Solar Panel Market Size, Share By Company, Analysis, Growth, Trends, Future and Overview By 2027

Published March 14, 2023

According to IMARC Group’s latest report, titled “Solar Panel Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, the global solar panel market size reached a value of 177.7 GW in 2021. Looking forward, IMARC Group expects the solar panel market to reach 536.9 GW by 2027, exhibiting a growth rate (CAGR) of 20.4% during 2022-2027.

Industry Definition and Application:

A solar panel, also referred to as a PV panel, represents a collection of solar (or photovoltaic) cells that utilize natural sunlight to generate electricity. It is made of various solar cells manufactured using boron, silicon, and phosphorus, which are arranged in a grid-like pattern on the surface. The usage of solar panels has grown across the globe as they do not lead to any sort of pollution, and their installation aids in combating the toxic emissions by greenhouse gases. In addition, innovations in quantum physics and nanotechnology are projected to advance their effectiveness potentially. As a result, solar panels find widespread applications across the residential, industrial, and commercial sectors. 

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Solar Panel Market

Solar Panel Market Trends:

The escalating demand for renewable power sources that do not cause pollution and are abundantly available in nature is among the primary factors driving the solar panel market. Besides this, the launch of favorable policies by the government bodies to encourage the installation of this board, as it provides clean and renewable energy and assists in reducing the amount of electricity produced from fossil fuels, is further augmenting the market growth. Moreover, several technological advancements, such as the development of ultrathin solar panels that are relatively more flexible, efficient, and cost-effective as compared to the glass-based variants, are also catalyzing the global market. Apart from this, the falling prices of silver and polysilicon and the rising energy costs are acting as significant growth-inducing factors. Furthermore, the elevating product requirement for commercial, residential, and industrial purposes, as it can be integrated into almost any surface, is anticipated to propel the solar panel market over the forecasted period. 

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Note: In this report you will get detailed analysis of the market, growth analysis graphs, historical period analysis, forecast period analysis, major market segmentation, top leading key players of the market, table of content, list of figures, and list of tables.

Competitive Landscape with Key Players:

The competitive landscape of the market has been analyzed in the report, along with the detailed profiles of the major manufacturers in the market. Some of the leading players are:

  • Jinko Solar
  • Trina Solar
  • Canadian Solar
  • JA Solar
  • Hanwha Q-CELLS
  • GCL-SI
  • LONGi Solar
  • Risen Energy
  • Shunfeng
  • Yingli Green

Key Market Segmentation:

The report has categorized the market based on type, end use and Region.

Breakup by Type:

  • Crystal Silicon
  • Monocrystalline Silicon
  • Polycrystalline Silicon
  • Thin Film
  • Others

Breakup by End Use:

  • Commercial
  • Residential
  • Industrial

Regional Insights:

  • North America (United States, Canada)
  • Europe (Germany, France, United Kingdom, Italy, Spain, Others)
  • Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
  • Latin America (Brazil, Mexico, Others)
  • Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, South Africa, Others)

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Key highlights of the report:                                                    

  • Market Performance (2016-2021)
  • Market Outlook (2022-2027)
  • Market Trends
  • Market Drivers and Success Factors
  • SWOT Analysis
  • Value Chain Analysis
  • Comprehensive mapping of the competitive landscape

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