Solar Panel Manufacturing in China - Market Research Report (2014-2029)
Beijing, China
Last Updated: May 2024
4059Revenue
$161.4bn
Past 5-Year Growth
Profit
$XX.Xbn
Employees
757k
Businesses
1,530
Wages
$X.Xbn
Solar Panel Manufacturing in China industry analysis
Revenue for the the Solar Panel Manufacturing industry has increased a CAGR of 21.4% to $142.7 billion over the past five years. This includes expected growth of 13.0% in the current year. Over the past five years, Chinese solar cell output has been increasing at an annualized 43.6%.
The Solar Panel Manufacturing industry has been rapidly expanding over the past ten years. However, in March 2012, the US Government imposed anti-subsidy duties ranging from 2.9% to 4.7% on Chinese exports of solar panels and silicon, which contributed to the decline of exports in 2012 and 2013. In 2014, Asian demand for solar panels and silicon grew. Due to increasingly strong international competition, industry enterprises have continued to reduce the price of export products to maintain their share of the international market. From 2018, as technology and manufacturing skills gradually matured, exports increased largely.
In 2022, the European energy crisis triggered by the Russia-Ukraine conflict increased Europe's demand for renewable energy development. European Union (EU) released the REPowerEU energy plan, increasing additional investment in energy transformation. The EU plans to add more than 320w of photovoltaic installed capacity in 2025, which stimulated the demand for solar panels. It is expected that exports will increase at a CAGR of 12.2% in the next five years.
The industry is forecast to steadily grow over the next five years. Industry revenue is projected to grow at an annualized 10.0% over the five years through 2029, to $229.8 billion. However, overcapacity issues will continue to significantly affect the industry. Competition is anticipated to become increasingly strong and labor costs will continue rising.
Trends and Insights
- The Solar Power Generation industry has been developing fast – in China and globally. As a result, the Solar Panel Manufacturing industry has been rapidly expanding over the past ten years.
- Polysilicon solar panels are the largest segment. However, share of polysilicon solar panels has decreased, mainly due to lower conversion efficiency rate.
- Jiangsu is the largest province in the industry. Jiangsu has formed an entire industrial chain from silicon production, panel manufacturing, and photovoltaic applications.
- Market competition has become more intensified. As a result, larger solar panel manufacturers have been upgrading product lines to improve product quality and enlarge scale.
Industry Overview
Market size and recent performance (2014-2029)
Industry revenue has grown at a CAGR of 24.4 % over the past five years, to reach an estimated $161.4bn in 2024.
Trends and Insights
Global solar power generation industry has developed fast, benefiting increasing market demand for solar panels
- Driven by technology improvement and industry policy assistance of multiple countries, global solar power generation industry has developed fast since 2013, which promotes large market demand for solar panels. Emerging markets, including Southeast Asia, Australia, Central America, South America and the Middle East, have risen rapidly, besides traditional European market.
- Additional trends and insights available with purchase
Source: IBISWorld
Industry outlook (2024-2029)
Market size is projected to grow over the next five years.
Trends and Insights
Industry concentration will continue increasing, with growing market competition
- With the acceleration of the global carbon neutral trend and industrial technological progress, industry competition gets more and more intense and industry concentration level will continue increasing.
Biggest companies in the Solar Panel Manufacturing in China
| Company | Market Share (%)
2024 | Revenue ($m)
2024 |
|---|---|---|
LONGi Green Energy Technology Co., Ltd. | 22,250.8 | |
JinkoSolar Holding Co., Ltd. | 21,000.5 | |
Trina Solar Co., Ltd. | 18,917.0 |
To view the market share and analysis for all 10 top companies in this industry, view purchase options.
Products & Services Segmentation
Source: IBISWorld
Industry revenue is measured across several distinct product and services lines, including Polysilicon solar panels, Monocrystalline solar panels and Thin-film solar panels. Polysilicon solar panels is the largest segment of the Solar Panel Manufacturing in China.
Trends and Insights
Share of polysilicon solar panels has decreased
- Polysilicon solar panels refer to photovoltaic modules that use polysilicon solar cells arranged in different arrays to meet power needs of different electrical appliances.
