variety of methods. Quantitative analysis has been done following various projection and sampling techniques.

The qualitative analysis involved primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes were validated through experts' opinions. The market dynamics have been determined after conducting a detailed study of the micro and macroeconomic indicators of the market.

Various parameters have been taken into account, while estimating market size. The revenue generated by the leading industry participants in from the sales of Solar Panel Market across the world has been calculated through primary and secondary research.

Zion Research employs the combination of secondary research followed by extensive primary research. Under secondary research, we refer to prominent paid as well as open access data sources including product literature, company annual reports, government publications, press releases, industry association’s magazines and other relevant sources for data collection. Other prominent secondary sources include STATISTA, trade journals, trade associations, statistical data from government websites, etc. 

For this study, Zion Research has conducted all-encompassing primary research with key industry participants to collect first had data. Moreover, in-depth interviews with key opinion leaders also assisted in validation of findings from secondary research and to understand key trends in the Solar Panel Market industry. Primary research makes up the major source of data collection and validation.   

Primary Research

We conduct primary interviews with industry participants and commentators on an ongoing basis to validate data and analysis. A typical research interview fulfills the following functions:

  • Provides firsthand information on market size, market trends, growth trends, competitive landscape, outlook, etc.
  • Helps in validating and strengthening the secondary research findings
  • Further, develops the analysis team’s expertise and market understanding
  • Primary research involves e-mail interactions, telephonic interviews as well as face-to-face interviews for each market, category, segment and sub-segment across geographies

Participants who typically participate in such a process include, but are not limited to:

  • Industry participants: CEOs, VPs, marketing/product managers, market intelligence managers and national sales managers
  • Purchasing managers, technical personnel, distributors and resellers
  • Outside experts: Investment bankers, valuation experts and research analysts specializing in specific markets

Key opinion leaders specializing in different areas corresponding to different industry verticals

Secondary Research

Secondary research sources that are typically referred to include, but are not limited to:

  • Company websites, annual reports, financial reports, broker reports, investor presentations and SEC filings
  • IDC and other relevant magazines
  • Internal and external proprietary databases, and relevant patent and regulatory databases
  • National government documents, statistical databases and market reports

News articles, press releases and webcasts specific to companies operating in the market

Following a comprehensive secondary and primary research and insights thus gathered, analysts at Zion Research have provided an in-depth analysis of various aspects of the Solar Panel Market market.

Models

Where no hard data is available, we use models and estimates to produce comprehensive data sets. A rigorous methodology is adopted, wherein the available hard data is cross-referenced with the following data types to produce estimates:

  • Demographic data: Population split by segments
  • Macroeconomic indicators: GDP, PPP, Per Capita Income, etc.
  • Industry indicators: Expenditure, technology stage and infrastructure, sector growth and facilities
  • Data is then cross-checked by an expert panel.

Free Analysis

Global Solar Panel market is expected to witness significant growth within the forecast period on account of increasing government incentives for the adoption of solar panels. Solar panels are photovoltaic that produce electricity with sunlight. Solar Panel continuously generates electricity as long as a source of light is supplied. Solar Panel does not burn fuel, helping to make the process quiet, pollution-free and around two to three times more efficient than combustion technologies.

Growing government incentives and favorable policies for the adoption along with the cost economics of polysilicon has expected to be the major driving factor of the global solar panel market. Moreover, the technological innovations coupled with the commercialization of solar panel have also been aiding the growth of the solar panel market. Rising awareness about the benefits of solar panel and depletion of fossil fuels is expected to surge the demand for solar panels in the years to come. However, the high cost of installation and maintenance is expected to be a major restraint for the global solar panel market. Technological advancements and favorable government policies to construct solar power stations are expected to provide growth opportunities for the key players in the market over the coming years.

Solar-Panel-Market.

The solar panel market can be segmented into categories by product type mono-crystalline, poly-crystalline and thin-film solar panels. Poly-crystalline panels accounted for the largest share of the global solar panel market in 2016. This can be attributed to the wide range of applications of Poly-crystalline and high efficiency coupled with affordable price range. The mono-crystalline segment is expected to register remarkable growth within the forecast period owing to their technological advancement and highest efficiency.

Residential, commercial, and utility are the application segments of the global solar panel market. Among applications, commercial accounted for the largest market share in 2016 owing to factors such as high efficiency & utilization of direct current, etc. Residential segment is expected to witness significant growth during the forecast period due to the increasing awareness and adoption of roof-top panels. FiT (Feed-in Tariff) is a regulatory scheme that assures an investor a buyback price at which the power purchaser will buy power that is being fed to the grid directly.

Asia Pacific accounted for most of the global market share in 2016 and is expected to grow in light of the government regulations in the region that promotes the adoption of the solar panel. Moreover, the technological developments in the countries like China & Japan are expected to further drive the growth of the Asia Pacific solar panel market within the forecast period. North America solar panel market is expected to hold the second largest share in global market. Due to high adoption rate in utility and residential segment along with high investments of major players in the market will propel significant growth in the region. The most established market of solar panel in the world are benefiting from both demand-side and supply-side driver. The subsidies such as feed-in premiums (FiPs) and feed-in tariffs (FiTs) for utility-scale solar had been particularly successful in Europe, Australia and the United States. Latin America and Middle East & Africa regions are expected to witness significant growth owing to the large demand for a sustainable source of energy in order to meet the demands of the rising population in the region.

Some of the key players operating in the global Solar Panel market are Renesola, JinkoSolar Holding Co., Ltd., JA Solar Holdings Co Ltd., Canadian Solar Inc., First Solar, Inc., Trina Solar Limited, Hanwha Q CELLS (Hanwha Group), Motech Industries Inc., Yingli Green Energy Holding Company Limited, and Shunfeng International Clean Energy Limited among others.

Frequently Asked Questions

The global solar panel market was valued at USD 109.33 billion in 2020.

The global solar panel market is expected to reach USD 205.31 billion by 2028, growing at a CAGR of 8.7% between 2021 to 2028.

Some of the key factors driving the global solar panel market growth are It is unconventional and convenient source of energy. Solar energy is also a solution towards global warming and greenhouse gases effect.

The Asia Pacfic region held a largest share in 2020. This is attributable to the presence of top companies such as Trina Solar, JinkoSolar, Hanwha Q Cells, Microtek, Tesla, SolarWorld JA Solar, Longi Solar,etc among others. Moreover, the increasing usage of solar panel market is expected to generate huge demand for the market in this region.

Some of the major companies operating in the solar panel market Canadian Solar, Sunpower, LG, Hyundai, Trina Solar, JinkoSolar, Hanwha Q Cells, Microtek, Tesla, SolarWorld JA Solar, Longi Solar, adani etc. among others.

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