Vancouver, Jan. 23, 2024 (GLOBE NEWSWIRE) -- The global solar panel market size was USD 131.37 Billion in 2022 and is expected to register revenue CAGR of 12.1% during the forecast period. Increasing investments by the global solar panel market players in the renewable energy sector, rising awareness among individuals for using renewable energy and growing government policies and incentives are key factors driving market revenue growth. In addition, increasing expenditure in the renewable energy sector is another factor driving revenue growth of the market. The global energy mix has changed significantly over the last 20 years. According to IEA estimates, the amount of renewable energy in global electricity generation increased from 26% in the first quarter of 2020 to approximately 28% in the same period in 2021 which is further expected to reach 30% by 2023.
The overall cost of producing electricity from renewable sources is higher than that of more traditional energy sources such as fossil fuels, nuclear power, etc. Renewable energy investments have increased globally as a result of their low production costs and low carbon emissions. members have put in place. The energy sector is seeing an increase in investments as the focus moves towards energy sources that are renewable. The entire investment in renewable energy is expected to reach USD 2.4 trillion by 2022. This is expected to drive the global solar energy systems industry's expansion, which in turn, is expected to fuel the global solar panel market revenue growth throughout the forecast period.
An important trend observed in the market is the increased deployment of microgrids. Microgrids are utilized in areas where it is difficult or impossible to get grid-connected power. They can cooperate with conventional grids or function alone. They have higher reliability since they are not impacted by blackouts in the main grid. In addition, they reduce the cost of extending the grid to remote locations. Microgrids are being supported by governments globally owing to their exceptional resilience to natural calamities. As a result, several towns increasingly employ microgrids to handle power disruptions in case of catastrophes.
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However, market revenue growth could be hampered by high initial investments and maintenance expenses. Solar PV installations still need a large upfront investment, even if the cost of the materials has greatly fallen. The need for a vast area in order for panels to generate a lot of electricity is the primary reason for the higher investment rates. Customers must install numerous solar panels to meet their energy needs owing to intermittency concerns, which lower the efficiency of solar panels. This increases the cost of both the initial investment and continuing maintenance.
Segment Insights:
Type Insights:
On the basis of type, the global solar panel market is segmented into monocrystalline solar panel, polycrystalline solar panel, thin-film solar panel, bifacial solar panel and perovskite solar panels. Among these, the thin-film solar panel segment accounted for the largest revenue share in 2022 and expected to be a fast growing segment, owing to its enhanced durability and compact form. These panels are very lightweight and flexible. Thin-film solar PV panels' cheap installation costs make them primarily suitable for utility-scale and commercial applications. These panels are regarded as affordable alternatives to silicon-based solar PV panels since they can be produced in large quantities.
Grid Type Insights:
On the basis of grid type, the global solar panel market is segmented into on-grid and off-grid. On-grid segment accounted for the largest revenue share in 2022. The simplicity of grid-connected PV systems and their cheap operating and maintenance expenses are primarily responsible for the on-grid segments dominance. On-grid PV systems are less expensive since excess electricity produced is sent to the grid therefore no battery storage is required near the system source. Policies pertaining to feed-in tariffs and net metering have further stimulated the growth of this segment. For instance, in April 2023, Sunova Solar announced the supply of 16,000 HI-Milo 550W modules for two on-grid-connected PV power plants in Romania.
Regional Insights:
Asia-Pacific accounted for the largest revenue share in 2022 and is experiencing a fastest CAGR growth over the forecast period. Growing construction of solar power plants in China and India is driving up the demand for solar photovoltaic panels in Asia-Pacific region. These countries represent the major Asian and global markets for solar panels. As per the National Energy Administration (NEA), China's newly installed photovoltaic capacity, as of 2021, is approximately 53 GW. The remaining capacity was derived from large-scale solar facilities, with about 29 GW coming from distributed solar power generation projects.
North America is expected to register a significant growth rate over the forecast period. The production of industrial solar cell power in North America has expanded as more effective solar panels have hit the market. Furthermore, the proliferation of solar panel options and the decline in the cost of produced electricity are both results of increased market competition. These factors are expected to drive up demand for solar photovoltaic (PV) panels in the region during the forecast period. For instance, the United States plans to construct 30 GW of solar capacity on average per year between 2023 to 2025, and 60 GW per year between 2025 and 2030. This is going to drive the solar photovoltaic (PV) market to grow quickly in the future.
