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Solar Panels Market Trends

ID: MRFR//2346-CR | 143 Pages | Author: Anshula Mandaokar| August 2020

Global Solar Panels Market Overview:

The solar panels market is projected to grow from USD 131.37 billion in 2022 to reach USD 282.4 Billion by 2030, exhibiting a compound annual growth rate (CAGR) of ~12.63%. during the forecast period (2024 - 2030). Solar Panels industry size was valued at USD 84.35 billion in 2021. Increased environmental pollution, falling prices for materials like silver and polysilicon, and incentives and tax breaks offered by governments throughout the world for the installation of PV panels are the main primary market drivers for expansion.

Solar Panels Market Overview

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

PV Panels Market Trends

  • Rising investments in renewable energy sector to propel the market growth

One of the key factors influencing the growth of the solar panel market is the rising investments in the field of renewable energy. Investments in renewable energy have grown globally as a result of their competitive cost of production and minimal carbon emissions. For instance, $14.5 billion was invested in India's renewable energy sector between April and December 2022. More than half of the yearly energy needs of many European nations, including Norway, Iceland, and Sweden, are met by renewable energy sources. This is because EU member states have implemented strict emission standards. In 2022, the total amount invested in renewable energy will be greater than $2.4 trillion. Investments in the energy sector are rising as the emphasis is shifting to renewable energy sources. This is expected to fuel the expansion of the global solar energy systems industry, which will in turn fuel the expansion of the solar panel market globally throughout the course of the projected period. Thus, this factor is driving the market CAGR.

Furthermore, solar PV systems can be installed above water infrastructure using novel floating solar technology. Because floating panels reduce water loss from evaporation, this novel technique aids in water conservation. When compared to systems that are installed on land, these floating panels work at lower temperatures, increasing the effectiveness of power production. Recently, a lot of floating panel projects have been created in ponds, lakes, or reservoirs. It is projected that during the forecast period, these initiatives will raise demand for solar PV systems and, consequently, PV panels. Such floating solar PV systems are now being developed in nations including China, India, Japan, and South Korea. For instance, Huainan City and Pei County in China are home to two of the largest floating solar PV projects. Similar to this, South Korea has numerous floating solar PV facilities in the provinces of Jipyeong, Otae, and Cheongpung Lake.

However, a number of governments are putting more of an emphasis on electrifying rural areas. The economy of Colombia is still in its early stages, and many regions of the nation lack access to grid-connected energy. The country's grid-isolated communities are anticipated to receive financial assistance from the Columbia Solar Subsidy initiative. In a similar vein, Brazil is one of the South American nations where the demand for energy has significantly increased. The country's energy consumption is predicted to increase steadily throughout the course of the projection period, providing the solar panel market's operators with lucrative investment prospects. Thus, it is anticipated that this aspect will accelerate solar industry growth and revenue globally.

Solar Panels Market Segment Insights:

Solar Panels Technology Insights

The Solar Panels Market segmentation has been segmented by technology into solar PV and concentrated solar power. The solar PV segment dominated the market growth in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030 because major governments' concerns about energy security, reducing their carbon footprints, and clean energy are growing.

Solar Panels Module Type Insights

The Solar Panels Market segmentation, based on module type is divided into Thin Film and Crystalline. The thin film segment dominated the PV panels market revenue in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030 because thin film solar panels are made of robust, flexible, resilient, and lightweight materials. These elements make it easier for thin film solar panels to be used more frequently in industrial and large-scale utility projects.

Figure 2: Solar Panels Market by Module Type, 2024 & 2030 (USD Billion)

Solar Panels Market by Module Type, 2021 & 2030

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Solar Panels Grid Connectivity Insights

The Solar Panels Market data, based on grid connectivity is divided into On-Grid solar and Off-Grid solar. The off-grid segment dominated the solar panels market revenue in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030 due to an increase in energy demand from remote regions all over the world. The off-grid category is growing as a result of more efficiency of solar panels due to regulatory rules being implemented to decentralize the electricity producing industry.

Solar Panel Industry Application Insights

Based on application the Solar Panels Market is segmented is divided into Residential, Commercial and Industrial. The industrial segment dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030 for the growing number of utility projects across the industrial sector and the rising need for sustainable energy.

Solar Panel System Regional Insights

By region, the study provides the flexible solar panels market insights into North America, Europe, Asia-Pacific, and the Rest of the World. North America solar panels market accounted for USD 37.03 billion in 2021 and is expected to exhibit a 43.90% CAGR during the study period due to government efforts to encourage the use of solar energy system and growing environmental concerns. Additionally, worries about the region's declining traditional energy supplies and rising pollution levels have sped up market expansion.

