Solar PV Panel Market Report: Trends, Forecast and Competitive Analysis

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Solar PV Panel Market Trends and Forecast

The future of the solar PV panel market looks promising with opportunities in the residential, commercial, and industrial applications. The global solar PV panel market is expected to grow with a CAGR of 7% to 9% from 2023 to 2028. The major drivers for this market are gradual transition of energy industry from conventional to renewable sources, rise in awareness towards environmental pollution, and huge price variance between retail electricity and solar-generated electricity.

Solar PV Panel Market by Technology, Grid, and Application

Emerging Trends in the Solar PV Panel Market
Emerging trends which have a direct impact on the dynamics of the industry includes installation of solar panels in remote regions and government initiatives towards reducing carbon footprints.
A more than 150-page report is developed to help in your business decisions. Sample figures with some insights are shown below. To learn the scope, benefits, companies researched and other details of the global solar PV panel market report, please download the report brochure.

Solar PV Panel Market by Segment
The study includes a forecast for the global solar PV panel market by technology, grid, application, and region, as follows:

Solar PV Panel Market by Technology [Value ($B) Shipment Analysis from 2017 to 2028]:

Thin Film
Crystalline Silicon
Others

Solar PV Panel Market by Grid [Value ($B) Shipment Analysis from 2017 to 2028]:

On Grid
Off Grid

Solar PV Panel Market by Application [Value ($B) Shipment Analysis from 2017 to 2028]:

Residential
Commercial
Industrial

Solar PV Panel Market by Region [Value ($B) Shipment Analysis from 2017 to 2028]:

North America
Europe
Asia Pacific
The Rest of the World

List of Solar PV 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 PV panel companies cater to increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the surgical laser companies profiled in this report include.

Solar PV Panel Market Insights

Lucintel forecasts that thin-film will remain the largest segment over the forecast period due to its benefits such as, strong durability, narrow design, and its build-up from flexible & lightweight materials. It has major application in commercial and utility-scale projects as these lightweight panels have reduced the overall installation costs.
Residential is expected to remain the fastest growing segment due to rise in customer awareness regarding the monitory and environmental benefits associated with solar power. Also, the rooftop solar PV is equipped with an energy battery storage system that provides reliable secondary power in residential households.
APAC will remain the largest region due to increase in solar power installation across the countries like China and India as an alternative source for electricity generation, and government's incentives as an initiative to achieve the target of lowering the carbon emission.

Features of the Solar PV Panel Market

Market Size Estimates: Solar PV panels market size estimation in terms of value ($B)
Trend And Forecast Analysis: Market trends (2017-2022) and forecast (2023-2028) by various segments and regions.
Segmentation Analysis: Solar PV panels market size by various segments, such as by technology, grid, application, and region.
Regional Analysis: Solar PV panels market breakdown by North America, Europe, Asia Pacific, and the Rest of the World.
Growth Opportunities: Analysis on growth opportunities in different segment type by, technology, grid, application, and regions for the solar PV panel market.
Strategic Analysis: This includes M&A, new product development, and competitive landscape for the solar PV panel market.
Analysis of competitive intensity of the industry based on Porter’s Five Forces model.

FAQ
Q1. What is the solar PV panel market size?
Answer: The global solar PV panel market is expected to reach an estimated $xx billion by 2028.
Q2. What is the growth forecast for solar PV panel market?
Answer: The global solar PV panel market is expected to grow with a CAGR of 10% to 12% from 2023 to 2028.
Q3. What are the major drivers influencing the growth of the solar PV panel market?
Answer: The major drivers for this market are gradual transition of energy industry from conventional to renewable sources, rise in awareness towards environmental pollution, and huge price variance between retail electricity and solar-generated electricity.
Q4. What are the major segments for solar PV panel market?
Answer: The future of the solar PV panel market looks promising with opportunities in the residential, commercial, and industrial applications.
Q5. What are the emerging trends in solar PV panel market?
Answer: Emerging trends which have a direct impact on the dynamics of the industry includes installation of solar panels in remote regions and government initiatives towards reducing carbon footprints.
Q6. Who are the key solar PV panel companies?
Answer: Some of the key solar PV panels’s companies are as follows:

