Summary

Market Overview:

The global solar panel market size reached 217.3 GW in 2022. Looking forward, IMARC Group expects the market to reach 632.9 GW by 2028, exhibiting a growth rate (CAGR) of 19.7% during 2023-2028.

A solar panel, also known as a PV panel, is a collection of solar (or photovoltaic) cells that employ natural sunlight to generate electricity. It is made of several solar cells, manufactured using silicon, boron, and phosphorus, which are arranged in a grid-like pattern on the surface. The utilization of solar panels has increased across the globe as they do not lead to any form of pollution and their installation helps in combating the harmful emissions of greenhouse gases. Also, innovations in quantum physics and nanotechnology are projected to increase their effectiveness potentially.

Solar panels provide clean as well as renewable energy and assist in reducing the amount of electricity produced from fossil fuels. Owing to this, governments in various emerging regions are providing tax relaxations and conducting several awareness campaigns to encourage their installation. For instance, the Ministry of New and Renewable Energy (MNRE) of the Government of India is promoting the installation of solar PV systems in the country under the Jawaharlal Nehru National Solar Mission. Apart from this, ultrathin solar panels have been developed which are lighter and more flexible than the glass-based variants. They are superior to conventional solar panels in terms of efficiency and cost-effectiveness. They can also be integrated into almost any surface, which will further boost their applicability across various sectors.

Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global solar panel market report, along with forecasts at the global and regional level from 2023-2028. Our report has categorized the market based on type and end use.

Breakup by Type:

Crystal Silicon
Monocrystalline Silicon
Polycrystalline Silicon
Thin Film
Others

On the basis of the type, crystal silicon solar panels currently represent the most popular type as they have laboratory energy conversion efficiencies of over 25% for monocrystalline cells and over 20% for polycrystalline cells.

Breakup by End Use:

Commercial
Residential
Industrial

Amongst these, the commercial sector represents the largest end-use segment, accounting for the majority of the global market share.

Regional Insights:

Asia Pacific
North America
Europe
Middle East and Africa
Latin America

On the geographical front, Asia Pacific enjoys a leading position in the market on account of the utilization of solar panels to increase reliability and aid in alleviating chronic power shortages across the region.

Competitive Landscape:
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 Questions Answered in This Report

1. What was the size of the global solar panel market in 2022?
2. What is the expected growth rate of the global solar panel market during 2023-2028?
3. What are the key factors driving the global solar panel market?
4. What has been the impact of COVID-19 on the global solar panel market?
5. What is the breakup of the global solar panel market based on the type?
6. What is the breakup of the global solar panel market based on the end use?
7. What are the key regions in the global solar panel market?
8. Who are the key players/companies in the global solar panel market?

