Solar Panel Market

SKU: DMEP1260 | Last Updated On: Jan 31 2023 | Available Formats

> Global Solar Panel Market Expected to reach at a high CAGR by 2029: DataM Intelligence

Global Solar Panel Market is segmented  By Product Type (Crystalline solar panels, Thin-Film Solar Panels, Smart Solar Panels), By Mountings (Roof Top, Ground, Solar Tracker, Fixed Rack Systems), By Application (Commercial, Residential, Utility), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029

Solar Panel Market Overview

The Global Solar Panel Market is expected to grow at a high CAGR during the forecasting period (2022-2029).

Solar Panel is an array of solar cells aligned in a rectangular structure that converts sunlight into electricity directly without any external source. Light shining on the solar cell produces both current and voltage to generate electric power. These are currently being used as a source of power generation in commercial, residential and utility sectors.

Solar Panel Market Scope and Summary



Market CAGR


Segments Covered

By Product Type, By Mountings, By Application and By Region

Report Insights Covered

Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights.

Fastest Growing Region

Asia Pacific

Largest Market Share 

North America

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Solar Panel Market Dynamics and Trends

Growing installations of solar panels in the residential sector:

The rapid surge in demand for renewable energy and growing installations of solar panels in residential sectors across the globe are driving the global solar panels market.

The decrease in prices of Solar panels and a shift in consumer preference towards renewable energy sources are the factors additionally driving the solar panel market during the forecast period.

Stringent government norms over the production of coal-based electricity and availability of subsidies by the government organizations for the installations of solar electricity generation fields are the factors contributing to the market's growth.

According to the International renewable power generation agency in 2018, the total solar Photovoltaics power generation capacity globally increased from 292,021 MW in 2016 to 385 674 MW in 2017, giving equal opportunity for growth for the global solar panel market.


The high cost associated with the installations and services related to the solar panels and the wide presence of conventional energy generation stations such as hydropower and wind power are the factors hindering the growth of the global solar panels market.

Solar Panel Market Segmentation Analysis

By Application, the Global solar panels market is segmented into commercial, residential, and utility. The commercial end-user segment dominates the global solar panels market owing to the increase in installations of commercial solar energy generation plants across the globe associated with an increase in subsidies by the government organization for such initiatives.

The residential sector is expected to grow at a higher CAGR due to increased consumer interest in renewable energy and cost savings associated with the technology compared with conventional technology. According to the Solar Energy Industries Association, in 2019, the annual residential installations of solar panels increased from 2100 MW in 2017 to 2350 MW in 2018, giving equal market growth to the solar panels market. According to the IEA in 2018, globally, the cumulative PV installations were increased from 304 GW in 2016 to 403 GW in 2017.

By product type, the global solar panels market is segmented into crystalline solar panels, thin-film solar panels, and smart solar panels. Crystalline solar panels dominate the global solar panels market owing to their extensive usage in commercial applications, high efficiency rate over the rest of the solar panel products, and high lifetime value associated with the panels.

Global Solar Panel Market Geographical Analysis

By geography, the global solar panels market is segmented into North America, South America, Asia Pacific, Europe, Middle-East, and Africa. North America is expected to dominate the global solar panel market due to growing solar panels installations in residential, utility, and commercial sectors growing stringent government norms over the usage of coal and thermal power plants for power generation.

The United States is expected to grow at a higher pace owing to the high presence of developed economic structures, growing stringent government regulations over the usage of coal-based electricity generation systems, and high subsidies on the installations of residential solar panels.

According to the Solar Energy Industries Association in 2018, the annual installations of solar panels are expected to increase from approximately 11,000 MW units in 2018 to 13,500 MW units in 2019. According to the Solar Energy Industries Association in 2018, the annual installations of new electric capacity in the United States compared with the rest of renewable power resources the total share of solar power installations in the renewable energy market in the U.S is expected to increase from 29% in 2018 to 51% in 2019 Q1.

Solar Panel Market Companies and Competitive Analysis

The global solar panels market is highly consolidated, with very few major players (Canadian Solar, JA Solar, and Trina Solar) accounting for the major share in the industry. Major Players in the global solar panels include Jinko Solar, Trina Solar, Canadian Solar, JA Solar, Hanwha Q Cells, and GCL System Integration.

Several key companies have adopted merger and acquisitions policies, geographic expansion, innovative product launches, and collaborations to help them stand out as strong competitors in the market and expand their sales in the global Solar Panels market.

For instance, On June 21st, 2019, UL has launched the first mobile PV Test laboratory in India to offer solar PV system owners.

On June 10th, 2019, IKEA partnered with Little Sun to develop a mini solar panel for residential and electronics applications with the project named "Sammanlankad."

On June 4th, 2019, Waaree Energies launched two Bifacial PV Module for the India Rooftop market with an individual capacity of 400 wp.

In March 2019, Sun Power launched next-generation solar panels, 400-plus-watt home solar panels for the residential sector in America to meet the growing demand for residential specific solar panels.

In March 2019, Hanwha Q Cells launched a new Q.Peak Solar modules in Shanghai new energy conference 2018.


Frequently Asked Question

What is the Solar Panel Market growth?

The market is growing at a high CAGR.

What is Solar Panel Market size in 2021

The Solar Panel Market size was valued at USD YY million in 2021.

Who are the key players in Solar Panel Market?

Major players are Trina Solar, Canadian Solar, JA Solar, Hanwha Q cells, GCL System Integration, Longi Solar, Shunfeng International Clean Energy Limited., KyoCera Solar, Yingli Solar.


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