ID: MRFR/E&P/2346-CR | July 2017 | Region: Global | 124 pages
Market Research Future (MRFR) expects the global solar panels market to grow at a CAGR of approximately 20.18% from 2015 to 2023 (forecast period). Growing environmental awareness among customers, provision of government incentives and tax rebates to install solar panels, and dramatically decreasing prices of key components to make solar cells/modules, such as silver and polysilicon, are key factors driving the growth of the solar panel industry. Cost-effective renewable forms of energy are becoming widely accepted over conventional sources of energy. Furthermore, solar panels do not burn fuel, which makes the process noise-free, pollution-free, and roughly two to three times more efficient than combustion technologies.
COVID-19 is proving to be a major obstacle for the renewable power industry, resulting in a lack of availability of hardware components. Due to the lockdown imposed by countries around the world, solar construction and development growth is slowing down. As stated by Bloomberg New Energy Finance (BNEF), the global solar outlook has fallen from 152 GW to 143 GW. Moreover, as China is the largest market for solar energy generation, the slowdown in the country's economic growth has affected global investment in generation and renewable energy. China is a pioneer in solar photovoltaic installations and the production of solar PV panels. As per Global Energy Data, the country accounts for more than 35% of global solar installations. China's annual facilities were expected to reach about 30 GW by 2020. However, COVID-19 is likely to have an effect on solar installations. In addition, the US depends on solar PV production from China.
The outbreak in China has contributed to a shortage of supply in the US. The manufacturers of solar panels are facing delays due to a shortage of raw materials and labor force, leading to a shutdown of companies and delayed project schedules. Two major problems facing the solar industry include instability in the supply of components, like panels and inverters, and labor shortages, to limit social contact. Significant investments have been made by rooftop solar house owners. Similarly, the pandemic has caused delays in the procurement of solar modules, panels, inverts, and other components in India, leading to delays in the commissioning of solar projects.
Increasing demand for solar-driven vehicles and electrical appliances
The rising demand for solar-driven vehicles and electrical appliances is contributing to a growing demand for solar panels across the globe. In addition, growing demand for PV installations, increasing adoption of storage grids, and substantial demand for solar panels in residential rooftop applications are expected to drive the growth of the solar panel industry.
Decline in the prices of main raw materials
Falling prices of main raw materials of solar panels, including silver and polysilicon, have been observed, along with falling prices for other industrial commodities used to make solar panels, which are estimated to push market growth in the coming years. In addition, rising electricity prices around the world, combined with cheaper solar panels and lower installation costs of solar panel systems, are contributing to a significant solar panel market growth.
Global Solar Panels Market has been segmented into Technology, Module Type, and Application.
By technology, the global solar panels market has been segmented into Solar PV and CSP.
By module type, the global solar panels market has been segmented into Crystalline, Thin Film, Parabolic Troughs, Linear Fresnel Reflectors, Power Towers, and Parabolic Dishes.
By application, the global solar panels market has been segmented into Residential, Commercial, Power Plants, and Off-Grid.
APAC to lead the global market
The Asia Pacific is the largest solar power market, followed by Europe and then North America. China alone shares almost 44% of the new solar PV capacity. Spain remained the world leader in existing CSP capacity, with 2.3 GW until the end of 2016, followed by the United States with just over 1.7 GW. These two countries also accounted for more than 80% of the global installed capacity.
Market competition among manufacturers is dramatically growing as a result of developments in PV-based power distribution systems. In addition, the price of solar modules varies in different countries, depending on the market demand orientation. In addition, decreased profitability of module manufacturers and stress over market consolidation is resulting in a decline in the prices of solar panels.
This study estimates revenue growth at global, regional, and national levels and offers insight into new updates in each of the sub-sectors from 2015 to 2023. For the purpose of this review, MRFR divided the global solar panel market report by technology, module type, application, and region.
By Module Type
|Market Size||2027: Significant Value|
|CAGR||20.18% CAGR (2020-2027)|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Technology, Module Type and Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Trina Solar Limited (China), Canadian Solar Inc. (Canada), Jinko Solar Holding Co. Ltd. (China), JA Solar Holdings Co. Ltd. (China), Hanwha Q CELLS Co. Ltd. (South Korea), ABROS green GmbH (Germany), Yingli Solar (China), SunPower Corporation (U.S.A), Abengoa Solar (Spain), eSolar Inc. (U.S.A)|
|Key Market Opportunities||
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
The solar panels market can surge at 20.18% CAGR in the assessment period.
The solar panels market poised to garner at a considerably high valuation by 2023.
Jinko Solar Holding Co., Ltd. (China), Hanwha Q CELLS Co., Ltd., (South Korea), and JA Solar Holdings Co., Ltd. (China) are some renowned names of the solar panels market.
The growing adoption of solar panels due to growing environmental concern is expected to prompt the global solar panel market expansion.
APAC is the largest producer and supplier of solar panels. Thus, the APAC solar panels market is expected to surge.
Solar panels are used for residential, utilities, and commercial purposes.
Parabolic troughs, power towers, linear fresnel reflectors, and parabolic dishes are CSP technologies.