Solar Panels Market Research Report – Forecast to 2027

Solar Panels Market By Technology (Solar PV, CSP), By Module Type (Crystalline, Thin Film, Parabolic Troughs, Linear Fresnel Reflectors, Power Towers, Parabolic Dishes) By Application (Residential, Commercial, Power Plants, Off-Grid) - Global Forecast to 2027

ID: MRFR/E&P/2346-CR | February 2020 | Region: Global | 124 pages

Impact of COVID-19 on the Global Solar Panels Market
Solar Panels Market


 Source: Primary Experts, Secondary Sources, and MRFR Analysis


COVID-19 is proving to be a significant challenge for the renewable power industry, resulting in a shortage of hardware components supply. Due to the lockdown enforced by countries worldwide, solar construction and development growth is slowing down. As per Bloomberg New Energy Finance (BNEF), the global solar outlook is dropped from 152 GW to 143 GW. Moreover, China being the largest market for solar energy generation, the slowdown in the country’s economic growth has affected the overall generation and renewable energy investment globally. China is a leader in terms of solar photovoltaic installations and the production of solar PV panels. According to Global Energy Data, the country accounts for more than 35% of the global solar installation. China’s annual installation was expected to reach around 30 GW by 2020. However, COVID-19 is likely to impact solar installations. Furthermore, the US is dependent on solar PV production from China.


FIGURE: PLANNED US ELECTRIC GENERATION CAPACITY ADDITIONS IN GIGAWATTS, 2020
PLANNED US ELECTRIC GENERATION CAPACITY ADDITIONS


Source: US Energy Information Administration (EIA)


The outbreak beginning in China has led to a shortage of supply in the US. Solar panel manufacturers are facing delays due to a shortage of raw material and labor force, leading to shut down businesses and delayed project schedules. Two major issues faced by the solar industry include disruption in the supply of components such as panels and inverters and labor shortages to limit social contact. Large investments have been put on hold by rooftop solar house owners. Similarly, in India, the pandemic has caused delays in the procurement of solar modules, panels, inverts, and other components, which is leading to a delay in the commissioning of solar projects. 

