The global solar panel market was valued at $152.3 billion in 2022, and is projected to reach $330.4 billion by 2032, growing at a CAGR of 8.1% from 2023 to 2032.
Solar panels, known as photovoltaic (PV) panels, are devices that convert sunlight into electricity through the photovoltaic effect. They consist of interconnected solar cells made from semiconductor materials, typically silicon, which absorb photons from the sun and generate an electric current. Solar panels have gained widespread popularity in recent years due to their ability to harness renewable energy, reduce carbon emissions, and provide a sustainable alternative to traditional fossil fuel-based power generation methods.
One of the primary uses of solar panels is in the field of renewable energy generation. Solar power is a clean, abundant, and sustainable source of electricity that can be harnessed almost anywhere on Earth. Solar panels are installed in solar farms and on residential and commercial rooftops to capture sunlight and generate electricity. These installations can range from small-scale systems that power individual homes to large-scale utility-scale projects that contribute to the local power grid. Solar energy provides an environment-friendly and reliable source of power, reducing the dependence on fossil fuels and mitigating the harmful effects of climate change.
The deployment of solar panels is not limited to electricity generation alone. Solar thermal panels, a variant of solar panels, are designed to capture the sun's heat and use it for various heating applications. These panels are commonly used in solar water heating systems, where they heat water for domestic, commercial, or industrial use. Solar thermal panels can also be integrated into heating, ventilation, and air conditioning (HVAC) systems to provide space heating or cooling. By utilizing solar energy for heating purposes, solar thermal panels contribute to energy savings, reduce greenhouse gas emissions, and lower reliance on non-renewable resources.
Solar panels have also found applications in the field of transportation. Solar-powered vehicles, such as solar cars, boats, and airplanes, utilize solar panels to convert sunlight directly into electric power for propulsion. Although solar-powered transportation is still in its early stages of development and has limitations in terms of efficiency and power output, it holds promise as a sustainable alternative to conventional fossil fuel-powered vehicles. Solar panels can also be used to charge electric vehicles (EVs) indirectly by feeding the electricity generated into the grid, which can then be used to power EV charging stations.
In addition to energy generation, solar panels have become a popular choice for off-grid applications. Remote areas, such as rural communities or isolated structures, often lack access to traditional electricity grids. Solar panels offer a practical solution by providing a decentralized power source that operates independently of the grid. Off-grid solar systems consist of solar panels, batteries for energy storage, and inverters to convert direct current (DC) electricity into alternating current (AC) for use with household appliances. These systems can power homes, schools, healthcare facilities, and other essential infrastructure in areas without reliable grid connectivity, improving the quality of life and enabling development opportunities.
The solar panel market is segmented into type, grid type, technology, application, end-use industry, and region. On the basis of type, the market is classified into crystalline silicon, thin film, and others. On the basis of grid type, the market is divided into on-grid, and off-grid. On the basis of technology, the market is bifurcated into photovoltaic systems and concentrated solar power systems. By application, the market is categorized into residential, commercial, and industrial. On the basis of the end-use industry, the market is fragmented into electricity generation, lighting, heating, and charging. On the basis of region, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
By type, other type including amorphous silicon, organic solar cells, and others. is the fastest-growing segment in the solar panel market in 2022. Amorphous silicon is a highly adaptable material that finds applications in the manufacturing of solar panels and thin-film transistors for LCDs. It is commonly used as a semiconductor in thin-film silicon solar cells, also known as a-Si solar cells. These cells can be deposited in thin layers on flexible substrates such as glass, metal, and plastic. In contrast, organic photovoltaic (OPV) cells utilize carbon-based materials and offer advantages such as flexibility, lightweight construction, and cost-effective production methods.
Based on grid type, off-grid is the fastest-growing segment in the solar panel market in 2022. Off-grid solar panel systems allow you to generate your own electricity, reducing or eliminating the need for grid-supplied power. This is particularly useful in remote areas where connecting to the grid is challenging or expensive. Off-grid systems incorporate battery banks to store excess energy generated during the day for use during periods of low or no sunlight. The battery capacity should be sufficient to provide power during cloudy days or at night. Deep-cycle batteries, such as lead-acid or lithium-ion batteries, are commonly used for this purpose.
On the basis of technology concentrated solar power systems is the fastest-growing segment in the solar panel market in 2022. concentrated solar power systems are often used for large-scale power generation. They can be built as standalone power plants or integrated with existing conventional power plants. CSP plants can provide a reliable and consistent source of electricity to the grid, especially in regions with high solar radiation. These plants are typically located in sun-rich areas such as deserts.
