Solar Panel Market Size & Share to Surpass $264.0 Billion by 2028 | Vantage Market Research

WASHINGTON, May 15, 2023 (GLOBE NEWSWIRE) -- The Global Solar Panel Market is valued at USD 152.1 Billion in 2022 and is projected to reach a value of USD 264.0 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 8.20% over the forecast period 2022-2028.

Market Overview

The market expansion is anticipated to persist in the upcoming years due to elevated electricity costs and the availability of less expensive solar panels. The surge in demand for solar panels in the household rooftop solar market and the reduced costs of using polysilicon and silver in producing solar cells will further drive the market's progress. Moreover, the decreased cost of solar panels has motivated several governments worldwide to undertake more measures and offer incentives, which is expected to foster the advancement of the residential solar panel market.

We forecast that the thin films in solar panel market sales will account for more than 66% of total sales by 2030. Thin-film solar panels are popular for electricity generation, particularly in areas where other photovoltaic cells are unsuitable. These panels are composed mainly of thin semiconductor layers embedded in glass, plastic, or metal. Thin-film solar panels, particularly perovskite solar cells, have the potential to become the most sustainable and viable solution among all technologies shortly.

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Market Dynamics

Producing high demand for renewable energy sources creates demand in the market

Due to the depletion of natural resources such as crude oil, coal, and natural gas and the negative environmental impact of fossil fuels, there has been a tremendous demand for renewable energy. Solar panels provide various advantages over their land-based counterparts, which is why they are expected to experience an increase in demand, especially in areas with a high concentration of water bodies. The availability of skilled labour and government policies have boosted investor confidence. Countries facing power shortages are increasingly turning to renewable energy sources.

Rising investments in the renewable energy sector notably drive market growth

The production cost of electricity from renewable sources is usually higher than that of conventional energy sources such as fossil fuels and nuclear energy. However, investments in renewable energy have been rising globally due to their lower carbon emissions and increasingly competitive manufacturing costs. As more investors pour money into solar panel manufacturing and development, the industry has the resources to expand and innovate. This allows solar panel companies to improve the efficiency of their products, reduce costs, and increase production capacity, making solar energy more accessible and affordable to consumers. Additionally, as more investors enter the market, the competition increases, leading to further innovation and the development of new solar technologies. These factors, coupled with government policies and incentives, are driving the growth of the solar panel market and accelerating the adoption of solar energy around the world.

Top Players in the Global Solar Panel Market

  • Jinko Solar: Shanghai (China)
  • JA Solar: Beijing (China)
  • Trina Solar: Changzhou (China)
  • LONGi Solar: Xi'an (China)
  • Canadian Solar: Guelph (Canada)
  • SunPower Corporation: San Jose, California (USA)
  • First Solar: Tempe, Arizona (USA)
  • Hanwha Q-CELLS: Seoul (South Korea)
  • Risen Energy: Ningbo (China)
  • Talesun: Shanghai (China)

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Top Trends in the Global Solar Panel Market

  • One trend that Vantage Market Research (VMR) expects to see in the solar panel industry is the growing demand for floating solar panels. A floating solar power plant consists of photovoltaic solar panels mounted on a structure designed to float on a water body, usually a lake or reservoir. Using floating solar panels eliminates the need to harvest solar energy on costly land areas, particularly agricultural land in proximity. This preserves land for other purposes and boosts solar energy production. The market for this technology is expected to provide lucrative opportunities.

  • Another trend that VMR predicts will continue in the solar panel industry is a rise in the deployment of microgrids. A microgrid is a self-contained power network that operates on a small scale and has its sources of generation and storage. It can function independently or in collaboration with other microgrids. A microgrid can be connected to and disconnected from the main power grid to operate in grid-connected and island modes. When the primary power grid fails or is deliberately disconnected, the microgrid can operate in island mode. Microgrids are commonly used in villages where grid-connected power is limited or unavailable.

Top Report Findings

  • Based on the technology, the thin film category controls most of the solar panel market's revenue due to its thin design, high durability, and use of flexible and lightweight materials. The solar PV panel industry has been classified into thin film, crystalline silicon, and others based on technology. Thin-film solar PV panels are popular in commercial and utility-scale projects due to their low installation costs.