First Solar
Canadian Solar
SunPower Corporation
Jinko Solar
Hanwha Group
ReneSola
Trina Solar
JA Solar
LONGi Solar
Sharp Corporation
Planet DDS

Q7. Which solar PV panel segment will be the largest in future?
Answer: Lucintel forecasts that thin-film will remain the largest segment over the forecast period due to its benefits such as, strong durability, narrow design, and its build-up from flexible & lightweight materials. It has major application in commercial and utility-scale projects as these lightweight panels have reduced the overall installation costs.
Q8. In solar PV panel market, which region is expected to be the largest in next 5 years?
Answer: APAC will remain the largest region due to increase in solar power installation across the countries like China and India as an alternative source for electricity generation, and government's incentives as an initiative to achieve the target of lowering the carbon emission.
Q9. 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 PV panel market by technology (thin-film, crystalline silicon, and others), grid (on grid, and off grid), application (residential, commercial, 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 PV panel market or related solar PV panel companies, solar PV panel market size, solar PV panel market share, solar PV panel analysis, write Lucintel analyst at email: helpdesk@lucintel.com we will be glad to get back to you soon.

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Table of Contents

1. Executive Summary

2. Global Solar PV 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 2017 to 2028

3.1: Macroeconomic Trends (2017-2022) and Forecast (2023-2028)

3.2: Global Solar PV Panel Market Trends (2017-2022) and Forecast (2023-2028)

3.3: Global Solar PV Panel Market by Technology

3.3.1: Thin Film

3.3.2: Crystalline Silicon

3.3.3: Others

3.4: Global Solar PV Panel Market by Grid

3.4.1: On Grid

3.4.2: Off Grid

3.5: Global Solar PV Panel Market by Application

3.5.1: Residential

3.5.2: Commercial

3.5.3: Industrial

4. Market Trends and Forecast Analysis by Region from 2017-2028

4.1: Global Solar PV Panel Market by Region

4.2: North American Solar PV Panel Market

4.2.1: North American Solar PV Panel Market by Technology: Thin-Film, Crystalline Silicon, and Others

4.2.2: North American Solar PV Panel Market by Application: Residential, Commercial, and Industrial

4.3: European Solar PV Panel Market

4.3.1: European Solar PV Panel Market by Technology:Thin-Film, Crystalline Silicon, and Others

4.3.2: European Solar PV Panel Market by Application: Residential, Commercial, and Industrial

4.4: APAC Solar PV Panel Market

4.4.1: APAC Solar PV Panel Market by Technology: Thin-Film, Crystalline Silicon, and Others

4.4.2: APAC Solar PV Panel Market by Application: Residential, Commercial, and Industrial

4.5: ROW Solar PV Panel Market

4.5.1: ROW Solar PV Panel Market by Technology: Thin-Film, Crystalline Silicon, and Others

4.5.2: ROW Solar PV Panel Market by Application: Residential, Commercial, and Industrial

5. Competitor Analysis

5.1: Type 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 PV Panel Market by Technology

6.1.2: Growth Opportunities for the Global Solar PV Panel Market by Grid

6.1.3: Growth Opportunities for the Global Solar PV Panel Market by Application

6.1.4: Growth Opportunities for the Global Solar PV Panel Market by Region

6.2: Emerging Trends in the Global Solar PV Panel Market

6.3: Strategic Analysis

6.3.1: New Type Development

6.3.2: Capacity Expansion of the Global Solar PV Panel Market

6.3.3: Mergers, Acquisitions, and Joint Ventures in the Global Solar PV Panel Market

6.3.4: Certification and Licensing

7. Company Profiles of Leading Players

7.1: First Solar

7.2: Canadian Solar

7.3: SunPower Corporation

7.4: Jinko Solar

7.5: Hanwha Group

7.6: ReneSola

7.7: Trina Solar

7.8: JA Solar

7.9: LONGi Solar

7.10: Sharp

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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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