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Solar Panel Trends and Forecast
The future of the global solar panel market looks promising with opportunities in the commercial, residential, and industrial applications. The global solar panel market is expected to reach an estimated $248.1 billion by 2030 with a CAGR of 7.6% from 2024 to 2030. The major drivers for this market are growing awareness of the benefits of solar energy, increasing demand for renewable energy, and need to reduce carbon emissions.
A more than 150-page report is developed to help in your business decisions. Sample figures with some insights are shown below.
Solar Panel by Segment
The study includes a forecast for the global solar panel by type, application, end use, and region.
Solar Panel Market by Type [Shipment Analysis by Value from 2018 to 2030]:
• Crystal Silicon
• Monocrystalline Silicon
• Polycrystalline Silicon
• Others
Solar Panel Market by Application [Shipment Analysis by Value from 2018 to 2030]:
• Photovoltaic
• Concentrated Solar Power
Solar Panel Market by End Use [Shipment Analysis by Value from 2018 to 2030]:
• Commercial
• Residential
• Industrial
Solar Panel Market by Region [Shipment Analysis by Value from 2018 to 2030]:
• North America
• Europe
• Asia Pacific
• The Rest of the World
List of Solar Panel Companies
Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. With these strategies solar panel companies cater increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the solar panel companies profiled in this report include-
• PHOTONIX Solar Private
• Urja Global
• Vikram Solar
• Waaree
• Acutech Solar
• Tata Power Solar Systems
• HT Solar
• Einnova Solarline
• AE Solar
• JS Solar
Solar Panel Market Insights
Lucintel forecasts that photovoltaic is expected to witness higher growth over the forecast period due to its affordability, easy installation, and efficient at converting sunlight into electricity.
APAC is expected to witness highest growth over the forecast period due to augmenting demand for renewable energy among population, expanding need to reduce carbon emissions, and presence of key players in the region.
Features of the Global Solar Panel Market
Market Size Estimates: Solar panel market size estimation in terms of value ($B).
Trend and Forecast Analysis: Market trends (2018 to 2023) and forecast (2024 to 2030) by various segments and regions.
Segmentation Analysis: Solar panel market size by type, application, end use, and region in terms of value ($B).
Regional Analysis: Solar panel market breakdown by North America, Europe, Asia Pacific, and Rest of the World.
Growth Opportunities: Analysis of growth opportunities in different types, applications, end uses, and regions for the solar panel market.
Strategic Analysis: This includes M&A, new product development, and competitive landscape of the solar panel market.
Analysis of competitive intensity of the industry based on Porter’s Five Forces model.
FAQ
Q.1 What is the solar panel market size?
Answer: The global solar panel market is expected to reach an estimated $248.1 billion by 2030.
Q.2 What is the growth forecast for solar panel market?
Answer: The global solar panel market is expected to grow with a CAGR of 7.6% from 2024 to 2030.
Q.3 What are the major drivers influencing the growth of the solar panel market?
Answer: The major drivers for this market are rising concern towards environmental pollution, significant demand for renewable energy, and escalating demand for solar panels from residential and commercial projects.
Q4. What are the major segments for solar panel market?
Answer: The future of the solar panel market looks promising with opportunities in the commercial, residential, and industrial applications.
Q5. Who are the key solar panel market companies?
Answer: Some of the key solar panel companies are as follows:
• PHOTONIX Solar Private
• Urja Global
• Vikram Solar
• Waaree
• Acutech Solar
• Tata Power Solar Systems
• HT Solar
• Einnova Solarline
• AE Solar
• JS Solar
Q6. Which solar panel market segment will be the largest in future?
Answer: Lucintel forecasts that photovoltaic is expected to witness higher growth over the forecast period due to its affordability, easy installation, and efficient at converting sunlight into electricity.
Q7. In solar panel market, which region is expected to be the largest in next 5 years?
Answer: APAC is expected to witness highest growth over the forecast period due to augmenting demand for renewable energy among population, expanding need to reduce carbon emissions, and presence of key players in the region.
Q.8 Do we receive customization in this report?
Answer: Yes, Lucintel provides 10% customization without any additional cost.
This report answers following 11 key questions:
Q.1. What are some of the most promising, high-growth opportunities for the solar panel market by type (crystal silicon, monocrystalline silicon, polycrystalline silicon, and others), application (photovoltaic and concentrated solar power), end use (commercial, residential, and industrial), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2. Which segments will grow at a faster pace and why?
Q.3. Which region will grow at a faster pace and why?
Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
Q.5. What are the business risks and competitive threats in this market?
Q.6. What are the emerging trends in this market and the reasons behind them?
Q.7. What are some of the changing demands of customers in the market?
