Solar PV Panels

Solar PV Panels Market Outlook

The global solar photovoltaic (PV) panels market is projected to reach approximately USD 222.5 billion by 2035, growing at a compound annual growth rate (CAGR) of about 19.1% during the forecast period from 2025 to 2035. This robust growth is driven by increasing demand for renewable energy sources, government incentives for solar energy adoption, and technological advancements that enhance the efficiency of solar panels. Additionally, the rising awareness of climate change and the need for sustainable energy solutions are prompting both residential and commercial sectors to invest in solar PV systems. Another significant factor contributing to market growth is the declining cost of solar PV installations, making them more accessible to a broader audience. As countries strive to meet their energy requirements sustainably, the solar PV panels market is poised to benefit immensely from these trends.

Growth Factor of the Market

The solar PV panels market is experiencing tremendous growth due to a myriad of factors that are reshaping the energy landscape globally. One of the primary growth drivers is the substantial increase in government initiatives advocating for renewable energy sources, with many countries setting ambitious targets for solar power generation as part of their climate change commitments. Furthermore, technological advancements in solar panel manufacturing and energy storage technologies are enabling higher efficiency and performance, leading to lower costs for end-users. The growing concerns over energy security and rising electricity prices are also prompting businesses and homeowners to consider solar PV systems as a viable solution for reducing energy bills. Additionally, the increasing deployment of net metering policies allows solar energy users to sell excess power back to the grid, further incentivizing solar adoption. Lastly, the momentum gained by large-scale solar farms and community solar projects is broadening the market reach and ensuring that solar energy becomes a significant part of the global energy mix.

Key Highlights of the Market

• The global solar PV panels market is projected to grow at a CAGR of 19.1% from 2025 to 2035.
• Technological advancements are leading to innovations in solar panel efficiency and performance.
• Government incentives and subsidies are driving solar energy adoption across various sectors.
• Rising energy prices and energy security concerns are motivating individuals and businesses to invest in solar PV systems.
• Community solar projects are increasing accessibility to solar energy for consumers without rooftops suitable for PV installations.

By Product Type

Monocrystalline:

Monocrystalline solar panels are made from a single crystal structure and are known for their high efficiency and durability. They typically have a higher power output per square meter compared to other types, making them suitable for applications where space is limited. These panels can achieve efficiencies exceeding 20%, which means more electricity generation from a smaller footprint. Additionally, they have a longer lifespan and often come with warranties extending up to 25 years. Their aesthetic appeal due to the uniform black color also makes them a popular choice for residential installations, where homeowners place a premium on appearance. As the technology continues to evolve, monocrystalline panels are becoming increasingly affordable, contributing to their growing market share.

Polycrystalline:

Polycrystalline solar panels are manufactured from multiple crystal structures and are generally less expensive than their monocrystalline counterparts. While their efficiency ratings typically range from 15% to 20%, they remain a popular choice for large-scale solar installations due to their cost-effectiveness. The production process for polycrystalline panels is simpler and less energy-intensive, which contributes to their lower price. However, they often take up more space than monocrystalline panels to produce the same amount of energy, making them better suited for applications with ample space. As the market continues to evolve, polycrystalline panels are being engineered to enhance their performance and reliability, ensuring they remain a viable option for both residential and commercial applications.

Thin-Film:

Thin-film solar panels are made using a variety of materials, including cadmium telluride (CdTe), copper indium gallium selenide (CIGS), and amorphous silicon (a-Si). These panels are lightweight and flexible, allowing them to be installed in unconventional locations, such as curved surfaces. Although they generally offer lower efficiency (ranging from 10% to 12%) compared to crystalline panels, their manufacturing costs are significantly lower. Thin-film technology is particularly advantageous for large-scale utility installations where space is not a constraint, and affordability is critical. Additionally, some thin-film panels perform better in low-light and high-temperature conditions, making them suitable for various geographic locations. As technological advancements continue in this space, thin-film panels are expected to enhance their efficiency and market presence.

Bifacial:

Bifacial solar panels are designed to capture sunlight from both sides, allowing for increased energy generation. They can provide up to 20% more energy output compared to traditional monofacial panels, depending on installation conditions and ground reflectivity. This technology is particularly beneficial for utility-scale solar farms where space optimization is crucial. Bifacial panels are made using either monocrystalline or polycrystalline cells, thus inheriting the advantages of both types. Their durability and long lifespan add to their appeal, making them an attractive option for investors looking for high performance in solar energy generation. As awareness and understanding of bifacial technology grow, they are likely to gain significant traction in the market.

