Solar Panel Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023

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Solar panel, also known as a PV panel, refers to a device which employs natural sunlight to generate electricity. It is made of several solar cells that are manufactured using silicon, boron and phosphorus. A single panel can only generate limited power supply; therefore, most installations incorporate multiple modules. Solar panel systems also consist of an inverter, battery for storage purposes, interconnecting wires, etc. They are comparatively less expensive and can provide electric power for more than three decades, if maintained well. According to the latest report by IMARC Group, titled “Solar Panel Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, the global solar panel market reached a volume of 98.8 GW in 2017, growing at a CAGR of around 31% during 2010-2017.

One of the primary factors catalysing the growth of the global solar panel market is the environment friendly nature of these panels as they do not emit any harmful gases or exhaust any fossil fuels. This helps in the reduction of carbon footprints as well as improves energy efficiency. Moreover, the governments in various emerging regions are providing tax relaxations and conducting several awareness campaigns to encourage the installation of solar panels. This acts as another factor facilitating the demand for solar panels. In addition, the market is further propelled by the surging demand for electricity and rising cost of its production. On account of these factors, the global solar panel market is projected to continue its growth trajectory during the upcoming years.

Market Summary:

  • Based on type, the market has been segregated as crystal silicon and thin film solar panels. Currently, crystal silicon solar panels dominate the market, holding the largest share.
  • On the basis of end-use, the commercial sector represents the largest segment of solar panels, followed by the residential and industrial sectors.
  • Region-wise, the market has been segmented into Asia Pacific, North America, Europe, Latin America, and Middle East and Africa. Amongst these, Asia Pacific is the leading market, accounting for the majority of the global share.
  • The competitive landscape of the market has also been examined with some of the key players being JinkoSolar, Trina Solar, Canadian Solar, JA Solar, Hanwha Q-CELLS, GCL-SI, LONGi Solar, Risen Energy, Shunfeng and Yingli Green.


Solar Panel Industry Trends 2018-2023

This report provides a deep insight into the global solar panel industry covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. The report also provides a comprehensive analysis for setting up a solar panel manufacturing plant. The study analyses the processing and manufacturing requirements, project cost, project funding, project economics, expected returns on investment, profit margins, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the solar panel industry in any manner.

Key Questions Answered in This Report:

  • How has the global solar panel market performed so far and how will it perform in the coming years?
  • What are the key regional markets in the global solar panel industry?
  • What are the key end-use segment in the global solar panel industry?
  • What are the key product types in the global solar panel industry?
  • What are the price trends of solar panel?
  • What are the various stages in the value chain of the global solar panel industry?
  • What are the key driving factors and challenges in the global solar panel industry?
  • What is the structure of the global solar panel industry and who are the key players?
  • What is the degree of competition in the global solar panel industry?
  • What are the profit margins in the global solar panel industry?
  • What are the key requirements for setting up a solar panel manufacturing plant?
  • How is solar panel manufactured?
  • What are the various unit operations involved in a solar panel manufacturing plant?
  • What is the total size of land required for setting up a solar panel manufacturing plant?
  • What are the machinery requirements for setting up a solar panel manufacturing plant?
  • What are the raw material requirements for setting up a solar panel manufacturing plant?
  • What are the packaging requirements for solar panel?
  • What are the transportation requirements for solar panel?
  • What are the utility requirements for setting up a solar panel manufacturing plant?
  • What are the manpower requirements for setting up a solar panel manufacturing plant?
  • What are the infrastructure costs for setting up a solar panel manufacturing plant?
  • What are the capital costs for setting up a solar panel manufacturing plant?
  • What are the operating costs for setting up a solar panel manufacturing plant?
  • What will be the income and expenditures for a solar panel manufacturing plant?
  • What is the time required to break-even?

