Solar Panels Market

Solar Panel Market By Applications (Photovoltaic power stations, Rooftop solar PV system, Standalone PV systems, Solar hybrid power systems, Concentrated photovoltaic, Solar planes, Solar-pumped lasers, Solar vehicles); By End User (Residential, Commercial and Industrial) - Global Historical Growth (2012-2016) & Future Outlook (2018-2027) Demand Analysis & Opportunity Evaluation

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Report ID: 937 | Published On: Apr 04, 2022

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Inflation and Looming Recession to Haunt Businesses:

In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.

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Solar Panel Market Overview

Solar panel refers to the devices and component which helps to harness the solar energy from sun. Solar panel is environment friendly and helps in reducing carbon emission. Moreover, solar panel is increasingly being used by the developed nations to fight against climate changes. The core advantage of solar panel is that it reduces the amount of electricity coming from fossil fuels by providing renewable source of energy directly coming from sun. It generates heating and electricity in both commercial and residential areas. These are photovoltaic cell that produces electricity with sunlight. Solar Panel continuously generates electricity as long as a source of light is abounding. It does not burn fuel, thus helps to make the process quiet, pollution-free and two to three times more efficient as compared to combustion technologies.

Market Size and Forecast

The global solar panel market is expected to expand at a significant CAGR of 26.3% during the forecast period of 2018-2027. Solar panel market has been segmented into product type such as, polycrystalline, mono-crystalline and thin-film of solar panels. Poly-crystalline panels accounted for the largest share of the global solar panel market in 2017. This can be recognized for its wide range of applications for Poly-crystalline and high competence coupled with the affordable price range. The mono-crystalline segment is anticipated to register significant growth within the forecast period owing to their technological advancement and their commendable efficiency. 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.

Globally, North-America is projected to dominate the overall solar panel market during the forecast period. Increasing penetration of advanced and as well as variety of solar panels and its products in the region is expected to positively impact the growth of solar panel market in future. Rising environmental and energy saving awareness is anticipated to drive the growth of solar panel market. Further, the favorable government regulations and policies are expected to expand the global solar panel market. Furthermore, Government regulation came into existence to harness solar panel and has become an energy liberation in appealing and creating awareness among population to implement solar panel change. Moreover, the first commercial use of solar panel was done for powering satellites by North America.  

Europe solar panel market is rising due to the increasing environmental concerns among people and demand for solar panel in the residential rooftop. Moreover, advancement and availability of wide number of efficient solar panel region is fostering the growth of solar panels. Further, Germany, Italy and Spain are expected to account for the largest share of revenue by 2027 in the region. The solar panel market in Asia-Pacific region is projected to benefit from rapid urbanization and rising demand for clean energy solar panel. Moreover, presence of large number of players in China is anticipated to strengthen the growth of the solar panel market in China. Besides this, Middle East and Africa solar panel market is anticipated to showcase significant growth during the forecast period. According to International Energy Agency, more than 45% of Middle East geographic area has excellent aptness for binding solar energy.

Market Segmentation:

Our in-depth analysis of the global solar panel market includes the following segments:

By Applications:

  • Photovoltaic power stations
  • Rooftop solar PV systems
  • Standalone PV systems
  • Solar hybrid power systems
  • Concentrated photovoltaic
  • Solar planes
  • Solar-pumped lasers
  • Solar vehicles

By End-User

  • Residential
  • Commercial
  • Industrial

Solar Panel Market By Region
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By Region

Global solar panel market is further classified on the basis of region as follows:

  • North America (United States, Canada), Market size, Y-O-Y growth Market size, Y-O-Y growth & Opportunity Analysis, Future forecast & Opportunity Analysis
  • Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX (Belgium, Netherlands, Luxembourg), NORDIC (Norway, Denmark, Sweden, Finland), Poland, Russia, Rest of Europe), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
  • Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis

Solar Panel Market By Region

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Growth Drivers and Challenges

Factors related to environmental concern such as reducing carbon emission and increasing consumer awareness are driving the demand for solar panels all across the globe. Further, clean energy products have various advantages over the traditional energy product such as renewable source of energy and others. These advantages are expected to bolster the market of solar panel products. Rising demand for renewable energy products is one of the key factors which are fueling the growth of solar panel market. Further, the high adaptability and encouragement of environment friendly technologies in developed regions is one of the major factors which are uplifting the demand for solar panels. The market is witnessing the launch of enhanced and high efficient solar panel by various companies manufacturing solar panels. This factor is anticipated to further strengthen the growth of the market in future. Favorable government policies and program are resulting in increased expenditure on harnessing solar panel. Furthermore, government of different countries are also contributing their share by proving subsidies in order to promote solar energy. This factor is envisioned to bolster the growth of the market. Apart from this, growing adoption of solar panel in industries such as Chemical industries and others is believed to fuel the growth of the market during the forecast period. Less efficiency during night time and in the changing weather conditions along with high cost of such panels with less affordability in developing regions is anticipated to hamper the growth of the market.

Key Players

  • Trina Solar
    • Company Overview
    • Key Product Offerings
    • Business Strategy
    • SWOT Analysis
    • Financials
  • Hanwha Q
  • JA Solar       
  • General Electric
  • SolarWorld Industries GmbH
  • Indosolar
  • ABB Group
  • SunPower Corporation
  • First Solar Inc.

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