1 Executive Summary

2 Introduction

2.1 Definition 13

2.2 Scope Of The Study 13

2.3 Assumptions 13

2.4 Market Structure 14

3 Research Methodology

3.1 Research Process 15

3.2 Primary Research 16

3.3 Secondary Research 16

3.4 Market Size Estimation 16

3.5 Forecast Model 18

4 Market Dynamics

4.1 Drivers 20

4.1.1 Growing Solar Systems Installations 20

4.1.2 Government Initiatives And Policies 21

4.1.3 Reduction In Carbon Emission 22

4.2 Growth Drivers: Impact Analysis 23

4.3 Restraints 23

4.3.1 Low Power Generation Capacity 23

4.3.2 Land Use Constraints 24

4.4 Growth Barriers: Impact Analysis 24

4.5 Opportunity 25

4.5.1 As Power Source In Remote Areas 25

4.5.2 Solar Energy Storage 25

5 Market Factor Analysis

5.1 Porter’s 5 Forces Analysis 26

5.1.1 Threat Of New Entrants 27

5.1.2 Bargaining Power Of Suppliers 27

5.1.3 Threat Of Substitutes 27

5.1.4 Bargaining Power Of Buyers 27

5.1.5 Segment Rivalry 27

5.2 Value Chain Analysis 28

6 Global Solar Panels Market, By Technology

6.1 Introduction 31

6.2 Solar PV 33

6.3 Concentrated Solar Power (CSP) 33

7 Global Solar Panels Market, By Module Type

7.1 Introduction 35

7.2 Crystalline 37

7.3 Thin Film 37

7.4 Parabolic Troughs 37

7.5 Linear Fresnel Reflectors 38

7.6 Power Towers 38

7.7 Parabolic Dishes 38

8 Global Solar Panels Market, By Application

8.1 Introduction 40

8.2 Residential 42

8.3 Commercial 42

8.4 Utilities 43

9 Solar Panels Market, By Region

9.1 Introduction 45

9.2 Asia Pacific 46

9.2.1 China 49

9.2.2 Japan 50

9.2.3 India 52

9.2.4 Australia 54

9.2.5 Rest Of Asia Pacific 56

9.3 Europe 58

9.3.1 Germany 60

9.3.2 Italy 62

9.3.3 U.K. 63

9.3.4 Spain 65

9.3.5 Rest Of Europe 67

9.4 North America 69

9.4.1 U.S. 71

9.4.2 Canada 73

9.5 Rest Of The World 74

9.5.1 Middle East 77

9.5.2 Africa 78

9.5.3 Latin America 80

10 Company Profiles

10.1 Competitive Scenario 82

10.1.1 Competitive Landscape 82

10.1.2 Partnerships And Collaborations. 83

10.1.3 New Product Development. 84

10.1.4 Expansions 85

10.2 Trina Solar 86

10.2.1 Company Overview 86

10.2.2 Product/Service Offering 87

10.2.3 Financial Overview 88

10.2.4 Strategy 89

10.3 Canadian Solar Inc. 91

10.3.1 Company Overview 91

10.3.2 Product/Service Offering 92

10.3.3 Financial Overview 93

10.3.4 Strategy 94

10.4 Jinko Solar Holding Co., Ltd. 96

10.4.1 Company Overview 96

10.4.2 Product/Service Offering 97

10.4.3 Financial Overview 98

10.4.4 Strategy 99

10.5 Hanwha Q CELLS Co., Ltd., 101

10.5.1 Company Overview 101

10.5.2 Product/Service Offering 101

10.5.3 Financial Overview 101

10.5.4 Strategy 103

10.6 ABROS Green GmbH. 105