PERC:

Passivated Emitter and Rear Cell (PERC) technology enhances the efficiency of solar panels by adding a passivation layer to the rear side of the cell. This design allows for greater light absorption and reduces electron recombination, resulting in higher energy yields. PERC panels, which can be both monocrystalline or polycrystalline, typically achieve efficiencies of around 20% or more, making them one of the most efficient options available in the market today. The growing demand for energy-efficient technologies is propelling the adoption of PERC panels, particularly in residential and commercial sectors where space is a premium. Furthermore, advancements in manufacturing processes are making PERC technology more affordable and accessible, thus expanding its market share.

By Application

Residential:

The residential segment is one of the fastest-growing applications of solar PV panels, driven by increasing energy costs and a strong push for sustainability. Homeowners are investing in solar energy systems not just for energy independence but also to reduce their electricity bills significantly. The availability of government incentives and rebates further encourages this trend, making solar installations more financially attractive. Additionally, the integration of solar batteries with PV systems allows homeowners to store excess energy for use during peak hours, maximizing efficiency. As technology advances, the affordability of solar PV systems continues to improve, expanding their adoption in residential markets worldwide.

Commercial:

Commercial applications of solar PV panels are on the rise as businesses seek to reduce their operational costs and carbon footprint. By installing solar panels, companies can significantly lower their electricity bills while contributing to their sustainability goals, which is increasingly important to consumers and investors alike. Many businesses are also leveraging solar energy to enhance their brand image and demonstrate environmental responsibility. Furthermore, the demand for renewable energy certificates (RECs) and green building certifications is encouraging commercial entities to invest in solar installations. As financing options for commercial solar projects improve and technology becomes more efficient, the commercial segment is expected to witness robust growth in the coming years.

Industrial:

The industrial sector is increasingly adopting solar PV panels as a means to mitigate energy costs and enhance operational efficiency. Large manufacturers often require substantial amounts of energy, making them prime candidates for solar energy solutions. By investing in solar power, these companies can achieve significant savings on their electricity bills, especially in regions with high energy costs. Additionally, many industries are being driven by regulatory pressures to decrease greenhouse gas emissions, leading them to explore sustainable energy sources like solar. The trend towards integrating solar energy into industrial operations is likely to accelerate, particularly as advancements in technology continue to improve the efficiency and return on investment for solar systems.

Utility:

Utility-scale solar PV installations represent one of the most significant segments within the solar market, driven by the need for large-scale energy production to meet growing demand. Utilities are increasingly investing in solar farms to diversify their energy portfolios and comply with renewable energy mandates. These large installations benefit from economies of scale, allowing for lower per-unit energy production costs. The declining cost of solar technology and increasing efficiency are making utility-scale solar projects more viable than ever. Additionally, the integration of energy storage solutions with solar PV systems enables better management of supply and demand, further solidifying the role of solar energy in powering the grid. The utility segment is projected to continue its robust growth as countries move towards cleaner energy sources.

By Distribution Channel

Direct Sales:

The direct sales channel for solar PV panels involves manufacturers or authorized dealers selling their products directly to consumers. This approach allows for better control over the customer experience and often results in lower prices for customers since it eliminates intermediaries. Direct sales can also include tailored solutions, where sales representatives work closely with clients to design and install solar systems that meet specific energy needs. The growth of direct sales in the solar PV market is fueled by the increasing number of online platforms that facilitate easy access to information about solar products. As consumer awareness about solar energy rises, direct sales channels are becoming more popular, particularly among residential customers seeking personalized solutions.

Indirect Sales:

Indirect sales channels encompass various intermediaries, such as distributors, retailers, and installers, who facilitate the sale of solar PV panels to end-users. These channels are vital for reaching a broader audience, especially in regions where direct access to manufacturers may be limited. Indirect sales often provide valuable services, including installation, financing, and maintenance, which can enhance the overall customer experience. The growth of indirect sales in the solar PV market is driven by the rise in partnerships between manufacturers and local installers, ensuring that customers receive professional support throughout the purchasing process. As more consumers seek hassle-free solutions for solar energy adoption, the indirect sales channel is likely to expand significantly.