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Table of Contents

1 Preface
2 Scope and Methodology
2.1 Objectives of the study
2.2 Stakeholders
2.3 Data Sources
2.3.1 Primary Sources
2.3.2 Secondary Sources
2.4 Market Estimation
2.4.1 Bottom-Up Approach
2.4.2 Top-Down Approach
2.5 Forecasting Methodology
3 Executive Summary
4 Introduction
4.1 Overview
4.2 Key Industry Trends
5 Global Solar Panel Industry
5.1 Market Overview
5.2 Market Performance
5.2.1 Volume Trends
5.2.2 Value Trends
5.3 Impact of COVID-19
5.4 Price Trends
5.5 Market Breakup by Type
5.6 Market Breakup by Region
5.7 Market Breakup by End Use
5.8 Market Forecast
5.9 SWOT Analysis
5.9.1 Strengths
5.9.2 Weaknesses
5.9.3 Opportunities
5.9.4 Threats
5.10 Value Chain Analysis
5.11 Porter’s Five Forces Analysis
5.11.1 Overview
5.11.2 Bargaining Power of Buyers
5.11.3 Bargaining Power of Suppliers
5.11.4 Degree of Competition
5.11.5 Threat of New Entrants
5.11.6 Threat of Substitutes
5.12 Key Success Factors and Risk Factors for Solar Panel Manufacturers
6 Market Breakup by Type
6.1 Crystal Silicon
6.1.1 Market Trends
6.1.2 Market Forecast
6.2 Monocrystalline Silicon
6.2.1 Market Trends
6.2.2 Market Forecast
6.3 Polycrystalline Silicon
6.3.1 Market Trends
6.3.2 Market Forecast
6.4 Thin Film
6.4.1 Market Trends
6.4.2 Market Forecast
6.5 Others
6.5.1 Market Trends
6.5.2 Market Forecast
7 Performance of Key Regions
7.1 Asia Pacific
7.1.1 Market Trends
7.1.2 Market Forecast
7.2 North America
7.2.1 Market Trends
7.2.2 Market Forecast
7.3 Europe
7.3.1 Market Trends
7.3.2 Market Forecast
7.4 Latin America
7.4.1 Market Trends
7.4.2 Market Forecast
7.5 Middle East and Africa
7.5.1 Market Trends
7.5.2 Market Forecast
8 Market Breakup by End Use
8.1 Commercial
8.1.1 Market Trends
8.1.2 Market Forecast
8.2 Residential
8.2.1 Market Trends
8.2.2 Market Forecast
8.3 Industrial
8.3.1 Market Trends
8.3.2 Market Forecast
9 Competitive Landscape
9.1 Market Structure
9.2 Capacities of Key Players
10 Solar Panel Manufacturing Process
10.1 Product Overview
10.2 Detailed Process Flow
10.3 Various Types of Unit Operations Involved
10.4 Mass Balance and Raw Material Requirements
11 Project Details, Requirements and Costs Involved
11.1 Land Requirements and Expenditures
11.2 Construction Requirements and Expenditures
11.3 Plant Machinery
11.4 Raw Material Requirements and Expenditures
11.5 Packaging Requirements and Expenditures
11.6 Transportation Requirements and Expenditures
11.7 Utility Requirements and Expenditures
11.8 Manpower Requirements and Expenditures
11.9 Other Capital Investments
12 Loans and Financial Assistance
13 Project Economics
13.1 Capital Cost of the Project
13.2 Techno-Economic Parameters
13.3 Product Pricing and Margins Across Various Levels of the Supply Chain
13.4 Taxation and Depreciation
13.5 Income Projections
13.6 Expenditure Projections
13.7 Financial Analysis
13.8 Profit Analysis
14 Key Player Profiles
14.1 Jinko Solar
14.2 Trina Solar
14.3 Canadian Solar
14.4 JA Solar
14.5 Hanwha Q-CELLS
14.6 GCL-SI
14.7 LONGi Solar
14.8 Risen Energy
14.9 Shunfeng
14.10 Yingli Green

