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Solar Panel Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024

The global solar panel market volume reached 129.6 GW in 2018. 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. On account of these factors, the IMARC Group projects the market to sustain positive growth over the forecast period (2019-2024).

Breakup by Type:

  • Crystal Silicon
  • Monocrystalline Silicon
  • Polycrystalline Silicon
  • Thin Film
  • Others


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:

  • Commercial
  • Residential
  • Industrial


Amongst these, the commercial sector represents the largest end-use segment, accounting for the majority of the global market share.

Regional Insights:

  • Asia Pacific
  • North America
  • Europe
  • Middle East and Africa
  • Latin America


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.

Competitive Landscape:

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:

  • Jinko Solar
  • Trina Solar
  • Canadian Solar
  • JA Solar
  • Hanwha Q-CELLS
  • GCL-SI
  • LONGi Solar
  • Risen Energy
  • Shunfeng
  • Yingli Green


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 several end-use segment in the global solar panel industry?
  • What are the major 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 are solar panels 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 panels?
  • What are the transportation requirements for solar panels?
  • 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    Jinko Solar
    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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