By Technology

Crystalline Silicon:

Crystalline silicon technology dominates the solar PV market, accounting for a significant share of global installations. This technology includes both monocrystalline and polycrystalline panels, which are favored for their high efficiency and proven track record. Crystalline silicon panels are known for their durability and longevity, often coming with warranties that last up to 25 years. As research and development continue in this area, advancements in crystalline technology are enhancing energy conversion rates and reducing manufacturing costs, making these panels more accessible to consumers. The widespread adoption of crystalline silicon technology is expected to persist as it remains the benchmark for efficiency and performance in the solar PV market.

Cadmium Telluride:

Cadmium telluride (CdTe) technology is a type of thin-film solar technology that is gaining traction in the solar PV market. CdTe panels are known for their lower production costs compared to crystalline silicon panels, making them an attractive option for large-scale utility projects. This technology is particularly beneficial for environments with high temperatures, where CdTe panels can outperform crystalline panels. Furthermore, their lightweight and flexible design allow for unique installation possibilities that are not feasible with traditional panels. As the demand for cost-effective and efficient solar solutions increases, the adoption of CdTe technology is expected to rise, especially in utility-scale applications.

Copper Indium Gallium Selenide:

Copper indium gallium selenide (CIGS) technology is another form of thin-film solar technology that is noted for its ability to achieve high efficiency while maintaining flexibility. CIGS panels can be manufactured on a variety of substrates, allowing for unique applications where traditional panels may not be suitable. This technology is particularly advantageous for building-integrated photovoltaics (BIPV), where aesthetics and roof space are key considerations. Although currently less common than crystalline silicon, ongoing advancements in CIGS technology are expected to enhance efficiencies and reduce costs, making it a competitive choice in the solar PV market in the coming years.

Amorphous Silicon:

Amorphous silicon (a-Si) technology represents one of the earliest forms of thin-film solar technology. Although it generally offers lower efficiency compared to crystalline silicon panels, a-Si panels are lightweight and can be produced at a lower cost, making them suitable for specific applications such as portable solar chargers and small-scale installations. The flexibility of amorphous silicon also allows for integration into various surfaces, enhancing its appeal for innovative design applications. As the market evolves, a-Si technology may find a niche in applications where low cost and flexibility are more important than high efficiency, ensuring its continued relevance in the solar PV landscape.

Others:

This category encompasses various emerging and experimental technologies that are being developed to enhance solar energy capture and efficiency. Innovations in organic photovoltaics, perovskite solar cells, and other next-generation materials show promise in offering higher efficiencies and lower production costs. As these technologies mature, they could potentially disrupt the current market dominated by crystalline silicon and thin-film technologies. Research and development in alternative solar technologies are receiving increased attention, particularly as global demand for renewable energy solutions continues to rise. The success of these alternative technologies will depend on overcoming challenges related to scalability, longevity, and cost-effectiveness.

By Region

The North American solar PV panels market is set to experience substantial growth, driven by increasing government policies, renewable energy mandates, and advancements in solar technology. The United States alone is one of the largest markets for solar energy, with installations expected to reach over 100 GW by 2025. The market here is characterized by a strong push from both federal and state levels to transition to cleaner energy sources, and a growing awareness among consumers about the benefits of solar energy. The region is anticipated to witness a CAGR of approximately 20% during the forecast period, underlining its importance in the global solar PV landscape.

In Europe, the solar PV panels market is also on an upward trajectory, fueled by ambitious climate targets set by the European Union to achieve carbon neutrality by 2050. Countries like Germany, Spain, and Italy are leading the charge with significant solar installations and supportive policies. The market is projected to grow steadily as solar energy becomes an integral part of the energy mix, with a focus on both residential and utility-scale applications. The rapid decline in solar technology costs, coupled with increasing energy prices, is expected to drive more consumers and businesses to adopt solar PV systems across the region. While the growth rates may vary by country, Europe as a whole is witnessing a significant shift towards solar energy.

Opportunities

The solar PV panels market presents numerous opportunities, particularly in the context of advancements in energy storage technologies that complement solar installations. As energy storage systems, such as batteries, become more affordable and efficient, they create a synergetic relationship with solar PV panels. By allowing homeowners and businesses to store excess energy generated during peak sunlight hours, energy storage systems enhance the viability of solar energy as a reliable power source. This development not only improves the return on investment for solar installations but also supports grid stability and energy independence. The growing shift towards distributed energy resources presents significant opportunities for the solar PV market, enabling localized energy production and consumption that benefits both consumers and utility providers.

