Global Solar PV (Photovoltaic) Panels Market 2025 – 2034

A Custom Market Insights (CMI) says that the global market for solar PV (Photovoltaic) panels was worth USD 198.91 Billion in 2025 and will be worth USD 456.09 Billion by 2034, with a compound annual growth rate (CAGR) of 9.66% during the forecasting period of 2025-2034.

The base of solar PV (photovoltaic) panels has a grid-like pattern of silicon, boron, and phosphorous that make up the photovoltaic or solar cells. PV cells turn sunlight into electricity, which is a great way to make electricity without harming the environment. Solar PV cells generate electricity that can be used to charge batteries and power things like off-grid areas, cabins, remote sensing, telecommunications equipment, and more.

The photovoltaic effect is what makes the photovoltaic panels make electricity. The panels take in sunlight in the form of photons, which are then turned into an electric current. The photons hit the panel's surface, knocking out the electron. The magnetic field created by the solar panels then pulls the electron back in, creating electricity. In the past, solar PV cells were only used in spacecraft. Now, they are widely used in business and industry to make electricity.

You can read the whole report on the ""Solar PV Panels Market Size, Trends and Insights By Technology (Crystalline silicon, Thin-film, Others), By Grid-Type (On-grid, Off-grid), By Installation (Ground-mounted, Roof-top, Others), By Application (Commercial, Residential, Utility), and By Region – Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2025–2034"" at https://www.custommarketinsights.com/report/solar-pv-panels-market/

Regional Snapshots

Asia Pacific is currently the leader in the global solar PV panel market and is expected to grow a lot during the forecast period. The rise in demand for solar power installations in countries like China and India as a different way to make electricity. These two countries, which have a lot of consumers, are the most important places for the solar PV panel market to grow in the Asia Pacific.

The solar PV panel market grew across the Asia Pacific because the plants were cheap to make and the government wanted to cut down on carbon emissions.

How the market works

Drivers

The solar PV market is growing because people are becoming more aware of the environmental problems that come from using up non-renewable resources and releasing pollutants into the air. The solar PV panel market is growing around the world because it is easier to get energy from renewable sources quickly and because it is better for the environment to switch from traditional sources to renewable ones. Several projects that are currently being built with the help of the government are expected to boost the market during the projection period. A number of solar PV panels have been put up, and by 2034 they should be the main source of electricity.

Limitations

The growth of the solar PV panel market may be impeded during the forecasting period due to the elevated installation costs of solar PV panels and the comparatively high electricity costs relative to other power generation sectors. Because of these things, the demand for solar PV panels in the future is likely to change. Also, there isn't a good way to recycle solar PV panels or use the waste materials that come with them, which could slow down market growth during the forecast period.

Chances

The government has put in place a number of measures to stop the industry from moving toward solar PV panels because of lower greenhouse gas emissions and the depletion of non-renewable resources. The global solar PV market may have great chances because more money is going into making renewable energy sources.

Problems

One of the biggest problems with the solar PV system is how long the installed solar PV panels will last in different weather conditions. Solar panels lose quality and effectiveness when they are exposed to harsh environmental conditions. This is an important factor for the global market to keep growing in the future. Also, the market has a big problem with not having enough energy storage and maintenance. When you use solar energy, you usually have to pay a lot for batteries that need a lot of care. The installation of solar PV panels is more expensive than that of other types of panels that are more commonly used, which makes it hard for the market to grow during the forecasting period.

Global Solar PV (Photovoltaic) Panels Market 2025–2034 (Based on Use)

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Main Points of the Report

The crystalline silicone segment had the biggest share of the global market in 2025, and it is expected to grow even more during the forecasting period. The growing need for solar PV applications in homes, businesses, and industries is a sign that the market could grow around the world. The crystalline silicone segment also has a high stability and efficiency rate, which helps it grow in the market.

The commercial segment has the biggest share of the global solar PV market, with 42.02%. The market for solar PV modules is growing quickly in the commercial sector because they are in high demand in businesses and remote areas.

The on-grid segment has taken over the global market in 2025 because more electricity is being sent directly to homes and businesses instead of being stored in batteries. Other things that help are easy installation, easy energy transmission, and low cost. Show more