Solar Panels Market

Solar Panels Market registered a revenue of USD 167.9 billion in 2022 and is projected to reach USD 313 billion in 2030, growing at a CAGR of 8.1% during the forecast period from 2023-2030

To have an edge over the competition by knowing the market dynamics and current trends of “Solar Panels Market”, request for Sample Report here

Major Solar Panels Market Drivers

With the rising demand for electricity across the globe, consumers are now actively adopting solar panels for meeting the daily energy demand. Germany is one of the leading solar power producers, as more than half of their electricity is generated from solar panels, as stated by “International Energy Agency”, which shows the huge potential of the solar panels market. According to “International Renewable Energy Agency”, global energy power capacity has expanded by 90GW in 2019 from the historical period of 2018, which has significantly pushed the market. Furthermore, developers and landowners have created a new opportunity and demand for the solar panels market. In countries like India, Belgium, Germany, China, all educational institute, private and commercial buildings should be installed with a minimum of 5KW capacity solar panels, which has majorly contributed to the expansion of the solar panels market size.

Availability of cost-effective and more efficient materials to produce solar panels is another major driving factor driving the market growth. Since the creation of solar panels, silicon has been used widely. However, materials like perovskites are on the verge of replacing silicon for the past few years. Perovskites have increased solar panels’ efficiency from 3.8% to 20%, which has surged the pace of the growth of solar panels industry.

Restraint in the Solar Panels Market

The initial cost of installing and purchasing the solar panels, which includes wiring, batteries, panels etc. are the major factors that are anticipated to hamper the growth of the solar panels market share.

Do you want to know more about the Research process and detailed Methodology, Request Research Methodology of this report

Cell Type – Segment Analysis

Based on the cell type, polycrystalline solar panels are expected to grow with a higher CAGR in the global solar panel market over the forecast period.  They are the most used type of solar cells in conventional surroundings. They tend to be slightly less affected by high temperatures as compared to polycrystalline panels. They are made by melting raw silicon, which is a faster and cheaper process than that used for monocrystalline panels, thus has led to more adoption of polycrystalline solar panels.

Application – Segment Analysis

Based on the application, commercial application is expected to dominate the global solar panels market over the forecast period. Rapid penetration of solar panels across, hotels, corporate offices and hospitals, coupled with growing power demand from communication base stations and data centers are expected to propel the product demand across the commercial sector. In addition, improved energy yield, enhanced panel efficiency, and module-level monitoring are driving the PV panel adoption in this segment.

In case, any of your pain points areas are not covered in the current scope of this report, Request for Free Customization here

Regional – Segment Analysis:

Based on the region, Asia-Pacific is expected to dominate in the global solar panels market over the forecast period. China is the leading country across the globe with maximum capacity of panels and energy generation. According to “International Renewable Energy Agency”, in 2019 China had more than 200,000MW of installed capacity which has helped the country maintaining the first rank in generating renewable power energy. In addition, the presence of strong players in the market, like JinkoSolar, JA SOLAR Technology Co., Ltd., Trina Solar, which has led to the inclination of the overall solar panel market growth.

Top Market Players

Various notable players operating in the market include JinkoSolar, JA SOLAR Technology Co., Ltd., Trina Solar, AREVA S.A., LONGi Solar, Canadian Solar, Q CELLS, RISEN ENERGY CO., LTD, GCL-SI, and Evergreen Solar, among others. 

Key Developments:

• • In 2020, JinkoSolar officially launched PV module with record output of 580W, which is a part of company’s new Tiger-Pro series.

Segments covered in the Report:

The global solar panels market has been segmented on the basis of cell type, application, and regions. Based on cell type, the market is segmented into monocrystalline, polycrystalline, thin film, and others. Based on application, the market is segmented into residential, commercial, and industrial. 

For detailed scope of the “Solar Panels Market” report request a Sample Copy of the report

Report Coverage	Details
Market Revenues (2022)	USD 167.9 billion
Market Base Year	2022
Market Forecast Period	2023-2030
Base Year & Forecast Units	Revenues (USD Billion)
Market Segment	By Cell Type, By Application, By Region
Regional Coverage	Asia Pacific, Europe, North America, and RoW
Companies Profiled	JinkoSolar, JA SOLAR Technology Co., Ltd., Trina Solar, AREVA S.A., LONGi Solar, Canadian Solar, Q CELLS, RISEN ENERGY CO., LTD, GCL-SI, Evergreen Solar, among others; a total of 10 companies covered.
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Market Segmentation

Global Solar Panels Market by Cell Type

• • Monocrystalline
  • Polycrystalline
  • Thin Film
  • Others

Global Solar Panels Market by Application

• • Residential
  • Commercial
  • Industrial

Global Solar Panels Market by Region

• • North America Solar Panels Market (Option 1: As a part of the free 25% customization)

    • By Cell Type
    • By Application
    • US Market All-Up
    • Canada Market All-Up

  • Europe Solar Panels Market (Option 2: As a part of the free 25% customization)

    • By Cell Type
    • By Application
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up

  • Asia-Pacific Solar Panels Market (Option 3: As a part of the free 25% customization)

    • By Cell Type
    • By Application
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up

  • RoW Solar Panels Market (Option 4: As a part of the free 25% customization)

    • By Cell Type
    • By Application
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Major Players Operating in the Solar Panels (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • JinkoSolar
  • JA SOLAR Technology Co., Ltd.
  • Trina Solar
  • AREVA S.A.
  • LONGi Solar
  • Canadian Solar
  • Q CELLS
  • RISEN ENERGY CO., LTD.
  • GCL-SI
  • Evergreen Solar