Solar Panels Market Size, Share, Trends, & Industry Analysis Report By Type (Monocrystalline Solar Panels, Polycrystalline Solar Panels, Thin-Film Solar Panels); By End-User (Residential, Commercial, Utility, Others), By Regions: Segment Forecast, 2018 - 2026

The global solar panels market size was valued at USD 32.12 billion in 2017 and is anticipated to grow at a CAGR of 12.4% during the forecast period. Solar panels are devices that convert light into electricity. Solar panels are a collection of solar or photovoltaic cells used to generate electricity through photovoltaic effect. Most solar panels are developed using crystalline silicon solar cells.

The different types of photovoltaic materials used for development of solar panels include Polycrystalline Silicon, Monocrystalline Silicon, Copper Indium Gallium Selenide, and Cadmium Telluride among others. Solar panels are easy to install while having the capability to operate for over two decades. Installation of solar panels assists in reducing the emissions of harmful greenhouse gases, thereby decreasing global warming. Solar panels are clean, and pollution free energy sources, which reduce the reliance of consumers on fossil fuels and traditional power sources.

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The market is driven by factors such as increase in environmental pollution, reducing prices for components such as silver and polysilicon, and incentives & tax rebates provided by governments across the world for installation of solar panels. Governments across the globe are investing significantly towards the development of solar energy. Governments also offer incentives and schemes for construction of buildings integrated with solar technologies. There has been a significant increase in demand of solar panels from residential and commercial projects, which fuels the growth of the solar panels industry.

Factors such as growing urbanization depletion of traditional fuel sources, and increasing awareness regarding use of renewable energy sources influences the market growth. The technological advancements in solar panels, along with their increasing installation capacities and increasing awareness among consumer has encouraged market players to develop sustainable solutions, thereby improving the market growth rate. The increasing focus on sustainable energy, and growing need for eco-friendly energy sources has increased the market growth. There has been an increasing demand of solar panels owing to low operating costs and less maintenance. Declining prices of solar panels and limited availability of fossil fuels would provide numerous growth opportunities in market.

Segment Analysis

The global Solar Panels market is segmented on the basis of type, end-user, and region. The report segments the type into Monocrystalline Solar Panels, Polycrystalline Solar Panels, and Thin-film Panels. The polycrystalline solar panels segment accounted for the highest market share in 2017. The use of polycrystalline solar panels in a wide range of applications, high efficiency, and technological advancements boost the market growth. The end-user segment is divided into Residential, Commercial, Utility, and Others. The commercial segment accounted for the highest market share in 2017. The increasing demand for highly efficient and sustainable energy sources drives the market growth.

Solar Panels Market Scope

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Regional Analysis

This report comprises a detailed geographic analysis across North America, Europe, Asia-Pacific, Latin America, and MEA. North America is further segmented into U.S., and Canada. Europe is divided into Germany, UK, France, Italy, Spain, Belgium, Russia, Netherlands, and Rest of Europe. Asia-Pacific is bifurcated into China, India, Japan, Korea, Singapore, Malaysia, Indonesia, Thailand, Philippines and Rest of Asia-Pacific.

Asia-Pacific is the major region contributing to the market growth due to increasing environmental concerns, and government initiatives to promote the adoption of solar energy. Moreover, concerns about rising pollution level, and depleting traditional energy sources have accelerated the market growth in this region.

Competitive Landscape

The leading players in the market include International Yingli Green Energy Holding, Suntech Power Holdings, SunPower Corporation, Panasonic Solar Panels, Hanwha Q CELLS, Jinko Solar, Canadian Solar, Trina Solar, First Solar, and Bosch Solar Energy among others. These leading players are introducing innovative products in the market to cater to the growing demand for consumers. Global players are entering new markets in developing regions to expand their customer base, strengthen market presence, and increase their market share.