Solar Energy Panel Market Size and Outlook 2031

Report Description

Forecast Period	2027-2031
Market Size (2025)	USD 151.95 Billion
CAGR (2026-2031)	9.39%
Fastest Growing Segment	Solar PV
Largest Market	Asia Pacific
Market Size (2031)	USD 260.36 Billion

Market Overview

The Global Solar Energy Panel Market will grow from USD 151.95 Billion in 2025 to USD 260.36 Billion by 2031 at a 9.39% CAGR. Solar energy panels, defined as photovoltaic modules, are devices that utilize semiconductor materials to convert sunlight directly into electrical power. The market is fundamentally driven by rigid global decarbonization mandates and the strategic pursuit of energy independence which secure government subsidies and regulatory support. Additionally, the sustained reduction in the levelized cost of electricity has established solar power as an economically viable competitor to conventional fossil fuels. According to the International Renewable Energy Agency, in 2024, the global solar PV sector added a record 451.9 GW of new capacity.

However, a significant challenge impeding further market expansion is the inadequacy of existing grid infrastructure. Many legacy electrical networks struggle to accommodate the variable influx and high volume of distributed renewable generation. This infrastructure deficiency results in grid congestion and the curtailment of excess power which causes substantial delays in project interconnections. Consequently, the slow pace of transmission modernization remains a critical barrier that could restrict the future integration of solar assets.

Key Market Drivers

The declining levelized cost of solar photovoltaic systems serves as a primary catalyst for market adoption, effectively removing financial barriers that previously hindered widespread deployment. This reduction is largely attributed to economies of scale in manufacturing and technological breakthroughs that have significantly improved module efficiency while lowering production expenses. As a result, solar energy has achieved grid parity in numerous regions, making it a more attractive financial option than conventional fossil fuel alternatives. According to SolarPower Europe, June 2024, in the 'Global Market Outlook for Solar Power 2024-2028', solar module prices collapsed by approximately 50% in 2023, driven by a massive expansion in global production capacity. This favorable price environment allows downstream developers to maximize project returns, thereby accelerating the initiation of both utility-scale and distributed generation projects.

Implementation of supportive government policies and financial incentives acts as the second critical driver, ensuring long-term market stability and investor confidence. Governments worldwide are enacting rigid decarbonization mandates, accompanied by mechanisms such as investment tax credits, feed-in tariffs, and renewable portfolio standards to meet net-zero targets. These regulatory frameworks directly stimulate capital flow into the sector by de-risking infrastructure projects and guaranteeing revenue streams. According to the International Energy Agency, June 2024, in the 'World Energy Investment 2024' report, global investment in solar PV is projected to exceed $500 billion in 2024, surpassing all other generation technologies combined. This financial influx is translating into tangible output; according to Ember, May 2024, in the 'Global Electricity Review 2024', solar generation surged by 23% in 2023, maintaining its status as the world’s fastest-growing electricity source.

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Key Market Challenges

The inadequacy of existing electrical grid infrastructure serves as a primary restraint on the expansion of the global solar energy panel market. As solar installation rates accelerate, legacy transmission networks often lack the physical capacity and flexibility required to integrate high volumes of variable renewable generation. This technical limitation leads to grid congestion, forcing operators to curtail power output from operating solar farms. Such curtailment directly reduces the revenue potential for project owners and creates financial uncertainty that discourages future investment in photovoltaic modules.

Furthermore, these infrastructure bottlenecks result in significant administrative delays for new installations seeking access to the power network. Projects frequently face extended waiting periods before they can be energized, which stalls the overall momentum of market deployment. According to the International Energy Agency, in 2024, roughly 3,000 gigawatts of renewable power projects were waiting in advanced stages of grid connection queues globally, with solar photovoltaics accounting for the largest share. This backlog effectively caps the immediate demand for solar panels regardless of their economic competitiveness against other energy sources.

