Solar Photovoltaic Panel Manufacturing Global Market Report 2024

The solar photovoltaic panel manufacturing market size has grown rapidly in recent years. It will grow from $217.42 billion in 2023 to $243.17 billion in 2024 at a compound annual growth rate (CAGR) of 11.8%. The expansion observed in the historical period can be credited to robust economic growth in emerging markets, an increase in the global population, government incentives, the substantial environmental impact of conventional power generation sources, corporate backing to encourage solar electricity, and an upsurge in research and development (R&D) investments.

The solar photovoltaic panel manufacturing market size is expected to see rapid growth in the next few years. It will grow to $376.68 billion in 2028 at a compound annual growth rate (CAGR) of 11.6%. The anticipated expansion in the forecast period can be ascribed to the growth of the global population and urbanization, increased investment in renewable power generation, a concerted effort to reduce dependence on foreign oil, the exploration of alternative sources of power generation, a push towards environmentally friendly practices and corporate social responsibility (CSR), as well as the escalating costs of fuel. Noteworthy trends expected in the forecast period encompass an emphasis on expanding production capacity, the integration of artificial intelligence in manufacturing processes, a focus on establishing transnational solar power networks, the adoption of robotics, and an emphasis on ultra-efficient solar panels.

The growth of the solar photovoltaic panel manufacturing market is positively influenced by government initiatives, including tax subsidies and substantial investments. In India, the Ministry of New and Renewable Energy (MNRE), part of the Central Government, has established a target of achieving 227 gigawatts of electricity production from solar PV cells by March 31, 2022. To facilitate this goal, the Indian government is actively promoting solar PV cell production through significant investments and policies that directly or indirectly impact the solar PV panel manufacturing market. For example, the government of India has allocated $0.71 billion (5000 crores) for solar subsidies. The Jawaharlal Nehru National Solar Mission scheme, implemented by the Indian Renewable Energy Development Agency Ltd. (IREDA) through the National Bank for Agriculture and Rural Development (NABARD), provides a 40% subsidy on the capital costs of solar PV systems for units in both urban and rural areas in India. Additionally, India receives support from the Asian Development Bank (ADB), which pledged a grant of USD 500 million for rooftop solar PV panel systems, contributing to the Indian government's efforts to increase renewable energy penetration using solar power.

The expected decrease in the price of photovoltaic systems is anticipated to drive the growth of the solar photovoltaic panel market in the future. Reduced costs enhance the affordability and accessibility of solar energy, making it more attractive to a broader range of consumers and businesses, ultimately leading to increased adoption. The improved return on investment, coupled with affordability, boosts the competitiveness of solar energy, fostering innovation and expanding the global market. For example, as of February 2021, the National Renewable Energy Laboratory reported that a decade ago, the cost per watt for photovoltaic modules was approximately $2.50, while in 2021, a complete utility-scale photovoltaic system was priced at around $1 per watt. Thus, the declining price of photovoltaic systems contributes to the growth of the solar photovoltaic panel market.

The solar photovoltaic panel manufacturing market is experiencing several significant trends that are focused on improving the rate of power production from the panels. Photovoltaic manufacturers are shifting towards monocrystalline cell technology from the more common multi-crystalline cells and modules is a prominent trend faced by the solar photovoltaic panel manufacturing industry. These cells form the building block of photovoltaic panels. Monocrystalline panels have a high-power output, occupy less space, and last longer because the formation of cells in these panels allows more freedom for the electrons to move, resulting in a higher efficiency compared to multi-crystalline cells. Many large developers in the solar photovoltaic panels manufacturing market have already increased their production of monocrystalline panels. For instance, monocrystalline solar, with an overall growth rate of 11.1%, is expected to hit $20.5 billion in 2020-2027 marking the emerging trend. Companies such as LONGi Solar, a subsidiary of LONGi Green Energy Technology are leading the mono-crystalline solar module manufacturers market. The company has experienced an increase in sales in the high-efficiency monocrystalline panels module segment. Further, companies such as LG Solar and Jinko Solar have also started investing more in the manufacturing of solar photovoltaic panels with monocrystalline cell technology.

