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 | July 2017 | Region: Global | 124 pages

Please note that the assessment period of report has been updated from 2015-2023 to 2020-2027.Cordially fill the sample form for updated data.

Market Overview

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 Impact on the Global Solar Panels Market

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.

Market Dynamics


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.

Market Segmentation

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.

Regional Analysis

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.

Competitive Landscape 

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.

Key Players

  • 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)

Report Overview

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.

Segmentation Table

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

Report Scope:
Report Attribute/Metric Details
  Market Size   2027: Significant Value
  CAGR   20.18% CAGR (2020-2027)
  Base Year   2019
  Forecast Period   2020-2027
  Historical Data   2018
  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

  • As Power Source In Remote Areas
  • Solar Energy Storage
  •   Key Market Drivers

  • Growing Solar Systems Installations
  • Government Initiatives And Policies
  • Reduction In Carbon Emission

  • 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.