Solar Panel Market by Technology Type, Installation Type, Application

List of Tables

[196 Pages Report] The Solar Panel Market size was estimated at USD 155.76 billion in 2023 and expected to reach USD 169.87 billion in 2024, at a CAGR 9.74% to reach USD 298.62 billion by 2030.

A solar panel is a device that converts sunlight into electric power by using photovoltaic cells made primarily from silicon. These cells are configured together in a panel to harness and convert solar energy efficiently. A key factor driving the expansion of solar panel usage is the global shift towards renewable energy sources aimed at minimizing greenhouse gas emissions and dependency on fossil fuels. Government incentives and growing consumer awareness about environmental sustainability further support the proliferation of solar panels. However, the widespread adoption of solar panels faces several challenges, owing to the high initial installation costs and operational limitations under specific weather conditions, limiting their use in areas with sparse sunlight or limited land availability. Despite these challenges, ongoing research and innovation to develop new, more efficient materials for solar panels, advance energy storage technologies, and improve grid integration techniques are expected to enhance the efficiency and reduce the size of solar panels.

KEY MARKET STATISTICS
Base Year [2023]	USD 155.76 billion
Estimated Year [2024]	USD 169.87 billion
Forecast Year [2030]	USD 298.62 billion
CAGR (%)	9.74%

Regional Insights

The market for solar panels in the Americas, especially in the United States and Canada, continues to show robust growth. Strong government support, favorable policies, including subsidies and tax incentives, and a growing awareness among the population and businesses about the benefits of sustainable energy sources largely drive this growth. Latin America is also experiencing growth, particularly in countries including Brazil and Chile, where there is an increased emphasis on renewable energy to meet rising electricity demand. In Europe, the solar panel market continues to expand, supported by stringent governmental regulations aimed at reducing carbon emissions and a general societal shift towards green energy. Countries such as Germany, the UK, and Spain have seen substantial investments in solar technology. The Middle East shows emerging adoption of solar panels, driven by an increasing commitment to diversify energy sources away from oil. Africa's market is growing from a smaller base, with various international investments in solar projects. Asia-Pacific is the fastest-growing global market for solar panels. This growth is spearheaded by China, Japan, and India, all of which have made significant commitments to increase their solar capacity as part of their energy policy. The region benefits from expanded manufacturing capabilities and availability of raw materials.

Market Insights

Market Dynamics

The market dynamics represent an ever-changing landscape of the Solar Panel Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.

Market Drivers
- Growing awareness and shift towards renewable energy sources to fulfill electricity demand
- Supportive government initiatives for encouraging solar energy applications

Market Restraints
- High initial cost associated with the installation of solar panels

Market Opportunities
- Ongoing advancements in solar panels to boost efficiency
- Growing emphasis on recycling materials from end-of-life solar panels

Market Challenges
- Concerns associated with product longevity and potential environmental impact associated with solar cell

Market Segmentation Analysis
- Technology Type: Rising investment in R&D to develop next generation solar panel
- Application: Supplemented demand of solar panel across commercial and residential sector

Market Disruption Analysis
Porter's Five Forces Analysis
Value Chain & Critical Path Analysis
Pricing Analysis
Technology Analysis
Patent Analysis
Trade Analysis
Regulatory Framework Analysis

FPNV Positioning Matrix

The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Solar Panel Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Solar Panel Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Recent Developments

Gautam Solar Expands Market Reach Through Strategic Partnership with Redington

Gautam Solar, a significant Indian solar panel manufacturer, has announced a strategic partnership with Redington, a leading supply chain solutions provider, to enhance the distribution and accessibility of its solar products across India. This partnership aims to leverage Redington's extensive distribution network, which comprises over 40,000 channel partners, to significantly expand Gautam Solar's market presence and enable more efficient delivery of solar solutions to meet the country's growing energy needs. The partnership reflects Gautam Solar's commitment to contributing to India's sustainable energy goals and enhancing energy security by making high-quality solar panels more accessible to diverse markets nationwide. [Published On: 2024-05-01]

Navitas Solar Advances Photovoltaic Technology with Launch of N-Type TOPCon Solar Panels

Navitas Solar introduced its innovative N-Type TOPCon solar panels at Intersolar India 2024, marking a significant advancement in photovoltaic technology. These next-generation panels are designed to offer higher efficiency and longer-lasting performance compared to traditional models. The N-Type TOPCon technology, an acronym for Tunnel Oxide Passivated Contact, is engineered to enhance power output and reduce degradation, thereby promising better sustainability and increased energy yields. Navitas Solar aims to set a new standard in renewable energy sources by deploying these cutting-edge panels, contributing to an efficient and environmentally friendly energy future. [Published On: 2024-02-22]

AEG Introduces High-Efficiency ABC Solar Panel with Extended 40-Year Warranty

AEG unveiled its new ABC solar panel, which achieves an impressive 23.3% efficiency, marking a significant advancement in solar technology. The panel is designed to deliver superior performance and durability, underpinned by a 40-year warranty that significantly surpasses the industry standard. This development enhances the long-term viability of solar investments and supports sustainability goals by ensuring prolonged operational life and reduced environmental impact over time. The ABC solar panel is tailored for various applications, promising a competitive option in the renewable energy market. [Published On: 2024-01-26]

Strategy Analysis & Recommendation

The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Solar Panel Market. This critical assessment involves a thorough analysis of the organization's resources, capabilities, and overall performance to identify its core strengths and areas for improvement.