List of Figures

Figure 1: Global: Solar Panel Market: Major Drivers and Challenges
Figure 2: Global: Solar Panel Market: Volume Trends (in Gigawatt), 2017-2022
Figure 3: Global: Solar Panel Market: Value Trends (in Billion US$), 2017-2022
Figure 4: Global: Solar Panel Market: Price Trends (in US$/Watt), 2017-2022
Figure 5: Global: Solar Panel Market: Breakup by Type (in %), 2022
Figure 6: Global: Solar Panel Market: Breakup by Region (in %), 2022
Figure 7: Global: Solar Panel Market: Breakup by End Use (in %), 2022
Figure 8: Global: Solar Panel Market Forecast: Volume Trends (in Gigawatt), 2023-2028
Figure 9: Global: Solar Panel Market Forecast: Value Trends (in Billion US$), 2023-2028
Figure 10: Global: Solar Panel Industry: SWOT Analysis
Figure 11: Global: Solar Panel Industry: Value Chain Analysis
Figure 12: Global: Solar Panel Industry: Porter’s Five Forces Analysis
Figure 13: Global: Crystalline Silicon Market: Volume Trends (in Megawatt), 2017 & 2022
Figure 14: Global: Crystalline Silicon Market Forecast: Volume Trends (in Megawatt), 2023-2028
Figure 15: Global: Monocrystalline Silicon Market: Volume Trends (in Megawatt), 2017 & 2022
Figure 16: Global: Monocrystalline Silicon Market Forecast: Volume Trends (in Megawatt), 2023-2028
Figure 17: Global: Polycrystalline Silicon Market: Volume Trends (in Megawatt), 2017 & 2022
Figure 18: Global: Polycrystalline Silicon Market Forecast: Volume Trends (in Megawatt), 2023-2028
Figure 19: Global: Thin Film Market: Volume Trends (in Megawatt), 2017 & 2022
Figure 20: Global: Thin Film Market Forecast: Volume Trends (in Megawatt), 2023-2028
Figure 21: Global: Other Type of Solar Panel Market: Volume Trends (in Megawatt), 2017 & 2022
Figure 22: Global: Other Type of Solar Panel Market Forecast: Volume Trends (in Megawatt), 2023-2028
Figure 23: Asia Pacific: Solar Panel Market: Volume Trends (in Megawatt), 2017 & 2022
Figure 24: Asia Pacific: Solar Panel Market Forecast: Volume Trends (in Megawatt), 2023-2028
Figure 25: North America: Solar Panel Market: Volume Trends (in Megawatt), 2017 & 2022
Figure 26: North America: Solar Panel Market Forecast: Volume Trends (in Megawatt), 2023-2028
Figure 27: Europe: Solar Panel Market: Volume Trends (in Megawatt), 2017 & 2022
Figure 28: Europe: Solar Panel Market Forecast: Volume Trends (in Megawatt), 2023-2028
Figure 29: Middle East and Africa Solar Panel Market: Volume Trends (in Megawatt), 2017 & 2022
Figure 30: Middle East and Africa Solar Panel Market Forecast: Volume Trends (in Megawatt), 2023-2028
Figure 31: Latin America: Solar Panel Market: Volume Trends (in Megawatt), 2017 & 2022
Figure 32: Latin America: Solar Panel Market Forecast: Volume Trends (in Megawatt), 2023-2028
Figure 33: Global: Solar Panel Market (Commercial Applications): Volume Trends (in Megawatt), 2017 & 2022
Figure 34: Global: Solar Panel Market Forecast (Commercial Applications): Volume Trends (in Megawatt), 2023-2028
Figure 35: Global: Solar Panel Market (Residential Applications): Volume Trends (in Megawatt), 2017 & 2022
Figure 36: Global: Solar Panel Market Forecast (Residential Applications): Volume Trends (in Megawatt), 2023-2028
Figure 37: Global: Solar Panel Market (Industrial Applications): Volume Trends (in Megawatt), 2017 & 2022
Figure 38: Global: Solar Panel Market Forecast (Industrial Applications): Volume Trends (in Megawatt), 2023-2028
Figure 39: Solar Panel Manufacturing Process: Detailed Process Flow
Figure 40: Solar Panel Manufacturing Plant: Various Unit Operations Involved
Figure 41: Solar Panel Manufacturing Process: Conversion Rate of Products
Figure 42: Solar Panel Manufacturing Plant: Proposed Plant Layout
Figure 43: Solar Panel Manufacturing Plant: Breakup of Capital Costs (in %)
Figure 44: Solar Panel Industry: Breakup of Profit Margins at Various Level of the Value Chain
Figure 45: Solar Panel Manufacturing Plant: Breakup of Operating Costs (in %)
 
List of Tables

Table 1: Global: Solar Panel Market: Key Industry Highlights, 2022 and 2028
Table 2: Global: Solar Panel Market Forecast: Breakup by Type (in Megawatt), 2023-2028
Table 3: Global: Solar Panel Market Forecast: Breakup by Region (in Megawatt), 2023-2028
Table 4: Global: Solar Panel Market Forecast: Breakup by End Use (in Megawatt), 2023-2028
Table 5: Global: Solar Panel Market: Competitive Structure
Table 6: Global: Solar Panel Market: Capacities of Key Players
Table 7: Solar Panel Manufacturing Plant: Raw Material Requirements
Table 8: Solar Panel Manufacturing Plant: Costs Related to Land and Site Development (in US$)
Table 9: Solar Panel Manufacturing Plant: Costs Related to Civil Works (in US$)
Table 10: Solar Panel Manufacturing Plant: Machinery Costs (in US$)
Table 11: Solar Panel Manufacturing Plant: Raw Material Requirements and Expenditure
Table 12: Solar Panel Manufacturing Plant: Costs Related to Utilities
Table 13: Solar Panel Manufacturing Plant: Costs Related to Salaries and Wages (in US$)
Table 14: Solar Panel Manufacturing Plant: Costs Related to Other Capital Investments (in US$)
Table 15: Details of Financial Assistance Offered by Financial Institutions
Table 16: Solar Panel Manufacturing Plant: Capital Costs (in US$)
Table 17: Solar Panel Manufacturing Plant: Techno-Economic Parameters
Table 18: Solar Panel Manufacturing Plant: Income Projections (in US$)
Table 19: Solar Panel Manufacturing Plant: Expenditure Projections (in US$)
Table 20: Solar Panel Manufacturing Plant: Taxation (in US$)
Table 21: Solar Panel Manufacturing Plant: Depreciation (in US$)
Table 22: Solar Panel Manufacturing Plant: Cash Flow Analysis Without Considering the Income Tax Liability
Table 23: Solar Panel Manufacturing Plant: Cash Flow Analysis on Considering the Income Tax Liability
Table 24: Solar Panel Manufacturing Plant: Profit and Loss Account (in US$)