Furthermore, as the trend towards sustainability gains traction across various industries, the demand for solar PV panels is expected to expand significantly. Corporations are increasingly committing to renewable energy targets and sustainability initiatives, prompting them to invest in solar energy solutions for their operations. This corporate shift represents a lucrative opportunity for solar panel manufacturers and installers, as businesses look for innovative ways to reduce their carbon footprint and enhance their brand reputation. Additionally, the burgeoning interest in community solar projects provides an opportunity for solar companies to engage with customers who may not have the ability to install solar panels on their properties, thus expanding their market reach and impact. Overall, the combination of technological advancements and increasing consumer and corporate demand presents a wealth of opportunities in the solar PV panels market.

Threats

Despite the promising growth prospects of the solar PV panels market, several threats could hinder its progress. One notable threat is the volatility of raw material prices, which can significantly impact manufacturing costs and, consequently, the pricing of solar panels. The solar industry relies on specific materials, such as silicon, silver, and rare earth elements, whose prices can fluctuate due to market demand, geopolitical tensions, or supply chain disruptions. Such fluctuations can make it challenging for manufacturers to maintain consistent pricing, leading to uncertainty for consumers and potential slowdowns in adoption rates. Furthermore, competition from alternative renewable energy sources, such as wind and hydropower, could divert investments away from solar, particularly in regions where these technologies are more viable or cost-effective.

Another potential threat comes from regulatory changes and shifts in government policies regarding renewable energy incentives. As the solar market has grown reliant on government support, any reduction or elimination of subsidies or tax credits could lead to a decline in demand for solar PV panels. Additionally, trade tensions and tariffs on solar imports can create uncertainty in the market, impacting both manufacturers and consumers. The solar industry has historically faced challenges related to public perception and misinformation about the effectiveness and efficiency of solar technology. Misconceptions can deter potential customers from considering solar installations, which can hinder market growth. Addressing these challenges will be crucial for the solar PV panels market to sustain its growth trajectory.

Competitor Outlook

• First Solar, Inc.
• SolarEdge Technologies, Inc.
• SunPower Corporation
• Canadian Solar Inc.
• Trina Solar Limited
• JA Solar Technology Co., Ltd.
• LONGi Green Energy Technology Co., Ltd.
• Hanwha Q CELLS
• GCL-Poly Energy Holdings Limited
• REC Solar Holdings AS
• Vivint Solar, Inc.
• Enphase Energy, Inc.
• JinkoSolar Holding Co., Ltd.
• Phono Solar Technology Co., Ltd.
• Sungrow Power Supply Co., Ltd.

The competitive landscape of the solar PV panels market is characterized by a mix of established players and emerging companies, all striving to capture market share in an ever-evolving industry. The rapid technological advancements in solar technology mean that companies must continually innovate to maintain their competitive edge. Key players are focusing on research and development to enhance panel efficiency and durability, as well as reduce production costs. Strategic partnerships between manufacturers, suppliers, and installers are also becoming increasingly common, allowing for the streamlining of operations and improved customer service. As the market continues to grow, companies that prioritize sustainability and adaptability to changing market conditions will be well-positioned to succeed.

First Solar, Inc. is a prominent player in the solar PV panels market, specializing in the manufacturing of thin-film solar modules. With a commitment to sustainability and innovation, First Solar has positioned itself as a leader in utility-scale solar energy projects. The company’s advanced manufacturing processes result in lower carbon emissions and a reduced environmental impact compared to traditional crystalline silicon panels. First Solar's focus on recycling and reusing materials also sets it apart in an industry increasingly concerned with sustainability. The company has established a solid reputation for delivering reliable and efficient solar solutions, making it a preferred partner for large-scale solar installations around the globe.

SolarEdge Technologies, Inc. is another key player, known for its innovative approach to solar energy solutions. The company has gained recognition for its power optimizers and inverter solutions that maximize the energy output of solar PV systems. By integrating smart technology into their offerings, SolarEdge enhances the performance and efficiency of solar installations, making them more appealing to consumers. Additionally, SolarEdge's commitment to research and development has allowed it to stay at the forefront of technological advancements in the solar market. As more customers seek optimized systems that deliver higher returns on investment, SolarEdge is well-positioned to capitalize on growing demand.

