Solar Panel Market 2022-2028

Global Solar Panel Market Size, Share & Trends Analysis Report by Technology (Mono-crystalline, Polycrystalline silicon, Thin-film solar panel, and Others), and by End-User (Residential, Commercial, and Industrial) Forecast Period (2022-2028)

The global solar panel market is anticipated to grow at a significant CAGR of 12.2% during the forecast period. Solar energy is the radiant energy released by the sun that may be harnessed by a variety of technologies such as photovoltaic cells, solar heating, and others. It's a viable source of unconventional energy as well as a readily available renewable answer to rising greenhouse gas emissions and global warming. The rise in government incentives and duty rebates to install solar panels, as well as environmental pollutants, are driving the expansion of the solar energy market. In addition, the growing government initiatives and favorable policies to curb the adverse effects of the toxic gas emissions are driving around the globe is another factor that is boosting the market growth. For instance, In September 2019, Indian PM Narendra Modi along with other world leaders inaugurated the Gandhi Solar Park with 193 solar panels, each representing a member of the multilateral body, at the UN Headquarters in New York during the Gandhi@150 commemorative event to mark the 150th birth anniversary of Mahatma Gandhi.

The global solar panel market is segmented based on technology and end-user. Based on the technology the market is further classified into mono-crystalline, polycrystalline silicon, thin-film solar panel, and others (Amorphous Silicon). Based on end-user, the market is segmented into residential, commercial, and Industrial. Among the end-user segment, the residential segment is expected to hold a considerable share in the overall solar panel market over the forecast period, owing to the rise in electricity costs in several countries such as India and others.

The global solar panel market is further segmented based on geography including North America (the US, and Canada), Europe (Italy, Spain, Germany, France, and Others), Asia-Pacific (India, China, Japan, South Korea, and Others), and the Rest of the World (the Middle East &Africa, and Latin America). The market can be analyzed for a particular region or country level as per the requirement. The Asia-Pacific region is anticipated to be the fastest-growing region in the solar panel market owing to the presence of a large number of market players within these regions such as Canadian Solar Inc., JinkoSolar Holding Co., Ltd., and Trina Solar Co., Ltd, which are significantly contributing to the market. China is the largest producer of solar panels and photovoltaic energy in the Asia-Pacific. Governments in countries such as India and China are promoting the use of solar energy, and it has positively influenced the solar panel market. For instance, in July 2020, India commissioned the 750 MW Rewa solar project in Madhya Pradesh. The Rewa Ultra Mega Solar Power comprises three solar generating units, each with a 250 MW capacity. The project is being implemented by Rewa Ultra Mega Solar (RUMSL), a joint venture of Madhya Pradesh UrjaVikas Nigam (MPUVN) and Solar Energy Corporation of India (SECI).

The major players that contribute to the growth of the global solar panel market include Canadian Solar Inc., First Solar, Inc., Hanwha Solarone Co. Ltd., JinkoSolar Holding Co., Ltd, Sharp Corp., SunPower Corp., Tata Power Solar Systems Ltd., Trina Solar Co., Ltd, and many others. The players operating in the market adopt various strategies such as technology development, product launch, mergers, and acquisitions for gaining a sustainable position in the market that further propels the growth of the market. For instance, in January 2021, Shell PLC launched its 25 MW Qabas solar plant. The plant is located on a 50-hectare site within the Sohar Free Zone in northern Oman and consists of over 88,000 solar modules. It supports avoiding more than 25,000 tons of CO2 emissions annually.

Research Methodology

The market study of the global solar panel market is incorporated by extensive primary and secondary research conducted by the research team at OMR. Secondary research has been conducted to refine the available data to break down the market into various segments, and derive the total market size, market forecast, and growth rate. Different approaches have been worked on to derive the market value and market growth rate. Our team collects facts and data related to the market from different geography to provide a better regional outlook. In the report, the country-level analysis is provided by analyzing various regional players, regional tax laws and policies, consumer behavior, and macroeconomic factors. Numbers extracted from secondary research have been authenticated by conducting proper primary research. It includes tracking down key people from the industry and interviewing them to validate the data. This enables our analyst to derive the closest possible figures without any major deviations in the actual number. Our analysts try to contact as many executives as possible, managers, key opinion leaders, and industry experts. Primary research brings authenticity to our reports.

Secondary Sources Include:

• Financial reports of companies involved in the market.

• Whitepapers, research papers, and news blogs.

• Company websites and their product catalog.

The report provides an in-depth analysis of the market size, and intended quality of the service preferred by consumers. The report will serve as a source for a 360-degree analysis of the market thoroughly integrating different models.

Market Segmentation

1.Global Solar Panel Market Research and Analysis by Technology.

2.Global Solar Panel Market Research and Analysis by End-User.

The Report Covers:

• Comprehensive Research Methodology of the global solar panel market.

• This report also includes a detailed and extensive market overview with key analyst insights.

• An exhaustive analysis of macro and micro factors influencing the market guided by key recommendations.

• Analysis of regional regulations and other government policies impacting the global solar panel market.

• Insights about market determinants that are stimulating the global solar panel market.

• Detailed and extensive market segments with the regional distribution of forecasted revenues.

• Extensive profiles and recent developments of market players.