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Solar Panel Market Size, Share, Trend, growth | Report 2031

Solar Panel Market

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Segments - by Types (Monocrystalline, Polycrystalline, Thin Film, and Others), Grid Types (On-grid and Off-grid), Applications (Residential, Commercial, Industrial, and Others), and Regions (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 – 2031

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Report Description

Solar Panel Market Outlook 2031

The global market size was valued at USD 157.47 Billion in 2022 and is projected to reach USD 309.58 Billion by 2031, expanding at a CAGR of 7.8% during the forecast period 2023 - 2031. The growth of the market is attributed to the increasing demand for clean energy.

Solar energy refers to radiation, heat, and light released by the sun. The amount of solar energy that the earth receives is more than the current and anticipated energy requirement of the globe. If harnessed suitably, solar energy can become a nonpolluting, renewable, and inexhaustible supply of energy.

Solar panels are an assembly of photovoltaic cells, which are specialized semiconductor diode that converts solar light into direct current. These cells can convert infrared and ultraviolet radiation into direct currents. These cells are installed in a framework usually on a rooftop, where the photovoltaic cells can get direct sunlight.

Solar energy is a reliable and inexhaustible source of energy, and it is cost-effective. The sun provides limitless energy to meet all the energy needs. It does not pollute air and water. It reduces carbon emissions, as there is no need of burning any type of fuel to create solar energy. Usage of solar energy promotes energy independence, as it does not have to rely on the power grid. Investing in the installation and maintenance of solar panels can facilitate individuals in generating solar energy.

Solar Panel Market Trends, Drivers, Restraints, and Opportunities

Rising demand for clean and renewable energy is expected to drive the market during the forecast period.
Increasing focus on reducing carbon emission and the negative effects of electricity generation using non-renewable sources boost the market.
Growing government policies, programs, and incentives to promote the usage of solar panels across the globe fuel the market.
High installation cost of solar panels is expected to hamper the solar panel market growth.
Unreliable source of energy, that is sun or sunshine, used in solar panels is anticipated to hinder the solar panel market growth in the coming years.
Rising adoption of solar panels in remote areas for electricity offers growth opportunities to the market players.

Scope of Solar Panel Market Report

The report on the global solar panel market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Attributes	Details
Report Title	Solar Panel Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Base Year	2022
Historic Data	2016 –2021
Forecast Period	2023– 2031
Segmentation	Types (Monocrystalline, Polycrystalline, Thin Film, and Others), Grid Types (On-grid and Off-grid), and Applications (Residential, Commercial, Industrial, and Others)
Regional Scope	Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Report Coverage	Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report	Canadian Solar; Trina Solar Co., Ltd.; First Solar, Inc.; Jinko Solar ICP; LONGi; Q CELLS; Talesun; ABROS green GmbH; SunPower Corporation; Risen Energy Co., Ltd.; Canadian Utilities Limited; Photonix Solar Private Limited; eSolar; Yingli Solar; and Others

Solar Panel Market Segment Insights

Thin film segment expands rapidly

On the basis of types, the market is divided into monocrystalline, polycrystalline, thin film, and others. The thin film segment is expected to hold a key market share during the forecast period, due to the durable, flexible, lightweight, and strong materials used in thin film solar panels.

These factors facilitate the increasing usage of thin film solar panels in commercial and large-scale utility projects. These panels have reduced installation costs, which aids in the expansion of the segment. The crystalline segment is anticipated to register a significant CAGR during the forecast period, owing to the low weight, extended life, and low cost of silicon semiconductors used in crystalline solar panels.

Off-grid segment holds a key market share

In terms of grid types, the solar panel market share is bifurcated into on-grid and off-grid. The off-grid segment is projected to dominate the market during the forecast period, owing to increasing energy demand from isolated locations across the globe.

Increasing implementation of numerous regulatory policies to decentralize the power generation sector boosts the expansion of the off-grid segment. Low operating and maintenance cost is the key factor contributing to the expansion of the on-grid segment in the market.