  • Based on the grid, the on-grid category controls most of the solar panel market's revenue. Owing to the low operating and maintenance costs and its ease of use. These PV systems are cost-effective as they feed any surplus electricity they generate back into the grid, eliminating the need for additional nearby battery storage.

  • Based on application, most of the solar panel market's revenue is controlled by the commercial category. Commercial solar PV panels, which can power industrial buildings in off-grid or remote locations, have a lifespan of 15-20 years. These panels can also be used for pre-heating ventilation air in offices, businesses, and other settings. The growing use of PV modules in corporate offices, hotels, hospitals, and communication base stations and data centres, combined with the increasing power demand, is projected to boost the demand for these products in the commercial sector.

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Recent Developments in the Global Solar Panel Market

  • In July 2021-Jinko Solar achieved a significant technological breakthrough by developing N-type monocrystalline solar cells with a remarkable conservation efficiency rate of 25%, breaking the world record for the fourth time. This innovation represents a substantial advancement for the company.
  • In November 2020-According to an announcement by Canadian Utilities, an ATCO firm, the largest off-grid solar project in Canada, which was constructed in two parts, will be finished. A 600kW and a 2,200kW solar farm were in the first and second phases, respectively.

Commercial Category in Solar Panel Market to Generate Over 57% Revenue

For better understanding, based on the application, the Solar Panel market is divided into Residential, Commercial and Industrial.

The Commercial market was the largest market by application. Solar panel usage in the commercial sector is rising quickly. Due to solar power's numerous advantages, such as cost savings, sustainability, and environmental preservation, more and more companies are using it to power their operations. Additionally, the solar industry is evolving due to technological advancements and rising investments in renewable energy, making it a more appealing choice for businesses.

On the other hand, the residential category is anticipated to grow significantly. Residential homes may now access dependable secondary power from rooftop solar PV systems equipped with energy storage systems, raising market demand for all related products. Extra-large rooftop solar PV systems have adopted large-scale storage systems to protect against variations in peak demand power supply and store the needed power in batteries. It is anticipated that rising energy consumption brought on by industrialization and population increase will propel regional market expansion.

Asia Pacific Region in Solar Panel Market to Generate More 55.20% Revenue

The Asia-Pacific region is anticipated to do so in the coming years. due to government efforts to support the use of solar energy and growing environmental concerns. Additionally, worries about the region's declining traditional energy sources and rising pollution levels have sped up market expansion. Increased government backing, steadily rising energy prices, and growing awareness of the advantages of solar energy use in this region are the key factors causing India, China, and Japan to dominate.

The North American region is projected to grow the fastest in the Solar Panel market due to the region's diverse rules, including trading systems, production incentives, and quota limitations. As more efficient sun cells have become available on the market, power generation from industrial sector solar cells has increased. Additionally, the market's escalating competition has aided in lowering electricity production costs and expanding the selection of solar panels. During the forecast period, these elements are anticipated to increase the area's demand for solar PV panels.

Browse market data Tables and Figures spread through 141 Pages and in-depth TOC on Solar Panel Market Forecast Report (2023-2030).         

Global Solar Panel Market Segmentation

By Technology

  • Thin Film
  • Crystalline Silicon
  • Others

By Grid

  • On Grid
  • Off Grid

By Application

  • Residential
  • Commercial
  • Industrial

By Region

  • North America
    • United States
    • Canada
    • Mexico
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Spain
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • South-East Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Argentina
    • Rest of Latin America
  • Middle East & Africa
    • GCC Countries
    • South Africa
    • Rest of MEA

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Scope of the Report:    

Report AttributesDetails
Market Size in 2022USD 152.1 Billion
Revenue Forecast by 2030USD 264.0 Billion
CAGR8.2% from 2023 to 2030
Base Year2022
Forecast Year2023 to 2030
Key PlayersJinko Solar, JA Solar, Trina Solar, LONGi Solar, Canadian Solar, SunPower Corporation, First Solar, Hanwha Q-CELLS, Risen Energy, Talesun
Customization OptionsCustomized purchase options are available to meet any research needs. Explore customized purchase options

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