Solar Panel Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis

Coverage: Solar Panel Market covers analysis by Technology (Crystalline, Silicon Thin Film, Others); Application (Photovoltaic, Concentrated Solar Power); End-Use Industry (Residential, Commercial and Industrial, Utilities) , and Geography (North America, Europe, Asia Pacific, and South and Central America)

  • Report Code : TIPRE00029417
  • Category : Energy and Power
  • Status : Upcoming
  • No. of Pages : 150
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MARKET OVERVIEW
Solar panels use sunlight as a source of energy to generate direct current electricity with the help of solar panel technologies such as crystalline silicon, and thin film. It is an efficient form of nonconventional energy and a convenient renewable solution to mitigate the growing greenhouse emissions and global warming. The growth of the global solar PV panel market is primarily driven by gradual transition of energy industry from conventional to renewable sector. In addition, rise in awareness toward environmental pollution associated with pollutants from conventional power generation is projected to fuel the growth of solar photovoltaic panel market during the forecast period. In addition, government initiatives toward reducing carbon footprints and rise in investment toward renewable energy infrastructure are anticipated to provide lucrative growth opportunities for the solar photovoltaic panel market in the upcoming years.

MARKET SCOPE
The "Global Solar Panel Market Analysis to 2028" is a specialized and in-depth study of the clean energy with a special focus on the global market trend analysis. The report aims to provide an overview of the solar panel market with detailed market segmentation by technology, application, end-use industry and geography. The report provides key statistics on the market status of the leading solar panel market players and offers key trends and opportunities in the market.

MARKET SEGMENTATION
  • On the basis of technology the market is segmented into crystalline silicon, thin film, and others
  • On the basis of application the market is segmented into photovoltaic and concentrated solar power
  • On the basis end-use industry, the market is segmented as residential, commercial and industrial, and utilities
MARKET DYNAMICS

Drivers    
  • Growing awareness for adopting cleaner source of energy
  • The gradual transition of energy industry from conventional to renewable sector
Restraints
  •  High cost of installation of the solar panel restraints the market growth
REGIONAL FRAMEWORK
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2020 to 2028 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. The solar panel market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the market from both demand and supply side and further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trends. The report also provides exhaustive PEST analysis for all five region, evaluating political, economic, social and technological factors affecting the solar panel market in these regions.

IMPACT OF COVID-19 ON SOLAR PANEL MARKET
The emergence of the COVID-19 has severely impacted the renewable industries, which resulted decline in the demand for solar panels in the year 2020. The pandemic severely impacted the solar industry in countries such as China, India, and Japan. It has been observed that the energy price has a significant and negative impact on renewable energy production, particularly in the long-run, during the pandemic period. In addition, governments across the world were compelled to reduce the business activities, halt the manufacturing units, delay in projects in response to minimize the threat of coronavirus. Owing the decline in the business activities and shutdown of production units, it has further negatively impacted solar panel industry in the short term. Furthermore, project delays and and cancellation of orders has affected the key markets for renewable industry as a whole. The government should ideally adopt a short-term policy, while mid-term and long-term action plans should be formulated, so as to achieve the renewable energy targets in the future. For instance, the Indian government had introduced the policies in its Union Budget 2022-23, to further strengthen the domestic solar manufacturing ecosystem under its Atmanirbhar Bharat vision. Hence, from 2021, the ease in restriction and opening of manufacturing industries have fueled the market growth over the projected period.

Solar Panel Market Report Analysis

Solar Panel Market

  • CAGR (2023 - 2031)
    XX%
  • Market Size 2023
    US$ XX Million
  • Market Size 2031
    US$ XX Million

Report Coverage

  • Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
  • Key future trends
  • Detailed PEST/Porter’s Five Forces and SWOT analysis
  • Industry landscape and competition analysis & recent developments
  • Detailed company profiles
  • Global and regional market analysis covering key market trends, major players, regulations, and recent market developments

Key Players

  • JA SOLAR Technology Co., Ltd.
  • Shanghai Aiko Solar Energy Co., Ltd.
  • First Solar
  • Hanwha Group
  • Jiangsu Runda PV Co., Ltd.
  • Tongwei Group Co., Ltd.
  • Trina Solar
  • Yingli Solar
  • Waaree Energies Ltd.
  • Mysolar USA