Industrial segment holds a significant share

Based on applications, the solar panel market share is segregated into residential, commercial, industrial, and others. The industrial segment is anticipated to dominate the market during the forecast period, due to the increasing demand for clean energy for the growing number of utility projects across the industrial sector. The commercial segment is anticipated to expand in the coming years, due to the rapid adoption of solar panels in offices, businesses, and other commercial buildings.

Asia Pacific dominates the market

In terms of regions, the market is segmented into Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market in Asia Pacific is expected to register a high CAGR during the forecast period, as governments in countries such as India and China continuously promote the use of solar energy in the countries.

Increasing installation of solar power projects in these countries contributes to the expansion of the market in Asia Pacific. The market in North America held a significant market share in 2021. It is projected to expand rapidly during the forecast period, due to government policies and incentives to promote solar panels across the region.

Segments

The global solar panel market has been segmented on the basis of

Types

Monocrystalline
Polycrystalline
Thin Film
Others

Grid Types

On-grid
Off-grid

Applications

Residential
Commercial
Industrial
Others

Regions

Asia Pacific
North America
Latin America
Europe
Middle East & Africa

Key Players

Canadian Solar
Trina Solar Co., Ltd.
First Solar, Inc.
Jinko Solar ICP
LONGi
Q CELLS
Talesun
ABROS green GmbH
SunPower Corporation
Risen Energy Co., Ltd.
Canadian Utilities Limited
Photonix Solar Private Limited
eSolar
Yingli Solar
Others

Competitive Landscape

The global solar panel market is competitive with the presence of the key players such as Canadian Solar; Trina Solar Co., Ltd.; First Solar, Inc.; Jinko Solar ICP; LONGi; Q CELLS; Talesun; ABROS green GmbH; SunPower Corporation; Risen Energy Co., Ltd.; Canadian Utilities Limited; Photonix Solar Private Limited; eSolar; Yingli Solar; and others. They use business strategies such as collaborations, acquisitions, partnerships, mergers, and product launches to strengthen their hold on the market.

For example, in November 2020, Canadian Utilities Limited announced the completion of a Canada-based large off-grid solar project, which is anticipated to increase demand for solar panels in the country. In May 2022, Jink Solar ICP signed an agreement with Aldo Solar, a Latin America-based distributor of solar energy solutions, to introduce new N-Type ultra-efficiency photovoltaic Tiger Neo modules by the company in Brazil.