Key Market Trends

The rapid transition from P-Type PERC to N-Type TOPCon and HJT cell architectures represents the most fundamental technological shift in the sector. Manufacturers are aggressively retooling production lines to overcome the theoretical efficiency limits of P-type passivated emitter and rear cells (PERC). N-Type cells, particularly Tunnel Oxide Passivated Contact (TOPCon) variants, offer superior conversion efficiencies, lower degradation rates, and improved performance in high-temperature environments. This manufacturing pivot is evident in recent industrial output data. According to VDMA, April 2025, in the 'International Technology Roadmap for Photovoltaic (ITRPV)', N-type wafers accounted for a 70% share of the global market in 2024, effectively ending the dominance of P-type technology.

Simultaneously, the mainstream commercialization of bifacial solar modules is reshaping utility-scale project economics by maximizing energy generation per square meter. Unlike traditional monofacial panels, bifacial modules capture sunlight from both the front and rear surfaces, utilizing albedo light reflected from the ground to significantly boost energy yield without increasing the array footprint. This capability has made them the preferred choice for large-scale installations, necessitating compatible tracking systems and optimized site designs. According to the IEA PVPS, April 2025, in the 'Trends in Photovoltaic Applications 2025' report, bifacial modules dominated the global landscape, representing over 75% of total production in 2024.

Segmental Insights

The Solar Photovoltaic segment is identified as the fastest-growing category within the Global Solar Energy Panel Market due to favorable economic and regulatory conditions. This expansion is primarily driven by continuous reductions in manufacturing costs and the versatility of applications, ranging from residential rooftops to large utility-scale projects. According to the International Energy Agency, the implementation of supportive government policies and global decarbonization mandates has significantly accelerated the adoption of this technology. Consequently, the ability of Photovoltaic systems to offer cost-effective and scalable energy solutions ensures their strong position over other solar technologies.

Regional Insights

Asia Pacific commands the largest share of the global solar energy panel market, driven by extensive manufacturing capabilities and favorable government initiatives. Nations such as China and India are accelerating adoption through substantial investments in renewable infrastructure to meet rising electricity demands. The National Energy Administration in China exemplifies this regulatory support by implementing policies that streamline large-scale solar projects. Additionally, rapid industrialization across the region necessitates a shift toward sustainable energy, further solidifying Asia Pacific as the central hub for solar technology expansion.

Recent Developments

In September 2025, Canadian Solar introduced its next-generation Low Carbon solar modules, designed specifically for utility-scale and commercial applications. These new panels combined advanced heterojunction cell technology with wafer innovations to achieve a module efficiency of up to 24.4% and a power output of 660W. The company highlighted that the modules possessed one of the lowest carbon footprints in the industry, measuring just 285 kg of carbon dioxide equivalent per kilowatt. This product launch aimed to support customers in meeting strict environmental, social, and governance goals while maintaining high energy generation performance and reliability.
In June 2025, JinkoSolar announced a significant breakthrough in research by achieving a new world record conversion efficiency of 27.02% for its large-size N-type TOPCon solar cells. This technical accomplishment was independently confirmed by the National Photovoltaic Industry Measurement and Testing Center in China. The record-breaking cell utilized high-performance technologies, including laser-assisted metallization and localized absorption passivated contacts, to minimize internal resistance losses. This development represented a major step forward in the company's efforts to push the limits of photovoltaic technology and deliver higher efficiency products for mass production in the global solar market.
In September 2024, First Solar inaugurated a new $1.1 billion manufacturing facility in Lawrence County, Alabama. This vertically integrated factory added 3.5 gigawatts of solar module production capacity, contributing significantly to the company's goal of expanding its domestic manufacturing footprint in the United States. The plant was designed to produce the company's Series 7 thin-film solar panels using American-made components. This expansion underscored the solar manufacturer's strategy to support the country's energy independence and meet the growing demand for renewable energy technologies through increased local production capabilities and supply chain resilience.
In May 2024, LONGi Solar launched its flagship Hi-MO 9 module at a celebratory event in Madrid, Spain. The new solar panel featured the company's second-generation Hybrid Passivated Back Contact (HPBC) technology and proprietary TaiRay wafers, achieving a conversion efficiency of up to 24.43% with a maximum power output of 660W. Designed specifically for utility-scale applications, the module was engineered to perform effectively in harsh environmental conditions such as deserts and mountains. This product launch highlighted the manufacturer's focus on enhancing power generation capabilities and reliability for large-scale solar energy projects globally.

