Solar Panels Market: Global Market Estimation, Dynamics, Regional Share, Trends, Competitor Analysis (2017-2021) and Forecast (2022-2028)

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Solar Panels Market: by Technology (Solar PV, Concentrated Solar Power), Module type (Thin Film, Crystalline, Parabolic Troughs, Linear Fresnel Reflectors, Power Towers, Parabolic Dishes and Others), Grid Connectivity (On Grid, Off Grid), Application (Residential, Commercial, Industrial) and Geography

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Report

Description

Solar Panels Market Size is valued at USD 290.5 billion in 2021 and is poised to grow at a significant CAGR of 16.7% over 2022–2028. The worldwide solar panel industry is accelerating with the continuous shift toward renewable energy. Renewable energy sources are becoming a viable alternative to traditional energy sources. Solar panels don’t use any fuel, so they’re soft, pollution-free, and two to three times more efficient than combustion technologies. The key factor driving the adoption of solar PV systems in the commercial, industrial, and residential sectors is growing public knowledge about the usage of low carbon-intensive technologies to reduce carbon footprint. In addition, the expansion of the Investment Tax Credit (ITC) for residential solar PV installations to 26% by 2022 and 22% by 2023 is expected to boost industry growth in the following years. The solar panel has enormous development potential, and Long-term solar energy is predicted to become the dominant energy source in approximately a decade. Solar energy system installations in commercial and residential end-use applications are on the rise, creating lucrative growth opportunities in the market. Another vital issue is the emphasis on CO2 emission reduction. Solar energy will improve green energy output while reducing the use of diminishing coal and natural gas supplies. As a result, governments worldwide promote renewable energy sources and encourage the widespread installation of solar systems, propelling the solar panel industry. With technological improvements, the third generation of solar photovoltaic panels now includes conductive polymers, solar dyes, solar inks, and silicone. Some solar photovoltaic panels even use mirrors or plastic lenses to focus light onto a small PV panel with high efficiency. Furthermore, key companies employ various product launches, agreements, and investments to stay competitive in the solar panels market. For instance, in March 2021, JA Solar introduced a 415 W solar module with 21.3% efficiency. This module is used for commercial and residential PV projects, and this strategy enhanced the company’s product portfolio. Moreover, in August 2020, JA Solar launched an 800 W solar panel named Jumbo, and this strategy strengthened the company’s product portfolio and market position in the solar panel sector.

Recent Market Developments:

In November 2020, Canadian Utilities, an ATCO company, announced the completion of Canada’s largest off-grid solar project, which was built in two phases. The first phase included a 600kW solar farm, and the second phase had a 2,200kW solar farm.

Solar Panels Market

MARKET SUMMARY
-
16.7% CAGR
  • Study Period– 2022-2028
  • Base Year– 2021
  • CAGR– 16.7%
  • Largest Market– North-America
  • Fastest Growing Market– Asia-Pacific

Solar Panels Market

  • The solar panel market report gives comprehensive outlook across the region with special emphasis on key regions such as North America, Europe, Asia Pacific, Latin America and Middle East and Africa.
  • The solar panel market is segmented based on technology, module type, grid connectivity, application, and geography.
Key Players
  • Jinko Solar
  • JA Solar
  • Trina Solar
  • LONGi Solar
  • Canadian Solar
Solar Panels Market

Dynamics

Solar cells, often known as photovoltaic cells, convert solar energy into an electric current. These solar cells convert sunlight into electricity that can be used to power devices or recharge batteries. Photovoltaic cells were first employed to power spacecraft and satellites in orbit. They have been increasingly being employed for grid-connected electricity generation in recent years. Photovoltaic systems are designed to increase productivity and thereby improve performance. These factors are expected to boost the market growth during the forecast period. Factors including reliability, overall production, and competitiveness impact the adoption of PV system technology.