10.6.1 Company Overview 105

10.6.2 Product/Service Offering 105

10.6.3 Financial Overview 105

10.6.4 Strategy 105

10.7 SunPower Corporation 106

10.7.1 Company Overview 106

10.7.2 Financial Overview 106

10.7.3 Product/Service Offering 107

10.7.4 Strategy 108

10.7.5 SWOT Analysis 109

10.8 Abengoa Solar 110

10.8.1 Company Overview 110

10.8.2 Financial Overview 110

10.8.3 Product/Service Offering 111

10.8.4 Strategy 112

10.8.5 SWOT Analysis 113

10.9 Yingli Solar 114

10.9.1 Company Overview 114

10.9.2 Financial Overview 114

10.9.3 Product/Service Offering 115

10.9.4 Strategy 117

10.9.5 SWOT Analysis 118

10.10 JA Solar Holdings Co., Ltd. 119

10.10.1 Company Overview 119

10.10.2 9.10.2 Financial Overview 119

10.10.3 Product/Service Offering 120

10.10.4 Strategy 120

10.10.5 SWOT Analysis 122

10.11 ESolar, Inc. 123

10.11.1 Company Overview 123

10.11.2 Financial Overview 123

10.11.3 Product/Service Offering 123

10.11.4 Strategy 123

11 List Of Tables

TABLE 1 MARKET SYNOPSIS 12

TABLE 2 GLOBAL SOLAR PANELS MARKET, BY TECHNOLOGY, 2020 (%) 31

TABLE 3 GLOBAL SOLAR PANELS MARKET, BY TECHNOLOGY, 2020-2027 (USD MILLION) 32

TABLE 4 GLOBAL SOLAR PANELS MARKET, BY MODULE TYPE, 2020-2027 (USD MILLION) 36

TABLE 5 GLOBAL SOLAR PANELS MARKET, BY APPLICATION, 2020-2027 (USD MILLION) 41

TABLE 6 ASIA PACIFIC : GLOBAL SOLAR PANELS MARKET, BY COUNTRY, 2020-2027 (USD MILLION) 47

TABLE 7 ASIA PACIFIC : GLOBAL SOLAR PANELS MARKET, BY TECHNOLOGY, 2020-2027 (USD MILLION) 47

TABLE 8 ASIA PACIFIC : GLOBAL SOLAR PANELS MARKET, BY MODULE TPE, 2020-2027 (USD MILLION) 48

TABLE 9 ASIA PACIFIC : GLOBAL SOLAR PANELS MARKET, BY APPLICATION, 2020-2027 (USD MILLION) 48

TABLE 10 CHINA: GLOBAL SOLAR PANELS MARKET, BY TECHNOLOGY, 2020-2027 (USD MILLION) 49

TABLE 11 CHINA: GLOBAL SOLAR PANELS MARKET, BY MODULE TPE, 2020-2027 (USD MILLION) 49

TABLE 12 CHINA: GLOBAL SOLAR PANELS MARKET, BY APPLICATION, 2020-2027 (USD MILLION) 50

TABLE 13 JAPAN: GLOBAL SOLAR PANELS MARKET, BY TECHNOLOGY, 2020-2027 (USD MILLION) 51

TABLE 14 JAPAN: GLOBAL SOLAR PANELS MARKET, BY MODULE TPE, 2020-2027 (USD MILLION) 51

TABLE 15 JAPAN: GLOBAL SOLAR PANELS MARKET, BY APPLICATION, 2020-2027 (USD MILLION) 52

TABLE 16 INDIA: GLOBAL SOLAR PANELS MARKET, BY TECHNOLOGY, 2020-2027 (USD MILLION) 52

TABLE 17 INDIA: GLOBAL SOLAR PANELS MARKET, BY MODULE TPE, 2020-2027 (USD MILLION) 53

TABLE 18 INDIA: GLOBAL SOLAR PANELS MARKET, BY APPLICATION, 2020-2027 (USD MILLION) 53

TABLE 19 AUSTRALIA: GLOBAL SOLAR PANELS MARKET, BY TECHNOLOGY, 2020-2027 (USD MILLION) 54

TABLE 20 AUSTRALIA: GLOBAL SOLAR PANELS MARKET, BY MODULE TPE, 2020-2027 (USD MILLION) 55

