• Ukrainian start-up River Solar has developed a solar tile for building-integrated photovoltaics (BIPV) with a 19.5% power conversion efficiency and carries a 25-year performance guarantee.
  • Chinese solar manufacturer JinkoSolar has achieved 23.1% conversion efficiency for an n-type monocrystalline solar PV module.
  • A $90 million, 64 MW solar farm makes University of Queensland 100% renewable.
  • Banque des Territoires acquires 50% of Total’s wind and solar Portfolio. The asset includes 11 wind farms and 35 solar power plants with a combined capacity of 143 MW.
  • Adani Green Energy Commissions 25 MW Solar Plant in Uttar Pradesh, India.
  • Tata Power Gets Letter of Award (LoA) to Develop 110MW Solar Project for Kerala State Electricity Board. Project to be completed by July, 2022.




Solar photovoltaic modules also known as solar panels can capture sunlight and convert them into electricity. The main components of the solar photovoltaic modules are numerous types of photovoltaic cells mainly made of silicon.

These components are coupled and encapsulated to form a photovoltaic module. Some photovoltaic panels use plastic lenses or even mirrors to concentrate light onto the minute, highly efficient photovoltaic cell.

Innovation in recent technology now allows a wide range of materials to be used to fabricate photovoltaic cells besides silicon such as conductive plastics, solar inks and dyes.


infographic: Solar Photovoltaic Panel Market, Solar Photovoltaic Panel Market Size, Solar Photovoltaic Panel Market trends and forecast, Solar Photovoltaic Panel Market Risks, Solar Photovoltaic Panel Market report

In the age of growing concern for carbon emissions and its adverse effects, there is a steady shift towards a dependence on renewable resources for energy consumption. This is the driving force and the prime factor that is thrusting the growth of the solar panel market in the coming years.


The global solar market is expanding, and it’s projected that the world will have 1 trillion watts of installed solar PV capacity by 2023. Global combined solar generation capacity has reached 585 GW. There are enormous potential and opportunities for energy investors as well as for renewable energy supporters who are striving to achieve SDG 7 ensuring access to affordable, reliable, sustainable and modern energy for all.

Scientists at bell laboratories had first exploited the solar energy in 1954 with the help of working solar cell made of silicon which generated an electric current when exposed to sunlight. Solar cells were then started being used in space satellites and small items like watch and calculators. Now a days, electricity from solar cells have become competitive in many regions and photovoltaic systems are being deployed at large scales to help power the electric grid.

Vast majority of today’s solar cells are made from silicon. These cells offer both reasonable prices and good efficiency i.e. rate of conversion of sunlight to electricity. These cells are then assembled to form large modules and then installed on rooftop of residential/ commercial buildings or deployed on ground-mounted racks to create huge, utility-scale systems. 


Moreover, solar energy helps promote social and economic development as it pushes countries to meet their policy targets for reliable, secure and affordable clean energy which provides electricity access with reduced cost volatility.



Solar panel refers to a panel designed to soak up the sun’s rays as a supply of energy to generating electricity and heating. It reduces the quantity of electricity returning from fossil fuels by activity your operations with clean, renewable energy from the sun. Solar panels also are known as electrical phenomenon or PV modules because it directly converts daylight into electricity.

The sun produces enough energy daily to provide ten times the world’s electrical desires. Solar electrical phenomenon panels are packaged, connected assembly of usually 6×10 Solar cells that generates and provides Solar electricity in industrial and residential applications.

Solar panels don’t seem to be solely used for residential top applications; however they’re conjointly wide used for applications like powering electronic devices, individual gadgets, and vehicle batteries. Putting in Solar panels on a house roof will decrease the household’s carbon.

In 1960s, the primary industrial use of Solar cells was for powering satellites. There are varied quality levels of Solar panels with totally different potency and value factors particularly Monocrystalline Solar panels, crystalline Solar panels, and thin-film panels (amorphous panels).

Solar Panels are tested underneath “Standard check Conditions (STC)”. Solar panels may be accurately compared with one another and rated by victimization fastened set of conditions thought of underneath this technique. There are 3 commonplace check conditions for testing Solar panels together with temperature of the cell, Solar irradiance, and mass of the air.



There is increasing demand for Solar panels within the residential top side applications. There’s vital fall within the costs for key elements like silver and polysilicone that area unit wont to build Solar cells.

Solar Panels don’t produce noise and don’t build any emissions. value drops for industrial commodities that area unit wont to build Solar panels, and better value expectations for electricity and gas area unit the factors that area unit expected to drive growth of the Solar panels marketplace. Increase in electricity value combined with cheaper Solar panels can drive the Solar panels market.

Solar energy does not work  at night while not a device like battery. Climatically changes and cloudy weather will disturb the operating of Solar panels throughout daytime. Also, Solar technologies square measure costly. These square measure a number of the factors that square measure limiting the expansion of Solar panels market to some extent.




