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World - Solar Cells and Light Emitting Diodes - Market Analysis, Forecast, Size, Trends and Insights
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Article Publishing Date: Jul 1, 2021

The Global Solar Panel Market to Skyrocket on the Shift Towards Renewable Energy

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IndexBox has just published a new report: 'World - Solar Cells and Light-Emitting Diodes - Market Analysis, Forecast, Size, Trends and Insights'. Here is a summary of the report's key findings.

The global solar panel market accelerates along with the unabated shift towards renewable energy. China, the leader in solar panel exports, will enjoy robust foreign demand while the domestic purchases may slow due to tariff subsidies cut. The U.S. experiences a surge in solar power generation, thanks to the increasing affordability of solar cells and robust suburban construction. The EU, Asia-Pacific, Mexico and Australia are also emerging as the most promising markets due to the swift adoption of solar generation capacities.

Key Trends and Insights

The global solar panel market is expected to skyrocket and exceed $130B by 2030, driven by the increasing shift towards renewable energy worldwide. In 2020, more than 80% of all the world's newly commissioned electric power was from renewable sources, accounting for near 260 GW of the new capacity. Of this amount, almost a half comes from solar generation. The electricity production from solar generators, according to a forecast by the International Energy Agency, will increase 4.5 times over by 2030, which will be the primary stimulus for the growth of the solar panel market. 

The Chinese solar panel industry will continue to thrive amid soaring global demand, despite removing tariff subsidies for new domestic solar energy projects. In China, the world's leading renewable energy producer, the new solar power capacity grew by 49 GW, which accounts for 36% of the total renewable capacity. Starting from 2021, electricity generated by new solar capacities is to be sold either at local coal-fired power prices or at market prices. This may hamper the domestic solar panel market expansion, but Chinese manufacturers may offset this by rising exports because they dominate global solar panel supplies.

The increased availability of solar panels in the U.S. enables to accelerate the market growth. In 2020, the U.S. commissioned 29 GW of new renewable energy sources, up 80% from a year earlier, of which 15 GW came from solar power. Over the past decade, the cost of solar systems in the United States has dropped by 70%, and the cost of solar-generated electricity has become attractive against alternative sources. In 2020, the base overnight cost of solar photovoltaic energy ranged from $1.248 to $1.612 per kW, which is significantly lower than the base overnight cost of conventional hydropower electricity of $2.769 per kW or geothermal one of $2.772 per kW.

The deployment of distributed solar photovoltaic systems in homes as well as for commercial and industrial buildings appears as a budding market segment worldwide. In the U.S., it is expected to grow rapidly on the backdrop of a boom in suburban single-family construction, highlighting a bright opportunity for investors.

Vietnam is emerging as a promising market, having solar energy capacity skyrocketed over the last two years. To a lesser extent, this is also relevant for the EU, especially Germany, Spain, the Netherlands and Belgium. Australia, Mexico, the UAE and Chile also feature amongst the leaders of the solar energy adoption race. All these markets are to be in the particular focus of global solar energy solution providers who seek new opportunities.

Imports

Global imports of solar cells and light-emitting diodes stood at $54.2B (IndexBox estimates) in 2020. The most prominent rate of growth was recorded in 2014 when imports increased by 6.8% against the previous year. Over the period under review, global imports hit record highs at $55.4B in 2015; however, from 2016 to 2020, imports stood at a somewhat lower figure.

The U.S. ($10.5B) constitutes the largest market for imported solar cells and light-emitting diodes worldwide, comprising 19% of global imports. The second position in the ranking was occupied by Germany ($3.1B), with a 5.6% share of global imports. It was followed by Mexico, with a 2.2% share.

From 2007 to 2020, the average annual growth rate of value in the U.S. totaled +15.1%. The remaining importing countries recorded the following average annual rates of imports growth: Germany (-3.5% per year) and Mexico (+7.9% per year).  

Exports

In 2020, solar cells and light-emitting diodes exports totaled $57.5B (IndexBox estimates). 

China ($23.8B) remains the largest solar cells and light-emitting diodes supplier worldwide, comprising 41% of global exports. The second position in the ranking was occupied by Malaysia ($5.6B), with a 9.7% share of global exports. It was followed by Japan, with a 6% share.

From 2007 to 2020, the average annual rate of growth in terms of value in China stood at +12.3%. The remaining exporting countries recorded the following average annual rates of exports growth: Malaysia (+14.6% per year) and Japan (-3.5% per year).

Source: IndexBox Platform

Product coverage:
• Prodcom 26112220 - Semiconductor light emitting diodes (LEDs)
• Prodcom 26112240 - Photosensitive semiconductor devices, solar cells, photodiodes, p hoto-transistors, etc.

This report provides an in-depth analysis of the global market for solar cells and light emitting diodes. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2025.



