According to the recent study by IMARC Group, the global solar panel market size reached 129.6 GW in 2018. Solar panels are active solar devices made up of photovoltaic or solar cells which are used to convert sunlight into electrical energy. They are installed on rooftops or surfaces with access to direct sunlight, require minimum to no maintenance and have a service life of twenty years or more. Their installation can significantly reduce dependence on conventional sources of electricity and help to minimize the carbon footprint. As a result, they are widely being utilized to generate electricity across the residential, commercial and industrial sectors across the globe.

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Global Solar Panel Market Trends:

The increasing demand for renewable power sources is the key factor driving the growth of the market. Renewable power sources like solar and wind energy do not cause pollution and are abundantly available in nature. Rising environmental concerns have also created demand for alternate energy sources that do not contribute to greenhouse gas emissions. In line with this, governments of various nations are encouraging the usage of solar panels by offering incentives for solar energy projects and spreading awareness among consumers through several programs and campaigns. 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. Furthermore, technological advancements in the industry have led to the development of ultrathin solar panels that are relatively more flexible, efficient and cost-effective as compared to the glass-based panels. Significant fall in the prices of silver and polysilicon, along with rising energy costs, are some of the other factors that are positively influencing the growth of the market. On account of these factors, the market is projected to experience steady growth over the next few years.

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Market Segmentation

Market by Type

1. Crystal Silicon
2. Monocrystalline Silicon
3. Polycrystalline Silicon
4. Thin Film
5. Others

Performance of Key Regions

1. Asia Pacific
2. North America
3. Europe
4. Latin America
5. Middle East and Africa

Market by End Use

1. Commercial
2. Residential
3. Industrial

Some of the major players operating in the industry include JinkoSolar Holding Co., Ltd. (JKS), Trina Solar Limited (TSL), Canadian Solar Inc. (CSIQ), JA Solar Holdings (JASO), Hanwha Q-CELLS, GCL-SI, LONGi Solar, Risen Energy, Shunfeng and Yingli Green.

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