North-America Got Significant Share

Solar Panels Market

The solar panels market in North America is likely to hold the highest revenue share in 2022, and, in the following years, it is predicted to increase rapidly. Due to increased PV panel consumption in the country, the United States is considered one of the largest countries in terms of PV panel adoption globally. In terms of growth, Asia Pacific held the most significant growth rate, and it is anticipated to continue throughout the forecast period. The expanding installation of solar power plants in China and India is driving up demand for solar PV panels in the Asia Pacific region. Solar panels are big business in these countries, both globally and the Asia Pacific. The solar panels market in Europe is driven by countries like Spain and Italy, where their strategic geographic placement exposes them to the maximum amount of sunlight year-round.

Latin America
Latin-America
North-America
North-America
Europe
Europe
Asia Pacific
Asia-Pacific
Middle East
Middle East

Key

Features of the Report

  • The solar panels market report provides granular level information about the market size, regional market share, historic market (2016-2021), and forecast (2022-2028)
  • The report covers in-detail insights about the competitor’s overview, company share analysis, key market developments, and their key strategies
  • The report outlines drivers, restraints, unmet needs, and trends that are currently affecting the market
  • The report tracks recent innovations, key developments, and start-up details that are actively working in the market
  • The report provides a plethora of information about market entry strategies, regulatory framework, and reimbursement scenario
Solar Panels Market Segmentation


Location

GEOGRAPHY

Frequently Asked Questions

The Solar Panels Market is projected to expand at a CAGR of 16.7% during the forecast period.