Key Market Players

JinkoSolar Holding Co., Ltd.
Canadian Solar Inc.
Trina Solar Co., Ltd.
First Solar, Inc.
LONGi Green Energy Technology Co., Ltd.
JA Solar Holdings Co., Ltd.
Hanwha Q CELLS Co., Ltd.
Risen Energy Co., Ltd.
GCL System Integration Technology Co., Ltd.

By Technology	By Module Type	By Grid Connectivity	By Application	By Region
Solar PV and Concentrated Solar Power	Thin Film and Crystalline	On-Grid and Off-Grid	Residential Commercial and Industrial	North America Europe Asia Pacific South America Middle East & Africa

Report Scope:

In this report, the Global Solar Energy Panel Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

Solar Energy Panel Market, By Technology:

Solar PV and Concentrated Solar Power

Solar Energy Panel Market, By Module Type:

Thin Film and Crystalline

Solar Energy Panel Market, By Grid Connectivity:

On-Grid and Off-Grid

Solar Energy Panel Market, By Application:

Residential
Commercial and Industrial

Solar Energy Panel Market, By Region:

North America

United States
Canada
Mexico

Europe

France
United Kingdom
Italy
Germany
Spain

Asia Pacific

China
India
Japan
Australia
South Korea

South America

Brazil
Argentina
Colombia

Middle East & Africa

South Africa
Saudi Arabia
UAE

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global Solar Energy Panel Market.

Available Customizations:

Global Solar Energy Panel Market report with the given market data, TechSci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

Detailed analysis and profiling of additional market players (up to five).

Global Solar Energy Panel Market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected]

