Global Solar Panel Market Size, Share, Growth Analysis, By Technology(Thin Film, Solar Photovoltaic (PV)), By Grid(Residential, Utility)

Description

Global Solar Panel Market size was valued at USD 234.86 billion in 2022 and is poised to grow from USD 251.07 billion in 2023 to USD 428.16 billion by 2031, growing at a CAGR of 6.9% during the forecast period (2024-2031).

The global solar panel market has experienced significant growth over the past decade, driven by increasing environmental awareness, government incentives, and technological advancements. Solar panels, also known as photovoltaic (PV) modules, harness sunlight to generate electricity, offering a renewable and sustainable energy solution. One of the key drivers of market growth is the declining cost of solar panels, attributed to economies of scale, improved manufacturing processes, and innovation in materials. Additionally, supportive government policies and incentives, such as tax credits, feed-in tariffs, and renewable energy targets, have spurred adoption across residential, commercial, and utility-scale applications. The market has also witnessed advancements in solar panel technology, including higher efficiency rates, enhanced durability, and integration with energy storage systems. Furthermore, the growing emphasis on reducing carbon emissions and combating climate change has fueled the demand for solar energy solutions globally. However, challenges such as intermittency of solar power generation, grid integration issues, and policy uncertainties in some regions pose barriers to market expansion. Nonetheless, with ongoing research and development efforts aimed at addressing these challenges and the increasing investment in renewable energy infrastructure, the global solar panel market is poised for continued growth in the coming years.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Solar Panel Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the Market size includes the following details: The key players in the Market were identified through secondary research, and their Market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top Market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Solar Panel Market Segmental Analysis

The global solar panel market can be categorized into the following segments: Technology, Grid, Application and Region. Based on Technology, the market can be categorized into Thin Film, Solar Photovoltaic (PV), Concentrated solar power (CSP), Crystalline Silicon, and Other Technologies. Additionally, by Grid, the market can be segmented across On Grid and Off Grid. Based on Application, the market can be categorized into Residential, Utility, Commercial and Industrial. Based on Region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Drivers of the Global Solar Panel Market

A key driver propelling the global solar panel market is the increasing awareness of environmental issues and the urgent need to mitigate climate change. Consumers, businesses, and governments are increasingly recognizing the importance of transitioning to renewable energy sources like solar power to reduce carbon emissions and combat climate change.

Restraints in the Global Solar Panel Market

One significant restraint in the global solar panel market is regulatory uncertainty, particularly regarding government policies and subsidies. Shifting regulations and inconsistent support mechanisms in key markets can create instability and hinder long-term planning and investment in solar energy projects.

Market Trends of the Global Solar Panel Market

One key market trend in the global solar panel industry is the continuous advancement of solar technology. Innovations in materials, manufacturing processes, and efficiency improvements are driving down costs and increasing the competitiveness of solar energy. This trend is crucial in making solar power more accessible and economically viable across various markets worldwide.

Product Code: SQMIG10A2024

Executive Summary

Market Overview
Wheel of Fortune

Research Methodology

Information Procurement
Secondary & Primary Data Sources
Market Size Estimation
Market Assumptions & Limitations

Parent Market Analysis

Market Overview
Market Size
Market Dynamics
- Drivers
- Opportunities
- Restraints
- Challenges

Key Market Insights

Technology Analysis
Pricing Analysis
Supply Chain Analysis
Value Chain Analysis
Ecosystem of the Market
IP Analysis
Trade Analysis
Startup Analysis
Raw Material Analysis
Innovation Matrix
Pipeline Product Analysis
Macroeconomic Indicators
Top Investment Analysis
Key Success Factor
Degree of Competition

Market Dynamics & Outlook

Market Dynamics
- Drivers
- Opportunities
- Restraints
- Challenges
Regulatory Landscape
Porters Analysis
- Competitive rivalry
- Threat of Substitute Products
- Bargaining Power of Buyers
- Threat of New Entrants
- Bargaining Power of Suppliers
Skyquest Special Insights on Future Disruptions
- Political Impact
- Economic Impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact

Global Solar Panel Market by Technology

Market Overview
Thin Film
Solar Photovoltaic (PV)
Concentrated solar power (CSP)
Crystalline Silicon
and Other Technologies

Global Solar Panel Market by Grid

Market Overview
Residential
Utility
Commercial
and Industrial

Global Solar Panel Market Size by Region

Market Overview
North America
- USA
- Canada
Europe
- Germany
- Spain
- France
- UK
- Rest of Europe
Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
Latin America
- Brazil
- Rest of Latin America
Middle East & Africa (MEA)
- GCC Countries
- South Africa
- Rest of MEA

Competitive Landscape

Top 5 Player Comparison
Market Positioning of Key Players, 2023
Strategies Adopted by Key Market Players
Top Winning Strategies
- By Development
- By Company
- By Year
Recent Activities in the Market
Key Companies Market Share (%), 2023

Key Company Profiles

Risen Energy Co., Ltd.
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Solar East Holdings Co., Ltd.
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
First Solar, Inc.
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Hanergy Thin Film Power Group Limited
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Shanghai Aiko Solar Energy Co., Ltd.
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Xinyi Solar Holdings Ltd.
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Arcosa, Inc.
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
SolarEdge Technologies, Inc.
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Sany Heavy Energy Co., Ltd.
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Global PVQ SE
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
SunPower Corp.
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Fluence Energy, Inc.
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
GCL System Integration Technology Co., Ltd.
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
SMA Solar Technology AG
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Solargiga Energy Holdings Ltd.
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
CECEP Solar Energy Co., Ltd.
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
EGing Photovoltaic Technology Co., Ltd.
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
China Shuifa Singyes Energy Holdings Ltd.
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Shanghai Aerospace Automobile Electromechanical Co., Ltd.
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Bloom Energy Corp.
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Shenzhen S.C New Energy Technology Corp.
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Jolywood (Suzhou) Sunwatt Co., Ltd.
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Suzlon Energy Ltd.
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Solarworld Aktiengesellschaft
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Jiangsu Haili Wind Power Equipment Technology Co., Ltd.
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Maxeon Solar Technologies Ltd.
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments

Global Solar Panel Market Size, Share, Growth Analysis, By Technology(Thin Film, Solar Photovoltaic (PV)), By Grid(Residential, Utility) - Industry Forecast 2024-2031