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Scope of Research
| Report Details | Outcome |
| Market size in 2022 | USD 131.37 Billion |
| CAGR (2023–2032) | 12.1% |
| Revenue forecast to 2032 | USD 413.97 Billion |
| Base year for estimation | 2022 |
| Historical data | 2020–2021 |
| Forecast period | 2023–2032 |
| Quantitative units | Revenue in USD Billion and CAGR in % from 2022 to 2032 |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments covered | Type, grid type, technology, installation type, distribution channel, end-use and region |
| Regional scope | North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
| Country scope | U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, Benelux, Russia, Rest of Europe, China, India, Japan, South Korea, ASEAN Countries, Oceania, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, Rest of MEA |
| Key companies profiled | Adani Group, Canadian Solar, First Solar, Hanergy Thin Film Power Group, JA Solar Technology Co. Ltd., Zhongli Sci-Tech, KANEKA CORPORATION, Risen Energy Co., Ltd., Shell International B.V., Soltecture GmbH, Tata Power, LONGi, Trina Solar, Hanwha Group |
| Customization scope | 10 hours of free customization and expert consultation |
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Major Companies and Competitive Landscape
The global solar panel market is fairly fragmented with many large and medium-sized players accounting for majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective solar panels. Some major players included in the global solar panel market report are:
- Adani Group
- Canadian Solar
- First Solar
- Hanergy Thin Film Power Group
- JA Solar Technology Co. Ltd.
- Zhongli Sci-Tech
- KANEKA CORPORATION
- Risen Energy Co., Ltd.
- Shell International B.V.
- Soltecture GmbH
- Tata Power
- LONGi
- Trina Solar
- Hanwha Group
Strategic Development
- In September 2022, Amazon India revealed its plans to build three solar farm projects in Rajasthan, totalling 420 megawatts (MW) of sustainable energy capacity. Three of the company's utility-scale renewable energy projects in India were being developed by ReNew Power (210 MW), Amp Energy India (100 MW), and Brookfield Renewable (110 MW).
- In August 2023, Trina Solar announced the opening of its most advanced Vertex N 700W+ series solar photovoltaic panels powered pioneering desalination facility in Jubail, Saudi Arabia.
- In June 2023, Canadian Solar Inc. announced the construction of a solar PV module manufacturing facility in Mesquite, Texas. This is the company's first American production facility.
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Segments Covered in Report
For the purpose of this report, Emergen Research has segmented global solar panel market on the basis of type, grid type, technology, installation type, distribution channel, end-use and region:
- Type Outlook (Revenue, USD Billion; 2019-2032)
- Monocrystalline Solar Panel
- Polycrystalline Solar Panel
- Thin-film Solar Panel
- Bifacial Solar Panel
- Perovskite Solar Panels
- Grid Type Outlook (Revenue, USD Billion; 2019-2032)
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- On-grid
- Off-grid
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-
- Technology Outlook (Revenue, USD Billion; 2019-2032)
- Solar Photovoltaic (PV)
- Concentrated Solar Power
- Crystalline Silicon
- Others
- Installation Type Outlook (Revenue, USD Billion; 2019-2032)
- Rooftop Solar Panels
- Ground-Mounted Solar Panels
- Floating Solar Panels
- Distribution Channel Outlook (Revenue, USD Billion; 2019-2032)
- Direct sales (B2B, B2C)
- Third-Party Sales (Distributors, Retailers)
- End-Use Outlook (Revenue, USD Billion; 2019-2032)
- Residential
- Commercial
- Industrial
- Utilities
- Space & Defense
- Others
- Regional Outlook (Revenue, USD Billion; 2019–2032)
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Benelux
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- South Korea
- India
- ASEAN Countries
- Oceania
- Rest of APAC
- Latin America
- Brazil
- Mexico
- Rest of LATAM
- Middle East & Africa
- GCC Countries
- Israel
- Turkey
- South Africa
- Rest of MEA
- North America
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