Solar PV Panels Market: By Panel Type, By Technology, By Installation, By Grid Type, By Application, and Geography
Solar PV Panels Market size was valued at US$ 165.3 billion in 2023 and is expected to grow at an 11.6% CAGR from 2024 to 2030. Solar energy conversion through photovoltaic (PV) technology has emerged as a leading renewable electricity source. The market for solar PV panels is driven by growing demand for clean energy, supportive government policies, and financial incentives. Commercial and industrial sectors are major consumers, benefiting from economies of scale in large installations. The residential sector is also gaining momentum, aided by net metering schemes and energy storage solutions for both grid-connected and off-grid systems. Environmental awareness has spurred many countries to establish eco-friendly norms. The International Energy Agency reports significant shifts in energy investment, with clean energy now receiving US$ 1.7 for every dollar spent on fossil fuels, a marked improvement from the 1:1 ratio five years ago. This trend reflects the increasing prioritization of renewable energy sources. The total investment in energy reached approximately US$ 2.8 trillion in 2023, with over US$ 1.7 trillion directed towards clean energy technologies, including renewables, nuclear, grids, storage, and efficiency improvements. However, the solar PV market faces restraints, primarily in the form of land use constraints. Utility-scale projects require large areas, and site selection is complicated by environmental and technical parameters. Wetlands, agricultural lands, water bodies, and forests pose particular challenges due to instability and inaccessibility. The growth of alternative renewable technologies like wind and bioenergy may also impact solar PV market expansion. Additionally, factors such as transportation networks, proximity to residential areas, and distance to electricity grids must be considered, further complicating large-scale solar power plant deployments. Despite these challenges, significant opportunities exist in emerging nations across Africa and Southeast Asia. Government efforts to provide universal electricity access in remote areas, coupled with off-grid applications and technological advancements in solar PV modules, are expected to create substantial market opportunities. The push for 100% electricity access in these regions is driving innovation in solar PV technology and opening new markets for both grid-connected and standalone systems. The dominant trend in the solar PV market is ground-mounted installations. This segment accounted for over 60% of global solar PV capacity in 2022, led by countries like China, the United States, Germany, and India. The trend is driven by increasing utility-scale projects, ambitious solar energy targets, and declining installation costs. As technology improves and costs continue to decrease, this trend is expected to strengthen, with more countries adopting large-scale solar projects as a key component of their renewable energy strategies.
size was valued at US$ 165.3 billion in 2023 and is expected to grow at an 11.6% CAGR from 2024 to 2030. Solar energy conversion through photovoltaic (PV) technology has emerged as a leading renewable electricity source. The market for solar PV panels is driven by growing demand for clean energy, supportive government policies, and financial incentives. Commercial and industrial sectors are major consumers, benefiting from economies of scale in large installations. The residential sector is also gaining momentum, aided by net metering schemes and energy storage solutions for both grid-connected and off-grid systems. Environmental awareness has spurred many countries to establish eco-friendly norms. The International Energy Agency reports significant shifts in energy investment, with clean energy now receiving US$ 1.7 for every dollar spent on fossil fuels, a marked improvement from the 1:1 ratio five years ago. This trend reflects the increasing prioritization of renewable energy sources. The total investment in energy reached approximately US$ 2.8 trillion in 2023, with over US$ 1.7 trillion directed towards clean energy technologies, including renewables, nuclear, grids, storage, and efficiency improvements. However, the solar PV market faces restraints, primarily in the form of land use constraints. Utility-scale projects require large areas, and site selection is complicated by environmental and technical parameters. Wetlands, agricultural lands, water bodies, and forests pose particular challenges due to instability and inaccessibility.
The growth of alternative renewable technologies like wind and bioenergy may also impact solar PV market expansion. Additionally, factors such as transportation networks, proximity to residential areas, and distance to electricity grids must be considered, further complicating large-scale solar power plant deployments. Despite these challenges, significant opportunities exist in emerging nations across Africa and Southeast Asia. Government efforts to provide universal electricity access in remote areas, coupled with off-grid applications and technological advancements in solar PV modules, are expected to create substantial market opportunities. The push for 100% electricity access in these regions is driving innovation in solar PV technology and opening new markets for both grid-connected and standalone systems. The dominant trend in the solar PV market is ground-mounted installations. This segment accounted for over 60% of global solar PV capacity in 2022, led by countries like China, the United States, Germany, and India. The trend is driven by increasing utility-scale projects, ambitious solar energy targets, and declining installation costs. As technology improves and costs continue to decrease, this trend is expected to strengthen, with more countries adopting large-scale solar projects as a key component of their renewable energy strategies.