Key Company Profiles

The report delves into recent significant developments in the Solar Panel Market, highlighting leading vendors and their innovative profiles. These include Adani Group, Aurora Solar Inc., Canadian Solar Inc., Emmvee Group, First Solar, Inc., Fortum Corporation, Genus Innovation Limited, Goldi Solar, Inc., JA Solar Technology Co., Ltd., JinkoSolar Holding Co., Ltd., Kaneka Corporation, Loom Solar, Luminous Power Technologies, Microtek, Navitas Green Solutions Pvt. Ltd., Oorjan Cleantech Pvt. Ltd., Panasonic Corporation, Rayzon Solar, RenewSys India Pvt. Ltd., Saatvik Green Energy Pvt. Ltd., Sharp Corporation, SunPower Corporation, Suntech Power Co., Ltd., Tata Power Solar Systems Ltd., Tesla, Inc., Trina Solar Co., Ltd., United Renewable Energy, Vikram Solar Limited, and Waaree Energies Ltd..

Market Segmentation & Coverage

This research report categorizes the Solar Panel Market to forecast the revenues and analyze trends in each of the following sub-markets:

Technology Type
- Monocrystalline
- Polycrystalline
- Thin-Film

Installation Type
- Off-Grid
- On-Grid

Application
- Commercial
- Industrial
- Residential

Region
- Americas
  - Argentina
  - Brazil
  - Canada
  - Mexico
  - United States
    - California
    - Florida
    - Illinois
    - New York
    - Ohio
    - Pennsylvania
    - Texas
- Asia-Pacific
  - Australia
  - China
  - India
  - Indonesia
  - Japan
  - Malaysia
  - Philippines
  - Singapore
  - South Korea
  - Taiwan
  - Thailand
  - Vietnam

Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom

Product Code: MRR-03050D1B2DAB

1. Preface

1.1. Objectives of the Study
1.2. Market Segmentation & Coverage
1.3. Years Considered for the Study
1.4. Currency & Pricing
1.5. Language
1.6. Stakeholders

2. Research Methodology

2.1. Define: Research Objective
2.2. Determine: Research Design
2.3. Prepare: Research Instrument
2.4. Collect: Data Source
2.5. Analyze: Data Interpretation
2.6. Formulate: Data Verification
2.7. Publish: Research Report
2.8. Repeat: Report Update

3. Executive Summary

4. Market Overview

5. Market Insights

5.1. Market Dynamics
- 5.1.1. Drivers
  - 5.1.1.1. Growing awareness and shift towards renewable energy sources to fulfill electricity demand
  - 5.1.1.2. Supportive government initiatives for encouraging solar energy applications
- 5.1.2. Restraints
  - 5.1.2.1. High initial cost associated with the installation of solar panels
- 5.1.3. Opportunities
  - 5.1.3.1. Ongoing advancements in solar panels to boost efficiency
  - 5.1.3.2. Growing emphasis on recycling materials from end-of-life solar panels
- 5.1.4. Challenges
  - 5.1.4.1. Concerns associated with product longevity and potential environmental impact associated with solar cell
5.2. Market Segmentation Analysis
- 5.2.1. Technology Type: Rising investment in R&D to develop next generation solar panel
- 5.2.2. Application: Supplemented demand of solar panel across commercial and residential sector
5.3. Market Disruption Analysis
5.4. Porter's Five Forces Analysis
- 5.4.1. Threat of New Entrants
- 5.4.2. Threat of Substitutes
- 5.4.3. Bargaining Power of Customers
- 5.4.4. Bargaining Power of Suppliers
- 5.4.5. Industry Rivalry
5.5. Value Chain & Critical Path Analysis
5.6. Pricing Analysis
5.7. Technology Analysis
5.8. Patent Analysis
5.9. Trade Analysis
5.10. Regulatory Framework Analysis

6. Solar Panel Market, by Technology Type

6.1. Introduction
6.2. Monocrystalline
6.3. Polycrystalline
6.4. Thin-Film

7. Solar Panel Market, by Installation Type

7.1. Introduction
7.2. Off-Grid
7.3. On-Grid

8. Solar Panel Market, by Application

8.1. Introduction
8.2. Commercial
8.3. Industrial
8.4. Residential

9. Americas Solar Panel Market

9.1. Introduction
9.2. Argentina
9.3. Brazil
9.4. Canada
9.5. Mexico
9.6. United States

10. Asia-Pacific Solar Panel Market

10.1. Introduction
10.2. Australia
10.3. China
10.4. India
10.5. Indonesia
10.6. Japan
10.7. Malaysia
10.8. Philippines
10.9. Singapore
10.10. South Korea
10.11. Taiwan
10.12. Thailand
10.13. Vietnam

11. Europe, Middle East & Africa Solar Panel Market

11.1. Introduction
11.2. Denmark
11.3. Egypt
11.4. Finland
11.5. France
11.6. Germany
11.7. Israel
11.8. Italy
11.9. Netherlands
11.10. Nigeria
11.11. Norway
11.12. Poland
11.13. Qatar
11.14. Russia
11.15. Saudi Arabia
11.16. South Africa
11.17. Spain
11.18. Sweden
11.19. Switzerland
11.20. Turkey
11.21. United Arab Emirates
11.22. United Kingdom

12. Competitive Landscape

12.1. Market Share Analysis, 2023
12.2. FPNV Positioning Matrix, 2023
12.3. Competitive Scenario Analysis
- 12.3.1. Gautam Solar Expands Market Reach Through Strategic Partnership with Redington
- 12.3.2. Navitas Solar Advances Photovoltaic Technology with Launch of N-Type TOPCon Solar Panels
- 12.3.3. AEG Introduces High-Efficiency ABC Solar Panel with Extended 40-Year Warranty
12.4. Strategy Analysis & Recommendation

13. Competitive Portfolio

13.1. Key Company Profiles
13.2. Key Product Portfolio