Trina Solar, First Solar, LONGi Solar, Canadian Solar, SunPower Corporation

Asia-Pacific is the fastest-growing region for Solar Panels Market


Report

Table Of Content

1. Executive Summary
2. Global Solar Panels Market Introduction
2.1. Global Solar Panels Market – Taxonomy
2.2. Global Solar Panels Market –Definitions
2.2.1. By Technology
2.2.2. By Module type
2.2.3. By Grid Connectivity
2.2.4. By Application
2.2.5. By Region
3. Global Solar Panels Market Dynamics
3.1. Drivers
3.2. Restraints
3.3. Opportunities/Unmet Needs of the Market
3.4. Trends
3.5. Global Solar Panels Market Dynamic Factors – Impact Analysis
3.6. Global Solar Panels Market – Competition Landscape
4. Global Solar Panels Market Analysis,2017-2021 and Forecast, 2022-2028
4.1. Market Analysis,2017-2021 and Forecast, 2022-2028(Revenue, USD Mn)
4.2. Year-over-Year (Y-o-Y) Growth Analysis (%)
4.3. Market Opportunity Analysis
5. Global Solar Panels Market, By Technology, 2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)
5.1. Solar PV
5.1.1. Market Analysis, 2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)
5.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
5.1.3. Market Opportunity Analysis
5.2. Concentrated Solar Power
5.2.1. Market Analysis, 2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)
5.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
5.2.3. Market Opportunity Analysis
6. Global Solar Panels Market, By Module type, 2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)
6.1. Thin Film
6.1.1. Market Analysis, 2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)
6.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
6.1.3. Market Opportunity Analysis
6.2. Crystalline
6.2.1. Market Analysis, 2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)
6.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
6.2.3. Market Opportunity Analysis
6.3. Parabolic Troughs
6.3.1. Market Analysis, 2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)
6.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
6.3.3. Market Opportunity Analysis
6.4. Linear Fresnel Reflectors
6.4.1. Market Analysis, 2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)
6.4.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
6.4.3. Market Opportunity Analysis
6.5. Power Towers
6.5.1. Market Analysis, 2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)
6.5.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
6.5.3. Market Opportunity Analysis
6.6. Parabolic Dishes
6.6.1. Market Analysis, 2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)
6.6.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
6.6.3. Market Opportunity Analysis
6.7. Others
6.7.1. Market Analysis, 2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)
6.7.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
6.7.3. Market Opportunity Analysis
7. Global Solar Panels Market, By Grid Connectivity, 2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)
7.1. On Grid
7.1.1. Market Analysis, 2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)
7.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
7.1.3. Market Opportunity Analysis
7.2. Off Grid
7.2.1. Market Analysis, 2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)
7.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
7.2.3. Market Opportunity Analysis
8. Global Solar Panels Market, By Application, 2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)
8.1. Residential
8.1.1. Market Analysis, 2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)
8.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
8.1.3. Market Opportunity Analysis
8.2. Commercial
8.2.1. Market Analysis, 2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)
8.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
8.2.3. Market Opportunity Analysis
8.3. Industrial
8.3.1. Market Analysis, 2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)
8.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
8.3.3. Market Opportunity Analysis
9. Global Solar Panels Market Forecast, By Region, 2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)
9.1. North America
9.1.1. Market Analysis, 2017-2021and Forecast, 2022-2028(Revenue, USD Mn)
9.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
9.1.3. Market Opportunity Analysis
9.2. Europe
9.2.1. Market Analysis, 2017-2021and Forecast, 2022-2028(Revenue, USD Mn)
9.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
9.2.3. Market Opportunity Analysis
9.3. Asia-Pacific
9.3.1. Market Analysis, 2017-2021and Forecast, 2022-2028(Revenue, USD Mn)
9.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
9.3.3. Market Opportunity Analysis
9.4. Latin America
9.4.1. Market Analysis, 2017-2021and Forecast, 2022-2028(Revenue, USD Mn)
9.4.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
9.4.3. Market Opportunity Analysis
9.5. Middle East and Africa
9.5.1. Market Analysis, 2017-2021and Forecast, 2022-2028(Revenue, USD Mn)
9.5.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
9.5.3. Market Opportunity Analysis
9.6. Global Solar Panels Market – Opportunity Analysis Index, By Technology, Module type, Grid Connectivity, Application, and Region, 2022-2028
10. North America Solar Panels Market Analysis,2017-2021and Forecast, 2022-2028(Revenue, USD Mn)
10.1. Technology Analysis 2017-2021 and Forecast 2022-2028 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
10.1.1. Solar PV
10.1.2. Concentrated Solar Power
10.2. Module type Analysis 2017-2021 and Forecast 2022-2028 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
10.2.1. Thin Film
10.2.2. Crystalline
10.2.3. Parabolic Troughs
10.2.4. Linear Fresnel Reflectors
10.2.5. Power Towers
10.2.6. Parabolic Dishes
10.2.7. Others
10.3. Grid Connectivity Analysis 2017-2021 and Forecast 2022-2028 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
10.3.1. On Grid
10.3.2. Off Grid
10.4. Application Analysis 2017-2021 and Forecast 2022-2028 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
10.4.1. Residential