- More insights available in the full report
Widen you competitive advantage with related industries
Competitors
- Hydroelectric Power in China
- Wind Power in China
Complementors
- Alternative Energy in China
- Electricity Transmission and Distribution in China
- Solar Power Generation in China
International industries
- Solar Panel Manufacturing in the US
- Power Automation Products and Other Electrical Equipment Manufacturing in Australia
- Electronic Component Manufacturing in the UK
Table of Contents
About this industry
Industry definition
Companies in this industry manufacture solar panels and intermediate products that are necessary for manufacturing solar panels.
What's included in this industry?
Polysilicon solar panelsMonocrystalline solar panelsThin-film solar panelsOther productsCompanies
LONGi Green Energy Technology Co., Ltd.JinkoSolar Holding Co., Ltd.Trina Solar Co., Ltd.Purchase this report to view all 10 major companies in this industry.
Related Terms
CONVERSION EFFICIENCY RATEGIGA-WATT (GW)FEED-IN TARIFF POLICYPerformance
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
Analyst insights
The Solar Power Generation industry has been developing fast – in China and globally. As a result, the Solar Panel Manufacturing industry has been rapidly expanding over the ...
In this chapter (4)
- Current Performance
- Outlook
- Volatility
- Life Cycle
Key metrics
- Annual Revenue, Recent Growth, Forecast, Revenue Volatility
- Number of Employees, Recent Growth, Forecast, Employees per Business, Revenue per Employee
- Number of Businesses, Recent Growth, Forecast, Employees per Business, Revenue per Business
- Total Profit, Profit Margin, Profit per Business
Charts
- Revenue, including historical (2014-2023) and forecast (2024-2029)
- Employees, including historical (2014-2023) and forecast (2024-2029)
- Businesses, including historical (2014-2023) and forecast (2024-2029)
- Profit, including historical (2014-2024)
- Industry Volatility vs. Revenue Growth
- Industry Life Cycle
Detailed analysis
- Trends in supply, demand and current events that are driving current industry performance
- Expected trends, economic factors and ongoing events that drive the industry's outlook
- Key success factors for businesses to overcome volatility
- How contribution to GDP, industry saturation, innovation, consolidation, and technology and systems influence the industry's life cycle phase.
Products and Markets
Learn about an industry's products and services, markets and trends in international trade.
Analyst insight
Polysilicon solar panels are the largest segment. However, share of polysilicon solar panels has decreased, mainly due to lower conversion efficiency rate.
In this chapter
- Products & Services
- Major Markets
- International Trade
Key metrics
- Largest market segment and value in 2024
- Product innovation level
- Total imports, level and trend
- Total exports, level and trend
- Trade Balance
Charts
- Products & services segmentation in 2024
- Major market segmentation in 2024
- International trade, including imports by country and exports by country
Detailed analysis
- Trends impacting the recent performance of the industry's various segments
- Innovations in the industry's product or service offering, specialization or delivery method
- Key factors that successful businesses consider in their offerings
- Buying segments and key trends influencing demand for industry products and services
- Recent trends in import and export volumes, country of origin or destination, and expected future trends
Geographic Breakdown
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
Analyst insights
Jiangsu is the largest province in the industry. Jiangsu has formed an entire industrial chain from silicon production, panel manufacturing, and photovoltaic applications.
In this chapter (1)
- Business Locations
Charts
- Share of revenue, establishment, wages and employment in each region
- Share of population compared to establishments in each region in 2024
Tables
- Number and share of establishments in each region in 2024
- Number and share of revenue each region accounts for in 2024
- Number and share of wages each region accounts for in 2024
- Number and share of employees in each region in 2024
Detailed analysis
- Geographic spread of the industry across Asia Pacific, and trends associated with changes in the business landscape
- Key success factors for businesses to use location to their advantage
Competitive Forces
Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.
Analyst insights
Market competition has become more intensified. As a result, larger solar panel manufacturers have been upgrading product lines to improve product quality and enlarge scale.
