North America Solar Panel & Coating Market Outlook, 2027

Solar panel generates solar electricity and this is done basically done through absorption of sunlight and this is converted into renewable energy. Solar power is more affordable and is prevalent in the North America. The power produced is more than enough and equivalent to supply of clean energy to half of North America households. Since the drop in price doe solar panel, the market has gained its market share more than 40%. There is rapid installation of solar energy, from the time it has been more economical and more competitive with conventional energy sources is supplied in many states. Solar power has been in abundance and has huge potential. The total solar panel installed is in excess of wide area and those supplies of solar energy can be supplied to many states. Three types of solar panels are available and those are residential, commercial and industrial. Majority have of the users have installed in rooftops because they have no land. Some use it for industrial purpose and some for commercial use. There is huge demand for solar panel in North America. It is because of the environment concerned and most people are shifting from fossil fuels to solar energy. Installing their own have made them less dependent and electricity is also saved so they have to pay less electricity bill. Another is concentrated solar power (CSP), they also capture energy through sun and produce more capacity of electricity. Many opted for this because the cost of electricity fell more than 50% for this. The study also has suggested that if the cost for this CSP fall then majority will choose this and install. Solar power has proved to be a job growth also since majority work comes from installation of solar panels and this is time taking therefore huge job opportunity is there. There has also been fall in cost for solar hardware, and this has made market barriers and grid integration challenges which make large deployment. Recently it has been observed that North America has come up with new technologies and they have well advanced and therefore with lot of innovative ideas they are trying to increase the efficiency for solar panel.

According to the research report, “North America Solar panel & Coating Market Outlook, 2027” published by Bonafide Research, the solar panel & coating market is anticipated to grow at a CAGR of more than 23% in terms of value during this forecasted period. Growing investment by major market players in the research and development of solar panel coating is expected to boost the market growth. New models of solar panels are made from a thin film solar panel technology which is used through coating of cadmium telluride in solar panels. This is termed to have higher efficiency and it has very little cost compared to other products in market. The market is expected to be utility market and includes the creation of electricity for large consumer base which is residential, industrial and for commercial purpose. The market is going to be fastest growing and dominate in forecasted period.

There are many factors for transformation of energy which had been agreed in Paris. Some of the key factors are reduce in renewable energy costs, this will help the consumers to shift in rapid pace, people are more concerned about the climate and this decline in price will definitely help into transforming new cleaner solar energy. For example there was fall in price for electricity from utility-scale solar panel and this resulted huge increase in decrease in price globally and many started to use this solar energy. In other countries also like in Europe there is continuous increase for fossil fuels and this has also resulted in shift. Another factor which is air quality, everybody wants to have fresh air. Public is always concerned about their health. Therefore switching to renewable energy is basically to increase the air quality and there is no emission of carbon. There is also increase in subsidy for this with increase use for solar energy. Third factor is reduction for carbon emission, countries are slowly trying to adapt the use of solar energy and this has resulted only because of the agreement on the objective of Paris Agreement and due to the rise in average global temperature. Another is for job creation which this installation of solar panel will give employment to millions of people and increase the economy.  The last objective was to bring significant socio-economic benefits and this would potentially to create job that could benefit to men and women from all the backgrounds. As the solar energy market is shifting giving employment to all men and women is helping to shift and develop into a new generation. This is also helping to shift from use of fossil fuels to use of renewable energy.

Further based on the solar panel types, it consists of monocrystalline solar panel, polycrystalline solar panel and thin film solar panel. If we see it is market share in North America, majority share comes from polycrystalline solar panel. Polycrystalline solar panel is more affordable and it is available in abundance. Therefore many prefer to choose this product. Majority shareholding for this panel type comes is from Polycrystalline solar panel which was 47.04% in 2016 and now it has been forecasted to be for 2027 is 52.81%. These is also one of the dominating panel type in the market. Then solar panel coating has also its own segregation. Anti-reflective, hydrophobic, self-cleaning, anti-soiling and Anti-abrasion are these types of coating. The majority shareholding in North America was for Anti-Reflective in 2016 with 28.10% and now it has been forecasted for 2027 which is 35.62%. This type is dominating in every market all over the world.

COVID-19 Impact:
This covid-19 has affected a lot of people including all the business. According to this Solar Energy Industries Association (SEIA) they predicted to be loss of more than 200,000 jobs and this would make huge crisis in the economy. Therefore it was thought to educate every person in each household, how to install solar panel for residential use. Spread of covid-19 lead to historic health and economic crisis, this also led to suffer the industry of solar industry. There was decline of approximately 38% in employment. And now U.S forecasted in 2020 to install solar panels after coid-19 which is 3 GW solar capacities.

Major Companies present in the market:
Hanwha Q cells, Jinko Solar, Silfab Solar, Mission Solar, Solaria, Ormat Technologies, First Solar Inc. NextEra Energy, SolarEdge Technologies, Suniva Inc, Global Solar Energy Inc, Trina Solar, and Real good Solar, SunPower Corporation.

Considered in this report:
• Geography: North America
• Historic year: 2016
• Base year: 2021
• Estimated year: 2022
• Forecasted year: 2027

Aspects covered in this report:
• North America Solar panel & Coating Market with its value and forecast along with its segments
• Country wise Solar panel & Coating market analysis
• Application wise Solar panel & coating market distribution
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

Countries covered in the report:
• USA
• Canada
• Mexico

By application Solar panel type in the report:
• Monocrystalline solar panel
• Polycrystalline solar panel
• Thin film solar panel

Technical types of Solar panel Coating in the report:
• Anti-Reflective
• Hydrophobic
• Self-cleaning
• Anti-soiling
• Anti-abrasion

The approach of the report:
This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, annual report of companies, analyzing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources.

Intended audience:
This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to solar panel & coating industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.

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Manmayi Raval

Research Consultant

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