USD 57.3 Billion for Global Solar Panel Market by 2022

Zion Market Research has published a new report titled “Solar Panel Market (Mono-crystalline, Poly-crystalline, and Thin-film Solar Panel) for Residential, Commercial and Utility Applications: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2016 – 2022”. According to the report, the global Solar Panel Market  accounted for USD 30.8 billion in 2016 and is expected to reach USD 57.3 billion by 2022, growing at a CAGR of 10.9% between 2017 and 2022.

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Global Solar Panel market is expected to witness positive growth within the forecast period on account of increasing government incentives for the adoption of renewable energy alternatives for power generation. A solar panel uses the solar energy to cleanly and efficiently produce electricity. For many years solar was considered as the main pillar of a future renewable energy based system. Demand for a solar panel is increasing prominently all over the world.  By providing operations with renewable, clean energy from the sun solar panels reduces the amount of electricity generating from fossil fuels. The solar panel currently available in the market gives high efficiency and long-term warranties will increase the customer preferences towards renewable energy sources. Moreover, the technological innovations coupled with the commercialization of Solar Panel have also been aiding the growth of the Solar Panel market. Rising awareness about the benefits of Solar Panel and depletion of fossil fuels is expected to surge the demand for Solar Panel in the years to come. However, the high cost of installation and maintenance of solar panel is expected to be a major restraint for the global Solar Panel market. Technological advancements and favorable government policies to construct solar power stations are expected to provide growth opportunities for the key players in the market over the coming years. 

The Solar Panel market can be segmented into categories by product types such as monocrystalline, polycrystalline, and thin-film solar panels. Poly-crystalline solar panel dominated the global Solar Panel market in 2016 owing to the wide range of applications and high efficiency in affordable price range. Mono-crystalline solar panel segment is expected to register remarkable growth within the forecast period due to their ability technological advancement.

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Based on the application the global solar panel market is segmented into residential, commercial and utility. Commercial application accounted for the largest market share in 2016 owing to factors such as high efficiency & utilization etc. commercial segment is expected to dominate the market in terms of revenue by the end of forecast period despite low growth rate. Whereas residential and utility segment is expected to witness significant growth with high growth rate during the forecast period due to the increasing awareness, cost efficiency and preferences towards the rooftop solar panel.

In terms of geography, Asia Pacific was the largest market for a solar panel in 2016 due to the government regulations and low cost of the product in the region that promotes the adoption of the solar panel. Asia Pacific is expected to witness significant growth throughout the forecast period owing to the large demand for a sustainable source of energy in order to meet the demands of the enormously expanding population in the region. Whereas North America region holds the second largest share of the global solar panel market for 2016 and in 2022 as well owing to the mature nature high adoption rate of solar panel in the region. Europe is the third largest market in terms of revenue. The growth of the region is anticipated to be moderate due to change in government regulation in past few years.

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Some of the key players operating in the global Solar Panel market are Renesola, JinkoSolar Holding Co., Ltd., JA Solar Holdings Co Ltd., Canadian Solar Inc., First Solar, Inc., Trina Solar Limited, Hanwha Q CELLS (Hanwha Group), Motech Industries Inc., Yingli Green Energy Holding Company Limited, and Shunfeng International Clean Energy Limited among others.

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