Solar Panel Market Outlook
A solar panel is a collection of solar (or photovoltaic) cells that use natural sunlight to generate electricity. It is primarily manufactured by using boron, silicon, and phosphorus, which are arranged in a grid-like pattern on the surface. The utilization of solar panels has increased substantially as their installation assists in combating the harmful emissions of greenhouse gases.
The global solar panel market size reached 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.
Solar Panel Market Trends:
Solar panels offer renewable power sources and assist in minimizing the amount of electricity produced from fossil fuels. Owing to this, governments in several emerging nations are providing tax relaxations and introducing various awareness campaigns to promote their installation.
Besides this, several key manufacturers are launching ultrathin solar panels, which are lighter and more flexible than the glass-based variants. These ultrathin variants are also superior to conventional solar panels in terms of efficiency and cost-effectiveness. Additionally, continuous innovations in the field of quantum physics and nanotechnology to increase solar panels’ effectiveness are projected to further propel the market growth in the coming years.
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)
Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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About Us:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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