Global Solar PV Panels Market by Application (Residential, Commercial), by Technology (Crystalline Silicon, Thin Film) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028

Summary of the Report

Global solar PV panels market was valued at USD 115.2 million in 2019. It is expected to grow at a compound annual rate (CAGR of 4.3%) between 2020 and 2027. The market will be driven by the growing demand for clean, renewable energy and government tax rebates. Due to their large-scale demand for green energy, the main consumers of solar photovoltaic panels (PV) are industrial and commercial businesses. These sectors have large-scale installations that compensate for panel efficiency losses, making solar PV systems more profitable for large-scale power generation. Due to the availability of energy storage and net metering schemes, residential solar PV panel installation is growing rapidly.

Due to strong federal programs such as the solar investment credit and rising demand from both public and private sectors for green electricity, the market in America is expected to experience a significant growth rate. The Solar Energy Industries Association estimates that the U.S. solar industry has invested USD 18.0 billion and installed 78 GW of solar power across the country in 2019.

The U.S. Department of Energy established codes, standards and regulations that govern the licensing, certification, installation, construction design, warranties, and maintenance of solar PV systems. The guidelines were established to protect public safety and health. However, lengthy and complicated permitting procedures can slow down the rate of deployment of solar PV systems.

Clean energy systems have a value chain that includes suppliers of raw materials, equipment suppliers and module manufacturers. It also includes distributors and buyers who operate in the residential, commercial and industrial markets. Most of the manufacturers on this market are heavily backward-integrated. Yingli, Solar World, First Solar and Solar World are just a few of the major companies that have embraced vertical integration.

The Covid-19 pandemic is expected to cause disruption in the supply chain for solar PV panels. Pandemics are expected to cause an increase in panel prices, as manufacturers face labor shortages and material shortages. This will also impact the exports market. The industry will be further affected by delayed projects caused by disruptions in supply chains.

Technology Insights

Due to its thin design, high durability, and fabrication from lightweight and flexible materials, the thin-film segment held a dominant market share at around 40% in 2019. Because these panels are lightweight, thin-film solar panels can be used in both commercial and utility-scale applications. The lower efficiency of thin-film PV panels can be compensated by the economies-of scale installation.

Due to their long life cycle, low volume and low cost manufacturing, the crystalline silicon segment will see significant growth. Monocrystalline solar panels are made of the highest quality silicon and have a higher space efficiency than thin-film panels. Monocrystalline panels are expensive and targeted at the top market segment.

Application Insights

Commercial segment had a 30.4% market share and was worth USD 35.0 billion in 2019. The rapid penetration of solar PV panels in corporate offices, hotels and hospitals, along with the growing demand for power from data centers and communication base stations, is expected to drive the commercial sector's product demand. This segment is also driven by improved panel efficiency, energy yield, and module level monitoring.

Over the forecast period, residential will experience a 5.3% CAGR. The off-grid solar PV panels and energy storage systems act as a reliable secondary source for power in households. This increases product adoption. To store the required power in battery, large panels systems are needed. This will increase the demand for clean energy systems in the residential sector.

In 2019, the industrial segment held more than 40% of the market share. The market for solar panels in the industrial sector will be driven by a growing number of utility-scale projects. This is due to the rising demand for clean energy. Solar Energy Industries Association states that there are currently more than 37 GW of utility-scale projects in operation in the United States, with 112 GW still in development.

Grid Type Insights

The market share for on-grid type was significant at 87.6%, and was valued at USD 1000.9 billion in 2019. On-grid type holds a dominant market share of 87.6% and was valued at USD 100.9 billion in 2019. On-grid PV systems are more cost-effective as excess electricity is exported to the grid. There is no need to install batteries near the source. Segment growth has been further aided by feed-in tariff policies and net metering.

The forecast period sees the off-grid type growing at 7.9% CAGR. Because they store solar PV energy and convert it into electricity, off-grid systems can be self-sustaining. Segment growth will be positively influenced by rising energy demand from remote locations and strong regulatory policies for decentralized generation in the future.

Regional Insights

Asia Pacific had a 33.0% market share and was valued at USD 38.0 billion in 2019. China contributed the most to market revenue generation in 2019. The industry's growth is aided by large market players and favorable government policies that provide subsidies and financial incentives for PV projects.

China is the largest producer of panels and has many solar farms, including the largest floating farm in the world that can produce 40 MW of electricity. China is also a major exporter of solar panels to the rest of the world. Some countries, including the United States and India, have placed restrictions on the import of PV panels from China. This has caused disruption in the country's solar industry profits.

The market in North America was worth USD 25.3 billion in 2019, according to 2019. In 2019, the U.S. held 44.2% of the market. In the next few years, product penetration will be boosted by the proliferating capacity and announcements of new utility projects.

Market Share Insights & Key Companies

The industry's competitiveness is influenced by factors such as high degree of forward integration and security of raw material feedstock. Technology sourcing, skilled manpower, strong R&D, and technology sourcing. Industry participants sell PV panels through a variety of distribution channels, including third-party supply agreements, online portals and direct supply to end-users. The majority of PV panel manufacturers are located in China, and they are expected to benefit from panel exports to Europe and the U.S. The market leader in solar PV panels is:

• JinkoSolar

• JA Solar

• Trina Solar

• LONGi Solar

• Canadian Solar

• Hanwha Q-CELLS

• Risen Energy

• GCL-SI

• First Solar

• Talesun

• SunPower Corporation

• ReneSola

• Shenzhen Yingli New Energy Resources Co.,Ltd.

Up Market Research published a new report titled “Solar PV Panels Market research report which is segmented by Application (Residential, Commercial), by Technology (Crystalline Silicon, Thin Film), By Players/Companies GCL-SI, First Solar, Trina Solar, JinkoSolar, Risen Energy, LONGi Solar, SunPower Corporation, Canadian Solar, Talesun, ReneSola, Shenzhen Yingli New Energy Resources CoLtd, Hanwha Q-CELLS, JA Solar”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.

Report Scope

The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.

Global Solar PV Panels Market Report Segments:

The market is segmented by Application (Residential, Commercial), by Technology (Crystalline Silicon, Thin Film).

Solar PV Panels Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.

Key Benefits for Industry Participants & Stakeholders:

• Industry drivers, restraints, and opportunities covered in the study
• Neutral perspective on the market performance
• Recent industry trends and developments
• Competitive landscape & strategies of key players
• Potential & niche segments and regions exhibiting promising growth covered
• Historical, current, and projected market size, in terms of value
• In-depth analysis of the Solar PV Panels Market

Overview of the regional outlook of the Solar PV Panels Market:

Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.

Highlights of The Solar PV Panels Market Report:

1. The market structure and projections for the coming years.
2. Drivers, restraints, opportunities, and current trends of Solar PV Panels Market.
3. Historical data and forecast.
4. Estimations for the forecast period 2028.
5. Developments and trends in the market.

                1. Residential

                2. Commercial

                1. Crystalline Silicon

                2. Thin Film

8. Market scenario by region, sub-region, and country.
9. Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
10. Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
11. Government Policies, Macro & Micro economic factors are also included in the report.

We have studied the Solar PV Panels Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.

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• Correctly Positioning New Products
• Market Entry Strategies
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Reasons to Purchase the Solar PV Panels Market Report:

• The report includes a plethora of information such as market dynamics scenario and opportunities during the forecast period
• Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) data.
• Regional, sub-regional, and country level data includes the demand and supply forces along with their influence on the market.
• The competitive landscape comprises share of key players, new developments, and strategies in the last three years.
• Comprehensive companies offering products, relevant financial information, recent developments, SWOT analysis, and strategies by these players.