Solar Panel Market Report: Trends, Forecast and Competitive Analysis to 2030

Solar Panel Trends and Forecast

The future of the global solar panel market looks promising with opportunities in the commercial, residential, and industrial applications. The global solar panel market is expected to reach an estimated $248.1 billion by 2030 with a CAGR of 7.6% from 2024 to 2030. The major drivers for this market are growing awareness of the benefits of solar energy, increasing demand for renewable energy, and need to reduce carbon emissions.

A more than 150-page report is developed to help in your business decisions.

Solar Panel by Segment

The study includes a forecast for the global solar panel by type, application, end use, and region.

Solar Panel Market by Type [Shipment Analysis by Value from 2018 to 2030]:

• Crystal Silicon
• Monocrystalline Silicon
• Polycrystalline Silicon
• Others

Solar Panel Market by Application [Shipment Analysis by Value from 2018 to 2030]:

• Photovoltaic
• Concentrated Solar Power

Solar Panel Market by End Use [Shipment Analysis by Value from 2018 to 2030]:

• Commercial
• Residential
• Industrial

Solar Panel Market by Region [Shipment Analysis by Value from 2018 to 2030]:

• North America
• Europe
• Asia Pacific
• The Rest of the World

List of Solar Panel Companies

Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. With these strategies solar panel companies cater increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the solar panel companies profiled in this report include-

• PHOTONIX Solar Private
• Urja Global
• Vikram Solar
• Waaree
• Acutech Solar
• Tata Power Solar Systems
• HT Solar
• Einnova Solarline
• AE Solar
• JS Solar

Solar Panel Market Insights

Lucintel forecasts that photovoltaic is expected to witness higher growth over the forecast period due to its affordability, easy installation, and efficient at converting sunlight into electricity.

APAC is expected to witness highest growth over the forecast period due to augmenting demand for renewable energy among population, expanding need to reduce carbon emissions, and presence of key players in the region.

Features of the Global Solar Panel Market

Market Size Estimates: Solar panel market size estimation in terms of value ($B).

Trend and Forecast Analysis: Market trends (2018 to 2023) and forecast (2024 to 2030) by various segments and regions.

Segmentation Analysis: Solar panel market size by type, application, end use, and region in terms of value ($B).

Regional Analysis: Solar panel market breakdown by North America, Europe, Asia Pacific, and Rest of the World.

Growth Opportunities: Analysis of growth opportunities in different types, applications, end uses, and regions for the solar panel market.

Strategic Analysis: This includes M&A, new product development, and competitive landscape of the solar panel market.

Analysis of competitive intensity of the industry based on Porter's Five Forces model.

FAQ

Q.1 What is the solar panel market size?

Answer: The global solar panel market is expected to reach an estimated $248.1 billion by 2030.

Q.2 What is the growth forecast for solar panel market?

Answer: The global solar panel market is expected to grow with a CAGR of 7.6% from 2024 to 2030.

Q.3 What are the major drivers influencing the growth of the solar panel market?

Answer: The major drivers for this market are rising concern towards environmental pollution, significant demand for renewable energy, and escalating demand for solar panels from residential and commercial projects.

Q4. What are the major segments for solar panel market?

Answer: The future of the solar panel market looks promising with opportunities in the commercial, residential, and industrial applications.

Q5. Who are the key solar panel market companies?

Answer: Some of the key solar panel companies are as follows:

• PHOTONIX Solar Private
• Urja Global
• Vikram Solar
• Waaree
• Acutech Solar
• Tata Power Solar Systems
• HT Solar
• Einnova Solarline
• AE Solar
• JS Solar

Q6. Which solar panel market segment will be the largest in future?

Answer: Lucintel forecasts that photovoltaic is expected to witness higher growth over the forecast period due to its affordability, easy installation, and efficient at converting sunlight into electricity.

Q7. In solar panel market, which region is expected to be the largest in next 5 years?

Answer: APAC is expected to witness highest growth over the forecast period due to augmenting demand for renewable energy among population, expanding need to reduce carbon emissions, and presence of key players in the region.

Q.8 Do we receive customization in this report?

Answer: Yes, Lucintel provides 10% customization without any additional cost.

This report answers following 11 key questions:

• Q.1. What are some of the most promising, high-growth opportunities for the solar panel market by type (crystal silicon, monocrystalline silicon, polycrystalline silicon, and others), application (photovoltaic and concentrated solar power), end use (commercial, residential, and industrial), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
• Q.2. Which segments will grow at a faster pace and why?
• Q.3. Which region will grow at a faster pace and why?
• Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
• Q.5. What are the business risks and competitive threats in this market?
• Q.6. What are the emerging trends in this market and the reasons behind them?
• Q.7. What are some of the changing demands of customers in the market?
• Q.8. What are the new developments in the market? Which companies are leading these developments?
• Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
• Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
• Q.11. What M&A activity has occurred in the last 5 years and what has its impact been on the industry?