1    Preface
2       Scope and Methodology

    2.1    Objectives of the study
    2.2    Stakeholders
    2.3    Data Sources
        2.3.1   Primary Sources
        2.3.2   Secondary Sources
    2.4    Market Estimation
        2.4.1 Bottom-Up Approach
        2.4.2 Top-Down Approach
    2.5    Forecasting Methodology
3    Executive Summary
4    Introduction

    4.1    Overview
    4.2    Key Industry Trends
5    Global Solar Panel Industry
    5.1    Market Overview
    5.2    Market Performance
            5.2.1 Volume Trends
            5.2.2 Value Trends
    5.3    Price Trends
    5.4    Market Breakup by Type
    5.5    Market Breakup by Region  
    5.6    Market by End-Use 
    5.7    Market Forecast
    5.8   SWOT Analysis
        5.8.1    Strengths
        5.8.2    Weaknesses
        5.8.3    Opportunities
        5.8.4    Threats
    5.9    Value Chain Analysis
    5.10    Porter’s Five Forces Analysis
        5.10.1    Overview
        5.10.2    Bargaining Power of Buyers
        5.10.3    Bargaining Power of Suppliers
        5.10.4    Degree of Competition
        5.10.5    Threat of New Entrants
        5.10.6    Threat of Substitutes
    5.11    Key Success Factors and Risk Factors for Solar Panel Manufacturers
 6    Market by Type 
    6.1 Crystal Silicon
    6.2 Monocrystalline Silicon
    6.3 Polycrystalline Silicon
    6.4 Thin Film
    6.5 Others
7    Performance of Key Regions
   7.1   Asia Pacific
   7.2   North America
   7.3   Europe
   7.4   Latin America
   7.5   Middle East and Africa
8    Market by End-use
    8.1   Commercial 
    8.2   Residential 
    8.3   Industrial
9   Competitive Landscape
    9.1    Market Structure
    9.2    Capacities of Key Players
10   Solar Panel Manufacturing Process
    10.1    Product Overview
    10.2    Detailed Process Flow
    10.3    Various Types of Unit Operations Involved
    10.4    Mass Balance and Raw Material Requirements
11    Project Details, Requirements and Costs Involved
    11.1    Land Requirements and Expenditures
    11.2    Construction Requirements and Expenditures
    11.3    Plant Machinery
    11.4    Raw Material Requirements and Expenditures
    11.5    Packaging Requirements and Expenditures
    11.6    Transportation Requirements and Expenditures
    11.7    Utility Requirements and Expenditures
    11.8    Manpower Requirements and Expenditures
    11.9    Other Capital Investments
12   Loans and Financial Assistance
13   Project Economics

    13.1    Capital Cost of the Project
    13.2    Techno-Economic Parameters
    13.3    Product Pricing and Margins Across Various Levels of the Supply Chain
    13.4    Taxation and Depreciation
    13.5    Income Projections
    13.6    Expenditure Projections
    13.7    Financial Analysis
    13.8    Profit Analysis
14    Key Player Profiles
    14.1    JinkoSolar
    14.2    Trina Solar
    14.3    Canadian Solar
    14.4    JA Solar
    14.5    Hanwha Q-CELLS
    14.6    GCL-SI
    14.7    LONGi Solar
    14.8    Risen Energy
    14.9    Shunfeng
    14.10    Yingli Green
    