10.4.2. Commercial
10.4.3. Industrial
10.5. Country Analysis 2017-2021 and Forecast 2022-2028by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%)
10.5.1. USA
10.5.2. Canada
10.6. North America Solar Panels Market – Opportunity Analysis Index, By Technology, Module type, Grid Connectivity, Application, and Country, 2022-2028
10.7. North America Solar Panels Market Dynamics – Trends
11. Europe Solar Panels Market Analysis, 2017-2021and Forecast, 2022-2028(Revenue, USD Mn)
11.1. Technology Analysis 2017-2021 and Forecast 2022-2028 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
11.1.1. Solar PV
11.1.2. Concentrated Solar Power
11.2. Module type Analysis 2017-2021 and Forecast 2022-2028 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
11.2.1. Thin Film
11.2.2. Crystalline
11.2.3. Parabolic Troughs
11.2.4. Linear Fresnel Reflectors
11.2.5. Power Towers
11.2.6. Parabolic Dishes
11.2.7. Others
11.3. Grid Connectivity Analysis 2017-2021 and Forecast 2022-2028 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
11.3.1. On Grid
11.3.2. Off Grid
11.4. Application Analysis 2017-2021 and Forecast 2022-2028 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
11.4.1. Residential
11.4.2. Commercial
11.4.3. Industrial
11.5. Country Analysis 2017-2021and Forecast 2022-2028 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%)
11.5.1. Germany
11.5.2. UK
11.5.3. France
11.5.4. Spain
11.5.5. Italy
11.5.6. Russia
11.5.7. Rest of Europe
11.6. Europe Solar Panels Market – Opportunity Analysis Index, By Technology, Module type, Grid Connectivity, Application, and Country, 2022-2028
11.7. Europe Solar Panels Market Dynamics – Trends
12. Asia-Pacific Solar Panels Market Analysis, 2017-2021and Forecast, 2022-2028(Revenue, USD Mn)
12.1. Technology Analysis 2017-2021 and Forecast 2022-2028 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
12.1.1. Solar PV
12.1.2. Concentrated Solar Power
12.2. Module type Analysis 2017-2021 and Forecast 2022-2028 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
12.2.1. Thin Film
12.2.2. Crystalline
12.2.3. Parabolic Troughs
12.2.4. Linear Fresnel Reflectors
12.2.5. Power Towers
12.2.6. Parabolic Dishes
12.2.7. Others
12.3. Grid Connectivity Analysis 2017-2021 and Forecast 2022-2028 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
12.3.1. On Grid
12.3.2. Off Grid
12.4. Application Analysis 2017-2021 and Forecast 2022-2028 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
12.4.1. Residential
12.4.2. Commercial
12.4.3. Industrial
12.5. Country Analysis2017-2021and Forecast 2022-2028 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%)
12.5.1. China
12.5.2. India
12.5.3. Japan
12.5.4. ASEAN
12.5.5. Australia & New Zealand
12.5.6. Rest of Asia-Pacific
12.6. Asia-Pacific Solar Panels Market – Opportunity Analysis Index, By Technology, Module type, Grid Connectivity, Application, and Country,2022-2028
12.7. Asia-Pacific Solar Panels Market Dynamics – Trends
13. Latin America Solar Panels Market Analysis,2017-2021and Forecast, 2022-2028(Revenue, USD Mn)
13.1. Technology Analysis 2017-2021 and Forecast 2022-2028 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
13.1.1. Solar PV
13.1.2. Concentrated Solar Power
13.2. Module type Analysis 2017-2021 and Forecast 2022-2028 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
13.2.1. Thin Film
13.2.2. Crystalline
13.2.3. Parabolic Troughs
13.2.4. Linear Fresnel Reflectors
13.2.5. Power Towers
13.2.6. Parabolic Dishes
13.2.7. Others
13.3. Grid Connectivity Analysis 2017-2021 and Forecast 2022-2028 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
13.3.1. On Grid
13.3.2. Off Grid
13.4. Application Analysis 2017-2021 and Forecast 2022-2028 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
13.4.1. Residential
13.4.2. Commercial
13.4.3. Industrial
13.5. Country Analysis 2017-2021and Forecast 2022-2028 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%)
13.5.1. Brazil
13.5.2. Mexico
13.5.3. Rest of Latin America
13.6. Latin America Solar Panels Market – Opportunity Analysis Index, By Technology, Module type, Grid Connectivity, Application, and Country, 2022-2028
13.7. Latin America Solar Panels Market Dynamics – Trends
14. Middle East and Africa Solar Panels Market Analysis, 2017-2021and Forecast, 2022-2028(Revenue, USD Mn)
14.1. Technology Analysis 2017-2021 and Forecast 2022-2028 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
14.1.1. Solar PV
14.1.2. Concentrated Solar Power
14.2. Module type Analysis 2017-2021 and Forecast 2022-2028 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
14.2.1. Thin Film
14.2.2. Crystalline
14.2.3. Parabolic Troughs
14.2.4. Linear Fresnel Reflectors
14.2.5. Power Towers
14.2.6. Parabolic Dishes
14.2.7. Others
14.3. Grid Connectivity Analysis 2017-2021 and Forecast 2022-2028 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
14.3.1. On Grid
14.3.2. Off Grid
14.4. Application Analysis 2017-2021 and Forecast 2022-2028 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
14.4.1. Residential
14.4.2. Commercial
14.4.3. Industrial
14.5. Country Analysis 2017-2021 and Forecast 2022-2028 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%)
14.5.1. Gulf Cooperation Council (GCC) Countries
14.5.2. South Africa
14.5.3. Rest of MEA
14.6. MEA Solar Panels Market – Opportunity Analysis Index, By Technology, Module type, Grid Connectivity, Application, and Country, 2022-2028
14.7. MEA Solar Panels Market Dynamics – Trends
15. Competition Landscape
15.1. Strategic Dashboard of Top Market Players
15.2. Company Profiles (Introduction, Financial Analysis, Key Offerings, Key Developments, Strategies, and SWOT Analysis)
15.2.1. Canadian Solar
15.2.2. First Solar
15.2.3. GCL-SI
15.2.4. Hanwha Q-CELLS
15.2.5. JA Solar
15.2.6. JinkoSolar
15.2.7. LONGi Solar
15.2.8. ReneSola
15.2.9. Risen Energy
15.2.10. SunPower Corporation
15.2.11. Talesun
15.2.12. Trina Solar
15.2.13. Valmont Industries, Inc.
16. Research Methodology
17. Key Assumptions and Acronyms

