Solar Panel Market by Technology (Photovoltaic Cells, Concentrated Solar Power Systems), by Application (Residential, Commercial, Industrial, Power Utilities), by Size (Small, Medium, Large), by Solar Module (Monocrystalline, Multicrystalline, Thin-Film [Amorphous Silicon, Cadmium Telluride, Copper Indium Gallium Selenide]), by Geography (U.S., Canada, France, U.K., Spain, Italy, Germany, Russia, Netherlands, Sweden, China, Japan, India, Indonesia, Australia, South Korea, Vietnam, Philippines, Saudi Arabia, U.A.E., South Africa, Brazil, Mexico, Argentina) – Global Market Size, Share, Development, Growth, and Demand Forecast, 2014–2024

  • Publishing: May 2021
  • Report Code: PE10479
  • Available Format: PDF

Solar Panel Market Overview

Increasing environmental awareness among customers, provision of government incentives and tax rebates to install solar panels, and significantly reducing prices of key components to make solar cells/modules, such as silver and polysilicon, are the key factors driving the growth of solar panel market. Cost-effective renewable forms of energy are gaining wide acceptance over conventional sources of energy. Also, solar panels do not burn fuel, which makes the process noise-free, pollution-free, and around two to three times more efficient than combustion technologies.

A solar panel is a collection of solar cells spread over a large area to produce electricity by using sunlight. As the sunlight hits a cell, which is a semiconductor, the light is converted into electricity that flows through the circuit. The solar panels can be deployed for numerous applications, including remote power systems for cabins, telecommunication equipment, remote sensing systems, and residential and commercial solar systems. Based on technology, the solar panel market can be categorized into photovoltaic cells and concentrated solar power systems. Of these, market for concentrated solar power systems is projected to witness faster growth. The demand for high concentrated photovoltaic (HCPV) systems and low concentrated photovoltaic (LCPV) systems is expected to grow by double digit during the forecast period.

Solar panels find their application in residential, commercial, industrial and power utilities. The growth of solar panel market is expected to be considerable in residential end-use application, owing to the support by governments’ funding and initiatives.

On the basis of size, the solar panel market can be categorized into small (<100 kW), medium (1–10 MW), and large (>10 MW). Based on solar module, the solar panel is bifurcated into monocrystalline technology multicrystalline technology, and thin-film.

The market penetration is high in Europe, owing to the decentralized energy generation model in the region. The increased government funding and initiatives in countries, such as Germany and the U.K., have intensified the growth of solar power capacity in the region, which in turn is, fueling the demand for solar panels.

Asia-Pacific (APAC) is expected to witness the fastest growth during the forecast period, owing to the reducing prices of solar modules, growing awareness regarding energy efficiency, along with supporting government regulations. Government initiatives such as subsidies on photovoltaic (PV) systems and feed-in-tariffs, in addition to the capacity expansions in the region are expected to drive the solar panel demand, during the forecast period.

Solar Panel Market Dynamics

Growth Drivers

Growing demand for solar-driven vehicles and electrical appliances is leading to a surging demand for solar panels across the globe. Also, rising demand for PV installations, increasing adoption of storage grid, and a notable demand for solar panels in the residential rooftop applications are expected to fuel the solar panel market growth.

Falling prices of key raw materials of solar panels, including silver and polysilicon, have been observed, along with price drops for other industrial commodities that are used to make solar panels, which are expected to drive the market growth in the coming years. Furthermore, increased electricity prices across the world, combined with cheaper solar panels, and decreased installation cost of solar panel systems are leading to a significant solar panel market growth.


Solar panel market has huge growth prospects in long-term, and it has been expected that the solar energy would be the dominant energy source in about a decade. Increasing installations of solar energy systems in the commercial and residential end-use applications are the factors providing lucrative growth opportunities in the market.

Another prime factor includes focus on reduction of CO2 emission. Use of solar energy will increase the production of green energy and save the depleting coal and natural gas reserves. Hence, governments across the globe are promoting renewable sources of energy, supporting heavy installation of solar systems, thereby pushing solar panel market growth.

Solar Panel Market Competitive Landscape

Some of the key players in the global solar panel market include First Solar, Canadian Solar, SunPower Corporation, Jinko Solar, Hanwha Group, ReneSola, Trina Solar, JA Solar Co., Ltd., LONGi Solar, and Sharp Corporation.

Market competition is significantly increasing among the manufacturers, owing to the developments related to PV-based power distribution systems. Additionally, the price for solar modules differs notably in different regions, depending on market demand orientation. Furthermore, reduced profitability of module manufacturers, and stress over market consolidation are resulting in decline in the prices of solar panels.

The report will also provide a country-wise analysis. Some of the major countries that are covered in the report include the U.S., Canada, France, the U.K., Spain, Italy, Germany, Russia, Netherlands, Sweden, China, Japan, India, Indonesia, Australia, South Korea, Vietnam, Philippines, Saudi Arabia, U.A.E., South Africa, Brazil, Mexico, and Argentina.

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