Q.8. What are the new developments in the market? Which companies are leading these developments?
Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
Q.11. What M&A activity has occurred in the last 5 years and what has its impact been on the industry?
For any questions related to Solar Panel Market, Solar Panel Market Size, Solar Panel Market Growth, Solar Panel Market Analysis, Solar Panel Market Report, Solar Panel Market Share, Solar Panel Market Trends, Solar Panel Market Forecast, Solar Panel Companies, write Lucintel analyst at email: helpdesk@lucintel.com. We will be glad to get back to you soon.
Table of Contents
1. Executive Summary
2. Global Solar Panel Market : Market Dynamics
2.1: Introduction, Background, and Classifications
2.2: Supply Chain
2.3: Industry Drivers and Challenges
3. Market Trends and Forecast Analysis from 2018 to 2030
3.1. Macroeconomic Trends (2018-2023) and Forecast (2024-2030)
3.2. Global Solar Panel Market Trends (2018-2023) and Forecast (2024-2030)
3.3: Global Solar Panel Market by Type
3.3.1: Crystal Silicon
3.3.2: Monocrystalline Silicon
3.3.3: Polycrystalline Silicon
3.3.4: Others
3.4: Global Solar Panel Market by Application
3.4.1: Photovoltaic
3.4.2: Concentrated Solar Power
3.5: Global Solar Panel Market by End Use
3.5.1: Commercial
3.5.2: Residential
3.5.3: Industrial
4. Market Trends and Forecast Analysis by Region from 2018 to 2030
4.1: Global Solar Panel Market by Region
4.2: North American Solar Panel Market
4.2.1: North American Solar Panel Market by Application: Photovoltaic and Concentrated Solar Power
4.2.2: North American Solar Panel Market by End Use: Commercial, Residential, and Industrial
4.3: European Solar Panel Market
4.3.1: European Solar Panel Market by Application: Photovoltaic and Concentrated Solar Power
4.3.2: European Solar Panel Market by End Use: Commercial, Residential, and Industrial
4.4: APAC Solar Panel Market
4.4.1: APAC Solar Panel Market by Application: Photovoltaic and Concentrated Solar Power
4.4.2: APAC Solar Panel Market by End Use: Commercial, Residential, and Industrial
4.5: ROW Solar Panel Market
4.5.1: ROW Solar Panel Market by Application: Photovoltaic and Concentrated Solar Power
4.5.2: ROW Solar Panel Market by End Use: Commercial, Residential, and Industrial
5. Competitor Analysis
5.1: Product Portfolio Analysis
5.2: Operational Integration
5.3: Porter’s Five Forces Analysis
6. Growth Opportunities and Strategic Analysis
6.1: Growth Opportunity Analysis
6.1.1: Growth Opportunities for the Global Solar Panel Market by Type
6.1.2: Growth Opportunities for the Global Solar Panel Market by Application
6.1.3: Growth Opportunities for the Global Solar Panel Market by End Use
6.1.4: Growth Opportunities for the Global Solar Panel Market by Region
6.2: Emerging Trends in the Global Solar Panel Market
6.3: Strategic Analysis
6.3.1: New Product Development
6.3.2: Capacity Expansion of the Global Solar Panel Market
6.3.3: Mergers, Acquisitions, and Joint Ventures in the Global Solar Panel Market
6.3.4: Certification and Licensing
7. Company Profiles of Leading Players
7.1: PHOTONIX Solar Private
7.2: Urja Global
7.3: Vikram Solar
7.4: Waaree
7.5: AcuTech Solar
7.6: Tata Power Solar Systems
7.7: HT Solar
7.8: Einnova Solarline
7.9: AE Solar
7.10: JS Solar
.
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Lucintel has been in the business of market research and management consulting since 2000 and has published over 1000 market intelligence reports in various markets / applications and served over 1,000 clients worldwide. This study is a culmination of four months of full-time effort performed by Lucintel's analyst team. The analysts used the following sources for the creation and completion of this valuable report:
In-depth interviews of the major players in this market
Detailed secondary research from competitors’ financial statements and published data
Extensive searches of published works, market, and database information pertaining to industry news, company press releases, and customer intentions
A compilation of the experiences, judgments, and insights of Lucintel’s professionals, who have analyzed and tracked this market over the years.
Extensive research and interviews are conducted across the supply chain of this market to estimate market share, market size, trends, drivers, challenges, and forecasts. Below is a brief summary of the primary interviews that were conducted by job function for this report.
Thus, Lucintel compiles vast amounts of data from numerous sources, validates the integrity of that data, and performs a comprehensive analysis. Lucintel then organizes the data, its findings, and insights into a concise report designed to support the strategic decision-making process. The figure below is a graphical representation of Lucintel’s research process.
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