In this chapter (4)
- Concentration
- Barriers to Entry
- Substitutes
- Buyer & Supplier Analysis
Key metrics
- Industry concentration level
- Industry competition level and trend
- Barriers to entry level and trend
- Substitutes level and trend
- Buyer power level and trend
- Supplier power level and trend
Charts
- Market share concentration among the top 4 suppliers from 2019-2024
- Supply chain including upstream supplying industries and downstream buying industries, flow chart
Detailed analysis
- Factors impacting the industry’s level of concentration, such as business distribution, new entrants, or merger and acquisition activity.
- Key success factors for businesses to manage the competitive environment of the industry.
- Challenges that potential industry entrants face such as legal, start-up costs, differentiation, labor/capital intensity and capital expenses.
- Key success factors for potential entrants to overcome barriers to entry.
- Competitive threats from potential substitutes for the industry’s own products and services.
- Key success factors for how successful businesses can compete with substitutes.
- Advantages that buyers have to keep favorable purchasing conditions.
- Advantages that suppliers have to maintain favorable selling conditions.
- Key success factors for how businesses can navigate buyer and supplier power.
Companies
Learn about the performance of the top companies in the industry.
Analyst insights
Larger industry enterprises usually have technology advantages. Larger solar panel manufacturers have been upgrading product lines to improve product quality and enlarge scal...
In this chapter
- Market Share Concentration
- Companies
- Company Spotlights
Charts
- Industry market share by company in 2020 through 2024
- Major companies in the industry, including market share, revenue, profit and profit margin in 2024
- Overview of LONGi Green Energy Technology Co., Ltd.'s performance by revenue, market share and profit margin from 2018 through 2024
- Overview of JinkoSolar Holding Co., Ltd.'s performance by revenue, market share and profit margin from 2018 through 2024
- Overview of Trina Solar Co., Ltd.'s performance by revenue, market share and profit margin from 2018 through 2024
- Overview of revenue, market share and profit margin trend for 7 additional companies
Detailed analysis
- Description and key data for LONGi Green Energy Technology Co., Ltd., and factors influencing its performance in the industry
- Description and key data for JinkoSolar Holding Co., Ltd., and factors influencing its performance in the industry
- Description and key data for Trina Solar Co., Ltd., and factors influencing its performance in the industry
- Description, key data and performance trends for 7 additional companies
External Environment
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
Analyst insights
Favorable policies promote the industry growth. The government has issued several policies to encourage the industrial innovation and supporting technological progress to dri...
In this chapter
- External Drivers
- Regulation & Policy
- Assistance
Key metrics
- Regulation & policy level and trend
- Assistance level and trend
Charts
- Regulation & Policy historical data and forecast (2014-2029)
- Assistance historical data and forecast (2014-2029)
Detailed analysis
- Demographic and macroeconomic factors influencing the industry, including Regulation & Policy and Assistance
- Major types of regulations, regulatory bodies, industry standards or specific regulations impacting requirements for industry operators
- Key governmental and non-governmental groups or policies that may provide some relief for industry operators.
Financial Benchmarks
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
Analyst insights
Profitability has decreased over the past five years. Negative impact from upstream and downstream industries contribute to decreasing industry profitability, being 8.1% in 2...
In this chapter
- Cost Structure
- Financial Ratios
- Key Ratios
Key metrics
- Profit margin, and how it compares to the sector-wide margin
- Average wages, and how it compares to the sector-wide average wage
- Largest cost component as a percentage of revenue
- Industry average ratios for days' receivables, industry coverage and debt-to-net-worth ratio
Charts
- Average industry operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2024
- Average sector operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2024
- Investment vs. share of economy
Data tables
- Cash Flow & Debt Service Ratios (2014-2029)
- Revenue per Employee (2014-2029)
- Revenue per Enterprise (2014-2029)
- Employees per Establishment (2014-2029)
- Employees per Enterprise (2014-2029)
- Average Wage (2014-2029)
- Wages/Revenue (2014-2029)
- Establishments per Enterprise (2014-2029)
- IVA/Revenue (2014-2029)
- Imports/Demand (2014-2029)
- Exports/Revenue (2014-2029)
Detailed analysis
- Trends in the cost component for industry operators and their impact on industry costs and profitability
Key Statistics
Industry Data
Data Tables
Including values and annual change:
- Revenue (2014-2029)
- IVA (2014-2029)
- Establishments (2014-2029)
- Enterprises (2014-2029)
- Employment (2014-2029)
- Exports (2014-2029)
- Imports (2014-2029)
- Wages (2014-2029)
Methodology
How are IBISWorld reports created?
