The Global Solar Panel Market was valued at US$ 151.52 billion in 2022 and is expected to reach US$ 272 billion by 2028, growing with a CAGR of 10.66% from 2023 to 2028.
Competition has increased considerably among manufacturers with the development of photovoltaic power distribution systems. In addition, the decline in profitability of module manufacturers and the stress of market acquisition lead to lower prices for solar panels. In addition, the fluctuation in the price of silver, which is an important raw material in solar modules, drives the demand for solar panel installations and contributes to the growth of the global solar panels market. The development of photovoltaic (PV) storage systems is essential to upsurge the capacity of photovoltaic systems to replace existing conventional sources. With the increase in demand for photovoltaic installations, the adoption of the storage grid is expected to increase, fuelling the demand for lithium-ion batteries for solar energy storage and increasing the growth of the solar energy market. The demand for copper indium gallium selenide is predictable to increase during the forecast period, due to the increase in cost-effective solar panels. Additionally, low-cost manufacturing and increased efficiency of solar modules are expected to drive demand for cadmium telluride during the outlook period in the solar energy industry.
The increasing implementation of solar system technology is slightly limited by aspects like dependability, overall production, and competitiveness. Furthermore, general weather conditions and geographic latitudes limit the growth of the solar energy market, especially in regions prone to snowfall and rainfall.
REPORT METRIC |
DETAILS |
Market Size Available |
2022 – 2028 |
Base Year |
2022 |
Forecast Period |
2023- 2028 |
CAGR |
10.66% |
Segments Covered |
By Technology, Application, End-User, Component, Region and Others. |
Various Analyses Covered |
Global, Regional and Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities |
Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
Market Leaders Profiled |
JinkoSolar, JASolar, Trina Solar, LONGi Solar, Canadian Solar, Hanwha Q-CELLS, Risen Energy, GCL-SI, First Solar, Talesun, SunPower Corporation, ReneSola, and Others. |
Market Segmentation:
The global solar panel market is classified as
The market is classified into
Monocrystalline and polycrystalline silicon cells have been in great demand, especially in residential applications. Cadmium telluride and amorphous silicon cells are expected to create growth opportunities due to the low cost of materials. The rise of photovoltaic applications has driven demand for first-generation cells, which include both monocrystalline and polycrystalline silicon cells.
Asia-Pacific had the largest market share of 33.0% and was valued at USD 38 billion in 2019. China was the largest contributor to the market's revenue generation in 2019. The presence of major players, along with favorable government policies that offer subsidies and financial incentives for photovoltaic projects are some of the key factors contributing to the growth of the industry in China. In addition to being the largest panel manufacturing center, China has several solar farms, including the world's largest floating farm capable of producing 40 MW of electricity. Also, the country occupies a leading position in the exports of photovoltaic solar panels to the world. However, some countries such as the United States and India have imposed restrictions on the number of photovoltaic panels imported from China, thus disrupting the profits of the solar industry in the country. In North America, the United States accounted for the largest market share at 44.2% in 2019. The proliferation capacity of residential consumers associated with the announcement is expected that new utility projects improve product penetration across the country in the coming years.
Due to the effect of the coronavirus and the prolonged lockdown of the global economy, the solar panel market will experience a contraction in 2020, with a predictable decline of 4% to 112 GW in the medium scenario when compared to last year's global market forecast of 144 GW of new solar, this represents a decrease of 32 GW. This decrease is due to reduced demand and restrictions on labor and the supply chain. However, if governments opt for sustainable post-COVID economic recovery programs, solar power is expected to see strong growth over the next four years.
Key players in the Solar Panel Market include:
FAQ's
The Global Solar Panel Market is expected to grow with a CAGR of 10.66% between 2023-2028.
The Global Solar Panel Market size is expected to reach a revised size of US$ 272 billion by 2028.
Hanwha Q-CELLS, Risen Energy, and GCL-SIare the three solar Panel Market key players.
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