USD 234.86 Billion
Solar Panel Market Size, Share, Growth Analysis, By Technology(Thin Film, Solar Photovoltaic (PV), Concentrated solar power (CSP), Crystalline Silicon), By Grid(Residential, Utility, Commercial, and Industrial), By Region - Industry Forecast 2025-2032
Report ID:
SQMIG10A2024 |
Region:
Global |
Published Date: April, 2024
Pages:
178
|Tables:
66
|Figures:
81
Solar Panel Market Insights
Solar Panel Market size was valued at USD 251.07 Billion in 2023 and is poised to grow from USD 268.39 Billion in 2024 to USD 457.7 Billion by 2032, growing at a CAGR of 6.9% during the forecast period (2025-2032).
The growing population in developing countries has significantly influenced power generation trends in recent years. As efforts to curb carbon emissions intensify, there's a growing shift towards utilizing renewable sources for power generation, marking a substantial departure from traditional energy sources such as oil and coal. This transition is viewed as a viable and environmentally friendly alternative, gaining momentum due to its potential to reduce carbon footprint.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Residential
Fastest Growth
Growth Rate
6.9% CAGR
Global Solar Panel Market ($ Bn)
Country Share for Asia Pacific Region (%)
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Solar Panel Market Segmental Analysis
The global solar panel market can be categorized into the following segments: Technology, Grid, Application and Region. Based on Technology, the market can be categorized into Thin Film, Solar Photovoltaic (PV), Concentrated solar power (CSP), Crystalline Silicon, and Other Technologies. Additionally, by Grid, the market can be segmented across On Grid and Off Grid. Based on Application, the market can be categorized into Residential, Utility, Commercial and Industrial. Based on Region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Analysis by Technology
In 2022, the solar photovoltaic (PV) segment maintained its dominance, propelled by heightened investments in solar projects driven by the ever-increasing global demand for electricity. Miniature solar panels tailored for low-power applications cater to a diverse array of devices, from power calculators to wristwatches and various small electronics. Solar PV systems, irrespective of their size, boast extended life cycles characterized by durability, reliability, and minimal maintenance requirements.
Concentrated solar power (CSP) systems stand out for their prowess in energy storage facilitated by Thermal Energy Storage (TES) technologies. This capability allows the retention of generated power for periods when renewable sources prove insufficient. Unlike Photovoltaic (PV) systems, which harness direct sunlight but lack thermal energy storage capacity, CSP systems excel in storing thermal energy, marking a distinguishing feature.
Analysis by Application
The utility sector maintains a dominant position within the market, largely attributed to ambitious installation targets and the superior operational efficiency of Photovoltaic (PV) panels compared to alternative energy sources. Large-scale photovoltaic power plants, consisting of multiple PV arrays installed collectively, offer distinct advantages for utilities. Their streamlined installation process and electrical connectivity provide utilities with a rapid construction pace compared to conventional power plants, enhancing overall operational efficiency and efficacy.
Simultaneously, the residential sector is witnessing a notable uptick in the adoption of solar energy, driven by escalating energy demands within households. This surge is propelled by an increase in residential construction projects alongside a growing public awareness and commitment to utilizing renewable and efficient energy sources for household needs.
Global Solar Panel Market By Application
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Solar Panel Market Regional Insights
During the forecast period, Asia Pacific is poised to secure a substantial share of the solar panel market, largely propelled by robust demand originating from China. Acknowledged as a key global producer and consumer of solar energy, China leads the region's solar power growth, spearheading efforts to expand renewable energy sources despite its reliance on conventional resources.
Concurrently, North America is anticipated to maintain a significant foothold in the solar panel industry. The region's prominence is driven by a rapid increase in energy demands across various sectors, alongside a favorable trajectory for the implementation of clean energy solutions. This positive trajectory receives additional support from an encouraging regulatory framework that incentivizes and sustains the progression of sustainable energy initiatives within North America.
Global Solar Panel Market By Region
- Largest
- Fastest
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Solar Panel Market Dynamics
Drivers
Countries Aiming to Achieve Green Energy Targets to Increase Investments in Solar Industry
- A pressing and immediate global energy transition is essential to combat the escalating average global surface temperatures, aiming to cap the increase below the critical threshold of 2°C. This urgency serves as a driving force behind the anticipated exponential growth in the installation and adoption of renewable energy sources in the forthcoming years, leading to a significant expansion of the market. This shift away from conventional fossil fuels towards low-carbon alternatives holds immense significance, especially considering that energy-related carbon dioxide emissions alone contribute to two-thirds of all greenhouse gas emissions.
