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.
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.
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
By End User Industry
By Region
List of Figures
FIG NO. 1. Market Attractiveness Analysis, By Technology
FIG NO. 2. Market Attractiveness Analysis, By End User
FIG NO. 3. Market Attractiveness Analysis, By Region
FIG NO. 4. Global Solar Panel Market Revenue, 2016 – 2028 (USD Million)
FIG NO. 5. Impact of COVID-19 Pandemic in North America Countries
FIG NO. 6. Market Revenue Share, By Technology, 2020 & 2028
FIG NO. 7. Global Solar Panel Market for Mono-Crystalline, Revenue (USD Million) 2016 – 2028
FIG NO. 8. Comparative Revenue Analysis of Solar Panel Market for Mono-Crystalline, By Country, 2020 & 2028
FIG NO. 9. Global Solar Panel Market for Poly-Crystalline, Revenue (USD Million) 2016 – 2028
FIG NO. 10. Comparative Revenue Analysis of Solar Panel Market for Poly-Crystalline, By Country, 2020 & 2028
FIG NO. 11. Global Solar Panel Market for Thin-Film Solar Panel, Revenue (USD Million) 2016 – 2028
FIG NO. 12. Comparative Revenue Analysis of Solar Panel Market for Thin-Film Solar Panel, By Country, 2020 & 2028
FIG NO. 13. Market Revenue Share, By End User, 2020 & 2028
FIG NO. 14. Global Solar Panel Market for Residential, Revenue (USD Million) 2016 – 2028
FIG NO. 15. Comparative Revenue Analysis of Solar Panel Market for Residential, By Country, 2020 & 2028
FIG NO. 16. Global Solar Panel Market for Commercial, Revenue (USD Million) 2016 – 2028
FIG NO. 17. Comparative Revenue Analysis of Solar Panel Market for Commercial, By Country, 2020 & 2028
FIG NO. 18. Global Solar Panel Market for Utility, Revenue (USD Million) 2016 – 2028
FIG NO. 19. Comparative Revenue Analysis of Solar Panel Market for Utility, By Country, 2020 & 2028
FIG NO. 20. Global Solar Panel Market Revenue Share, By Region, 2020 & 2028
FIG NO. 21. North America Solar Panel Market Revenue, 2016 - 2028 (USD Million)
FIG NO. 22. Porter’s Five Forces Analysis for Global Solar Panel Market
FIG NO. 23. PEST Analysis for Global Solar Panel Market
FIG NO. 24. Pricing Analysis for Global Solar Panel Market
FIG NO. 25. Value Chain Analysis for Global Solar Panel Market
FIG NO. 26. Company Share Analysis, 2019
FIG NO. 27. Radar Determinant Chart, 2019
FIG NO. 28. Company Strategic Developments – Heat Map Analysis
FIG NO. 29. Canadian Solar Business Segment Revenue Share, 2020 (%)
FIG NO. 30. Canadian Solar Geographical Segment Revenue Share, 2020 (%)
FIG NO. 31. Market Channels
FIG NO. 32. Marketing Channel Development Trend
FIG NO. 33. Growth in World Gross Product, 2008-2018
FIG NO. 34. Research Methodology – Detailed View
FIG NO. 35. Research Methodology
List of Tables
TABLE NO. 1. Global Solar Panel Market: Snapshot
TABLE NO. 2. Quarterly Solar Panel Market Revenue by Region, 2020
TABLE NO. 3. Quarterly Solar Panel Market Revenue Forecast by Region, 2021
TABLE NO. 4. Pre COVID-19 Market Revenue, By Region, 2016-2019 (USD Million)
TABLE NO. 5. Post COVID-19 Market Revenue, By Region, 2020-2028 (USD Million)
TABLE NO. 6. Global Solar Panel Market for Mono-Crystalline, by Region, 2016 – 2028 (USD Million)
TABLE NO. 7. Global Solar Panel Market for Poly-Crystalline, by Region, 2016 – 2028 (USD Million)
TABLE NO. 8. Global Solar Panel Market for Thin-Film Solar Panel, by Region, 2016 – 2028 (USD Million)
TABLE NO. 9. Global Solar Panel Market for Residential, by Region, 2016 – 2028 (USD Million)
TABLE NO. 10. Global Solar Panel Market for Commercial, by Region, 2016 – 2028 (USD Million)
TABLE NO. 11. Global Solar Panel Market for Utility, by Region, 2016 – 2028 (USD Million)
TABLE NO. 12. Global Solar Panel Market Revenue, By Region, 2016 – 2028 (USD Million)
TABLE NO. 13. North America Solar Panel Market Revenue, By Country, 2016 – 2028 (USD Million)
TABLE NO. 14. North America Solar Panel Market Revenue, By Technology, 2016 – 2028 (USD Million)
TABLE NO. 15. North America Solar Panel Market Revenue, By End User, 2016 – 2028 (USD Million)
TABLE NO. 16. U.S. Solar Panel Market Revenue, By Technology, 2016 – 2028 (USD Million)
TABLE NO. 17. U.S. Solar Panel Market Revenue, By End User, 2016 – 2028 (USD Million)
TABLE NO. 18. Canada Solar Panel Market Revenue, By Technology, 2016 – 2028 (USD Million)
TABLE NO. 19. Canada Solar Panel Market Revenue, By End User, 2016 – 2028 (USD Million)
TABLE NO. 20. Mexico Solar Panel Market Revenue, By Technology, 2016 – 2028 (USD Million)
TABLE NO. 21. Mexico Solar Panel Market Revenue, By End User, 2016 – 2028 (USD Million)
TABLE NO. 22. Drivers for the Solar Panel Market: Impact Analysis
TABLE NO. 23. Restraints for the Solar Panel Market: Impact Analysis
TABLE NO. 24. Major Buyers of Solar Panel
TABLE NO. 25. Distributors/Traders List of Solar Panel
TABLE NO. 26. Global Solar Panel Market, Company Market Revenue, 2016 – 2019 (USD Million)
TABLE NO. 27. Global Solar Panel Market, Company Y-o-Y Growth, 2017 – 2019 (USD Million)
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:
Participants who typically participate in such a process include, but are not limited to:
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:
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:
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.
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.
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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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