Table Of Content

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Solar Panel Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Solar Panel Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Solar Panel Market - Supply Chain
  4.5. Global Solar Panel Market Forecast
     4.5.1. Solar Panel Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Solar Panel Market Size (000â€™ Units) and Y-o-Y Growth
     4.5.3. Solar Panel Market Absolute $ Opportunity
5. Global Solar Panel Market Analysis and Forecast by Types
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Types
     5.2.2. Y-o-Y Growth Projections by Types
  5.3. Solar Panel Market Size and Volume Forecast by Types
     5.3.1. Monocrystalline
     5.3.2. Polycrystalline
     5.3.3. Thin Film
     5.3.4. Others
  5.4. Absolute $ Opportunity Assessment by Types
  5.5. Market Attractiveness/Growth Potential Analysis by Types
6. Global Solar Panel Market Analysis and Forecast by Applications
  6.1. Market Trends
  6.2. Introduction
     6.2.1. Basis Point Share (BPS) Analysis by Applications
     6.2.2. Y-o-Y Growth Projections by Applications
  6.3. Solar Panel Market Size and Volume Forecast by Applications
     6.3.1. Residential
     6.3.2. Commercial
     6.3.3. Industrial
     6.3.4. Others
  6.4. Absolute $ Opportunity Assessment by Applications
  6.5. Market Attractiveness/Growth Potential Analysis by Applications
7. Global Solar Panel Market Analysis and Forecast by Region
  7.1. Market Trends
  7.2. Introduction
     7.2.1. Basis Point Share (BPS) Analysis by Region
     7.2.2. Y-o-Y Growth Projections by Region
  7.3. Solar Panel Market Size and Volume Forecast by Region
     7.3.1. North America
     7.3.2. Latin America
     7.3.3. Europe
     7.3.4. Asia Pacific
     7.3.5. Middle East and Africa (MEA)
  7.4. Absolute $ Opportunity Assessment by Region
  7.5. Market Attractiveness/Growth Potential Analysis by Region
  7.6. Global Solar Panel Demand Share Forecast, 2019-2026
8. North America Solar Panel Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
  8.2. North America Solar Panel Market Size and Volume Forecast by Country
     8.2.1. U.S.
     8.2.2. Canada
  8.3. Absolute $ Opportunity Assessment by Country
  8.4. North America Solar Panel Market Size and Volume Forecast by Types
     8.4.1. Monocrystalline
     8.4.2. Polycrystalline
     8.4.3. Thin Film
     8.4.4. Others
  8.5. Basis Point Share (BPS) Analysis by Types
  8.6. Y-o-Y Growth Projections by Types
  8.7. North America Solar Panel Market Size and Volume Forecast by Applications
     8.7.1. Residential
     8.7.2. Commercial
     8.7.3. Industrial
     8.7.4. Others
  8.8. Basis Point Share (BPS) Analysis by Applications
  8.9. Y-o-Y Growth Projections by Applications
  8.10. Market Attractiveness/Growth Potential Analysis
     8.10.1. By Country
     8.10.2. By Product Type
     8.10.3. By Application
  8.11. North America Solar Panel Demand Share Forecast, 2019-2026
9. Latin America Solar Panel Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Latin America Average Pricing Analysis
  9.2. Latin America Solar Panel Market Size and Volume Forecast by Country
      9.2.1. Brazil
      9.2.2. Mexico
      9.2.3. Rest of Latin America
   9.3. Absolute $ Opportunity Assessment by Country
  9.4. Latin America Solar Panel Market Size and Volume Forecast by Types
     9.4.1. Monocrystalline
     9.4.2. Polycrystalline
     9.4.3. Thin Film
     9.4.4. Others
  9.5. Basis Point Share (BPS) Analysis by Types
  9.6. Y-o-Y Growth Projections by Types
  9.7. Latin America Solar Panel Market Size and Volume Forecast by Applications
     9.7.1. Residential
     9.7.2. Commercial
     9.7.3. Industrial
     9.7.4. Others
  9.8. Basis Point Share (BPS) Analysis by Applications
  9.9. Y-o-Y Growth Projections by Applications
  9.10. Market Attractiveness/Growth Potential Analysis
     9.10.1. By Country
     9.10.2. By Product Type
     9.10.3. By Application
  9.11. Latin America Solar Panel Demand Share Forecast, 2019-2026
10. Europe Solar Panel Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Europe Average Pricing Analysis