On the basis of application residential is the fastest growing segment in the solar panel market in 2022. Solar panel usage in residential areas has been growing steadily over the years as more homeowners recognize the benefits of harnessing solar energy. One of the primary reasons people install solar panels on their homes is to save money on their energy bills. Solar energy allows homeowners to generate their electricity, reducing reliance on the grid and potentially eliminating or significantly reducing monthly electricity expenses.
On the basis of end-use industry charging is the fastest growing segment in the solar panel market in 2022. Charging solar panels refers to the process of harnessing sunlight and converting it into electrical energy. Solar panels are designed to generate electricity when exposed to sunlight, and this electricity can be used to power various devices or stored in batteries for later use. Solar panels can be used to set up charging stations in remote areas where access to electricity is limited. These stations can provide charging services for electronic devices, batteries, or electric vehicles, catering to the needs of the local community or tourists.
The major players operating in the global solar panel market include Trina Solar Limited, Canadian Solar Inc., Jinko Solar Holding Co. Ltd., JA Solar Technology Co., Ltd, Yingli Solar, SunPower Corporation, RenewSys India Pvt, Panasonic Corporation, REC Solar Holdings AS, and LG Electronics.
Solar panels, known as photovoltaic (PV) panels, are devices that convert sunlight into electricity through the photovoltaic effect. They consist of interconnected solar cells made from semiconductor materials, typically silicon, which absorb photons from the sun and generate an electric current. Solar panels have gained widespread popularity in recent years due to their ability to harness renewable energy, reduce carbon emissions, and provide a sustainable alternative to traditional fossil fuel-based power generation methods.
One of the primary uses of solar panels is in the field of renewable energy generation. Solar power is a clean, abundant, and sustainable source of electricity that can be harnessed almost anywhere on Earth. Solar panels are installed in solar farms and on residential and commercial rooftops to capture sunlight and generate electricity. These installations can range from small-scale systems that power individual homes to large-scale utility-scale projects that contribute to the local power grid. Solar energy provides an environment-friendly and reliable source of power, reducing the dependence on fossil fuels and mitigating the harmful effects of climate change.
The deployment of solar panels is not limited to electricity generation alone. Solar thermal panels, a variant of solar panels, are designed to capture the sun's heat and use it for various heating applications. These panels are commonly used in solar water heating systems, where they heat water for domestic, commercial, or industrial use. Solar thermal panels can also be integrated into heating, ventilation, and air conditioning (HVAC) systems to provide space heating or cooling. By utilizing solar energy for heating purposes, solar thermal panels contribute to energy savings, reduce greenhouse gas emissions, and lower reliance on non-renewable resources.
Solar panels have also found applications in the field of transportation. Solar-powered vehicles, such as solar cars, boats, and airplanes, utilize solar panels to convert sunlight directly into electric power for propulsion. Although solar-powered transportation is still in its early stages of development and has limitations in terms of efficiency and power output, it holds promise as a sustainable alternative to conventional fossil fuel-powered vehicles. Solar panels can also be used to charge electric vehicles (EVs) indirectly by feeding the electricity generated into the grid, which can then be used to power EV charging stations.
In addition to energy generation, solar panels have become a popular choice for off-grid applications. Remote areas, such as rural communities or isolated structures, often lack access to traditional electricity grids. Solar panels offer a practical solution by providing a decentralized power source that operates independently of the grid. Off-grid solar systems consist of solar panels, batteries for energy storage, and inverters to convert direct current (DC) electricity into alternating current (AC) for use with household appliances. These systems can power homes, schools, healthcare facilities, and other essential infrastructure in areas without reliable grid connectivity, improving the quality of life and enabling development opportunities.
The solar panel market is segmented into type, grid type, technology, application, end-use industry, and region. On the basis of type, the market is classified into crystalline silicon, thin film, and others. On the basis of grid type, the market is divided into on-grid, and off-grid. On the basis of technology, the market is bifurcated into photovoltaic systems and concentrated solar power systems. By application, the market is categorized into residential, commercial, and industrial. On the basis of the end-use industry, the market is fragmented into electricity generation, lighting, heating, and charging. On the basis of region, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
By type, other type including amorphous silicon, organic solar cells, and others. is the fastest-growing segment in the solar panel market in 2022. Amorphous silicon is a highly adaptable material that finds applications in the manufacturing of solar panels and thin-film transistors for LCDs. It is commonly used as a semiconductor in thin-film silicon solar cells, also known as a-Si solar cells. These cells can be deposited in thin layers on flexible substrates such as glass, metal, and plastic. In contrast, organic photovoltaic (OPV) cells utilize carbon-based materials and offer advantages such as flexibility, lightweight construction, and cost-effective production methods.