By Material/Technology Used

  • Thin Film Solar Cells

These solar-cells are made by coating a thin layer of highly absorptive semiconductor material on a sheet of glass, plastic or metal foil. Materials used in thin films are-

Cadmium Telluride (CdTe)

Copper Indium Gallium Diselenide (CIGS)

Amorphous Thin-film Silicon (a-Si)


  • Perovskite

These solar cells are type of thin-film cell but are easy to fabricate. It can reach solar conversion efficiency of more than 20%. Materials used to manufacture these cells as of now is Methylammonium Lead Iodide (MAPbI3).

  • Quantum Dots
  • Organic PV

By Grid Connectivity

  • Grid Connected
  • Off Grid


By Installation Type

  • Ground Mounted
  • Building-Integrated PV (Bipv)
  • Floating PV


  • Thin film
  • Multi-Si  
  • Mono-Si



  • Ground Mounted  
  • Rooftop Solar



  • North America
  • Asia-Pacific
  • Europe
  • South America
  • Middle-East and Africa


Top 15 Countries Solar Generating Capacity

CountryGenerating Capacity (Gw)
United States60.5
United Kingdom13.3



  • Residential  
  • Commercial  
  • Utility



  • Solar Photovoltaics
  • Solar Thermal Electricity
  • Artificial Photosynthesis
  • Solar Heating 




The thin-film section occupied a dominant market share. Thin-film Solar PV panels realize major application in industrial and utility-scale comes as these light-weight panels have reduced installation prices. Lower potency of thin-film Solar PV panels is paid with the economies-of-scale installation.

The crystalline semiconductor section is projected to witness substantial growth over the forecast  the extended lifecycle of panels, low weight volume magnitude relation, and cheap producing of semiconductor semiconductors.

Monocrystalline Solar PV panel’s are made up of highest grade semiconductor and possess higher area potency as compared to thin-film Solar PV panels. However, corporations producing monocrystalline panels target solely the premium section of the market thanks to high initial investment for these panels.



The solar PV power is expected to drive strong growth in renewable energy. Solar, together with wind, is expected to produce more than 50% of the total generation in Australia, Germany, Mexico, and the United Kingdom.


infographic: Solar Photovoltaic Panel Market, Solar Photovoltaic Panel Market Size, Solar Photovoltaic Panel Market trends and forecast, Solar Photovoltaic Panel Market Risks, Solar Photovoltaic Panel Market report

Emerging economies, such as China, India, and Brazil, have various large-scale ground-mounted solar projects lined up, which are expected to drive the ground-mounted solar PV market over the forecast period. Although utility-scale solar PV projects have gained a significant share in the market studied, small-scale rooftop solar PV systems represent an important part of the market.


Moreover, rooftop solar offers the benefits of modern electricity services to households that had no access to electricity, reducing electricity costs on islands and in other remote locations that are dependent on oil-fired generation. Thus, rooftop solar power is enabling residents and small businesses to generate their own electricity.



Speedy penetration of Solar PV panels across company offices, hotels, and hospitals not to mention growing power demand from communication base stations and information centers is predicted to propel the merchandise demand across the industrial sector.

Additionally, increased panel potency, improved energy yield, and module-level observation area unit among the key factors driving the PV panel adoption during this section.

Off-grid Solar PV panels with energy storage system act as reliable secondary supply of power in households, thereby increasing product adoption across the section. Intensive battery energy storage systems need extra-large panels system to store desired power in batteries. This, in turn, can significantly boost the demand for clean energy system within the residential sector.

 Growing variety of utility-scale comes attributable to rising demand for clean electricity area unit expected to drive the Solar PV panels market across the commercial sector. 

China was the most important contributor to the market revenue generation in 2019. Presence of huge market players beside favorable government policies providing subsidies and monetary incentives to PV come area unit among the key factors conducive to the trade growth in China.

Apart from being the most important producing hub of panels producing, China has many Solar farms together with the world’s largest floating farm. Additionally, the country accounts for a distinguished position in Solar PV panel’s exports to the planet.

However, some countries just like the U.S. and India have applied restrictions on the number of PV panel foreign from China, thereby disrupting Global trade profits within the country.

The U.S.  proliferating capability of residential customers in addition to announcement of recent utility comes is anticipated to reinforce product penetration across the country within the returning years.







  • As of early 2020, United States has generating capacity of 60.5 GW.
  • In February 2020, Canadian Solar announced the commencement of the construction of 2 solar PV power projects in Japan. These two projects are expected to have capacities of 13.6 MW and 13.0 MW and are located in Ibaraki Prefecture and Fukuoka Prefecture, respectively. These projects are expected to be operational by mid-2021.



China is the undisputed renewable growth leader in the world, and it is expected to account for more than 40% of the global renewable energy mix by 2022.

China has been developing strong government initiatives, meeting various capacity targets, and addressing concerns about reducing the increasing air pollution in the country, which are the factors contributing to the growth. According to IEA, China already surpassed its 2020 solar panel target.


