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Solar Panel Market

Solar Panel Market

Solar Panel Market Global Industry Assessment & Forecast

# Pages:

145

Base Year:

2021

Nov - 2021

Format:

Report Code:

VMR-2021-0863

Segments Covered
  • By Product Mono-crystalline Solar Panel, Poly-crystalline Solar Panel, Thin-film Solar Panel
  • By Application Residential, Commercial, Utility
Snapshot
Forecast YearsForecast Years: 2022 - 2028
Historical YearsHistorical Years: 2016 - 2021
Revenue 2021Revenue 2021: 54.32 Billion
Revenue 2028Revenue 2028: 209.36 Billion
Revenue CAGRRevenue CAGR (2022 - 2028): 18.37
Fastest Growing Region Fastest Growing Region (2022 - 2028) North America
Customization Offered
  • Cross-segment Market Size and Analysis for Mentioned Segments
  • Additional Company Profiles (Upto 5 With No Cost)
  • Additional Countries (Apart From Mentioned Countries)
  • Country/Region-specific Report
  • Go To Market Strategy
  • Region Specific Market Dynamics
  • Region Level Market Share
  • Import Export Analysis
  • Production Analysis
  • Others Request Customization Speak To Analyst

Key insights

The global Solar Panel market was valued at USD 54.32 Billion in 2020 and is projected to reach USD 209.36 Billion by 2028, growing at a CAGR of 18.37% from 2021 to 2028.

Years Parameters
Historical Data (Actual Data) 2016-2020
Base Year Data 2020
Current Year Date 2021
Projected year data 2021-2026
Annual Market Size (2028) 209.36 Billion
Annual Market Size (2021)
CAGR (2021 - 2028) 18.37%

Definition And Overview

Photovoltaic devices directly convert sunlight into electricity. The key components of PV power system are various types of photovoltaic cells (also known as solar cells).


The report covers in-depth study on the global Solar Panel market, which comprises market trends such as drivers, restraints, and opportunities, regional trends, segmental analysis, and competitive landscape among others. This study comprises the market estimations and forecast in terms of revenue for each segment at the global/regional/country level along with a detailed analysis of growth prospects, challenges, and opportunities. The report includes a separate chapter covering detailed Solar Panel market overview that includes Porter’s Five Forces Analysis, PESTLE Analysis, Player Positioning Analysis, SWOT Analysis, and Value Chain Analysis among others.

Yearly Infographics 54.32 Billion 209.36 Billion

COVID-19 Impact Analysis

The wise spread COVID-19 outbreak has impacted several industries including Solar Panel. The governments across the globe compel to employ stringent restriction such as lockdown, international border seals, and   implementing strict social distancing measures. This forces serval industries to opt for work from home which in turn disrupted the business processes. However, after mid 2021 the world is witnessing reopening of trading activities, business operations which is expected to stimulate the economic growth during upcoming years.  The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends for all the regions and countries.


The report provides a completely separate chapter for COVID-19 Impact Analysis. This chapter includes:

o   Impact Assessment of COVID-19 Pandemic

o   Pre & Post COVID-19 Market Size

o   Qualitative analysis on the short term & long-term impact of COVID-19 on the market

o   The analysis provides foremost strategies adopted by competitors to minimize the impact of the pandemic on their business activities and scope for future developments.

Industry Analysis

The report explains various driving factors, restraints/challenges, and opportunities in detail. These assessments aid the industry stakeholders to analyze the Solar Panel market on the basis of different parameters, such as economies of scale, the share of various distribution channels, various factors affecting consumer behavior such as brand loyalty, price, and product availability among others, capital investments, regulatory landscape, production rights and patents, promotional strategies, and other customer preferences.


The decrease in prices of solar modules coupled with increase in legislative and financial initiatives is expected to fuel the growth of the solar panel market in the years to come. 

The increase in R&D in solar cell technologies and development of solar storage systems along with supportive government initiatives is further expected to fuel the growth of the market in the estimated timeframe. 

The increase in solar panel prices due to the Covid-19 outbreak is expected to hinder the growth of the market in the years to come.

