Solar Panels Market size to grow at a CAGR of 7.87% from 2022 to 2027, The market is segmented by type, end-user, and geography - Technavio

NEW YORK, May 12, 2023 /PRNewswire/ -- The solar panels market is estimated to grow by USD 50.08 billion from 2022 to 2027. The growth momentum will progress at a CAGR of 7.87% during the forecast period. The market is segmented by end-user (power utilities, commercial, and residential), type (crystalline panel and thin-film panel), and geography (APAC, Europe, North America, Middle East and Africa, and South America). The market share growth by the power utilities segment will be significant for overall market growth during the forecast period. The power utility sector held the largest share of the global solar panel market in 2022. The installation of large-scale solar power plants to generate clean energy and reduce carbon emissions is increasing, which has a positive influence on segment growth. The increasing investments in the renewable energy sector significantly drive the market growth. There has been a significant shift in the world's energy mix, over the past two decades. The IEA estimates that the proportion of renewable energy in the world's electricity generation rose from 26% in the first quarter of 2020 to about 28% in the first quarter of 2021 and by 2023, it's anticipated to reach 30%. As compared to more conventional energy sources like fossil fuels, such as nuclear power, producing electricity from renewable sources is relatively expensive. Hence, such factors drive the market growth during the forecast period. Download a Sample Report in minutes!

Solar Panels Market Insights -

• Vendors: 15+, Including Adani Group, Antec Solar GmbH, Canadian Solar Inc., First Solar Inc., Flisom AG, Hanergy Thin Film Power Group Ltd., JA Solar Technology Co. Ltd., Jiangsu Zhongli Group Co. Ltd., JinkoSolar Holding Co. Ltd., Kaneka Corp., Longi green energy technology Co. Ltd, Risen Energy Co. Ltd., Shell plc, SoloPower Systems Inc., Soltecture GmbH, Tata Power Co. Ltd., Tesla Inc., Trina Solar Co. Ltd., Wuxi Suntech Power Co. Ltd., and Yingli Green Energy Holding Co. Ltd., among others
• Coverage: Parent market analysis; key drivers, major trends, and challenges; customer and vendor landscape; vendor product insights and recent developments; key vendors; and market positioning of vendors
• Segments: End-user (Power utilities, Commercial, and Residential), Type (Crystalline panel and Thin-film panel), and Geography (APAC, Europe, North America, Middle East and Africa, and South America)

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Solar panels market - Vendor Insights

The growing competition in the market is compelling vendors to adopt various growth strategies such as promotional activities and spending on advertisements to improve the visibility of their services. Technavio report analyzes the market's competitive landscape and offers information on several market vendors including Adani Group, Antec Solar GmbH, Canadian Solar Inc., First Solar Inc., Flisom AG, Hanergy Thin Film Power Group Ltd., JA Solar Technology Co. Ltd., Jiangsu Zhongli Group Co. Ltd., JinkoSolar Holding Co. Ltd., Kaneka Corp., Longi green energy technology Co. Ltd, Risen Energy Co. Ltd., Shell plc, SoloPower Systems Inc., Soltecture GmbH, Tata Power Co. Ltd., Tesla Inc., Trina Solar Co. Ltd., Wuxi Suntech Power Co. Ltd., and Yingli Green Energy Holding Co. Ltd.

Solar Panels Market – Market Dynamics

Major Trends - 

• The rise in the deployment of microgrids is an emerging trend in the solar panels market. 
• A small-scale power grid with its own sources of generation and storage is known as a microgrid and can run on its own or in cooperation with other tiny power grids.
• To operate in both grid-connected and island modes, a microgrid can connect to and disconnect from the power grid.
• As the primary power grid experiences a failure or if the system is purposefully disconnected from the primary grid, a microgrid may go into island mode. Microgrids are used in villages where access to grid-connected power is difficult or scarce.
• As they are unaffected by power outages in the main grid, they are more dependable and also lower the price of expanding the grid to outlying areas.
• Hence, such trends influence the growth of the solar panels market during the forecast period.

Key challenges - 

• High initial investment and maintenance costs for solar PV systems are major challenges hindering market growth.
• In spite of the fact that the cost of the materials has significantly decreased, solar PV installations still require a significant upfront investment and the main cause of the higher investment rates is the need for a large area for panels to produce a lot of electricity.
• Because of the intermittency issues, which reduce solar panels' efficiency, customers must install a lot of solar panels to meet their energy needs. It raises both the initial investment and ongoing maintenance costs.
• Hence, such factors will hinder the growth of the global market during the forecast period.