Table of content

1. Product Overview

1.1. Market Definition

1.2. Scope of the Market

1.2.1. Markets Covered

1.2.2. Years Considered for Study

1.2.3. Key Market Segmentations

2. Research Methodology

2.1. Objective of the Study

2.2. Baseline Methodology

2.3. Key Industry Partners

2.4. Major Association and Secondary Sources

2.5. Forecasting Methodology

2.6. Data Triangulation & Validation

2.7. Assumptions and Limitations

3. Executive Summary

3.1. Overview of the Market

3.2. Overview of Key Market Segmentations

3.3. Overview of Key Market Players

3.4. Overview of Key Regions/Countries

3.5. Overview of Market Drivers, Challenges, Trends

4. Voice of Customer

5. Global Solar Energy Panel Market Outlook

5.1. Market Size & Forecast

5.1.1. By Value

5.2. Market Share & Forecast

5.2.1. By Technology (Solar PV and Concentrated Solar Power)

5.2.2. By Module Type (Thin Film and Crystalline)

5.2.3. By Grid Connectivity (On-Grid and Off-Grid)

5.2.4. By Application (Residential, Commercial and Industrial)

5.2.5. By Region

5.2.6. By Company (2025)

5.3. Market Map

6. North America Solar Energy Panel Market Outlook

6.1. Market Size & Forecast

6.1.1. By Value

6.2. Market Share & Forecast

6.2.1. By Technology

6.2.2. By Module Type

6.2.3. By Grid Connectivity

6.2.4. By Application

6.2.5. By Country

6.3. North America: Country Analysis

6.3.1. United States Solar Energy Panel Market Outlook

6.3.1.1. Market Size & Forecast

6.3.1.1.1. By Value

6.3.1.2. Market Share & Forecast

6.3.1.2.1. By Technology

6.3.1.2.2. By Module Type

6.3.1.2.3. By Grid Connectivity

6.3.1.2.4. By Application

6.3.2. Canada Solar Energy Panel Market Outlook

6.3.2.1. Market Size & Forecast

6.3.2.1.1. By Value

6.3.2.2. Market Share & Forecast

6.3.2.2.1. By Technology

6.3.2.2.2. By Module Type

6.3.2.2.3. By Grid Connectivity

6.3.2.2.4. By Application

6.3.3. Mexico Solar Energy Panel Market Outlook

6.3.3.1. Market Size & Forecast

6.3.3.1.1. By Value

6.3.3.2. Market Share & Forecast

6.3.3.2.1. By Technology

6.3.3.2.2. By Module Type

6.3.3.2.3. By Grid Connectivity

6.3.3.2.4. By Application

7. Europe Solar Energy Panel Market Outlook

7.1. Market Size & Forecast

7.1.1. By Value

7.2. Market Share & Forecast

7.2.1. By Technology

7.2.2. By Module Type

7.2.3. By Grid Connectivity

7.2.4. By Application

7.2.5. By Country

7.3. Europe: Country Analysis

7.3.1. Germany Solar Energy Panel Market Outlook

7.3.1.1. Market Size & Forecast

7.3.1.1.1. By Value

7.3.1.2. Market Share & Forecast

7.3.1.2.1. By Technology

7.3.1.2.2. By Module Type

7.3.1.2.3. By Grid Connectivity

7.3.1.2.4. By Application

7.3.2. France Solar Energy Panel Market Outlook

7.3.2.1. Market Size & Forecast

7.3.2.1.1. By Value

7.3.2.2. Market Share & Forecast

7.3.2.2.1. By Technology

7.3.2.2.2. By Module Type

7.3.2.2.3. By Grid Connectivity

7.3.2.2.4. By Application

7.3.3. United Kingdom Solar Energy Panel Market Outlook

7.3.3.1. Market Size & Forecast

7.3.3.1.1. By Value

7.3.3.2. Market Share & Forecast

7.3.3.2.1. By Technology

7.3.3.2.2. By Module Type

7.3.3.2.3. By Grid Connectivity

7.3.3.2.4. By Application

7.3.4. Italy Solar Energy Panel Market Outlook

7.3.4.1. Market Size & Forecast

7.3.4.1.1. By Value

7.3.4.2. Market Share & Forecast

7.3.4.2.1. By Technology

7.3.4.2.2. By Module Type

7.3.4.2.3. By Grid Connectivity

7.3.4.2.4. By Application

7.3.5. Spain Solar Energy Panel Market Outlook

7.3.5.1. Market Size & Forecast

7.3.5.1.1. By Value

7.3.5.2. Market Share & Forecast

7.3.5.2.1. By Technology

7.3.5.2.2. By Module Type

7.3.5.2.3. By Grid Connectivity

7.3.5.2.4. By Application

8. Asia Pacific Solar Energy Panel Market Outlook

8.1. Market Size & Forecast

8.1.1. By Value

8.2. Market Share & Forecast

8.2.1. By Technology

8.2.2. By Module Type

8.2.3. By Grid Connectivity

8.2.4. By Application

8.2.5. By Country

8.3. Asia Pacific: Country Analysis

8.3.1. China Solar Energy Panel Market Outlook

8.3.1.1. Market Size & Forecast

8.3.1.1.1. By Value

8.3.1.2. Market Share & Forecast

8.3.1.2.1. By Technology

8.3.1.2.2. By Module Type

8.3.1.2.3. By Grid Connectivity

8.3.1.2.4. By Application

