Solar Panels Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Technology (Solar PV and Concentrated Solar Power), By Module Type (Thin Film and Crystalline), By Grid Connectivity (On-Grid and Off-Grid), By Application (Residential, Commercial and Industrial), By Region, By Competition, 2020-2030F

Market Overview

The Global Solar Panels Market, valued at USD 270.14 Billion in 2024, is projected to experience a CAGR of 11.86% to reach USD 529.22 Billion by 2030. A solar panel is a device comprising multiple photovoltaic (PV) cells that convert sunlight directly into direct current (DC) electricity through the photovoltaic effect, forming the primary component of solar energy systems. The global solar panels market growth is primarily supported by the decreasing cost of solar technology and associated energy storage solutions, coupled with favorable government policies and incentives worldwide. Additionally, increasing global commitments to renewable energy and carbon neutrality further bolster market expansion. According to SolarPower Europe, in 2023, global solar installations reached 447 GW of new capacity, bringing the world's total solar capacity to 1.6 TW.

A significant challenge impeding market expansion, however, is the escalating need for enhanced energy system flexibility and grid infrastructure upgrades. Policymakers and regulators have consistently underestimated solar development pace, leading to underinvestment in grid capabilities and outdated networks, resulting in issues such as rising curtailment rates and negative electricity prices that can threaten project viability.

Key Market Drivers

The global solar panels market is significantly propelled by the substantial decrease in the cost of solar photovoltaic technology, rendering solar energy increasingly competitive with traditional power sources. This sustained cost reduction has broadened accessibility and stimulated widespread adoption across various scales, from large utility projects to residential installations. According to the International Renewable Energy Agency, in its "Renewable power generation costs in 2023" report, published in 2024, the global average cost of electricity from utility-scale solar PV fell by 12% in 2023. This ongoing decline is a critical enabler, enhancing return on investment for developers and reducing financial barriers for consumers, thereby accelerating market penetration. Concurrently, supportive government policies and incentives play a pivotal role in shaping the market landscape by de-risking investments and providing financial impetus. These policies often manifest as tax credits, subsidies, feed-in tariffs, and renewable energy mandates, which collectively foster a stable and attractive environment for solar energy deployment. Such governmental backing provides the necessary regulatory certainty and financial support to bridge initial cost gaps and encourage long-term development. According to the IEA Government Energy Spending Tracker, in June 2023, governments globally had allocated USD 1.34 trillion for clean energy investment support since 2020, demonstrating a substantial commitment to advancing renewable technologies, including solar PV. This legislative and financial infrastructure is instrumental in driving new project developments and ensuring the continued expansion of solar energy's footprint.

Beyond these primary drivers, the overall market for solar panels continues to demonstrate robust growth and economic benefit. The expanding deployment of renewable energy sources, significantly led by solar, has tangible economic advantages. According to the International Renewable Energy Agency, in its "Renewable power generation costs in 2024" report, published in July 2025, renewables helped avoid USD 467 billion in fossil fuel costs in 2024. This illustrates the profound economic impact and increasing cost-effectiveness of solar and other renewable technologies on the global energy sector, contributing to energy security and reducing reliance on volatile fossil fuel markets.

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Key Market Challenges

A significant challenge for the global solar panels market is the escalating need for enhanced energy system flexibility and grid infrastructure upgrades. Policymakers and regulators have consistently underestimated the rapid pace of solar development, leading to insufficient investment in grid capabilities and outdated networks. This underinvestment directly results in operational issues such as rising curtailment rates, where generated solar electricity cannot be integrated into the grid, and instances of negative electricity prices. These factors significantly threaten the financial viability of solar projects by reducing potential revenue and increasing investment risk.

For example, according to the U. S. Energy Information Administration, in 2024, the California Independent System Operator curtailed 3.4 million megawatthours of utility-scale wind and solar output, with solar accounting for 93% of this curtailed energy. This represented a 29% increase from 2023 volumes. Such curtailment directly hinders the full economic realization of installed capacity, thereby deterring further investment and impeding overall market expansion for solar panels.

Key Market Trends

The trend of integrated solar-plus-storage solutions is significantly transforming the global solar panels market by directly addressing the inherent intermittency of solar energy, thereby enhancing grid stability and overall energy reliability. This integration allows for the optimal dispatch of energy, enabling consumers and utilities to store excess generation for use during periods of high demand or when solar output is reduced. According to SolarPower Europe, Europe installed 21.9 GWh of battery energy storage systems in 2024, demonstrating a robust commitment to pairing solar generation with reliable storage infrastructure. This combined approach maximizes the value proposition of solar installations, mitigates the need for extensive grid infrastructure upgrades to manage fluctuating solar input, and accelerates the broader adoption of renewable energy by ensuring a consistent and predictable power supply. The Global Solar Council observed in September 2025 that over 30% of new battery installations in 2024 were already paired with solar PV, indicating a rapidly solidifying industry standard for integrated systems.

Perovskite solar cell commercialization represents a pivotal technological advancement poised to significantly influence the global solar panels market through its potential for enhanced performance and reduced manufacturing costs. These advanced cells, particularly when utilized in tandem with conventional silicon technology, hold the promise of achieving substantially higher energy conversion efficiencies. The continuous advancement in their efficiency is a primary driver of their market potential, indicating the possibility of achieving a lower levelized cost of electricity upon achieving scaled production. In April 2025, LONGi, a prominent solar technology company, announced a new world record of 34.85% conversion efficiency for a crystalline silicon-perovskite tandem solar cell, a figure certified by the U. S. National Renewable Energy Laboratory. This sustained progress in laboratory and research settings moves perovskite technology closer to viable scalable manufacturing and widespread commercial deployment, suggesting a future landscape featuring more efficient and potentially more economical solar panels.