Report

Company Profile

  • Canadian Solar
  • First Solar
  • GCL-SI
  • Hanwha Q-CELLS
  • JA Solar
  • JinkoSolar
  • LONGi Solar
  • ReneSola
  • Risen Energy
  • SunPower Corporation
  • Talesun
  • Trina Solar
  • Valmont Industries, Inc.

Description

Solar Panels Market Size is valued at USD 290.5 billion in 2021 and is poised to grow at a significant CAGR of 16.7% over 2022–2028. The worldwide solar panel industry is accelerating with the continuous shift toward renewable energy. Renewable energy sources are becoming a viable alternative to traditional energy sources. Solar panels don’t use any fuel, so they’re soft, pollution-free, and two to three times more efficient than combustion technologies. The key factor driving the adoption of solar PV systems in the commercial, industrial, and residential sectors is growing public knowledge about the usage of low carbon-intensive technologies to reduce carbon footprint. In addition, the expansion of the Investment Tax Credit (ITC) for residential solar PV installations to 26% by 2022 and 22% by 2023 is expected to boost industry growth in the following years. The solar panel has enormous development potential, and Long-term solar energy is predicted to become the dominant energy source in approximately a decade. Solar energy system installations in commercial and residential end-use applications are on the rise, creating lucrative growth opportunities in the market. Another vital issue is the emphasis on CO2 emission reduction. Solar energy will improve green energy output while reducing the use of diminishing coal and natural gas supplies. As a result, governments worldwide promote renewable energy sources and encourage the widespread installation of solar systems, propelling the solar panel industry. With technological improvements, the third generation of solar photovoltaic panels now includes conductive polymers, solar dyes, solar inks, and silicone. Some solar photovoltaic panels even use mirrors or plastic lenses to focus light onto a small PV panel with high efficiency. Furthermore, key companies employ various product launches, agreements, and investments to stay competitive in the solar panels market. For instance, in March 2021, JA Solar introduced a 415 W solar module with 21.3% efficiency. This module is used for commercial and residential PV projects, and this strategy enhanced the company’s product portfolio. Moreover, in August 2020, JA Solar launched an 800 W solar panel named Jumbo, and this strategy strengthened the company’s product portfolio and market position in the solar panel sector.

Recent Market Developments:

In November 2020, Canadian Utilities, an ATCO company, announced the completion of Canada’s largest off-grid solar project, which was built in two phases. The first phase included a 600kW solar farm, and the second phase had a 2,200kW solar farm.

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