Solar Panels Market

Solar Panels Market Size, Share & Trends Analysis Report

Solar Panels Market Size, Share, And Trends Analysis Report By Technology (Concentrated Solar Power, Solar PV) By Application (Commercial, Residential, Industrial) By Module Type (Thin Film, Crystalline) By Grid Connectivity (On-Grid, Off-Grid) Based On Region, And Segment Forecasts, 2022 - 2028

Report ID : BMRC 624
Number of pages : 300
Published Date : Nov 2022
Category : Energy And Mining
Delivery Timeline : 48 hrs

Solar Panels Market is valued at USD 182.02 Billion in 2021 and is expected to reach USD 902.55 Billion by 2028 with a CAGR of 25.7% over the forecast period.

The Detailed Market intelligence report on the Solar Panels Market applies the most effective of each primary and secondary analysis to weighs upon the competitive landscape and also the outstanding market players expected to dominate the Solar Panels Market place for the forecast 2021– 2028.

Scope of The Solar Panels Market Report:-

The solar panels aren’t just used for residential applications on rooftops however they are used widely also for the applications like the powering of individual gadgets, electronic devices as well as vehicle batteries. Such increased applications of solar panels are boosting the global market growth.

Solar panels are the panels that are designed for absorbing the rays of the sun as a source of the energy for generating heating and electricity. It lessens the amount of electricity that is coming from fossil fuels for operating with renewable and clean energy from the sun. The solar panels are further called PV modules or photovoltaic as it is directly converting the light of the sun into electricity. There is enough energy which is produced from the sun for being able to produce the electric needs of the world and a considerable portion more than that.

The panels are being packaged and connected assembly of the solar cells which are generated and supply the solar electricity in residential and commercial applications. Earlier in the days, the commercial first use for the solar cells has been powering the satellites. These are the various levels of quality for the solar panels with various efficiencies as well as cost factors.

Solar Panels Companies

The major players of the global solar panels market are,

  • ABROS green GmbH (Germany)
  • Jinko Solar Holding Co. Ltd. (China)
  • Canadian Solar Inc. (Canada)
  • Yingli Solar (China)
  • SunPower Corporation (U.S.A)
  • Abengoa Solar (Spain)
  • eSolar Inc. (U.S.A
  • Solar Limited (China)
  • Hanwha Q CELLS Co. Ltd. (South Korea)
  • JA Solar Holdings Co. Ltd. (China)
  • And Other Company's are also contributing

Global Solar Panels Market Segmentation Analysis:

By Technology

  • Concentrated Solar Power
  • Solar PV

By Application

  • Commercial
  • Residential
  • Industrial

By Module type

  • Thin Film
  • Crystalline

By Grid Connectivity

  • On-Grid
  • Off-Grid

Rise In Rooftop Application Driving The Global Solar Panels Market

There has been an increase in the demand for solar panels in rooftop applications in the residence. There is a major fall in prices for the major components like polysilicon and silver which are used for making the solar cells. The solar panels are not something that creates noise and does not make any of the emissions. The drop in the prices for the industrial commodities have been used for the making of solar panels as well as the higher expectations of price for the natural gas and electricity are the major factors which are driving the growth of the solar panels in the period of forecast. An increase in the price of electricity in combination with the cheaper panels has been driving the market of solar panels.

The issue which restricts this growth of solar energy is that it is not something that works at night as the battery. There is a problem of the cloudy weather and the climatic changes may disturb the work of the solar panels in the daytime.

North America To See Maximum Growth In The Global Solar Panels Market

The global solar panels market has been expected to witness the high growth of the period of forecast. The region of North America in the market for solar panels has been growing very quickly particularly due to the growth of the solar applications in the residence in the United States. In the previous year, the solar produced energy had accounted for a lot of the electricity generated in the United States as per the Energy Information Administration of the United States.

Asia-Pacific has been expected to show the fastest amount of growth in the period of forecast. There is a visible shift in the production of solar panels from the United States to India and China because of the low cost of manufacturing.

Report Analysis Details
Historical data 2015 - 2020
Forecast Period 2021 - 2028
Market Size in 2021: USD 182.02 Billion 
Base year considered 2020
Forecast Period CAGR %:


Market Size Expected in 2028: USD 902.55 Billion 
Tables, Charts & Figures: 175
Pages 200
Solar Panels Manufacturers ABROS green GmbH (Germany), Jinko Solar Holding Co. Ltd. (China), Canadian Solar Inc. (Canada), Yingli Solar (China), SunPower Corporation (U.S.A), Abengoa Solar (Spain), eSolar Inc. (U.S.A), Solar Limited (China), Hanwha Q CELLS Co. Ltd. (South Korea), JA Solar Holdings Co. Ltd. (China), And Other
Segments Covered  By Technology,  By Application, By Module Type, By Grid Connectivity
Regional Analysis North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa

Key Benefits of Global solar panels Industry Report:

  • Global solar panel Industry report covers in-depth historical and forecast analysis.
  • Global solar panels Industry research report provides detailed information about Market Introduction, Market Summary, Global market Revenue (Revenue USD), Market Drivers, Market Restraints, metaverse trends, Solar Panels Manufacturers, Market Opportunities, Competitive Analysis, Regional and Country Level.
  • Global solar panel Industry report helps to identify opportunities in the marketplace.
  • Global solar panels Industry report covers extensive analysis of emerging trends and competitive landscape.

On Special Requirement solar panels Market Report is also available for below region:

North America

  • U.S.
  • Canada


  • Germany
  • France
  • U.K.
  • Italy
  • Spain
  • Sweden
  • Netherland
  • Turkey
  • Switzerland
  • Belgium
  • Rest of Europe


  • South Korea
  • Japan
  • China
  • India
  • Australia
  • Philippines
  • Singapore
  • Malaysia
  • Thailand
  • Indonesia
  • Rest Of APAC

Latin America

  • Mexico
  • Colombia
  • Brazil
  • Argentina
  • Peru
  • Rest of South America

Middle East and Africa

  • Saudi Arabia
  • UAE
  • Egypt
  • South Africa
  • Rest Of MEA