The global solar panel market witnessed a double digit growth in 2014, which was mainly fueled by the increased capital investment in developed countries, increasing demand from the developing countries and consolidation in the supplier base. 2014 was a fascinating year for the global solar panel market in terms of shift in demand landscape. 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 2015 to 2020. 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% in 2014, as compared to 2012; 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.
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. The monocrystalline segment is expected to be the fastest growing technology segment during the forecast period, owing to the superior power conversion efficiencies. However, the multicrystalline segment has the largest market share, owing to the lower installation and operating cost. Among the types, the grid connected segment accounted for the largest and fastest growing segment in 2014.
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In spite of the staggering growth of the global market, the falling prices of solar panel have remained a major concern for the manufacturers. The leading players, such as First Solar have struggled to generate profit, owing to the shift of production facilities to low cost manufacturing locations like China and India.
Some of the competitors in the global solar panel market are First solar, Canadian Solar, SunPower, Jinko Solar, Hanwha-solar one, ReneSola, and Sharp
Global Solar Panel Market Segmentation
- Grid Connected
- Off Grid
- Small (<100Kw)
- Medium (1Mw to10Mw)
- Large (> 10mw)
- Monocrystalline Technology
- Multicrystalline Technology
- North America
- Latin America
- Western Europe
- Eastern Europe
- Middle-East and Africa
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