Further, the major countries studied in the DIY solar panels market report are: The U.S., Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 3: Solar Panels Market Share By Region 2021 (%)

Solar Panels Market Share By Region 2021

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Asia Pacific solar panels market accounts for the fastest growing market share. In APAC, the market for pv solar panels is expected to develop due to rising environmental concerns, rising energy demand, supportive government laws, and falling solar PV costs during the course of the forecast period. Moreover, India solar panels market held the largest market share, and the China solar panels market was the fastest-growing market in this region.

Europe solar energy market is expected to grow at a substantial CAGR from 2022 to 2030 due to the increase in solar power system installation in the residential and commercial sectors and the rising need for renewable energy sources. By supplying the region's electricity demands, solar energy is regarded as the best alternative to traditional energy sources for reducing carbon emissions. Further, the UK solar panels market held the largest market share, and the Germany solar panels market was the fastest-growing market in the region.

Solar Panels Key Market Players & Competitive Insights

Major market players are spending a lot on R&D to increase their product lines, which will help the solar panel industry grow even more. Market participants are also taking various strategic initiatives to grow their worldwide footprint, including new product launches, contractual agreements, mergers and acquisitions, increased investments, market developments and collaboration with other organizations. Competitors in the industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market industry.

One of the primary business strategies manufacturers adopt in the global solar panels industry to benefit clients and expand the sector is manufacturing locally to reduce operating costs. In recent years, photovoltaic panels industry has provided medicine with some of the most significant benefits. The solar panels market major player such as 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) and eSolar Inc. (U.S.A).

Solar panel producer JinkoSolar Holding Co., Ltd. is based in Shanghai, China. Beginning in 2006 as a wafer maker, the business went public in 2010 on the New York Stock Exchange. In numerous nations, JinkoSolar sells and distributes solar products to utility companies, businesses, and homeowners. In July 2021, For the fourth time, Jinko Solar has established a global record for the production of N-typed monocrystalline solar cells with a high conservation energy efficiency of 25%. The business accomplished a significant technological advance through this innovation.

Also, a solar development firm called JA Solar Holdings was established in Shanghai's Yangpu neighborhood. They are situated in the People's Republic of China and create, develop, produce, and market solar cell and solar module products. In March 2021, the Deepblue 3.0 high-efficiency solar PV rooftop module for the commercial and industrial sectors was launched by JA Solar on the international market. The newly created solar module is very cost-effective and maintenance-efficient. It can deliver 540 W of electricity at once, enough to power the entire mass.

New Transparent Solar Panels - Transparent photovoltaic (PV) panels were first developed in 2014 are the first fully transparent solar panels. This technology functions as a transparent solar concentrator and absorbs light, including specific UV and infrared wavelengths. By harvesting this invisible light, these devices can provide a similar electricity-generation potential as solar rooftop while providing additional functionality to enhance the efficiency of buildings, automobiles and mobile electronics. The transparent solar cells themselves are lightweight and portable so all the transparent surfaces of a building could generate power.

Key companies in the solar panels market includes

  • 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)

Solar Energy Panels Industry Developments

In february 2023,Green World Renewable Energy LLC, a leading Solar Permit Designing & PE Stamping service provider across USA, is proud to announce the launch of a new and innovative solar panel and combiner box system on 14 fib 2023 at ISNA Exhibition, Long Beach, CA. These solar energy product provides a reliable and efficient solution for harnessing the power of the sun.

In December 2022,Soleos, one of the world's leading EPC service providers, Soleos launches new Generation solar panel product with unique features and robust performance. The company has  introduced its unrivalled solar panel- ANTARES BI 144.  

Solar Panels Market Segmentation:

Photovoltaic Cells Technology Outlook (USD Billion, 2024-2030)

Photovoltaic Panels Module Type Outlook (USD Billion, 2024-2030)

  • Thin Film

  • Crystalline

Photovoltaic Panels Grid Connectivity Outlook (USD Billion, 2024-2030)

  • On-Grid

  • Off-Grid

Photovoltaic Panels Application Outlook (USD Billion, 2024-2030)

  • Residential

  • Commercial

  • Industrial

Photovoltaic Solar Panels Regional Outlook (USD Billion, 2024-2030)

  • North America

    • US

    • Canada

  • Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Rest of Europe

  • Asia-Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Australia

    • Rest of Asia-Pacific

  • Rest of the World

    • Middle East

    • Africa

    • Latin America

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