Based on grid type, off-grid is the fastest-growing segment in the solar panel market in 2022. Off-grid solar panel systems allow you to generate your own electricity, reducing or eliminating the need for grid-supplied power. This is particularly useful in remote areas where connecting to the grid is challenging or expensive. Off-grid systems incorporate battery banks to store excess energy generated during the day for use during periods of low or no sunlight. The battery capacity should be sufficient to provide power during cloudy days or at night. Deep-cycle batteries, such as lead-acid or lithium-ion batteries, are commonly used for this purpose.
On the basis of technology concentrated solar power systems is the fastest-growing segment in the solar panel market in 2022. concentrated solar power systems are often used for large-scale power generation. They can be built as standalone power plants or integrated with existing conventional power plants. CSP plants can provide a reliable and consistent source of electricity to the grid, especially in regions with high solar radiation. These plants are typically located in sun-rich areas such as deserts.
On the basis of application residential is the fastest growing segment in the solar panel market in 2022. Solar panel usage in residential areas has been growing steadily over the years as more homeowners recognize the benefits of harnessing solar energy. One of the primary reasons people install solar panels on their homes is to save money on their energy bills. Solar energy allows homeowners to generate their electricity, reducing reliance on the grid and potentially eliminating or significantly reducing monthly electricity expenses.
On the basis of end-use industry charging is the fastest growing segment in the solar panel market in 2022. Charging solar panels refers to the process of harnessing sunlight and converting it into electrical energy. Solar panels are designed to generate electricity when exposed to sunlight, and this electricity can be used to power various devices or stored in batteries for later use. Solar panels can be used to set up charging stations in remote areas where access to electricity is limited. These stations can provide charging services for electronic devices, batteries, or electric vehicles, catering to the needs of the local community or tourists.
The major players operating in the global solar panel market include Trina Solar Limited, Canadian Solar Inc., Jinko Solar Holding Co. Ltd., JA Solar Technology Co., Ltd, Yingli Solar, SunPower Corporation, RenewSys India Pvt, Panasonic Corporation, REC Solar Holdings AS, and LG Electronics.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the solar panel market analysis from 2022 to 2032 to identify the prevailing solar panel market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the solar panel market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global solar panel market trends, key players, market segments, application areas, and market growth strategies.
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Key Market Segments
By Technology
- Photovoltaic Systems
- Concentrated Solar Power Systems
- Type
- Parabolic Through
- Solar Power Tower
- Fresnel Reflectors
- Dish Stirling
By Solar Module
- Monocrystalline
- Polycrystalline
- Cadmium Telluride
- Amorphous Silicon Cells
- Others
By Type
- Crystalline Silicon
- Type
- Mono-Crystalline
- Poly-Crystalline
- Thin Film
- Others
By Application
- Residential
- Commercial
- Industrial
By Grid Type
- On-Grid
- Off-Grid
By End-Use Industry
- Electricity Generation
- Lighting
- Heating
- Charging
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- Italy
- UK
- Spain
- France
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia-Pacific
- LAMEA
- Chile
- Turkey
- South Africa
- Rest of LAMEA
Key Market Players
- Canadian Solar
- JA SOLAR Technology Co.,Ltd.
- Jinko Solar Holding Co. Ltd.
- LG Electronics Inc.
- Panasonic Corporation
- REC Solar Holdings AS
- RenewSys India Pvt. Ltd.
- SunPower Corporation
- Trina Solar Limited.
- Yingli Solar
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: SOLAR PANEL MARKET, BY TYPE
CHAPTER 5: SOLAR PANEL MARKET, BY GRID TYPE
CHAPTER 6: SOLAR PANEL MARKET, BY TECHNOLOGY
CHAPTER 7: SOLAR PANEL MARKET, BY SOLAR MODULE
CHAPTER 8: SOLAR PANEL MARKET, BY APPLICATION
CHAPTER 9: SOLAR PANEL MARKET, BY END-USE INDUSTRY
CHAPTER 10: SOLAR PANEL MARKET, BY REGION
CHAPTER 11: COMPETITIVE LANDSCAPE
CHAPTER 12: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to this report, the solar panel market was valued at $152.3 billion in 2022, and is estimated to reach $330.4 billion by 2032, growing at a CAGR of 8.1% from 2023 to 2032.Solar panels consist of solar cells, which are made up of semiconductors, typically silicon, that absorb sunlight and convert it into direct current (DC) electricity. Multiple solar cells are connected to form a solar panel. The efficiency of solar panels in converting sunlight into electricity has improved over the years, making them a viable and sustainable energy solution.
