Solar Panel Market Size (2023-2028):

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.

Market Overview:

Market Drivers:

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.

Market Restraints:

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.

SOLAR PANEL MARKET REPORT COVERAGE:

Market Segmentation:

Solar Panel Market - By Technology:

• Photovoltaic systems
• Concentrating solar energy systems (parabolic trough collectors, solar tower, Fresnel reflectors, and Stirling dish).

Solar Panel Market - By Application:

The global solar panel market is classified as

• Residential
• Commercial
• Industrial

Solar Panel Market - By End-User:

The market is classified into

• Power generation
• lighting
• Heating
• Charging

Solar Panel Market - By Component:

• Monocrystalline and polycrystalline silicon
• Cadmium telluride and Amorphous silicon

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.

Market Regional Analysis:

• North Ameria
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

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.

Impact of Covid-19 on the Solar Panel Market:

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.

Market Key Players:

Key players in the Solar Panel Market include:

1. JinkoSolar
2. JA Solar
3. Trina Solar
4. LONGi Solar
5. Canadian Solar
6. Hanwha Q-CELLS
7. Risen Energy
8. GCL-SI
9. First Solar
10. Talesun
11. SunPower Corporation
12. ReneSola

Market Key Developments:

• EDF Renewables North America (EDFR) and Genex Solar announced that they had entered into an agreement for a portfolio of solar development assets of up to 4.5 GWAC through PJM. The transaction will accelerate EDFR's growth in PJM's wholesale electricity market to meet the growing demand from businesses and utilities seeking profitable renewable energy sources.