Major companies operating in the solar photovoltaic panel market are innovating new technologies to gain a competitive edge in the market. For instance, in February 2023, Trina Solar Co., Ltd., a China-based photovoltaics company launched Vertex S+ series, a new addition to the solar module market, notable for its advanced technology. These rooftop solar panels deliver an impressive power output of up to 445W within a compact footprint. The Vertex S+ series offers two variants, the monofacial NEG9R.28 with a white rear encapsulant, maximizing power and efficiency, and the transparent NEG9RC.27, designed for applications emphasizing aesthetics. These panels stand out due to their utilization of n-type i-TOPCon cells, resulting in an approximately 10% increase in energy generation over a 30-year period while reducing degradation, thus ensuring superior efficiency and reliability. The adoption of a dual-glass structure enhances durability and environmental sustainability by eliminating the need for a plastic back sheet.


In May 2022, Axium Infrastructure, a Canada-based investment management company acquired BlueWave for an undisclosed amount. The acquisition of BlueWave by Axium Infrastructure has helped the latter significantly expand its renewable energy portfolio, align with ESG values, and support innovative solar and energy development efforts. BlueWave is a US-based renewable energy company that develops and owns solar and battery storage projects.


Major companies operating in the solar photovoltaic panel manufacturing market report are Wuxi Suntech Power Co. Ltd, Longi Green Energy Technology Co. Ltd, JA Solar Technology Co., Ltd, Jinkosolar Holding Co. Ltd, Canadian Solar Inc, First Solar Inc, Aiko Solar, Trinasolar Co., Ltd, Tata Power Solar Systems Ltd, Yingli Solar, China Sunergy, DelSolar Co Ltd, Motech Solar, Waaree Energies Ltd, Vikram Solar, Adani Solar, Microtek Solar Solutions, Loom Solar Pvt. Ltd, Moser Baer Solar Ltd, EMMVEE, GB-Sol Ltd, UK Solar Power Ltd, UKSOL, SolarWorld AG, Centrotherm Photovoltaics AG, Centrosolar Group AG, Schott Solar, Scheuten Solar Technology GmbH, Solimpeks Solar GmbH, Alfa Solar Technologies, Gehrlicher Solar AG, CadWare S.r.L, ib vogt GmbH, EasySolar, KACO New Energy GmbH, KIOTO Photovoltaics GmbH, Selfa Ge S.A, Europe Solar Production Sp, Solar Turbines Incorporated, ENVEA, Inciner8 Limited, Pace Global Energy Services, Monocrystal, Siberia EXPO, Caipos GmbH, Kaizen Imperial, Lumos Solar, Next Energy Alliance, Prism Solar, SoliTek, CSI Solar, GMA Solar, Go Power, Heliene, Vestas Wind Systems A/S, Electricite de France SA, BrightSource Energy, Inc, SunPower Corporation, Enel Green Power S.p.A, Atlas Renewable Energy, Sonnedix Power Holdings Ltd, Solarity Solar Energy, TSK Electronica y Electricidad SA, Kuwait National Petroleum Company, Alternative Energy Projects Co, Marubeni Corp, Total SA Qatar Solar Energy WLL, Nebras Power QSC, Globeleq, Enel SpA, Renenergy South Africa Pty Ltd.

Asia-Pacific was the largest region in the solar photovoltaic panel manufacturing market in 2023. The regions covered in the solar photovoltaic panel manufacturing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the solar photovoltaic panel manufacturing market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.

Solar photovoltaic panel manufacturing is categorized into two main grid types grid-connected and off-grid. An off-grid solar photovoltaic system refers to an installation that operates independently of the electricity grid. In such systems, all generated energy is stored on-site for local consumption. Off-grid photovoltaic systems rely on a battery bank to store energy for later use. Various technologies, such as thin-film, crystalline silicon, and others, are employed in the manufacturing process. These technologies cater to end-users across residential, commercial, and utility-scale applications.

The solar photovoltaic panel manufacturing market research report is one of a series of new reports that provides solar photovoltaic panel manufacturing market statistics, including solar photovoltaic panel manufacturing industry global market size, regional shares, competitors with a solar photovoltaic panel manufacturing market share, detailed solar photovoltaic panel manufacturing market segments, market trends and opportunities, and any further data you may need to thrive in the solar photovoltaic panel manufacturing industry. This solar photovoltaic panel manufacturing market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The solar photovoltaic panel manufacturing market consists of sales of grid-connected photovoltaic systems and off-grid photovoltaic systems. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.