Solar PV Panels

Global Solar PV Panels Market to Reach US$267.6 Billion by 2030

The global market for Solar PV Panels estimated at US$177.7 Billion in the year 2024, is expected to reach US$267.6 Billion by 2030, growing at a CAGR of 7.1% over the analysis period 2024-2030. On Grid, one of the segments analyzed in the report, is expected to record a 8.2% CAGR and reach US$188.7 Billion by the end of the analysis period. Growth in the Off Grid segment is estimated at 4.6% CAGR over the analysis period.

The U.S. Market is Estimated at US$48.4 Billion While China is Forecast to Grow at 11.3% CAGR

The Solar PV Panels market in the U.S. is estimated at US$48.4 Billion in the year 2024. China, the world`s second largest economy, is forecast to reach a projected market size of US$56.6 Billion by the year 2030 trailing a CAGR of 11.3% over the analysis period 2024-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 3.4% and 6.9% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 4.7% CAGR.

Global Solar PV Panels Market – Key Trends & Drivers Summarized

Is the Global Energy Equation Being Redefined by Solar PV Panels?

Solar photovoltaic (PV) panels are rapidly becoming the centerpiece of global energy transitions, providing clean, renewable electricity at increasingly competitive costs. These panels convert sunlight directly into electricity and are deployed across residential rooftops, utility-scale solar farms, commercial buildings, and even floating and mobile applications. The declining cost per watt, combined with increasing conversion efficiencies, has made PV technology the most scalable and economically viable renewable energy solution. As nations strive to meet their net-zero carbon commitments and diversify energy portfolios, solar PV installations are breaking records across continents.

Technological diversity is also expanding the market scope. Monocrystalline silicon panels remain dominant due to their high efficiency, while polycrystalline, thin-film, and bifacial PV panels are carving out niches based on specific performance and installation needs. Innovations in perovskite and tandem solar cell technologies promise even greater efficiencies and cost reductions. Paired with inverters, storage systems, and digital energy management tools, PV panels are enabling households and businesses to become both consumers and producers—ushering in the era of the prosumer economy.

Why Are Policy Support and Decentralization Trends Accelerating PV Adoption?

Government policy has been a powerful catalyst in the global adoption of solar PV panels. Feed-in tariffs, tax credits, net metering schemes, and renewable portfolio standards have created fertile ground for solar growth in both developed and emerging economies. Countries like China, India, the U.S., Germany, and Australia have emerged as key markets, supported by proactive policy frameworks and massive investments in grid-scale solar capacity. Decentralization of energy systems is another critical driver, with homeowners, rural communities, and industrial facilities installing PV panels to ensure power reliability, reduce energy bills, and mitigate exposure to fossil fuel volatility.

Rural electrification efforts, particularly in Africa and parts of Asia, are leveraging PV panels in microgrids and standalone solar home systems. NGOs, impact investors, and social enterprises are using PV technology to electrify schools, clinics, and agricultural hubs. At the urban level, building-integrated photovoltaics (BIPV), EV charging stations, and solar carports are increasing the functional footprint of PV systems. Real estate developers and facility managers are also integrating rooftop solar to enhance building sustainability ratings and meet green certification requirements such as LEED and BREEAM.

How Are Advances in Efficiency and Manufacturing Reshaping PV Economics?

The solar PV panel market is being reshaped by advances in module efficiency, durability, and automated manufacturing. Passivated emitter and rear cell (PERC) technology, heterojunction (HJT) cells, and TOPCon innovations are boosting panel efficiency beyond 22%, reducing land and balance-of-system (BOS) costs for utility-scale projects. Bifacial panels, which capture reflected light from the ground, are being adopted in ground-mounted and tracker-based systems to increase yield per square meter.

On the manufacturing side, vertical integration, gigafactories, and improvements in wafer slicing and lamination processes are driving down production costs while improving quality and scalability. Lead-free and recyclable panel materials are gaining traction as environmental sustainability becomes a priority. Additionally, innovations in mounting structures, smart inverters, and plug-and-play residential kits are reducing installation complexity. Cloud-based energy monitoring platforms and AI-driven predictive analytics are further enhancing the operational efficiency and lifecycle value of PV systems, particularly for commercial and utility-scale deployments.

What’s Driving the Unstoppable Growth of the Solar PV Panels Market?

The growth in the solar PV panels market is driven by a confluence of climate urgency, economic competitiveness, and policy-driven momentum. With the Levelized Cost of Electricity (LCOE) for solar reaching parity or outperforming fossil fuels in many regions, solar PV is now the default choice for new energy capacity additions. Corporate sustainability pledges, green hydrogen production, and electrification of transport are opening new demand channels for solar-generated electricity.

Institutional investment in solar infrastructure is at an all-time high, with sovereign funds, utilities, and private equity investing heavily in solar farms, community solar projects, and PPA-backed developments. Governments are setting aggressive renewable energy targets, further boosting demand for PV installations across residential, commercial, and agricultural sectors. As technology continues to evolve and manufacturing scales up, solar PV panels will remain central to the global renewable energy transition, driving energy democratization, climate resilience, and economic growth for decades to come.

SCOPE OF STUDY:

The report analyzes the Solar PV Panels market in terms of units by the following Segments, and Geographic Regions/Countries:

Segments:
Grid Type (On Grid, Off Grid); Technology (Thin Film, Crystalline Silicon, Other Technologies); Application (Residential, Commercial, Industrial)

Geographic Regions/Countries:
World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; Spain; Russia; and Rest of Europe); Asia-Pacific (Australia; India; South Korea; and Rest of Asia-Pacific); Latin America (Argentina; Brazil; Mexico; and Rest of Latin America); Middle East (Iran; Israel; Saudi Arabia; United Arab Emirates; and Rest of Middle East); and Africa.

Select Competitors (Total 34 Featured) -

• Adani Solar
• AE Solar
• Canadian Solar
• First Solar
• Hanwha Q CELLS
• JA Solar
• JinkoSolar
• LONGi Green Energy
• Meyer Burger Technology AG
• REC Solar Holdings AS
• Risen Energy Co., Ltd.
• Seraphim Solar
• Sharp Corporation
• Silfab Solar
• SunPower Corporation
• Tata Power Solar Systems
• Tongwei Solar
• Trina Solar
• Vikram Solar
• Waaree Energies Ltd.

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