Data coverage:
• Global market volume and value
• Per Capita consumption
• Forecast of the market dynamics in the medium term
• Global production, split by region and country
• Global trade (exports and imports)
• Export and import prices
• Market trends, drivers and restraints
• Key market players and their profiles

Reasons to buy this report:
• Take advantage of the latest data
• Find deeper insights into current market developments
• Discover vital success factors affecting the market
This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:
1. How to diversify your business and benefit from new market opportunities
2. How to load your idle production capacity
3. How to boost your sales on overseas markets
4. How to increase your profit margins
5. How to make your supply chain more sustainable
6. How to reduce your production and supply chain costs
7. How to outsource production to other countries
8. How to prepare your business for global expansion
While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.
1. INTRODUCTION

Making Data-Driven Decisions to Grow Your Business

1.1
REPORT DESCRIPTION
1.2
RESEARCH METHODOLOGY AND AI PLATFORM
1.3
DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
1.4
GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance

2.1
KEY FINDINGS
2.2
MARKET TRENDS
3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects

3.1
MARKET SIZE
3.2
CONSUMPTION BY COUNTRY
3.3
MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCTS

Finding New Products to Diversify Your Business

4.1
TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
4.2
BEST-SELLING PRODUCTS
4.3
MOST CONSUMED PRODUCT
4.4
MOST TRADED PRODUCT
4.5
MOST PROFITABLE PRODUCT FOR EXPORT
5. MOST PROMISING SUPPLYING COUNTRIES

Choosing the Best Countries to Establish Your Sustainable Supply Chain

5.1
TOP COUNTRIES TO SOURCE YOUR PRODUCT
5.2
TOP PRODUCING COUNTRIES
5.3
TOP EXPORTING COUNTRIES
5.4
LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports

6.1
TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
6.2
TOP CONSUMING MARKETS
6.3
UNSATURATED MARKETS
6.4
TOP IMPORTING MARKETS
6.5
MOST PROFITABLE MARKETS
7. GLOBAL PRODUCTION

The Latest Trends and Insights into The Industry

7.1
PRODUCTION VOLUME AND VALUE
7.2
PRODUCTION BY COUNTRY
8. GLOBAL IMPORTS

The Largest Importers on The Market and How They Succeed

8.1
IMPORTS FROM 2007–2020
8.2
IMPORTS BY COUNTRY
8.3
IMPORT PRICES BY COUNTRY
9. GLOBAL EXPORTS

The Largest Exporters on The Market and How They Succeed

9.1
EXPORTS FROM 2007–2020
9.2
EXPORTS BY COUNTRY
9.3
EXPORT PRICES BY COUNTRY
10. PROFILES OF MAJOR PRODUCERS

The Largest Producers on The Market and Their Profiles

11. COUNTRY PROFILES

The Largest Markets And Their Profiles

United States
China
Japan
Germany
United Kingdom
France
Brazil
Italy
Russian Federation
India
Canada
Australia
Republic of Korea
Spain
Mexico
Indonesia
Netherlands
Turkey
Saudi Arabia
Switzerland
Sweden
Nigeria
Poland
Belgium
Argentina
Norway
Austria
Thailand
United Arab Emirates
Colombia
Denmark
South Africa
Malaysia
Israel
Singapore
Egypt
Philippines
Finland
Chile
Ireland
Pakistan
Greece
Portugal
Kazakhstan
Algeria
Czech Republic
Qatar
Peru
Romania
Vietnam
LIST OF TABLES
Table 1:
Key Findings In 2020
Table 2:
Market Volume, In Physical Terms, 2007–2020
Table 3:
Market Value, 2007–2020
Table 4:
Per Capita Consumption, By Country, 2018–2020
Table 5:
Production, In Physical Terms, By Country, 2007–2020
Table 6:
Imports, In Physical Terms, By Country, 2007–2020
Table 7:
Imports, In Value Terms, By Country, 2007–2020
Table 8:
Import Prices, By Country Of Destination, 2007–2020
Table 9:
Exports, In Physical Terms, By Country, 2007–2020
Table 10:
Exports, In Value Terms, By Country, 2007–2020
Table 11:
Export Prices, By Country Of Origin, 2007–2020
LIST OF FIGURES
Figure 1:
Market Volume, In Physical Terms, 2007–2020
Figure 2:
Market Value, 2007–2020
Figure 3:
Consumption, By Country, 2020
Figure 4:
Market Forecast To 2025
Figure 5:
Products: Market Size And Growth, By Type
Figure 6:
Products: Average Per Capita Consumption, By Type
Figure 7:
Products: Exports And Growth, By Type
Figure 8:
Products: Export Prices And Growth, By Type
Figure 9:
Production Volume And Growth
Figure 10:
Exports And Growth
Figure 11:
Export Prices And Growth
Figure 12:
Market Size And Growth
Figure 13:
Per Capita Consumption
Figure 14:
Imports And Growth
Figure 15:
Import Prices
Figure 16:
Production, In Physical Terms, 2007–2020
Figure 17:
Production, In Value Terms, 2007–2020
Figure 18:
Production, By Country, 2020
Figure 19:
Production, In Physical Terms, By Country, 2007–2020
Figure 20:
Imports, In Physical Terms, 2007–2020
Figure 21:
Imports, In Value Terms, 2007–2020
Figure 22:
Imports, In Physical Terms, By Country, 2020
Figure 23:
Imports, In Physical Terms, By Country, 2007–2020
Figure 24:
Imports, In Value Terms, By Country, 2007–2020
Figure 25:
Import Prices, By Country, 2007–2020
Figure 26:
Exports, In Physical Terms, 2007–2020
Figure 27:
Exports, In Value Terms, 2007–2020
Figure 28:
Exports, In Physical Terms, By Country, 2020
Figure 29:
Exports, In Physical Terms, By Country, 2007–2020
Figure 30:
Exports, In Value Terms, By Country, 2007–2020
Figure 31:
Export Prices, 2007–2020

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