Regional Overview

  • North America
  • Europe
  • Asia-Pacific
  • South and Central America
  • Middle East and Africa

Market Segmentation

By Technology
  • Crystalline
  • Silicon Thin Film
  • Others
By Application
  • Photovoltaic
  • Concentrated Solar Power
By End-Use Industry
  • Residential
  • Commercial and Industrial
  • Utilities
By Geography
  • North America
  • Europe
  • Asia-Pacific
  • South and Central America
  • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
MARKET PLAYERS

The report covers key developments in the solar panel market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as advancement in products, reallocation of resources and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved way for the expansion of business and customer base of market players. The market players in solar panel market are anticipated to get lucrative growth opportunities in the future owing supportive government regulations and policies for installation of solar panels.
The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the solar panel market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, the key development in the past five years.
  • JA SOLAR Technology Co., Ltd.
  • Shanghai Aiko Solar Energy Co., Ltd.
  • First Solar
  • Hanwha Group
  • Jiangsu Runda PV Co., Ltd.
  • Tongwei Group Co., Ltd.
  • Trina Solar
  • Yingli Solar
  • Waaree Energies Ltd.
  • Mysolar USA
The Insight Partner's dedicated research and analysis team consist of experienced professionals with advanced statistical expertise and offer various customization options in the existing study." 

Solar Panel Market Report Scope

Report Attribute Details
Market size in 2023 US$ XX Million
Market Size by 2031 US$ XX Million
Global CAGR (2023 - 2031) XX%
Historical Data 2021-2022
Forecast period 2024-2031
Segments Covered By Technology
  • Crystalline
  • Silicon Thin Film
  • Others
By Application
  • Photovoltaic
  • Concentrated Solar Power
By End-Use Industry
  • Residential
  • Commercial and Industrial
  • Utilities
By Geography
  • North America
  • Europe
  • Asia-Pacific
  • South and Central America
Regions and Countries Covered North America
  • US
  • Canada
  • Mexico
Europe
  • UK
  • Germany
  • France
  • Russia
  • Italy
  • Rest of Europe
Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
South and Central America
  • Brazil
  • Argentina
  • Rest of South and Central America
Middle East and Africa
  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of Middle East and Africa
Market leaders and key company profiles
  • JA SOLAR Technology Co., Ltd.
  • Shanghai Aiko Solar Energy Co., Ltd.
  • First Solar
  • Hanwha Group
  • Jiangsu Runda PV Co., Ltd.
  • Tongwei Group Co., Ltd.
  • Trina Solar
  • Yingli Solar
  • Waaree Energies Ltd.
  • Mysolar USA
    • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
    Report Coverage
    Report Coverage

    Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

    Segment Covered
    Segment Covered

    This text is related
    to segments covered.

    Regional Scope
    Regional Scope

    North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

    Country Scope
    Country Scope

    This text is related
    to country scope.

    The List Of Companies

    1. JA SOLAR Technology Co., Ltd.
    2. Shanghai Aiko Solar Energy Co., Ltd.
    3. First Solar
    4. Hanwha Group
    5. Jiangsu Runda PV Co., Ltd.
    6. Tongwei Group Co., Ltd.
    7. Trina Solar
    8. Yingli Solar
    9. Waaree Energies Ltd.
    10. Mysolar USA

    The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

    1. Data Collection and Secondary Research:

    As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

    Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

    1. Primary Research:

    The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

    For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

    A typical research interview fulfils the following functions:

    • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
    • Validates and strengthens in-house secondary research findings
    • Develops the analysis team’s expertise and market understanding

    Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

    • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
    • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

    Below is the breakup of our primary respondents by company, designation, and region:

    Research Methodology

    Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

    1. Data Analysis:

    Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

    • 3.1 Macro-Economic Factor Analysis:

    We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

    • 3.2 Country Level Data:

    Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

    • 3.3 Company Profile:

    The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

    • 3.4 Developing Base Number:

    Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

    1. Data Triangulation and Final Review:

    The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

    We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

    We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

    Your data will never be shared with third parties, however, we may send you information from time to time about our products that may be of interest to you. By submitting your details, you agree to be contacted by us. You may contact us at any time to opt-out.

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