Portland, OR, July 26, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Solar Panel Market By Type (Crystalline Silicon, Thin Film, Others), By Grid Type (On-Grid, Off-Grid), By Technology (Photovoltaic Systems, Concentrated Solar Power Systems), By Solar Module (Monocrystalline, Polycrystalline, Cadmium Telluride, Amorphous Silicon Cells, Others), By Application (Residential, Commercial, Industrial), By End-Use Industry (Electricity Generation, Lighting, Heating, Charging): Global Opportunity Analysis And Industry Forecast, 2023-2032”. According to the report, the solar panel market was valued for $152.3 billion in 2022 and is estimated to reach 330.4 billion by 2032, exhibiting a CAGR of 8.1% from 2023 to 2032.
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Prime determinants of growth
The global solar panel market is experiencing growth due to several factors such the increase in awareness of climate change and its detrimental effects on the planet has prompted individuals, communities, and governments worldwide. However, initial investment cost hinders the market growth to some extent. Moreover, technological advancements in solar panels offers remunerative opportunities for the expansion of the solar panel market.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $152.3 billion |
| Market Size in 2032 | $330.4 Billion |
| CAGR | 8.1% |
| No. of Pages in Report | 400 |
| Segments Covered | Type, Grid Type, Technology, Solar Module, Application, End-Use Industry, and Region |
| Drivers Restraints | Increase in demand for renewable energy sources |
| Surge in climate change awareness and promoting clean energy | |
| Government incentives and regulations with respect to solar panel | |
| Opportunities | Technological advancements in solar panel |
| Restraints | Initial investment cost |
| Dependency of solar panel on weather conditions | |
| Challenge | Improved energy storage needed for solar panels |
Impact of Russia Ukraine War on the Solar Panel Market
- The Russia-Ukraine conflict may disrupt the solar energy market by affecting the supply chain for solar panels and components, leading to higher prices and shortages. Political instability could also impact energy policies and tariffs, making solar projects less feasible.
- However, the conflict could also drive investments in renewable energy, increasing the demand for solar panels and creating new opportunities for developers.
The other segment including amorphous silicon, organic solar cells, and others is expected to grow faster throughout the forecast period.
Based on type, the crystalline silicon segment held the highest market share in 2022, accounting for nearly 90% of the global solar panel market revenue, and is estimated to maintain its leadership status throughout the forecast period. This is because Crystalline silicon panels are also widely used in commercial and industrial settings to meet the energy requirements of businesses, factories, and institutions. However, the others segment including amorphous silicon, organic solar cells, and others is projected to manifest the highest CAGR of 9.2% from 2023 to 2032, as amorphous silicon is a versatile material utilized in the production of solar panels and thin-film transistors for LCDs. The flexibility and thin nature of amorphous silicon panels make them suitable for building-integrated photovoltaics (BIPV).
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The on-grid type segment is expected to lead the trail by 2032
Based on the grid type, the on-grid segment held the highest market share in 2022, accounting for more than 90% of the global solar panel market revenue and is estimated to dominate during the forecast period. This can be attributed to the fact that on-grid solar panels are designed to be integrated with the existing electrical grid infrastructure. However, the off-grid segment is projected to manifest the highest CAGR of 9.3% from 2023 to 2032, as off-grid solar panels are highly utilized in mobile applications such as recreational vehicles (RVs) and boats. These applications demand a dependable and autonomous power source for operating appliances and charging batteries while on the move.
The concentrated solar power systems segment is expected to grow faster throughout the forecast period.
Based on the technology, the photovoltaic systems segment held the highest market share in 2022, accounting for nearly 90% of the global solar panel market revenue and is likely to retain its dominance throughout the forecast period. This can be attributed to the fact that photovoltaic (PV) systems utilize photovoltaic cells, which are made of semiconductor materials such as silicon, to convert sunlight directly into electricity. However, the concentrated solar power segment is projected to manifest the highest CAGR of 8.7% from 2023 to 2032. The growth is attributed to the fact that concentrated solar power (CSP) technology is the power tower system, where an array of flat mirrors, called heliostats, track the sun and concentrate sunlight onto a central receiver located atop a tower.
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Asia-Pacific to maintain its dominance by 2032.
Based on region, Asia-Pacific held the highest market share, accounting for more than two-fifths of the global solar panel market revenue, and is expected to rule the roost in terms of revenue throughout the forecast timeframe. The same region is the fastest growing segment in terms of revenue in 2022, with the 8.5% CAGR during the forecast period. The segment is driven by factors such as residential solar power systems are gaining popularity in many countries across Asia-Pacific. Homeowners are installing solar panels on their rooftops to generate clean, renewable energy and reduce their reliance on the grid. These systems typically consist of solar panels, inverters, and batteries for energy storage.
Leading Market Players: -
- SunPower Corporation
- Canadian Solar
- Panasonic Corporation
- REC Solar Holdings AS
- Trina Solar Limited.
- RenewSys India Pvt. Ltd.
- LG Electronics Inc.
- Yingli Solar
- Jinko Solar Holding Co. Ltd.
- JA SOLAR Technology Co.,Ltd.
The report provides a detailed analysis of these key players in the global solar panel market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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