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Global Solar Panel Market Research and Forecast, 2017-2022

por Shavonne Lower (2020-01-26)

Solar panel market Insights:

The global solar panel Market cumulative installation touched 291 GW market in 2016, and is expected to reach 872 GW by 2022, growing at a CAGR of 17.4%. A variety of factors such as environmental concern, unstable crude, and need of alternative energy source are driving the energy market. Increased carbon emission due to the fossil fuel and need of unlimited clean energy are reasons behind the growth of energy market. Government subsidy and encouragement is another motivating factor in various geographies. Recently, energy sector became less popular investment destination due to unstable crude prices. Low interest of investors in the energy sector is a major restraint of energy market.

The solar panel market is segmented into four major categories which are monocrystalline silicon solar PV, polycrystalline silicon solar PV, and thin-film solar PV market. Thin-film PV market further segmented in amorphous silicon (A-Si) and cadmium telluride (CdTe). The solar panel market is also categorized on the basis of end-user market such as industrial, household and commercial and other. The market also segmented on the basis of geographies and End user. North America (U.S.A. and Canada), Europe (western Europe and rest of Europe), APAC (India, china and japan) are major geographies which included in this report.

Will India achieve 100 GW solar installed capacity target by 2020?

"Green energy like power would power India as 175 gigawatt (G) of electricity is expected to be generated from renewable sources."- Prime Minister Narendra Modi said.

India has targeted to complete its 100 GW of installed capacity by 2020 in order to achieve 175 GW renewable energy capacity target by 2022. The 100 GW target include utilities and rooftop solar installation in which 60 GW is to come from utilities and 40 GW from rooftop solar installations. While the 60 GW target may can be achievable with the help of auction timeline, the country is showing poor performance in rooftop solar installation.

India has installed 19.58 GW of solar power generation capacity till February, 2018. The government is very close to achieving 20GW in 2017-18. However, the officials reported that Indian solar panel manufacturing capacity is not sufficient. Solar panel installation in the country is partially dependent on import from mass manufacturer present in other countries. Domestic solar panel/equipment manufacturers are providing panels but, it is not in sufficient number. To achieve 100GW target by 2020, there is high demand for panels/equipment where as supply is comparatively low.

The realization of unfortunate progress toward the 100 GW operational solar power capacity by 2022 has put Indian government in tension. The government is making sure that this target should be met in the remaining months. Government is taking initiatives like auction. R.K. Singh, the Minister for New & Renewable Energy recently announced that the government will auction 77 GW of power capacity by March 2022. To achieve 100 GW grid connected capacities by 2022, the Indian government has decided to auction 30 GW energy capacities each in 2018-19 and 2019-20.

"If the Indian government follows to auction timeline and fully auctions 77 GW capacity by 2020, it would be easy for India to achieve 100-gigawatt target."- OMR analytes

Further, to boost the installation of rooftop solar power in the country, Ministry of New and Renewable Energy (MNRE) is implementing Grid Connected Rooftop Solar (RTS) Power Programme. Rooftop solar panel installation target was set-up to achieve 40GW of rooftop solar capacity by 2022. Rooftop solar panel has been the fastest-growing segment within India's renewable energy sector in 2017, but it is still not growing at the fastest rate, which is the major concern for the Indian government. The Indian government has silently trimmed its 5,000 MW target for FY 2017-18 to only 1,000 megawatts (MW) of capacity.

The year wise targets (in MW) are as follows:

Year 2015-16 2016-17 2017-18 2018-19 2019-20 2020-21 2021-22 Total

Total Target in MW200 4800 5000 6000 7000 8000 9000 40000

Source: Ministry of New and Renewable Energy

The biggest obstacle in achieving target for rooftop solar panel is that state electricity utilities and distribution companies (discoms) across the country are not helpful as investment in solar panel can hurt their assets. As more industrial and commercial users brings significant revenues to state discoms, yield to solar power, the revenues of electricity generators and distributors would fall.

To achieve the 100GW target by 2022, the Modi Government has to obey its proclaimed target. The government can take support from national and international solar panel manufacturers, to overcome the gap between demand and supply in the solar panel market. There is scope for the country to achieve the target. If there is proper support by discoms and state electricity utilities, the 40 GW rooftop solar panel target will be achieved.

The report provides detailed and insightful chapters on market overview, key findings, strategic recommendations, market estimations, market determinants, sector analysis, key company analysis, market insights, company profiling, market segmentation, geographical analysis, analyst insights and predictive analysis of the market. Key companies profiled in the report are Canadian , First , Hanwha One, JA Solar, Jinko Solar, juwi AG, Kyocera, Renesola, Risen Energy Co, SFCE, Sharp Solar, SolarWorld AG, Solopower, SunEdison, SunPower, Suntech Power, Tata Power Solar Systems Limited, Trina Solar, Yingli Green Energy and Zhongli Talesun Solar Co.


The market study of solar panel market is incorporated by extensive primary and secondary research conducted by research team at OMR. Secondary research has been conducted to refine the available data to breakdown the market in various segments, derive total market size, market forecast and growth rate. Different approaches have been worked on to derive the market value and market growth rate. Our team collects facts and data related to the market from different geography to provide a better regional outlook. In the report country level analysis is provided by analyzing various regional players, regional tax laws and policies, consumer behavior and macro-economic factors. Numbers extracted from Secondary research have been authenticated by conducting proper primary research. It includes tracking down key people from the industry and interviewing them to validate the data. This enables our analyst to derive the closest possible figures without any major deviations in the actual number. Our analysts try to contact as many executives, managers, key opinion leaders and industry experts. Primary research brings the authenticity in our reports.

Secondary sources include:

Financial reports of companies involved in the market

Authentic Public Databases

Whitepapers, research-papers and news blogs

Company websites and their product catalogue.

Supplier Websites such as Alibaba, amazon for pricing analysis.

The report provides in-depth analysis on pricing, market size, intended quality of the product preferred by consumers, initial norms and vehicle segment. The report will serve as a source for 360-degree analysis of the market thoroughly integrating different models such as PEST analysis, Porter five analysis delivering insights into the market for better business decisions.

The Report Covers:

Comprehensive research methodology of global solar panel market

In-depth analysis of macro and micro factors influencing the market guided by key recommendations.

Analysis of regional regulations and other government policies impacting the global solar panel market

Insights about market determinants which are stimulating the global solar panel market

Detailed and extensive market segments with regional distribution of forecasted revenues

Extensive profiles and recent developments of market players

Energy market is segmented in two categories based on the energy sources- renewable and non-renewable energy sources. Non-renewable energy sources includes oil & gas, coal, shale gas, nuclear energy etc. Renewable energy market includes Solar energy, wind energy, biomass energy and tidal energy. The energy segment also includes new and innovative energy sources, process and storage technologies. At OMR, we provide you in-depth analysis of the Energy market, which includes analysis of government regulation, such as tax, export import policies and environment laws in major markets. We give a detailed analysis of each segment along with the driver, restraints and opportunities in that segment. Our numbers are confirmed through extensive primaries. OMR's Energy market reports will provide you with a great decision making tool.