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The solar panels market report provides critical information and factual data, with a qualitative and quantitative study of the market based on market drivers and limitations as well as future prospects.

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What are the key data covered in this Solar Panels Market report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the solar panels market between 2023 and 2027
• Precise estimation of the size of the solar panels market and its contribution to the market with a focus on the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the solar panels market across APAC, Europe, North America, Middle East and Africa, and South America
• A thorough analysis of the market's competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of the solar panels market vendors

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Table of Contents: 

1 Executive Summary

• 1.1 Market overview 
• Exhibit 01: Executive Summary – Chart on Market Overview
• Exhibit 02: Executive Summary – Data Table on Market Overview
• Exhibit 03: Executive Summary – Chart on Global Market Characteristics
• Exhibit 04: Executive Summary – Chart on Market by Geography
• Exhibit 05: Executive Summary – Chart on Market Segmentation by End-user
• Exhibit 06: Executive Summary – Chart on Market Segmentation by Type
• Exhibit 07: Executive Summary – Chart on Incremental Growth
• Exhibit 08: Executive Summary – Data Table on Incremental Growth
• Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

• 2.1 Market ecosystem 
• Exhibit 10: Parent market
• Exhibit 11: Market Characteristics

3 Market Sizing

• 3.1 Market definition 
• Exhibit 12: Offerings of vendors included in the market definition

• 3.2 Market segment analysis 
• Exhibit 13: Market segments

• 3.3 Market size 2022 

• 3.4 Market outlook: Forecast for 2022-2027
• Exhibit 14: Chart on Global - Market size and forecast 2022-2027 ($ billion)
• Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 ($ billion)
• Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
• Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)

4 Historic Market Size

• 4.1 Global Solar Panels Market 2017 - 2021
• Exhibit 18: Historic Market Size – Data Table on Global Solar Panels Market 2017 - 2021 ($ billion)

• 4.2 End-user Segment Analysis 2017 - 2021
• Exhibit 19: Historic Market Size – End-user Segment 2017 - 2021 ($ billion)

• 4.3 Type Segment Analysis 2017 - 2021 
• Exhibit 20: Historic Market Size – Type Segment 2017 - 2021 ($ billion)

• 4.4 Geography Segment Analysis 2017 - 2021
• Exhibit 21: Historic Market Size – Geography Segment 2017 - 2021 ($ billion)

• 4.5 Country Segment Analysis 2017 - 2021
• Exhibit 22: Historic Market Size – Country Segment 2017 - 2021 ($ billion)

5 Five Forces Analysis

• 5.1 Five forces summary 
• Exhibit 23: Five forces analysis - Comparison between 2022 and 2027

• 5.2 Bargaining power of buyers 
• Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027

• 5.3 Bargaining power of suppliers 
• Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027

• 5.4 Threat of new entrants 
• Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027

• 5.5 Threat of substitutes 
• Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027

• 5.6 Threat of rivalry 
• Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027

• 5.7 Market condition 
• Exhibit 29: Chart on Market condition - Five forces 2022 and 2027

6 Market Segmentation by End-user

• 6.1 Market segments 
• Exhibit 30: Chart on End-user - Market share 2022-2027 (%)
• Exhibit 31: Data Table on End-user - Market share 2022-2027 (%)

• 6.2 Comparison by End-user 
• Exhibit 32: Chart on Comparison by End-user
• Exhibit 33: Data Table on Comparison by End-user

• 6.3 Power utilities - Market size and forecast 2022-2027
• Exhibit 34: Chart on Power utilities - Market size and forecast 2022-2027 ($ billion)
• Exhibit 35: Data Table on Power utilities - Market size and forecast 2022-2027 ($ billion)
• Exhibit 36: Chart on Power utilities - Year-over-year growth 2022-2027 (%)
• Exhibit 37: Data Table on Power utilities - Year-over-year growth 2022-2027 (%)

• 6.4 Commercial - Market size and forecast 2022-2027
• Exhibit 38: Chart on Commercial - Market size and forecast 2022-2027 ($ billion)
• Exhibit 39: Data Table on Commercial - Market size and forecast 2022-2027 ($ billion)
• Exhibit 40: Chart on Commercial - Year-over-year growth 2022-2027 (%)
• Exhibit 41: Data Table on Commercial - Year-over-year growth 2022-2027 (%)