They are essential in the field of renewable energy because they capture solar energy and transform it into useful electrical power. The market for solar panels has grown significantly in recent years as a result of rising awareness of renewable energy sources and the need to cut carbon emissions. This article offers a thorough analysis of the solar panel market, including a definition, examples of its application, and significant market insights.
The surge in climate change awareness and promotion of clean energy drives the growth of solar panel market. The increase in awareness of climate change and its detrimental effects on the planet has prompted individuals, communities, and governments worldwide to take action. One of the key advantages of solar panels is their ability to generate electricity without producing harmful emissions. Solar panels offer a distinct advantage over fossil fuel power plants by producing clean energy, resulting in a substantial reduction in the carbon footprint associated with electricity generation. This pivotal attribute enables businesses to actively mitigate the adverse effects of climate change.
The promotion of solar panels and the adoption of solar energy have been further facilitated by advancements in technology and decreasing costs. Solar panel efficiency has improved, allowing for greater energy production from smaller and more affordable installations. In addition, economies of scale, government incentives, and research and development efforts have contributed to the decreasing costs of solar panels, making them more accessible to a wider range of consumers and businesses.
However, the initial investment cost is predicted to hinder the market growth. The initial investment required to install solar systems which can present a notable obstacle for both consumers and businesses. The overall cost of establishing a solar system encompasses various components and installation expenses despite the gradual reduction in solar panel prices over time. The price of solar panels is contingent upon their type, size, and quality. Panels with advanced features or high-efficiency capabilities may command a higher price point. Proper installation of solar panels requires skilled professionals and labor. The installation process includes site assessment, designing the system, obtaining necessary permits, and safely connecting the solar system to the electrical grid. The cost of labor can vary depending on the complexity of the installation and local labor rates.
Improved energy storage needed for solar panels find a challenge in the market. Solar panels present a valuable opportunity for renewable energy generation. However, they encounter a challenge in terms of intermittent power production due to their reliance on sunlight availability, which fluctuates throughout the day and ceases at night. To address this issue, energy storage systems have emerged as a solution that allows the capture and storage of surplus energy produced during sunny periods. The stored energy can be utilized during periods of low sunlight, ensuring a stable and dependable power output.
Energy storage allows for time shifting of solar energy. Excess energy generated during the day can be stored and used during peak demand periods, such as evenings or cloudy days. This flexibility in energy usage helps optimize the value and effectiveness of solar power systems. Energy storage systems can enhance the stability and resilience of the electrical grid. A stable and dependable power supply from solar energy and energy storage can eliminate the need for standby fossil fuel-based power plants. It can also aid in reducing grid disruptions such as voltage and frequency changes.
The solar panel market analysis into type, grid type, technology, application, end-use industry, and region. On the basis of type, the market is classified into crystalline silicon, thin film, and others. On the basis of grid type, the market is divided into on-grid, and off-grid. On the basis of technology, the market is bifurcated into photovoltaic systems and concentrated solar power systems. Based on solar module the market is divided into monocrystalline, polycrystalline, cadmium telluride, amorphous silicon cells, and others. By application, the market is categorized into residential, commercial, and industrial. On the basis of the end-use industry, the market is fragmented into electricity generation, lighting, heating, and charging. On the basis of region, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
The key players profiled in the study of solar panel market include Trina Solar Limited, Canadian Solar Inc., Jinko Solar Holding Co. Ltd., JA Solar Technology Co., Ltd, Yingli Solar, SunPower Corporation, RenewSys India Pvt, Panasonic Corporation, REC Solar Holdings AS, and LG Electronics. These players have adopted several strategies to drive the growth of market.
Key Market Insights:
In terms of grid type, the off-grid is the fastest growing segment with 9.3% of CAGR.By technology, concentrated solar power systems is the fastest-growing segment accounting for 8.7% of the CAGR.
By application, the industrial segment dominated the solar panel market in 2022 accounting for one-third of the market share.
By end-use industry, charging is the fastest-growing segment in the solar panel market in 2022.
By region, Asia-Pacific was collectively the highest revenue contributor and fastest-growing region with a CAGR of 8.5%.
Companies Mentioned
- Canadian Solar
- JA SOLAR Technology Co.,Ltd.
- Jinko Solar Holding Co. Ltd.
- LG Electronics Inc.
- Panasonic Corporation
- REC Solar Holdings AS
- RenewSys India Pvt. Ltd.
- SunPower Corporation
- Trina Solar Limited.
- Yingli Solar
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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