Segmental Insights

The On-Grid segment is a pivotal and rapidly expanding component of the Global Solar Panels Market, driven primarily by increasing worldwide demand for sustainable and renewable energy sources. This robust growth is attributable to favorable government initiatives and supportive regulatory frameworks, such as net metering policies and various tax incentives that enhance the economic viability for consumers and businesses alike. Furthermore, the continuous decline in the overall cost of solar photovoltaic systems, coupled with advancements in inverter technologies and simplified grid integration, makes on-grid solutions increasingly attractive. The ability to feed excess electricity directly back into the existing power grid, often eliminating the need for costly battery storage, significantly contributes to its accelerated adoption across residential, commercial, and utility-scale applications.

Regional Insights

The Asia Pacific region currently leads the global solar panels market due to a combination of factors. This dominance is significantly driven by robust government initiatives, supportive policies, and ambitious renewable energy targets in key countries like China and India, which are major producers and consumers of solar energy. For instance, China's aggressive investments in photovoltaic technology and its position as a leading global manufacturer of solar panels have substantially reduced costs, making solar power more accessible. Furthermore, rising energy demand driven by rapid urbanization and industrialization across the region, coupled with decreasing raw material costs and heightened environmental awareness, collectively propel market expansion. These elements create a favorable environment for extensive solar panel adoption in utility-scale, commercial, and residential applications.

Recent Developments

• In May 2025, Canadian Solar unveiled its new TOPBiHiKu6 CS6.2 module series, designed for utility-scale and commercial and industrial (C&I) applications. These new TOPCon solar modules offered power outputs ranging from 630W to 660W, with a power conversion efficiency up to 24.4%. Key features included a low power temperature coefficient of -0.28%/°C, which optimizes performance in warmer climates, and a high bifaciality rate of up to 85%. The company stated these modules contribute to lower balance of system costs and reduced Levelized Cost of Energy compared to current standard TOPCon modules.

• In April 2025, LONGi, a leading solar technology company, announced a significant breakthrough in solar cell research and development. The company independently developed a two-terminal crystalline silicon-perovskite tandem solar cell that achieved a conversion efficiency of 34.85%, as certified by the U.S. National Renewable Energy Laboratory (NREL). This achievement established a new world record for crystalline silicon-perovskite tandem cell efficiency, surpassing previous records. Additionally, LONGi reported a 27.81% conversion efficiency for its Hybrid Interdigitated-Back-Contact crystalline silicon solar cell, further demonstrating its leadership in advanced photovoltaic technologies.

• In October 2024, JinkoSolar, a global photovoltaic and energy storage system supplier, launched its next-generation TOPCon technology solar panels, named Tiger Neo 3.0. This new product portfolio included powerful utility modules of up to 670W and residential modules reaching 495W. Both series featured a power conversion efficiency of up to 24.8%. The Tiger Neo 3.0 was built on the company's patented N-type TOPCon technology, demonstrating advances in cell technology that enabled higher power capacity and improved cost-performance across global markets for solar panel applications.

• In July 2024, Trina Solar signed a significant collaboration agreement with the Institute of Solar Energy at Universidad Politécnica de Madrid (IES-UPM) to advance innovation in the solar industry. This partnership focuses on enhancing solar panel efficiency, improving the resilience and robustness of solar trackers, and optimizing solar energy management. Trina Solar emphasized its belief that research and development are crucial for industry progress, having dedicated US$768 million to its R&D efforts in the previous year. The collaboration further aimed to establish a training center equipped with solar modules and trackers to support regional solar energy development.

Key Market Players

• LONGi Green Energy Technology Co. Ltd
• JinkoSolar Holding Co., Ltd.
• First Solar, Inc.
• Canadian Solar Inc.
• Trina Solar Co. Ltd.
• JA Solar Holdings Co., Ltd.
• Hanwha Q CELLS Co., Ltd.
• SunPower Corporation
• GCL Technology Holdings Ltd.
• Renhe Commercial Holdings Co., Ltd.

Report Scope:

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

• Solar Panels Market, By Technology:

o   Solar PV

o   Concentrated Solar Power

• Solar Panels Market, By Module Type:

o   Thin Film

o   Crystalline

• Solar Panels Market, By Grid Connectivity:

o   On-Grid

o   Off-Grid

• Solar Panels Market, By Application:

o   Residential

o   Commercial

o   Industrial

• Solar Panels Market, By Region:

o   North America

§  United States

§  Canada

§  Mexico

o   Europe

§  France

§  United Kingdom

§  Italy

§  Germany

§  Spain

o   Asia Pacific

§  China

§  India

§  Japan

§  Australia

§  South Korea

o   South America

§  Brazil

§  Argentina

§  Colombia

o   Middle East & Africa

§  South Africa

§  Saudi Arabia

§  UAE

Competitive Landscape

Company Profiles: Detailed analysis of the major companies presents in the Global Solar Panels Market.

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Global Solar Panels 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).

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