TABLE 21 AUSTRALIA: GLOBAL SOLAR PANELS MARKET, BY APPLICATION, 2020-2027 (USD MILLION) 55

TABLE 22 REST OF ASIA PACIFIC : GLOBAL SOLAR PANELS MARKET, BY TECHNOLOGY, 2020-2027 (USD MILLION) 56

TABLE 23 REST OF ASIA PACIFIC : GLOBAL SOLAR PANELS MARKET, BY MODULE TPE, 2020-2027 (USD MILLION) 57

TABLE 24 REST OF ASIA PACIFIC : GLOBAL SOLAR PANELS MARKET, BY APPLICATION, 2020-2027 (USD MILLION) 57

TABLE 25 EUROPE: GLOBAL SOLAR PANELS MARKET, BY COUNTRY, 2020-2027 (USD MILLION) 58

TABLE 26 EUROPE: GLOBAL SOLAR PANELS MARKET, BY TECHNOLOGY, 2020-2027 (USD MILLION) 59

TABLE 27 EUROPE: GLOBAL SOLAR PANELS MARKET, BY MODULE TPE, 2020-2027 (USD MILLION) 59

TABLE 28 EUROPE: GLOBAL SOLAR PANELS MARKET, BY APPLICATION, 2020-2027 (USD MILLION) 60

TABLE 29 GERMANY: GLOBAL SOLAR PANELS MARKET, BY TECHNOLOGY, 2020-2027 (USD MILLION) 60

TABLE 30 GERMANY: GLOBAL SOLAR PANELS MARKET, BY MODULE TPE, 2020-2027 (USD MILLION) 61

TABLE 31 GERMANY: GLOBAL SOLAR PANELS MARKET, BY APPLICATION, 2020-2027 (USD MILLION) 61

TABLE 32 ITALY: GLOBAL SOLAR PANELS MARKET, BY TECHNOLOGY, 2020-2027 (USD MILLION) 62

TABLE 33 ITALY: GLOBAL SOLAR PANELS MARKET, BY MODULE TPE, 2020-2027 (USD MILLION) 62

TABLE 34 ITALY: GLOBAL SOLAR PANELS MARKET, BY APPLICATION, 2020-2027 (USD MILLION) 63

TABLE 35 U.K.: GLOBAL SOLAR PANELS MARKET, BY TECHNOLOGY, 2020-2027 (USD MILLION) 64

TABLE 36 U.K.: GLOBAL SOLAR PANELS MARKET, BY MODULE TPE, 2020-2027 (USD MILLION) 64

TABLE 37 U.K.: GLOBAL SOLAR PANELS MARKET, BY APPLICATION, 2020-2027 (USD MILLION) 65

TABLE 38 SPAIN: GLOBAL SOLAR PANELS MARKET, BY TECHNOLOGY, 2020-2027 (USD MILLION) 65

TABLE 39 SPAIN: GLOBAL SOLAR PANELS MARKET, BY MODULE TPE, 2020-2027 (USD MILLION) 66

TABLE 40 SPAIN: GLOBAL SOLAR PANELS MARKET, BY APPLICATION, 2020-2027 (USD MILLION) 66

TABLE 41 REST OF EUROPE: GLOBAL SOLAR PANELS MARKET, BY TECHNOLOGY, 2020-2027 (USD MILLION) 67

TABLE 42 REST OF EUROPE: GLOBAL SOLAR PANELS MARKET, BY MODULE TPE, 2020-2027 (USD MILLION) 67

TABLE 43 REST OF EUROPE: GLOBAL SOLAR PANELS MARKET, BY APPLICATION, 2020-2027 (USD MILLION) 68

TABLE 44 NORTH AMERICA: GLOBAL SOLAR PANELS MARKET, BY COUNTRY, 2020-2027 (USD MILLION) 69

TABLE 45 NORTH AMERICA: GLOBAL SOLAR PANELS MARKET, BY TECHNOLOGY, 2020-2027 (USD MILLION) 70

TABLE 46 NORTH AMERICA: GLOBAL SOLAR PANELS MARKET, BY MODULE TPE, 2020-2027 (USD MILLION) 70

TABLE 47 NORTH AMERICA: GLOBAL SOLAR PANELS MARKET, BY APPLICATION, 2020-2027 (USD MILLION) 71

TABLE 48 U.S.: GLOBAL SOLAR PANELS MARKET, BY TECHNOLOGY, 2020-2027 (USD MILLION) 71

TABLE 49 U.S.: GLOBAL SOLAR PANELS MARKET, BY MODULE TPE, 2020-2027 (USD MILLION) 71