• 6.5 Residential - Market size and forecast 2022-2027
• Exhibit 42: Chart on Residential - Market size and forecast 2022-2027 ($ billion)
• Exhibit 43: Data Table on Residential - Market size and forecast 2022-2027 ($ billion)
• Exhibit 44: Chart on Residential - Year-over-year growth 2022-2027 (%)
• Exhibit 45: Data Table on Residential - Year-over-year growth 2022-2027 (%)

• 6.6 Market opportunity by End-user 
• Exhibit 46: Market opportunity by End-user ($ billion)
• Exhibit 47: Data Table on Market opportunity by End-user ($ billion)

7 Market Segmentation by Type

• 7.1 Market segments 
• Exhibit 48: Chart on Type - Market share 2022-2027 (%)
• Exhibit 49: Data Table on Type - Market share 2022-2027 (%)

• 7.2 Comparison by Type 
• Exhibit 50: Chart on Comparison by Type
• Exhibit 51: Data Table on Comparison by Type

• 7.3 Crystalline panel - Market size and forecast 2022-2027 
• Exhibit 52: Chart on Crystalline panel - Market size and forecast 2022-2027 ($ billion)
• Exhibit 53: Data Table on Crystalline panel - Market size and forecast 2022-2027 ($ billion)
• Exhibit 54: Chart on Crystalline panel - Year-over-year growth 2022-2027 (%)
• Exhibit 55: Data Table on Crystalline panel - Year-over-year growth 2022-2027 (%)

• 7.4 Thin-film panel - Market size and forecast 2022-2027
• Exhibit 56: Chart on Thin-film panel - Market size and forecast 2022-2027 ($ billion)
• Exhibit 57: Data Table on Thin-film panel - Market size and forecast 2022-2027 ($ billion)
• Exhibit 58: Chart on Thin-film panel - Year-over-year growth 2022-2027 (%)
• Exhibit 59: Data Table on Thin-film panel - Year-over-year growth 2022-2027 (%)

• 7.5 Market opportunity by Type 
• Exhibit 60: Market opportunity by Type ($ billion)
• Exhibit 61: Data Table on Market opportunity by Type ($ billion)

8 Customer Landscape

• 8.1 Customer landscape overview 
• Exhibit 62: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Geographic Landscape

• 9.1 Geographic segmentation 
• Exhibit 63: Chart on Market share by geography 2022-2027 (%)
• Exhibit 64: Data Table on Market share by geography 2022-2027 (%)

• 9.2 Geographic comparison 
• Exhibit 65: Chart on Geographic comparison
• Exhibit 66: Data Table on Geographic comparison

• 9.3 APAC - Market size and forecast 2022-2027
• Exhibit 67: Chart on APAC - Market size and forecast 2022-2027 ($ billion)
• Exhibit 68: Data Table on APAC - Market size and forecast 2022-2027 ($ billion)
• Exhibit 69: Chart on APAC - Year-over-year growth 2022-2027 (%)
• Exhibit 70: Data Table on APAC - Year-over-year growth 2022-2027 (%)

• 9.4 Europe - Market size and forecast 2022-2027
• Exhibit 71: Chart on Europe - Market size and forecast 2022-2027 ($ billion)
• Exhibit 72: Data Table on Europe - Market size and forecast 2022-2027 ($ billion)
• Exhibit 73: Chart on Europe - Year-over-year growth 2022-2027 (%)
• Exhibit 74: Data Table on Europe - Year-over-year growth 2022-2027 (%)

• 9.5 North America - Market size and forecast 2022-2027
• Exhibit 75: Chart on North America - Market size and forecast 2022-2027 ($ billion)
• Exhibit 76: Data Table on North America - Market size and forecast 2022-2027 ($ billion)
• Exhibit 77: Chart on North America - Year-over-year growth 2022-2027 (%)
• Exhibit 78: Data Table on North America - Year-over-year growth 2022-2027 (%)

• 9.6 Middle East and Africa - Market size and forecast 2022-2027 
• Exhibit 79: Chart on Middle East and Africa - Market size and forecast 2022-2027 ($ billion)
• Exhibit 80: Data Table on Middle East and Africa - Market size and forecast 2022-2027 ($ billion)
• Exhibit 81: Chart on Middle East and Africa - Year-over-year growth 2022-2027 (%)
• Exhibit 82: Data Table on Middle East and Africa - Year-over-year growth 2022-2027 (%)