IBISWorld has been a leading provider of trusted industry research for over 50 years to the most successful companies worldwide. With offices in Australia, the United States, the United Kingdom, Germany and China, we are proud to have local teams of analysts that conduct research, data analysis and forecasting to produce data-driven industry reports.
Our analysts start with official, verified and publicly available sources of data to build the most accurate picture of each industry. Analysts then leverage their expertise and knowledge of the local markets to synthesize trends into digestible content for IBISWorld readers. Finally, each report is reviewed by one of IBISWorld’s editors, who provide quality assurance to ensure accuracy and readability.
IBISWorld relies on human-verified data and human-written analysis to compile each standard industry report. We do not use generative AI tools to write insights, although members can choose to leverage AI-based tools within the platform to generate additional analysis formats.
What data sources do IBISWorld analysts use?
Each industry report incorporates data and research from government databases, industry-specific sources, industry contacts, and our own proprietary database of statistics and analysis to provide balanced, independent and accurate insights.
Key data sources in China include:
- National Bureau of Statistics China
- General Administration of Customs
- People’s Bank of China
Analysts also use industry specific sources to complement catch-all sources, although their perspective may focus on a particular organization or representative body, rather than a clear overview of all industry operations. However, when balanced against other perspectives, industry-specific sources provide insights into industry trends.
These sources include:
- Industry and trade associations
- Industry federations or regulators
- Major industry players annual or quarterly filings
Finally, IBISWorld’s global data scientists maintain a proprietary database of macroeconomic and demand drivers, which our analysts use to help inform industry data and trends. They also maintain a database of statistics and analysis on thousands of industries, which has been built over our more than 50-year history and offers comprehensive insights into long-term trends.
How does IBISWorld forecast its data?
IBISWorld’s analysts and data scientists use the sources above to create forecasts for our proprietary datasets and industry statistics. Depending on the dataset, they may use regression analysis, multivariate analysis, time-series analysis or exponential smoothing techniques to project future data for the industry or driver. Additionally, analysts will leverage their local knowledge of industry operating and regulatory conditions to impart their best judgment on the forecast model.
IBISWorld prides itself on being a trusted, independent source of data, with over 50 years of experience building and maintaining rich datasets and forecasting tools. We are proud to be the keystone source of industry information for thousands of companies across the world.
Learn more about our methodology and data sourcing on the Help Center.
Frequently Asked Questions
Unlock comprehensive answers and precise data upon purchase. View purchase options.
What is the market size of the Solar Panel Manufacturing industry in China in 2024?
The market size of the Solar Panel Manufacturing industry in China is $161.4bn in 2024.
How many businesses are there in the Solar Panel Manufacturing in China industry in 2024?
There are 1,530 businesses in the Solar Panel Manufacturing industry in China, which has grown at a CAGR of 4.5 % between 2019 and 2024.
Has the Solar Panel Manufacturing industry in China grown or declined over the past 5 years?
The market size of the Solar Panel Manufacturing industry in China has been growing at a CAGR of 24.4 % between 2019 and 2024.
What is the forecast growth of the Solar Panel Manufacturing industry in China over the next 5 years?
Over the next five years, the Solar Panel Manufacturing industry in China is expected to grow.
What are the biggest companies in the Solar Panel Manufacturing market in China?
The biggest companies operating in the Solar Panel Manufacturing market in China are LONGi Green Energy Technology Co., Ltd., JinkoSolar Holding Co., Ltd. and Trina Solar Co., Ltd.
What does the Solar Panel Manufacturing in China include?
Polysilicon solar panels and Monocrystalline solar panels are part of the Solar Panel Manufacturing industry.
Which companies have the highest market share in the Solar Panel Manufacturing in China?
The company holding the most market share in China is LONGi Green Energy Technology Co., Ltd..
How competitive is the Solar Panel Manufacturing industry in China?
The level of competition is high and steady in the Solar Panel Manufacturing industry in China.