Restraints
High Investment and Inadequate Infrastructure Remain a Threat to Market Growth
- The installation expenses for solar photovoltaic (PV) systems often surpass those of standard solar panels, posing a potential hurdle to widespread acceptance, especially in residential environments with comparatively moderate energy requirements. For instance, erecting 15 ground-mounted solar panels, each rated at 300 watts, may total USD 14,625. However, the incorporation of solar structures incurs an additional cost of USD 500 per solar panel.
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Solar Panel Market Competitive Landscape
The competitive landscape within the Global Solar Panel Market is marked by its dynamic nature, defined by a diverse mix of well-established brands, emerging contenders, and specialized niche producers. Established industry leaders coexist alongside newer entrants and specialized manufacturers, each bringing unique perspectives, innovations, and market strategies. Innovation is a key competitive factor. Leading brands invest in research and development to introduce new flavors, packaging formats, and health-focused variations to cater to changing consumer preferences. They often set the trends in the industry.
Top Player’s Company Profiles
- Risen Energy Co., Ltd.
- Solar East Holdings Co., Ltd.
- First Solar, Inc.
- Hanergy Thin Film Power Group Limited
- Shanghai Aiko Solar Energy Co., Ltd.
- Xinyi Solar Holdings Ltd.
- Arcosa, Inc.
- SolarEdge Technologies, Inc.
- Sany Heavy Energy Co., Ltd.
- Global PVQ SE
- SunPower Corp.
- Fluence Energy, Inc.
- GCL System Integration Technology Co., Ltd.
- SMA Solar Technology AG
- Solargiga Energy Holdings Ltd.
- CECEP Solar Energy Co., Ltd.
- EGing Photovoltaic Technology Co., Ltd.
- China Shuifa Singyes Energy Holdings Ltd.
- Shanghai Aerospace Automobile Electromechanical Co., Ltd.
- Bloom Energy Corp.
- Shenzhen S.C New Energy Technology Corp.
- Jolywood (Suzhou) Sunwatt Co., Ltd.
- Suzlon Energy Ltd.
- Solarworld Aktiengesellschaft
- Jiangsu Haili Wind Power Equipment Technology Co., Ltd.
- Maxeon Solar Technologies Ltd.
Recent Developments
- In April 2024, in a significant move towards advancing renewable energy solutions in Southern Africa, SOLARWORLD Africa joined forces with Risen Energy, a leading Chinese solar panel manufacturer renowned for its efficient and durable solar panels.
- In March 2024, Maxeon Solar Technologies, Ltd., a prominent solar innovation company, announced the release of its SunPower Performance 7 solar panels, designed for distributed generation (DG) projects. The panels are distinguished by their unique TOPCon cell technology and shingled-cell design, which offer enhanced power, efficiency, and reliability.
- In March 2024, investment firm Actis announced that it is set to acquire Argo Energy, a South Korean company specializing in solar energy, as part of its initiatives to strengthen renewable energy projects in Asia. Based in London, the company aims to generate solar energy capable of powering over 85,000 households annually in South Korea, the eighth largest energy consumer in the world.
Solar Panel Key Market Trends
- Artificial intelligence (AI) stands as a transformative force reshaping the energy landscape by elevating predictive capabilities, refining forecasting accuracy, and optimizing asset management practices. Its unique capacity for automation is a driving force behind operational efficiencies, granting stakeholders a competitive advantage and substantial cost savings. In the realm of renewable energy, AI emerges as a linchpin, unlocking the immense potential of solar energy.
Solar Panel Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research. The expanding population in developing countries significantly influences both energy consumption and generation dynamics. To address the pressing need for reducing carbon emissions, there's a growing emphasis on shifting towards renewable energy sources as a viable replacement for conventional power options. Traditional sources such as oil products and coal continue to witness steady growth in usage, underscoring the urgency for cleaner alternatives. Moreover, utilities are actively investing in constructing new grids and large-scale storage systems to harness and effectively utilize energy captured from renewable sources.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 234.86 Billion |
| Market size value in 2031 | USD 428.16 Billion |
| Growth Rate | 6.9% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Solar Panel Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Solar Panel Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Solar Panel Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Solar Panel Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Solar Panel Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Solar Panel Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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