• 9.7 South America - Market size and forecast 2022-2027
• Exhibit 83: Chart on South America - Market size and forecast 2022-2027 ($ billion)
• Exhibit 84: Data Table on South America - Market size and forecast 2022-2027 ($ billion)
• Exhibit 85: Chart on South America - Year-over-year growth 2022-2027 (%)
• Exhibit 86: Data Table on South America - Year-over-year growth 2022-2027 (%)

• 9.8 China - Market size and forecast 2022-2027
• Exhibit 87: Chart on China - Market size and forecast 2022-2027 ($ billion)
• Exhibit 88: Data Table on China - Market size and forecast 2022-2027 ($ billion)
• Exhibit 89: Chart on China - Year-over-year growth 2022-2027 (%)
• Exhibit 90: Data Table on China - Year-over-year growth 2022-2027 (%)

• 9.9 US - Market size and forecast 2022-2027
• Exhibit 91: Chart on US - Market size and forecast 2022-2027 ($ billion)
• Exhibit 92: Data Table on US - Market size and forecast 2022-2027 ($ billion)
• Exhibit 93: Chart on US - Year-over-year growth 2022-2027 (%)
• Exhibit 94: Data Table on US - Year-over-year growth 2022-2027 (%)

• 9.10 South Korea - Market size and forecast 2022-2027
• Exhibit 95: Chart on South Korea - Market size and forecast 2022-2027 ($ billion)
• Exhibit 96: Data Table on South Korea - Market size and forecast 2022-2027 ($ billion)
• Exhibit 97: Chart on South Korea - Year-over-year growth 2022-2027 (%)
• Exhibit 98: Data Table on South Korea - Year-over-year growth 2022-2027 (%)

• 9.11 Germany - Market size and forecast 2022-2027
• Exhibit 99: Chart on Germany - Market size and forecast 2022-2027 ($ billion)
• Exhibit 100: Data Table on Germany - Market size and forecast 2022-2027 ($ billion)
• Exhibit 101: Chart on Germany - Year-over-year growth 2022-2027 (%)
• Exhibit 102: Data Table on Germany - Year-over-year growth 2022-2027 (%)

• 9.12 Italy - Market size and forecast 2022-2027
• Exhibit 103: Chart on Italy - Market size and forecast 2022-2027 ($ billion)
• Exhibit 104: Data Table on Italy - Market size and forecast 2022-2027 ($ billion)
• Exhibit 105: Chart on Italy - Year-over-year growth 2022-2027 (%)
• Exhibit 106: Data Table on Italy - Year-over-year growth 2022-2027 (%)

• 9.13 Market opportunity by geography 
• Exhibit 107: Market opportunity by geography ($ billion)
• Exhibit 108: Data Tables on Market opportunity by geography ($ billion)

10 Drivers, Challenges, and Trends

• 10.1 Market drivers 

• 10.2 Market challenges 

• 10.3 Impact of drivers and challenges 
• Exhibit 109: Impact of drivers and challenges in 2022 and 2027

• 10.4 Market trends 

11 Vendor Landscape

• 11.1 Overview 

• 11.2 Vendor landscape 
• Exhibit 110: Overview on Criticality of inputs and Factors of differentiation

• 11.3 Landscape disruption 
• Exhibit 111: Overview on factors of disruption

• 11.4 Industry risks 
• Exhibit 112: Impact of key risks on business

12 Vendor Analysis

• 12.1 Vendors covered 
• Exhibit 113: Vendors covered

• 12.2 Market positioning of vendors 
• Exhibit 114: Matrix on vendor position and classification

• 12.3 Adani Group 
• Exhibit 115: Adani Group - Overview
• Exhibit 116: Adani Group - Business segments
• Exhibit 117: Adani Group - Key offerings
• Exhibit 118: Adani Group - Segment focus

• 12.4 Antec Solar GmbH 
• Exhibit 119: Antec Solar GmbH - Overview
• Exhibit 120: Antec Solar GmbH - Product / Service
• Exhibit 121: Antec Solar GmbH - Key offerings

• 12.5 Canadian Solar Inc. 
• Exhibit 122: Canadian Solar Inc. - Overview
• Exhibit 123: Canadian Solar Inc. - Business segments
• Exhibit 124: Canadian Solar Inc. - Key news
• Exhibit 125: Canadian Solar Inc. - Key offerings
• Exhibit 126: Canadian Solar Inc. - Segment focus