Global Solar Panel Market Report Scope

Parameter Details
Market Size Provided for Years 2016-2028
Base Year 2020
Historic Years 2016-2020
Forecast Years 2021-2028
Market Size Provided In Terms Of Revenue & Volume
Segments Covered Product, Application
Regions Covered North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
Countries Covered The U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, South East Asia, Brazil, Argentina, GCC Countries, and South Africa, among others
Companies Covered CETC Solar Energy Holdings Co Ltd, SCHMID Group, Yingkou Jinchen Machinery Co Ltd, Jinko Solar, Oerlikon Solar, Manz AG, Spire Corporation, JASolar, S-Energy, CSI, Kyocera, Ulvac Solar, Toshiba, AXITEC, Aleo Solar, Hanwha Solar One, Mitsubishi Electric, Panasonic Corporation (Sanyo), Yingli Green Energy, SunPower, Ecoprogetti, Luxor Solar, Trina Solar, First Solar, Renesola, Conergy, IBC Solar, Sharp Solar.
Report Coverage Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis

Market Segmentation

The report delivers an acute breakdown of the market based on various segments such as Product, Application, and region. The report will cover market estimations and forecast for each segment by region for the years 2016–2028. Several growth factors and opportunities impacting various segments have been incorporated in the report.

On the basis of Product, the market is divided into Mono-crystalline Solar Panel, Poly-crystalline Solar Panel, Thin-film Solar Panel,. Mono-crystalline Solar Panel held the largest share in 2020 and is projected to witness substantial growth during the forecast period.

Based on Application, the market is divided into Residential, Commercial, Utility,. Commercial attributed to the highest market share and is expected to grow at a significant CAGR from 2021 to 2028. 

Global Solar Panel Market: Product Segment Analysis

    • Mono-crystalline Solar Panel
    • Poly-crystalline Solar Panel
    • Thin-film Solar Panel

Global Solar Panel Market: Application Segment Analysis

    • Residential
    • Commercial
    • Utility

Global Solar Panel Market: Regional Analysis

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • UK
    • France
    • Germany
    • Italy
    • Spain
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Rest of Latin America
  • Middle East and Africa
    • GCC Countries
    • South Africa
    • Rest of MEA

Competitive Landscape

The global Solar Panel market report provides an exhaustive competitive landscape to give a comprehensive synopsis of the global market. Major players in the Solar Panel market are CETC Solar Energy Holdings Co Ltd, SCHMID Group, Yingkou Jinchen Machinery Co Ltd, Jinko Solar, Oerlikon Solar, Manz AG, Spire Corporation, JASolar, S-Energy, CSI, Kyocera, Ulvac Solar, Toshiba, AXITEC, Aleo Solar, Hanwha Solar One, Mitsubishi Electric, Panasonic Corporation (Sanyo), Yingli Green Energy, SunPower, Ecoprogetti, Luxor Solar, Trina Solar, First Solar, Renesola, Conergy, IBC Solar, Sharp Solar.. This section of the report will provide you extensive information on all key players based on business overview, product portfolio, marketing strategies, recent developments, financial performance, and geographical presence among others. Moreover, the report also includes extensive information on key strategies such as new product development/launch, merger & acquisitions, partnerships, collaborations & joint ventures, research & development, and regional expansion.  

Global Solar Panel Market : Regional Analysis

Based on the geography, the global Solar Panel market is segmented into North America, Latin America, Asia Pacific, Europe, and the Middle East & Africa. The regional analysis covers market estimations and forecast for each segment for each region for the years 2016–2028. The concentration of raw material suppliers as well as market players in one specific region impacts the global market scenario and the report covers exclusive information on the same.  Also, the report analyzes the intensity of competition in each region and its influence on the growth of the global Solar Panel market.      

Market Size, 2021 (USD Billion)
North America
Europe
Asia Pacific
South America
Middle East Africa
FAQ
Frequently Asked Question
  • The global Solar Panel valued at 54.32 Billion in 2020 and is expected to reach 209.36 Billion in 2028 growing at a CAGR of 18.37%.

  • The prominent players in the market are CETC Solar Energy Holdings Co Ltd, SCHMID Group, Yingkou Jinchen Machinery Co Ltd, Jinko Solar, Oerlikon Solar, Manz AG, Spire Corporation, JASolar, S-Energy, CSI, Kyocera, Ulvac Solar, Toshiba, AXITEC, Aleo Solar, Hanwha Solar One, Mitsubishi Electric, Panasonic Corporation (Sanyo), Yingli Green Energy, SunPower, Ecoprogetti, Luxor Solar, Trina Solar, First Solar, Renesola, Conergy, IBC Solar, Sharp Solar..

  • The market is project to grow at a CAGR of 18.37% between 2021 and 2028.

  • The driving factors of the Solar Panel include

    • The decrease in prices of solar modules coupled with increase in legislative and financial initiatives is expected to fuel the growth of the solar panel market in the years to come.
    • The increase in R&D in solar cell technologies and development of solar storage systems along with supportive government initiatives is further expected to fuel the growth of the market in the estimated timeframe.

  • North America was the leading regional segment of the Solar Panel in 2020.