• 1 Appendix

  • 1.1 List of Tables
  • 1.2 List of Figures

• 2 Introduction

  • 2.1 Market Definition
  • 2.2 Scope of the Report
  • 2.3 Study Assumptions
  • 2.4 Base Currency & Forecast Periods

• 3 Market Dynamics

  • 3.1 Market Growth Factors
  • 3.2 Economic & Global Events
  • 3.3 Innovation Trends
  • 3.4 Supply Chain Analysis

• 4 Consumer Behavior

  • 4.1 Market Trends
  • 4.2 Pricing Analysis
  • 4.3 Buyer Insights

• 5 Key Player Profiles

  • 5.1 Hanwha Q CELLS
    • 5.1.1 Business Overview
    • 5.1.2 Products & Services
    • 5.1.3 Financials
    • 5.1.4 Recent Developments
    • 5.1.5 SWOT Analysis
  • 5.2 First Solar, Inc.
    • 5.2.1 Business Overview
    • 5.2.2 Products & Services
    • 5.2.3 Financials
    • 5.2.4 Recent Developments
    • 5.2.5 SWOT Analysis
  • 5.3 Vivint Solar, Inc.
    • 5.3.1 Business Overview
    • 5.3.2 Products & Services
    • 5.3.3 Financials
    • 5.3.4 Recent Developments
    • 5.3.5 SWOT Analysis
  • 5.4 Canadian Solar Inc.
    • 5.4.1 Business Overview
    • 5.4.2 Products & Services
    • 5.4.3 Financials
    • 5.4.4 Recent Developments
    • 5.4.5 SWOT Analysis
  • 5.5 Trina Solar Limited
    • 5.5.1 Business Overview
    • 5.5.2 Products & Services
    • 5.5.3 Financials
    • 5.5.4 Recent Developments
    • 5.5.5 SWOT Analysis
  • 5.6 Enphase Energy, Inc.
    • 5.6.1 Business Overview
    • 5.6.2 Products & Services
    • 5.6.3 Financials
    • 5.6.4 Recent Developments
    • 5.6.5 SWOT Analysis
  • 5.7 SunPower Corporation
    • 5.7.1 Business Overview
    • 5.7.2 Products & Services
    • 5.7.3 Financials
    • 5.7.4 Recent Developments
    • 5.7.5 SWOT Analysis
  • 5.8 REC Solar Holdings AS
    • 5.8.1 Business Overview
    • 5.8.2 Products & Services
    • 5.8.3 Financials
    • 5.8.4 Recent Developments
    • 5.8.5 SWOT Analysis
  • 5.9 JinkoSolar Holding Co., Ltd.
    • 5.9.1 Business Overview
    • 5.9.2 Products & Services
    • 5.9.3 Financials
    • 5.9.4 Recent Developments
    • 5.9.5 SWOT Analysis
  • 5.10 SolarEdge Technologies, Inc.
    • 5.10.1 Business Overview
    • 5.10.2 Products & Services
    • 5.10.3 Financials
    • 5.10.4 Recent Developments
    • 5.10.5 SWOT Analysis
  • 5.11 JA Solar Technology Co., Ltd.
    • 5.11.1 Business Overview
    • 5.11.2 Products & Services
    • 5.11.3 Financials
    • 5.11.4 Recent Developments
    • 5.11.5 SWOT Analysis
  • 5.12 Sungrow Power Supply Co., Ltd.
    • 5.12.1 Business Overview
    • 5.12.2 Products & Services
    • 5.12.3 Financials
    • 5.12.4 Recent Developments
    • 5.12.5 SWOT Analysis
  • 5.13 GCL-Poly Energy Holdings Limited
    • 5.13.1 Business Overview
    • 5.13.2 Products & Services
    • 5.13.3 Financials
    • 5.13.4 Recent Developments
    • 5.13.5 SWOT Analysis
  • 5.14 Phono Solar Technology Co., Ltd.
    • 5.14.1 Business Overview
    • 5.14.2 Products & Services
    • 5.14.3 Financials
    • 5.14.4 Recent Developments
    • 5.14.5 SWOT Analysis
  • 5.15 LONGi Green Energy Technology Co., Ltd.
    • 5.15.1 Business Overview
    • 5.15.2 Products & Services
    • 5.15.3 Financials
    • 5.15.4 Recent Developments
    • 5.15.5 SWOT Analysis