Although India is growing exponentially in the solar field, it is still far from reaching the top as it still ranks 6th after China, European Union, United States, Japan, and Germany. India is still to reach 70% of its desired 100GW target by 2022. As of March 2019, the cumulative installed solar energy capacity in the country has crossed the 28GW mark. 


During 2018, Japan positioned second, behind China, in solar limit and created around 5% of the nation’s power requirement.

In 2018, the nation had 55.5 GW limit with regards to solar PV, and under the Long-term Energy Supply and Request Standpoint for FY 2030, the Service of Economy, Exchange, and Industry of Japan is meaning to build the portion of sustainable power source offer to 24% by 2030, which is required to expand the solar PV showcase in the nation and in the locale.


In 2017, the South Korean government decided that in Seoul, the country’s capital, the government will implement solar panels in one-third of all households by 2022. This is expected to result in increasing the existing solar capacity by about ten times.



  • China leads the world market of electricity generation using solar energy with combined installed capacity of 245 GW as Nov, 2020.
  • China in its new five-year plan has ambitious plan of installing 75 GW combined capacity solar power plants.


  • India is the fifth largest solar power generating country in the world with combined capacity of 36 GW as of Nov, 2020.
  • India plans to reach a generating capacity of 175 GW by the end of 2022.
  • Adani’s renewable Energy Arm gets LoA for 600 MW Hybrid power project.
  • Total expands sustainable energy alliance with Adani, takes 20% Stake in AGEL. Deal was worth $2.5 Billion.




  • Japan has surpassed United States in total solar generating capacity, with total combined capacity of 61.8 GW.





  • European Union aims to have a combined solar generating capacity of 140 GW by the end of 2021.
  • In April 2020, LONGi entered into an agreement with Swedish distributor Senergia for the supply of 9.2 MW of its Hi-MO4 modules. The agreement includes around 25,000 PV modules of various power—23,400 pieces of 370 W and 1,320 pieces of 440W.



  • Germany with solar generating capacity of 50 GW is the world’s 4th largest solar energy generator in the world, as of early 2020.
  • Germany aims to achieve 50% of total electricity production in the country through solar energy by 2030, which was 11% as of 2020.






The solar power sector is facing challenges from alternate sources of electricity, which mainly includes gas power and wind power. As power generation from wind and gas resources are cleaner modes of energy production, the growing adoption of the same is expected to hamper the demand for solar power. Various governments worldwide have formulated favorable policies to drive wind and gas power infrastructures.


In spite of the fact that the normal cost of solar photovoltaic panels has descended radically throughout the recent decade, the expense of claiming and introducing solar photovoltaic panels is still very high and goes about as a restriction in most territories.

A huge lump of the populace are not yet mindful of the expense and ecological advantages and worried about solar panels, which is additionally expected to limit the market development in key districts.


The global solar photovoltaic panel market size was estimated at $XX Billion in 2019 growing at –% CAGR till 2025



World solar generating capacity is increasing at rate higher than expected by most of the countries. Since countries are achieving their goals 4-5 years before, solar market is expected to grow in the coming years. China is the world solar market leader in terms of generation and installation. India could be leading the world solar energy market in the coming years taking benefit of geographical position with more than 300 sunny days in a year. However, a huge investment will be required which is expected from US and European players.

In the coming years, solar energy wouldn’t alone suffice for electricity requirement it would have to mix with other form energy generation to meet the demand and nuclear energy seems the best option as of now.




  1. First Solar Inc.
  2. Sharp Corporation
  3. JinkoSolar Holding Co. Ltd
  4. JA Solar Holdings Co. Ltd
  5. Trina Solar Ltd
  6. Hanwha Q Cells Co. Ltd
  7. Acciona Energia SA
  8. Canadian Solar Inc.
  9. Duke Energy Corporation
  10. EDF SA
  11. Orsted AS


Sl noTopic
1Market Segmentation
2Scope of the report
4Research Methodology
5Executive Summary
7Insights from Industry stakeholders
8Cost breakdown of Product by sub-components and average profit margin
9Disruptive innovation in the Industry
10Technology trends in the Industry
11Consumer trends in the industry
12Recent Production Milestones
13Component Manufacturing in US, EU and China
14COVID-19 impact on overall market
15COVID-19 impact on Production of components
16COVID-19 impact on Point of sale
17Market Segmentation, Dynamics and Forecast by Geography, 2020-2025
18Market Segmentation, Dynamics and Forecast by Product Type, 2020-2025
19Market Segmentation, Dynamics and Forecast by Application, 2020-2025
20Market Segmentation, Dynamics and Forecast by End use, 2020-2025
21Product installation rate by OEM, 2020
22Incline/Decline in Average B-2-B selling price in past 5 years
23Competition from substitute products
24Gross margin and average profitability of suppliers
25New product development in past 12 months
26M&A in past 12 months
27Growth strategy of leading players
28Market share of vendors, 2020
29Company Profiles
30Unmet needs and opportunity for new suppliers


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