Solar Panel Market - Size, Share, Application, Technology, Demand and Growth by 2023

The global solar panel market witnessed a double digit growth, which was mainly fueled by the increased capital investment in developed countries, increasing demand from the developing countries and consolidation in the supplier base. At present, China has more solar panel installation than the entire Europe; while in India it has also increased significantly, during the past few years. Similarly, the demand of solar panel from Japan has also increased owing to the favorable incentives for solar power by the Japanese government.

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The demand from the concentrated photovoltaic solar (CPV) in the U.S. is expected to grow significantly, during the forecast period. The demand of high concentrated photovoltaic solar (HCPV) and low concentrated photovoltaic solar (HCPV) is expected to grow in double digit during the forecast period.

The residential segment is expected to be the fastest growing application segment in the global solar panel market during the forecast period in the U.S. In terms of volume, the residential solar panel market grew more than 50%, while the market has higher market penetration in Europe, owing to the decentralized energy generation model in the region. The increased government funding in developing countries has intensified the growth of solar power capacity in the region, which in turn is fueling the demand of solar panel in residential power generation.

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With the advancement of technology, the price of solar panel is expected to decrease during the forecast period. While the efficiency of solar panel system is expected to increase in the coming years. The improvement in the supply chain of solar panel, along with the cost advantage from economy of scale is expected to decrease their cost during the forecast period.

Asia-Pacific accounted for the largest market in 2014. The surge within the solar energy generation capacity in China, India, and Japan has boosted the growth of the Asia-Pacific market. Asia-Pacific is expected to be the fastest growing market during the forecast period, owing to the increasing market penetration of solar panel from Japan and South-East Asia. Country wise, Germany, Italy, the U.K., China, India, Japan, and Brazil are expected to be the major markets during the forecast period.

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Some of the competitors in the global solar panel market are First solar, Canadian Solar, SunPower, Jinko Solar, Hanwha-solar one, ReneSola and Sharp.

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