List of Figures

Figure 1: Global: Solar Panel Market: Volume Trends (in Gigawatt), 2010-2017
Figure 2: Global: Solar Panel Market: Value Trends (in Billion US$), 2010- 2017
Figure 3: Global: Solar Panel Market: Price Trends (in US$/ Watt), 2010-2017
Figure 4: Global: Solar Panel Market: Breakup by Type (in %), 2017
Figure 5: Global: Solar Panel Market: Breakup by Region (in %), 2017
Figure 6: Global: Solar Panel Market: Breakup by End-use (in %), 2017
Figure 7: Global: Solar Panel Market Forecast: Volume Trends (in Gigawatt), 2018-2023
Figure 8: Global: Solar Panel Market Forecast: Value Trends (in Billion US$), 2018-2023
Figure 9: Global: Solar Panel Industry: SWOT Analysis
Figure 10: Global: Solar Panel Industry: Value Chain Analysis
Figure 11: Global: Solar Panel Industry: Porter’s Five Forces Analysis
Figure 12: Global: Crystalline Silicon Market: Volume Trends (in Megawatt), 2010, 2017 & 2023
Figure 13: Global: Monocrystalline Silicon Market: Volume Trends (in Megawatt), 2010, 2017 & 2023
Figure 14: Global: Polycrystalline Silicon Market: Volume Trends (in Megawatt), 2010, 2017 & 2023
Figure 15: Global: Thin Film Market: Volume Trends (in Megawatt), 2010, 2017 & 2023
Figure 16: Global: Other Type of Solar Panel Market: Volume Trends (in Megawatt), 2010, 2017 & 2023
Figure 17: Asia Pacific: Solar Panel Market Forecast: Volume Trends (in Megawatt), 2010, 2017 & 2023
Figure 18: North America: Solar Panel Market Forecast: Volume Trends (in Megawatt), 2010, 2017 & 2023
Figure 19: Europe: Solar Panel Market Forecast: Volume Trends (in Megawatt), 2010, 2017 & 2023
Figure 20: Middle East and Africa Solar Panel Market Forecast: Volume Trends (in Megawatt), 2010, 2017 & 2023
Figure 21: Latin America: Solar Panel Market Forecast: Volume Trends (in Megawatt), 2010, 2017 & 2023
Figure 22: Global: Solar Panel Market: Commercial Applications: Volume Trends (in Megawatt), 2010, 2017 & 2023
Figure 23: Global: Solar Panel Market: Residential Applications: Volume Trends (in Megawatt), 2010, 2017 & 2023
Figure 24: Global: Solar Panel Market: Industrial Applications: Volume Trends (in Megawatt), 2010, 2017 & 2023
Figure 25: Solar Panel Manufacturing Process: Detailed Process Flow
Figure 26: Solar Panel Manufacturing Plant: Various Unit Operations Involved
Figure 27: Solar Panel Manufacturing Process: Conversion Rate of Products
Figure 28: Solar Panel Manufacturing Plant: Proposed Plant Layout
Figure 29: Solar Panel Manufacturing Plant: Breakup of Capital Costs (in %)
Figure 30: Solar Panel Industry: Breakup of Profit Margins at Various Level of the Value Chain
Figure 31: Solar Panel Manufacturing Plant: Breakup of Operating Costs (in %)

List of Tables

Table 1: Global: Solar Panel Market: Key Industry Highlights, 2017 and 2023
Table 2: Global: Solar Panel Market: Breakup by Type, 2018-2023
Table 3: Global: Solar Panel Market Forecast: Breakup by Region (in Million US$), 2018-2023
Table 4: Global: Solar Panel Market Forecast: Breakup by End-Use (in Million US$), 2018-2023
Table 5: Global: Solar Panel: Competitive Structure
Table 6: Global: Solar Panel Market: Capacities of Key Players 
Table 7: Solar Panel Manufacturing Plant: Raw Material Requirements
Table 8: Solar Panel Manufacturing Plant: Costs Related to Land and Site Development (in US$)
Table 9: Solar Panel Manufacturing Plant: Costs Related to Civil Works (in US$)
Table 10: Solar Panel Manufacturing Plant: Machinery Costs (in US$)
Table 11: Solar Panel Manufacturing Plant: Raw Material Requirements and Expenditure 
Table 12: Solar Panel Manufacturing Plant: Costs Related to Utilities
Table 13: Solar Panel Manufacturing Plant: Costs Related to Salaries and Wages (in US$)
Table 14: Solar Panel Manufacturing Plant: Costs Related to Other Capital Investments (in US$)
Table 15: Details of Financial Assistance Offered by Financial Institutions
Table 16: Solar Panel Manufacturing Plant: Capital Costs (in US$)
Table 17: Solar Panel Manufacturing Plant: Techno-Economic Parameters
Table 18: Solar Panel Manufacturing Plant: Income Projections (in US$)
Table 19: Solar Panel Manufacturing Plant: Expenditure Projections (in US$)
Table 20: Solar Panel Manufacturing Plant: Taxation (in US$)
Table 21: Solar Panel Manufacturing Plant: Depreciation (in US$)
Table 22: Solar Panel Manufacturing Plant: Cash Flow Analysis Without Considering the Income Tax Liability
Table 23: Solar Panel Manufacturing Plant: Cash Flow Analysis on Considering the Income Tax Liability
Table 24: Solar Panel Manufacturing Plant: Profit and Loss Account (in US$)


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