• 12.6 First Solar Inc. 
• Exhibit 127: First Solar Inc. - Overview
• Exhibit 128: First Solar Inc. - Business segments
• Exhibit 129: First Solar Inc. - Key offerings
• Exhibit 130: First Solar Inc. - Segment focus

• 12.7 Flisom AG 
• Exhibit 131: Flisom AG - Overview
• Exhibit 132: Flisom AG - Product / Service
• Exhibit 133: Flisom AG - Key offerings

• 12.8 Hanergy Thin Film Power Group Ltd.
• Exhibit 134: Hanergy Thin Film Power Group Ltd. - Overview
• Exhibit 135: Hanergy Thin Film Power Group Ltd. - Product / Service
• Exhibit 136: Hanergy Thin Film Power Group Ltd. - Key offerings

• 12.9 JA Solar Technology Co. Ltd. 
• Exhibit 137: JA Solar Technology Co. Ltd. - Overview
• Exhibit 138: JA Solar Technology Co. Ltd. - Product / Service
• Exhibit 139: JA Solar Technology Co. Ltd. - Key offerings

• 12.10 JinkoSolar Holding Co. Ltd. 
• Exhibit 140: JinkoSolar Holding Co. Ltd. - Overview
• Exhibit 141: JinkoSolar Holding Co. Ltd. - Product / Service
• Exhibit 142: JinkoSolar Holding Co. Ltd. - Key news
• Exhibit 143: JinkoSolar Holding Co. Ltd. - Key offerings

• 12.11 Kaneka Corp. 
• Exhibit 144: Kaneka Corp. - Overview
• Exhibit 145: Kaneka Corp. - Business segments
• Exhibit 146: Kaneka Corp. - Key offerings
• Exhibit 147: Kaneka Corp. - Segment focus

• 12.12 Longi green energy technology Co. Ltd
• Exhibit 148: Longi green energy technology Co. Ltd - Overview
• Exhibit 149: Longi green energy technology Co. Ltd - Product / Service
• Exhibit 150: Longi green energy technology Co. Ltd - Key offerings

• 12.13 Risen Energy Co. Ltd. 
• Exhibit 151: Risen Energy Co. Ltd. - Overview
• Exhibit 152: Risen Energy Co. Ltd. - Product / Service
• Exhibit 153: Risen Energy Co. Ltd. - Key offerings

• 12.14 Shell plc 
• Exhibit 154: Shell plc - Overview
• Exhibit 155: Shell plc - Business segments
• Exhibit 156: Shell plc - Key offerings
• Exhibit 157: Shell plc - Segment focus

• 12.15 Trina Solar Co. Ltd. 
• Exhibit 158: Trina Solar Co. Ltd. - Overview
• Exhibit 159: Trina Solar Co. Ltd. - Business segments
• Exhibit 160: Trina Solar Co. Ltd. - Key offerings
• Exhibit 161: Trina Solar Co. Ltd. - Segment focus

• 12.16 Wuxi Suntech Power Co. Ltd. 
• Exhibit 162: Wuxi Suntech Power Co. Ltd. - Overview
• Exhibit 163: Wuxi Suntech Power Co. Ltd. - Product / Service
• Exhibit 164: Wuxi Suntech Power Co. Ltd. - Key offerings

• 12.17 Yingli Green Energy Holding Co. Ltd.
• Exhibit 165: Yingli Green Energy Holding Co. Ltd. - Overview
• Exhibit 166: Yingli Green Energy Holding Co. Ltd. - Business segments
• Exhibit 167: Yingli Green Energy Holding Co. Ltd. - Key offerings
• Exhibit 168: Yingli Green Energy Holding Co. Ltd. - Segment focus

13 Appendix

• 13.1 Scope of the report 

• 13.2 Inclusions and exclusions checklist
• Exhibit 169: Inclusions checklist
• Exhibit 170: Exclusions checklist

• 13.3 Currency conversion rates for US$ 
• Exhibit 171: Currency conversion rates for US$

• 13.4 Research methodology 
• Exhibit 172: Research methodology
• Exhibit 173: Validation techniques employed for market sizing
• Exhibit 174: Information sources

• 13.5 List of abbreviations 
• Exhibit 175: List of abbreviations

About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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