Solar PV Panels Market: By Panel Type, By Technology, By Installation, By Grid Type, By Application, and Geography

Solar PV Panels Market Size, Share, Growth, Trends, and Global Industry Analysis: By Panel Type (Monofacial Panels, Bifacial Panels), By Technology (Monocrystalline Silicon, Thin Film, Multicrystalline Silicon, and Others), By Installation (Ground Mounted, Rooftop, and Others), By Grid Type (On-grid and Off-grid), By Application (Residential, Non-Residential and Utilities), and Region

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.

Solar PV Panels Market Key Developments:
  • In May 2023, State-owned SJVN Ltd. bagged a 100 MW solar power project worth US$ 73.24 Million from Rajasthan Urja Vikas Nigam Ltd. SJVN Green Energy Ltd (SGEL), a wholly-owned subsidiary of SJVN, participated in an open competitive tariff bidding process followed by e-Reverse Auction (e-RA) organized by Rajasthan Urja Vikas Nigam Ltd (RUVNL).
  • In November 2022, European Energy, a Danish-based developer of solar parks, was set to build a 128.5 MW solar park near Helsingborg in southern Sweden. The plant is expected to produce 175 GWh of electricity annually. Production is scheduled to begin in 2024 after the completion of the project by 2023.

Solar PV Panels Market Summary

Study Period

2024-2030

Base Year

2023

CAGR

11.6%

Largest Market

Asia Pacific

Fastest Growing Market

North America

Solar PV Panels Market Dynamics

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.

Solar PV Panels Market Segmentation Analysis

Report Benchmarks

Details

Report Study Period

2024-2030

Market Size in 2023

US$ 165.3 billion

Market CAGR

11.6%

By Panel Type

  • Monafacial Panels
  • Bifacial Panels

By Technology

  • Monocrystalline Si
  • Thin Film
  • Multicrystalline Si
  • Others

By Installation

  • Ground Mounted
  • Roof-Mounted
  • Others

By Grid Type

  • On-grid
  • Off-grid

By Application

  • Residential
  • Non-residential
  • Utilities

By Region

  • North America
  • Europe
  • The Asia Pacific
  • Latin America
  • MEA

Key Features of the Report

  • The solar pv panels market report provides granular level information about the market size, regional market share, historic market (2019-2023), and forecast (2024-2030).
  • The report covers in-detail insights about the competitor’s overview, company share analysis, key market developments, and their key strategies.
  • The report outlines drivers, restraints, unmet needs, and trends that are currently affecting the market.
  • The report tracks recent innovations, key developments, and start-up details that are actively working in the market.
  • The report provides a plethora of information about market entry strategies, regulatory framework, and reimbursement scenarios.

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Frequently Asked Questions

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

  • First Solar Inc.
  • Sharp Corporation
  • Suntech Power Holding Co. Ltd.
  • JinkoSolar Holding Co. Ltd.
  • JA Solar Holdings Co. Ltd.
  • Trina Solar Ltd.
  • Hanwha Q Cells Co. Ltd.
  • Acciona SA
  • Canadian Solar Inc.
  • SunPower Corporation
  • LONGi Green Energy Technology Co. Ltd.

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