  10.2. Europe Solar Panel Market Size and Volume Forecast by Country
     10.2.1. Germany
     10.2.2. France
     10.2.3. Italy
     10.2.4. U.K.
     10.2.5. Spain
     10.2.6. Russia
     10.2.7. Rest of Europe
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Europe Solar Panel Market Size and Volume Forecast by Types
     10.4.1. Monocrystalline
     10.4.2. Polycrystalline
     10.4.3. Thin Film
     10.4.4. Others
  10.5. Basis Point Share (BPS) Analysis by Types
  10.6. Y-o-Y Growth Projections by Types
  10.7. Europe Solar Panel Market Size and Volume Forecast by Applications
     10.7.1. Residential
     10.7.2. Commercial
     10.7.3. Industrial
     10.7.4. Others
  10.8. Basis Point Share (BPS) Analysis by Applications
  10.9. Y-o-Y Growth Projections by Applications
  10.10. Market Attractiveness/Growth Potential Analysis
     10.10.1. By Country
     10.10.2. By Product Type
     10.10.3. By Application
  10.11. Europe Solar Panel Demand Share Forecast, 2019-2026
11. Asia Pacific Solar Panel Market Analysis and Forecast
  11.1. Introduction
     11.1.1. Basis Point Share (BPS) Analysis by Country
     11.1.2. Y-o-Y Growth Projections by Country
     11.1.3. Asia Pacific Average Pricing Analysis
  11.2. Asia Pacific Solar Panel Market Size and Volume Forecast by Country
     11.2.1. China
     11.2.2. Japan
     11.2.3. South Korea
     11.2.4. India
     11.2.5. Australia
     11.2.6. Rest of Asia Pacific (APAC)
  11.3. Absolute $ Opportunity Assessment by Country
  11.4. Asia Pacific Solar Panel Market Size and Volume Forecast by Types
     11.4.1. Monocrystalline
     11.4.2. Polycrystalline
     11.4.3. Thin Film
     11.4.4. Others
  11.5. Basis Point Share (BPS) Analysis by Types
  11.6. Y-o-Y Growth Projections by Types
  11.7. Asia Pacific Solar Panel Market Size and Volume Forecast by Applications
     11.7.1. Residential
     11.7.2. Commercial
     11.7.3. Industrial
     11.7.4. Others
  11.8. Basis Point Share (BPS) Analysis by Applications
  11.9. Y-o-Y Growth Projections by Applications
  11.10. Market Attractiveness/Growth Potential Analysis
     11.10.1. By Country
     11.10.2. By Product Type
     11.10.3. By Application
  11.11. Asia Pacific Solar Panel Demand Share Forecast, 2019-2026
12. Middle East & Africa Solar Panel Market Analysis and Forecast
  12.1. Introduction
     12.1.1. Basis Point Share (BPS) Analysis by Country
     12.1.2. Y-o-Y Growth Projections by Country
     12.1.3. Middle East & Africa Average Pricing Analysis
  12.2. Middle East & Africa Solar Panel Market Size and Volume Forecast by Country
     12.2.1. Saudi Arabia
     12.2.2. South Africa
     12.2.3. UAE
     12.2.4. Rest of Middle East & Africa (MEA)
  12.3. Absolute $ Opportunity Assessment by Country
  12.4. Middle East & Africa Solar Panel Market Size and Volume Forecast by Types
     12.4.1. Monocrystalline
     12.4.2. Polycrystalline
     12.4.3. Thin Film
     12.4.4. Others
  12.5. Basis Point Share (BPS) Analysis by Types
  12.6. Y-o-Y Growth Projections by Types
  12.7. Middle East & Africa Solar Panel Market Size and Volume Forecast by Applications
     12.7.1. Residential
     12.7.2. Commercial
     12.7.3. Industrial
     12.7.4. Others
  12.8. Basis Point Share (BPS) Analysis by Applications
  12.9. Y-o-Y Growth Projections by Applications
  12.10. Market Attractiveness/Growth Potential Analysis
     12.10.1. By Country
     12.10.2. By Product Type
     12.10.3. By Application
  12.11. Middle East & Africa Solar Panel Demand Share Forecast, 2019-2026
13. Competition Landscape
  13.1. Global Solar Panel Market: Market Share Analysis
  13.2. Solar Panel Distributors and Customers
  13.3. Solar Panel Market: Competitive Dashboard
  13.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     13.4.1. Canadian Solar
     13.4.2. Trina Solar Co., Ltd.
     13.4.3. First Solar, Inc.
     13.4.4. Jinko Solar ICP
     13.4.5. LONGi
     13.4.6. Q CELLS
     13.4.7. Talesun
     13.4.8. ABROS green GmbH
     13.4.9. SunPower Corporation
     13.4.10. Risen Energy Co., Ltd.
     13.4.11. Canadian Utilities Lim

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