8.3.2. India Solar Energy Panel Market Outlook

8.3.2.1. Market Size & Forecast

8.3.2.1.1. By Value

8.3.2.2. Market Share & Forecast

8.3.2.2.1. By Technology

8.3.2.2.2. By Module Type

8.3.2.2.3. By Grid Connectivity

8.3.2.2.4. By Application

8.3.3. Japan Solar Energy Panel Market Outlook

8.3.3.1. Market Size & Forecast

8.3.3.1.1. By Value

8.3.3.2. Market Share & Forecast

8.3.3.2.1. By Technology

8.3.3.2.2. By Module Type

8.3.3.2.3. By Grid Connectivity

8.3.3.2.4. By Application

8.3.4. South Korea Solar Energy Panel Market Outlook

8.3.4.1. Market Size & Forecast

8.3.4.1.1. By Value

8.3.4.2. Market Share & Forecast

8.3.4.2.1. By Technology

8.3.4.2.2. By Module Type

8.3.4.2.3. By Grid Connectivity

8.3.4.2.4. By Application

8.3.5. Australia Solar Energy Panel Market Outlook

8.3.5.1. Market Size & Forecast

8.3.5.1.1. By Value

8.3.5.2. Market Share & Forecast

8.3.5.2.1. By Technology

8.3.5.2.2. By Module Type

8.3.5.2.3. By Grid Connectivity

8.3.5.2.4. By Application

9. Middle East & Africa Solar Energy Panel Market Outlook

9.1. Market Size & Forecast

9.1.1. By Value

9.2. Market Share & Forecast

9.2.1. By Technology

9.2.2. By Module Type

9.2.3. By Grid Connectivity

9.2.4. By Application

9.2.5. By Country

9.3. Middle East & Africa: Country Analysis

9.3.1. Saudi Arabia Solar Energy Panel Market Outlook

9.3.1.1. Market Size & Forecast

9.3.1.1.1. By Value

9.3.1.2. Market Share & Forecast

9.3.1.2.1. By Technology

9.3.1.2.2. By Module Type

9.3.1.2.3. By Grid Connectivity

9.3.1.2.4. By Application

9.3.2. UAE Solar Energy Panel Market Outlook

9.3.2.1. Market Size & Forecast

9.3.2.1.1. By Value

9.3.2.2. Market Share & Forecast

9.3.2.2.1. By Technology

9.3.2.2.2. By Module Type

9.3.2.2.3. By Grid Connectivity

9.3.2.2.4. By Application

9.3.3. South Africa Solar Energy Panel Market Outlook

9.3.3.1. Market Size & Forecast

9.3.3.1.1. By Value

9.3.3.2. Market Share & Forecast

9.3.3.2.1. By Technology

9.3.3.2.2. By Module Type

9.3.3.2.3. By Grid Connectivity

9.3.3.2.4. By Application

10. South America Solar Energy Panel Market Outlook

10.1. Market Size & Forecast

10.1.1. By Value

10.2. Market Share & Forecast

10.2.1. By Technology

10.2.2. By Module Type

10.2.3. By Grid Connectivity

10.2.4. By Application

10.2.5. By Country

10.3. South America: Country Analysis

10.3.1. Brazil Solar Energy Panel Market Outlook

10.3.1.1. Market Size & Forecast

10.3.1.1.1. By Value

10.3.1.2. Market Share & Forecast

10.3.1.2.1. By Technology

10.3.1.2.2. By Module Type

10.3.1.2.3. By Grid Connectivity

10.3.1.2.4. By Application

10.3.2. Colombia Solar Energy Panel Market Outlook

10.3.2.1. Market Size & Forecast

10.3.2.1.1. By Value

10.3.2.2. Market Share & Forecast

10.3.2.2.1. By Technology

10.3.2.2.2. By Module Type

10.3.2.2.3. By Grid Connectivity

10.3.2.2.4. By Application

10.3.3. Argentina Solar Energy Panel Market Outlook

10.3.3.1. Market Size & Forecast

10.3.3.1.1. By Value

10.3.3.2. Market Share & Forecast

10.3.3.2.1. By Technology

10.3.3.2.2. By Module Type

10.3.3.2.3. By Grid Connectivity

10.3.3.2.4. By Application

11. Market Dynamics

11.1. Drivers

11.2. Challenges

12. Market Trends & Developments

12.1. Merger & Acquisition (If Any)

12.2. Product Launches (If Any)

12.3. Recent Developments

13. Global Solar Energy Panel Market: SWOT Analysis

14. Porter's Five Forces Analysis

14.1. Competition in the Industry

14.2. Potential of New Entrants

14.3. Power of Suppliers

14.4. Power of Customers

14.5. Threat of Substitute Products

15. Competitive Landscape

15.1. JinkoSolar Holding Co., Ltd.

15.1.1. Business Overview

15.1.2. Products & Services

15.1.3. Recent Developments

15.1.4. Key Personnel

15.1.5. SWOT Analysis

15.2. Canadian Solar Inc.

15.3. Trina Solar Co., Ltd.

15.4. First Solar, Inc.

15.5. LONGi Green Energy Technology Co., Ltd.

15.6. JA Solar Holdings Co., Ltd.

15.7. Hanwha Q CELLS Co., Ltd.

15.8. Risen Energy Co., Ltd.

15.9. GCL System Integration Technology Co., Ltd.

16. Strategic Recommendations

17. About Us & Disclaimer

Report Description

Table of content

Figures and Tables

Frequently asked questions

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