TABLE 50 U.S.: GLOBAL SOLAR PANELS MARKET, BY APPLICATION, 2020-2027 (USD MILLION) 72

TABLE 51 CANADA: GLOBAL SOLAR PANELS MARKET, BY TECHNOLOGY, 2020-2027 (USD MILLION) 73

TABLE 52 CANADA: GLOBAL SOLAR PANELS MARKET, BY MODULE TPE, 2020-2027 (USD MILLION) 73

TABLE 53 CANADA: GLOBAL SOLAR PANELS MARKET, BY APPLICATION, 2020-2027 (USD MILLION) 74

TABLE 54 REST OF THE WORLD: GLOBAL SOLAR PANELS MARKET SHARE, BY COUNTRY, 2020 (% SHARE) 74

TABLE 55 REST OF THE WORLD: GLOBAL SOLAR PANELS MARKET, BY REGION, 2020-2027 (USD MILLION) 75

TABLE 56 REST OF THE WORLD: GLOBAL SOLAR PANELS MARKET, BY TECHNOLOGY, 2020-2027 (USD MILLION) 75

TABLE 57 REST OF THE WORLD: GLOBAL SOLAR PANELS MARKET, BY MODULE TYPE, 2020-2027 (USD MILLION) 76

TABLE 58 REST OF THE WORLD: GLOBAL SOLAR PANELS MARKET, BY APPLICATION, 2020-2027 (USD MILLION) 76

TABLE 59 MIDDLE EAST: GLOBAL SOLAR PANELS MARKET, BY TECHNOLOGY, 2020-2027 (USD MILLION) 77

TABLE 60 REST OF THE WORLD: GLOBAL SOLAR PANELS MARKET, BY MODULE TYPE, 2020-2027 (USD MILLION) 77

TABLE 61 REST OF THE WORLD: GLOBAL SOLAR PANELS MARKET, BY APPLICATION, 2020-2027 (USD MILLION) 77

TABLE 62 AFRICA: GLOBAL SOLAR PANELS MARKET, BY TECHNOLOGY, 2020-2027 (USD MILLION) 78

TABLE 63 AFRICA: GLOBAL SOLAR PANELS MARKET, BY MODULE TYPE, 2020-2027 (USD MILLION) 78

TABLE 64 AFRICA: GLOBAL SOLAR PANELS MARKET, BY APPLICATION, 2020-2027 (USD MILLION) 79

TABLE 65 LATIN AMERICA: GLOBAL SOLAR PANELS MARKET, BY TECHNOLOGY, 2020-2027 (USD MILLION) 80

TABLE 66 LATIN AMERICA: GLOBAL SOLAR PANELS MARKET, BY MODULE TYPE, 2020-2027 (USD MILLION) 81

TABLE 67 LATIN AMERICA: GLOBAL SOLAR PANELS MARKET, BY APPLICATION, 2020-2027 (USD MILLION) 81

12 List Of Figures

FIGURE 1 RESEARCH PROCESS OF MRFR 15

FIGURE 2 TOP DOWN & BOTTOM UP APPROACH 17

FIGURE 3 FORECAST MODEL FOR SOLAR PANELS 18

FIGURE 4 DRIVERS, RESTRAINTS, AND OPPORTUNITIES OF GLOBAL SOLAR PANELS MARKET 19

FIGURE 5 GLOBAL TRENDS IN RENEWABLE ENERGY INVESTMENT, SOLAR ENERGY, 2020 (USD BILLION) 21

FIGURE 6 GROWTH DRIVERS: IMPACT ANALYSIS 23

FIGURE 7 GROWTH BARRIERS: IMPACT ANALYSIS 24

FIGURE 8 PORTER'S 5 FORCES ANALYSIS OF GLOBAL SOLAR PANELS MARKET 26

FIGURE 9 GLOBAL SOLAR PANELS MARKET, BY TECHNOLOGY, 2020-2027 (USD MILLION) 32

FIGURE 10 GLOBAL SOLAR PANELS MARKET, BY MODULE TYPE, 2020 (%) 35

FIGURE 11 GLOBAL SOLAR PANELS MARKET, BY MODULE TYPE, 2020-2027 (USD MILLION) 36

FIGURE 12 GLOBAL SOLAR PANELS MARKET, BY APPLICATION, 2020 (%) 40

FIGURE 13 GLOBAL SOLAR PANELS MARKET, BY APPLICATION, 2020-2027 (USD MILLION) 41

FIGURE 14 GLOBAL SOLAR PANELS MARKET, BY REGION, 2020-2027 (USD MILLION) 45

FIGURE 15 GLOBAL SOLAR PANELS MARKET, BY REGION, 2020-2027 (USD MILLION) 46

