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Solar Panels Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2020-2030F- Product Image
Solar Panels Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2020-2030F- Product Image
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Solar Panels Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2020-2030F

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    Report

  • 181 Pages
  • November 2025
  • Region: Global
  • TechSci Research
  • ID: 5922003
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On-Grid is the fastest growing segment, Asia-Pacific is the largest regional market

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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.

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.

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.

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.

Key Market Players Profiled:

  • 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:

By Technology:

  • Solar PV
  • Concentrated Solar Power

By Module Type:

  • Thin Film
  • Crystalline

By Grid Connectivity:

  • On-Grid
  • Off-Grid

By Application:

  • Residential
  • Commercial
  • Industrial

By Region:

  • North America
  • Europe
  • Asia-Pacific
  • South America
  • Middle East & Africa

Competitive Landscape

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

Available Customizations:

With the given market data, the publisher 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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Table of Contents

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 Panels Market Outlook
5.1. Market Size & Forecast
5.1.1. By Value
5.2. Market Share & Forecast
5.2.1. By Technology (Solar PV, Concentrated Solar Power)
5.2.2. By Module Type (Thin Film, Crystalline)
5.2.3. By Grid Connectivity (on-Grid, Off-Grid)
5.2.4. By Application (Residential, Commercial, Industrial)
5.2.5. By Region
5.2.6. By Company (2024)
5.3. Market Map
6. North America Solar Panels 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 Panels 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 Panels 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 Panels 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 Panels 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 Panels 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 Panels 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 Panels 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 Panels 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 Panels 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 Panels 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 Panels 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 Panels 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 Panels 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 Panels 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 Panels 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 Panels 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 Panels 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 Panels 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 Panels 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 Panels 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 Panels 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 Panels 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 Panels 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 Panels 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. LONGi Green Energy Technology 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. JinkoSolar Holding Co., Ltd.
15.3. First Solar, Inc.
15.4. Canadian Solar Inc.
15.5. Trina Solar Co. Ltd.
15.6. JA Solar Holdings Co., Ltd.
15.7. Hanwha Q CELLS Co., Ltd.
15.8. SunPower Corporation
15.9. GCL Technology Holdings Ltd.
15.10. Renhe Commercial Holdings Co., Ltd.
16. Strategic Recommendations17. About the Publisher & Disclaimer

Companies Mentioned

The companies profiled in this Solar Panels market report include:
  • 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.

Table Information

Report AttributeDetails
No. of Pages181
PublishedNovember 2025
Forecast Period2024 - 2030
Estimated Market Value ( USD ) in 2024 $ 270.14 Billion
Forecasted Market Value ( USD ) by 2030 $ 529.22 Billion
Compound Annual Growth Rate11.8%
Regions CoveredGlobal
No. of Companies Mentioned11

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