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The global solar panel market size reached 177.7 GW in 2021. Looking forward, IMARC Group expects the market to reach 536.9 GW by 2027, exhibiting a growth rate (CAGR) of 20.4% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use sectors. These insights are included in the report as a major market contributor.
A solar panel, also known as a PV panel, is a collection of solar (or photovoltaic) cells that employ natural sunlight to generate electricity. It is made of several solar cells, manufactured using silicon, boron, and phosphorus, which are arranged in a grid-like pattern on the surface. The utilization of solar panels has increased across the globe as they do not lead to any form of pollution and their installation helps in combating the harmful emissions of greenhouse gases. Also, innovations in quantum physics and nanotechnology are projected to increase their effectiveness potentially.
Solar panels provide clean as well as renewable energy and assist in reducing the amount of electricity produced from fossil fuels. Owing to this, governments in various emerging regions are providing tax relaxations and conducting several awareness campaigns to encourage their installation. For instance, the Ministry of New and Renewable Energy (MNRE) of the Government of India is promoting the installation of solar PV systems in the country under the Jawaharlal Nehru National Solar Mission. Apart from this, ultrathin solar panels have been developed which are lighter and more flexible than the glass-based variants. They are superior to conventional solar panels in terms of efficiency and cost-effectiveness. They can also be integrated into almost any surface, which will further boost their applicability across various sectors.
IMARC Group provides an analysis of the key trends in each sub-segment of the global solar panel market report, along with forecasts at the global and regional level from 2022-2027. Our report has categorized the market based on type and end use.
Breakup by Type:
On the basis of the type, crystal silicon solar panels currently represent the most popular type as they have laboratory energy conversion efficiencies of over 25% for monocrystalline cells and over 20% for polycrystalline cells.
Breakup by End Use:
Amongst these, the commercial sector represents the largest end-use segment, accounting for the majority of the global market share.
On the geographical front, Asia Pacific enjoys a leading position in the market on account of the utilization of solar panels to increase reliability and aid in alleviating chronic power shortages across the region.
The competitive landscape of the market has been analyzed in the report, along with the detailed profiles of the major manufacturers in the market. Some of the leading players are:
|Base Year of the Analysis||2021|
|Units||GW, US$ Billion|
|Segment Coverage||Type, End Use, Region|
|Region Covered||Asia Pacific, Europe, North America, Latin America, Middle East and Africa|
|Companies Covered||Jinko Solar, Trina Solar, Canadian Solar, JA Solar, Hanwha Q-CELLS, GCL-SI, LONGi Solar, Risen Energy, Shunfeng and Yingli Green|
|Customization Scope||10% Free Customization|
|Report Price and Purchase Option||Single User License: US$ 2499
Five User License: US$ 3499
Corporate License: US$ 4499
|Post-Sale Analyst Support||10-12 Weeks|
|Delivery Format||PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)|
The global solar panel market size was 177.7 GW in 2021.
We expect the global solar panel market to exhibit a CAGR of 20.4% during 2022-2027.
The rising consumer inclination towards renewable energy, coupled with the increasing demand for solar panels across several industrial verticals to generate electricity with reduced carbon footprints, is primarily driving the global solar panel market.
The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations, resulting in the temporary halt in numerous manufacturing and installation activities for solar panels.
Based on the type, the global solar panel market has been segregated into crystal silicon, monocrystalline silicon, polycrystalline silicon, thin film, and others. Among these, crystal silicon solar panels hold the largest market share.
Based on the end use, the global solar panel market can be bifurcated into commercial, residential, and industrial. Currently, the commercial sector represents the majority of the total market share.
On a regional level, the market has been classified into North America, Asia Pacific, Europe, Latin America, and Middle East and Africa, where Asia Pacific currently dominates the global market.
Some of the major players in the global solar panel market include Jinko Solar, Trina Solar, Canadian Solar, JA Solar, Hanwha Q-CELLS, GCL-SI, LONGi Solar, Risen Energy, Shunfeng, Yingli Green, etc.
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