Study Period
2024-2030Base Year
2023CAGR
11.6%Largest Market
Asia PacificFastest Growing Market
North America
Power consumption has increased considerably over the last few years. Robust economic growth, surging population, and booming manufacturing sector have led to a surge in power consumption. The developing economies are witnessing high electricity demand due to expansion and infrastructure development. Industrialization and urbanization along with the rising living standard of people increase the demand for electricity generation. As electricity demand is increasing, many countries across the world are increasing their power generating capacity either by expanding the existing ones or installing new plants. The government in many countries has imposed stringent carbon emission norms due to which the focus on the renewable sector is increasing, particularly towards solar photovoltaic generation. This is expected to push this solar PV panels market towards growth during the forecast period.
Report Benchmarks |
Details |
Report Study Period |
2024-2030 |
Market Size in 2023 |
US$ 165.3 billion |
Market CAGR |
11.6% |
By Panel Type |
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By Technology |
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By Installation |
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By Grid Type |
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By Application |
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By Region |
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Solar PV Panels Market size was valued at US$ 165.3 billion in 2023 and is expected to grow at an 11.6% CAGR from 2024 to 2030.
First Solar Inc., Sharp Corporation, Suntech Power Holding Co. Ltd., JinkoSolar Holding Co. Ltd., JA Solar Holdings Co. Ltd., and Trina Solar Ltd. are some of the major players operating in the solar PV panels market.
Asia Pacific is estimated to grow at the highest CAGR over the forecast period.
Multicrystalline Silicon is expected to propel the solar PV panels market growth due to its fundamental use in solar PV.
The ground-mounted installation segment is anticipated to hold a dominant share of the solar PV panels market.
1.Executive Summary |
2.Global Solar PV Panels Market Introduction |
2.1.Global Solar PV Panels Market - Taxonomy |
2.2.Global Solar PV Panels Market - Definitions |
2.2.1.Panel Type |
2.2.2.Technology |
2.2.3.Installation |
2.2.4.Grid Type |
2.2.5.Region |
3.Global Solar PV Panels Market Dynamics |
3.1. Drivers |
3.2. Restraints |
3.3. Opportunities/Unmet Needs of the Market |
3.4. Trends |
3.5. Product Landscape |
3.6. New Product Launches |
3.7. Impact of COVID 19 on Market |
4.Global Solar PV Panels Market Analysis, 2019 - 2023 and Forecast 2024 - 2030 |
4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) |
4.3. Market Opportunity Analysis |
5.Global Solar PV Panels Market By Panel Type, 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
5.1. Monafacial Panels |
5.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
5.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
5.1.3. Market Opportunity Analysis |
5.2. Bifacial Panels |
5.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
5.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
5.2.3. Market Opportunity Analysis |
6.Global Solar PV Panels Market By Technology, 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
6.1. Monocrystalline Si |
6.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
6.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
6.1.3. Market Opportunity Analysis |
6.2. Thin Film |
6.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
6.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
6.2.3. Market Opportunity Analysis |
6.3. Multicrystalline Si |
6.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
6.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
6.3.3. Market Opportunity Analysis |
6.4. Others |
6.4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
6.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
6.4.3. Market Opportunity Analysis |
7.Global Solar PV Panels Market By Installation, 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
7.1. Ground Mounted |
7.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
7.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
7.1.3. Market Opportunity Analysis |
7.2. Roof-Mounted |
7.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
7.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
7.2.3. Market Opportunity Analysis |
7.3. Others |
7.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
7.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
7.3.3. Market Opportunity Analysis |
8.Global Solar PV Panels Market By Grid Type, 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
8.1. On-grid |
8.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
8.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
8.1.3. Market Opportunity Analysis |
8.2. Off-grid |
8.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
8.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
8.2.3. Market Opportunity Analysis |
9.Global Solar PV Panels Market By Region, 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