• 6 Market Segmentation

  • 6.1 Solar PV Panels Market, By Technology
    • 6.1.1 Crystalline Silicon
    • 6.1.2 Cadmium Telluride
    • 6.1.3 Copper Indium Gallium Selenide
    • 6.1.4 Amorphous Silicon
    • 6.1.5 Others
  • 6.2 Solar PV Panels Market, By Application
    • 6.2.1 Residential
    • 6.2.2 Commercial
    • 6.2.3 Industrial
    • 6.2.4 Utility
  • 6.3 Solar PV Panels Market, By Product Type
    • 6.3.1 Monocrystalline
    • 6.3.2 Polycrystalline
    • 6.3.3 Thin-Film
    • 6.3.4 Bifacial
    • 6.3.5 PERC
  • 6.4 Solar PV Panels Market, By Distribution Channel
    • 6.4.1 Direct Sales
    • 6.4.2 Indirect Sales

• 7 Competitive Analysis

  • 7.1 Key Player Comparison
  • 7.2 Market Share Analysis
  • 7.3 Investment Trends
  • 7.4 SWOT Analysis

• 8 Research Methodology

  • 8.1 Analysis Design
  • 8.2 Research Phases
  • 8.3 Study Timeline

• 9 Future Market Outlook

  • 9.1 Growth Forecast
  • 9.2 Market Evolution

• 10 Geographical Overview

  • 10.1 Europe - Market Analysis
    • 10.1.1 By Country
      • 10.1.1.1 UK
      • 10.1.1.2 France
      • 10.1.1.3 Germany
      • 10.1.1.4 Spain
      • 10.1.1.5 Italy
  • 10.2 Asia Pacific - Market Analysis
    • 10.2.1 By Country
      • 10.2.1.1 India
      • 10.2.1.2 China
      • 10.2.1.3 Japan
      • 10.2.1.4 South Korea
  • 10.3 Latin America - Market Analysis
    • 10.3.1 By Country
      • 10.3.1.1 Brazil
      • 10.3.1.2 Argentina
      • 10.3.1.3 Mexico
  • 10.4 North America - Market Analysis
    • 10.4.1 By Country
      • 10.4.1.1 USA
      • 10.4.1.2 Canada
  • 10.5 Solar PV Panels Market by Region
  • 10.6 Middle East & Africa - Market Analysis
    • 10.6.1 By Country
      • 10.6.1.1 Middle East
      • 10.6.1.2 Africa

• 11 Global Economic Factors

  • 11.1 Inflation Impact
  • 11.2 Trade Policies

• 12 Technology & Innovation

  • 12.1 Emerging Technologies
  • 12.2 AI & Digital Trends
  • 12.3 Patent Research

• 13 Investment & Market Growth

  • 13.1 Funding Trends
  • 13.2 Future Market Projections

• 14 Market Overview & Key Insights

  • 14.1 Executive Summary
  • 14.2 Key Trends
  • 14.3 Market Challenges
  • 14.4 Regulatory Landscape

Segments Analyzed in the Report

The global Solar PV Panels market is categorized based on

By Product Type

• Monocrystalline
• Polycrystalline
• Thin-Film
• Bifacial
• PERC

By Application

• Residential
• Commercial
• Industrial
• Utility

By Distribution Channel

• Direct Sales
• Indirect Sales

By Technology

• Crystalline Silicon
• Cadmium Telluride
• Copper Indium Gallium Selenide
• Amorphous Silicon
• Others

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Key Players

• First Solar, Inc.
• SolarEdge Technologies, Inc.
• SunPower Corporation
• Canadian Solar Inc.
• Trina Solar Limited
• JA Solar Technology Co., Ltd.
• LONGi Green Energy Technology Co., Ltd.
• Hanwha Q CELLS
• GCL-Poly Energy Holdings Limited
• REC Solar Holdings AS
• Vivint Solar, Inc.
• Enphase Energy, Inc.
• JinkoSolar Holding Co., Ltd.
• Phono Solar Technology Co., Ltd.
• Sungrow Power Supply Co., Ltd.