FIGURE 16 ASIA PACIFIC : GLOBAL SOLAR PANELS MARKET SHARE, BY COUNTRY, 2020 (% SHARE) 46

FIGURE 17 EUROPE: GLOBAL SOLAR PANELS MARKET SHARE, BY COUNTRY, 2020 (% SHARE) 58

FIGURE 18 NORTH AMERICA: GLOBAL SOLAR PANELS MARKET SHARE, BY COUNTRY, 2020 (% SHARE) 69

FIGURE 19 GROWTH STRATEGIES ADOPTED BY KEY PLAYERS IN GLOBAL SOLAR PANEL MARKET, 2018-2020, (%) 82

FIGURE 20 PARTNERSHIPS AND COLLABORATIONS: % SHARE BY KEY PLAYERS, 2018-2020, (%) 83

FIGURE 21 NEW PRODUCT DEVELOPMENT: % SHARE BY KEY PLAYERS, 2018-2020, (%) 84

FIGURE 22 EXPANSIONS: % SHARE BY KEY PLAYERS, 2018-2020, (%) 85

FIGURE 23 TRINA SOLAR: TOTAL REVENUE VS SEGMENTAL REVENUE (MANUFACTURING AFTER INTERSEGMENT ELIMINATION) 88

FIGURE 24 TRINA SOLAR: GEOGRAPHICAL REVENUE MIX, 2015 (%) 89

FIGURE 25 TRINA SOLAR: KEY DEVELOPMENTS, 2018-2020 (%) 90

FIGURE 26 TRINA SOLAR: SWOT ANALYSIS 90

FIGURE 27 CANADIAN SOLAR INC.: TOTAL REVENUE VS SEGMENTAL REVENUE (MANUFACTURING AFTER INTERSEGMENT ELIMINATION) 93

FIGURE 28 CANADIAN SOLAR INC.: GEOGRAPHICAL REVENUE MIX, 2020 (%) 94

FIGURE 29 CANADIAN SOLAR INC.: KEY DEVELOPMENTS, 2018-2020 (%) 95

FIGURE 30 CANADIAN SOLAR INC.: SWOT ANALYSIS 95

FIGURE 31 JINKO SOLAR HOLDING CO., LTD.: TOTAL REVENUE VS SEGMENTAL REVENUE (SOLAR MODULES) 98

FIGURE 32 JINKO SOLAR HOLDING CO., LTD.: GEOGRAPHICAL REVENUE MIX, 2020 (%) 98

FIGURE 33 JINKO SOLAR HOLDING CO., LTD.: KEY DEVELOPMENTS, 2018-2020 (%) 99

FIGURE 34 JINKO SOLAR HOLDING CO., LTD.: SWOT ANALYSIS 100

FIGURE 35 HANWHA Q CELLS CO., LTD.: TOTAL REVENUE VS SEGMENTAL REVENUE (PV MODULE) 101

FIGURE 36 HANWHA Q CELLS CO., LTD.: GEOGRAPHICAL REVENUE MIX, 2020 (%) 102

FIGURE 37 HANWHA Q CELLS CO., LTD.: KEY DEVELOPMENTS, 2018-2020 (%) 103

FIGURE 38 HANWHA Q CELLS CO., LTD.: SWOT ANALYSIS 104

FIGURE 39 SUNPOWER CORPORATION : TOTAL REVENUE VS SEGMENTAL REVENUE (RESIDENTIAL,COMMERCIAL AND POWER PLANTS), 2018-2020 (USD MILLION) 106

FIGURE 40 SUNPOWER CORPORATION: GEOGRAPHIC REVENUE MIX, 2020 (%) 107

FIGURE 41 SUNPOWER CORPORATION: KEY DEVELOPMENTS, 2018-2020 (%) 108

FIGURE 42 ABENGOA S.A : TOTAL REVENUE VS SEGMENTAL REVENUE (ABENGOA SOLAR), 2018-2020 (USD MILLION) 110

FIGURE 43 ABENGOA S.A: GEOGRAPHIC REVENUE MIX, 2020 (%) 111

FIGURE 44 SUNPOWER CORPORATION: KEY DEVELOPMENTS, 2018-2020 (%) 112

FIGURE 45 YINGLI SOLAR : TOTAL REVENUES, 2018-2020 (USD MILLION) 114

FIGURE 46 SUNPOWER CORPORATION: KEY DEVELOPMENTS, 2018-2020 (%) 118

FIGURE 47 JA SOLAR HOLDINGS : TOTAL REVENUES, 2018-2020 (USD MILLION) 119

FIGURE 48 JA SOLAR HOLDINGS: GEOGRAPHIC REVENUE MIX, 2020 (%) 120

FIGURE 49 SUNPOWER CORPORATION: KEY DEVELOPMENTS, 2018-2020 (%) 121