9.1. North America |
9.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
9.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
9.1.3. Market Opportunity Analysis |
9.2. Europe |
9.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
9.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
9.2.3. Market Opportunity Analysis |
9.3. Asia Pacific (APAC) |
9.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
9.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
9.3.3. Market Opportunity Analysis |
9.4. Middle East and Africa (MEA) |
9.4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
9.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
9.4.3. Market Opportunity Analysis |
9.5. Latin America |
9.5.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
9.5.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
9.5.3. Market Opportunity Analysis |
10.North America Solar PV Panels Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
10.1. Panel Type Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
10.1.1.Monafacial Panels |
10.1.2.Bifacial Panels |
10.2. Technology Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
10.2.1.Monocrystalline Si |
10.2.2.Thin Film |
10.2.3.Multicrystalline Si |
10.2.4.Others |
10.3. Installation Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
10.3.1.Ground Mounted |
10.3.2.Roof-Mounted |
10.3.3.Others |
10.4. Grid Type Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
10.4.1.On-grid |
10.4.2.Off-grid |
10.5. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
10.5.1.United States of America (USA) |
10.5.2.Canada |
11.Europe Solar PV Panels Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
11.1. Panel Type Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
11.1.1.Monafacial Panels |
11.1.2.Bifacial Panels |
11.2. Technology Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
11.2.1.Monocrystalline Si |
11.2.2.Thin Film |
11.2.3.Multicrystalline Si |
11.2.4.Others |
11.3. Installation Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
11.3.1.Ground Mounted |
11.3.2.Roof-Mounted |
11.3.3.Others |
11.4. Grid Type Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
11.4.1.On-grid |
11.4.2.Off-grid |
11.5. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
11.5.1.Germany |
11.5.2.France |
11.5.3.Italy |
11.5.4.United Kingdom (UK) |
11.5.5.Spain |
12.Asia Pacific (APAC) Solar PV Panels Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
12.1. Panel Type Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
12.1.1.Monafacial Panels |
12.1.2.Bifacial Panels |
12.2. Technology Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
12.2.1.Monocrystalline Si |
12.2.2.Thin Film |
12.2.3.Multicrystalline Si |
12.2.4.Others |
12.3. Installation Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
12.3.1.Ground Mounted |
12.3.2.Roof-Mounted |
12.3.3.Others |
12.4. Grid Type Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
12.4.1.On-grid |
12.4.2.Off-grid |
12.5. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
12.5.1.China |
12.5.2.India |
12.5.3.Australia and New Zealand (ANZ) |
12.5.4.Japan |
12.5.5.Rest of APAC |
13.Middle East and Africa (MEA) Solar PV Panels Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
13.1. Panel Type Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
13.1.1.Monafacial Panels |
13.1.2.Bifacial Panels |
13.2. Technology Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
13.2.1.Monocrystalline Si |
13.2.2.Thin Film |
13.2.3.Multicrystalline Si |
13.2.4.Others |
13.3. Installation Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
13.3.1.Ground Mounted |
13.3.2.Roof-Mounted |
13.3.3.Others |
13.4. Grid Type Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
13.4.1.On-grid |
13.4.2.Off-grid |
13.5. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
13.5.1.GCC Countries |
13.5.2.South Africa |
13.5.3.Rest of MEA |
14.Latin America Solar PV Panels Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
14.1. Panel Type Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
14.1.1.Monafacial Panels |
14.1.2.Bifacial Panels |
14.2. Technology Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
14.2.1.Monocrystalline Si |
14.2.2.Thin Film |
14.2.3.Multicrystalline Si |
14.2.4.Others |
14.3. Installation Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
14.3.1.Ground Mounted |
14.3.2.Roof-Mounted |
14.3.3.Others |
14.4. Grid Type Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
14.4.1.On-grid |
14.4.2.Off-grid |
14.5. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
14.5.1.Brazil |
14.5.2.Mexico |
14.5.3.Rest of LA |
15. Competition Landscape |
15.1. Market Player Profiles (Introduction, Brand/Product Sales, Financial Analysis, Product Offerings, Key Developments, Collaborations, M & A, Strategies, and SWOT Analysis) |
15.2.1.First Solar Inc. |
15.2.2.Sharp Corporation |
15.2.3.Suntech Power Holding Co. Ltd. |
15.2.4.JinkoSolar Holding Co. Ltd. |
15.2.5.JA Solar Holdings Co. Ltd. |
15.2.6.Trina Solar Ltd. |
15.2.7.Hanwha Q Cells Co. Ltd. |
15.2.8.Acciona SA |
15.2.9.Canadian Solar Inc. |
15.2.10.SunPower Corporation |
15.2.11.LONGi Green Energy Technology Co. Ltd. |
16. Research Methodology |
17. Appendix and Abbreviations |
Key Market Players