Solar Photovoltaic Panel Manufacturing Market Report 2026

The solar photovoltaic panel manufacturing market size has grown rapidly in recent years. It will grow from $275.69 billion in 2025 to $306.68 billion in 2026 at a compound annual growth rate (CAGR) of 11.2%. The growth in the historic period can be attributed to declining cost of silicon wafers, government subsidies for renewable energy, advancements in pv cell technology, rising electricity demand, increased awareness of climate change.

The solar photovoltaic panel manufacturing market size is expected to see rapid growth in the next few years. It will grow to $467 billion in 2030 at a compound annual growth rate (CAGR) of 11.1%. The growth in the forecast period can be attributed to emerging markets adoption, integration with smart grids, technological innovation in thin-film and bifacial panels, energy storage solutions, corporate sustainability initiatives. Major trends in the forecast period include solar panel efficiency improvement, lightweight and flexible pv panels, building-integrated photovoltaics (bipv), advanced energy storage integration, recycling and end-of-life management of pv panels.

The growing need for renewable energy is expected to drive the expansion of the solar photovoltaic (PV) panel manufacturing market. Renewable energy refers to energy generated from natural resources that are replenished on a human timescale, such as sunlight, wind, rain, tides, and geothermal heat. Demand for renewable energy is rising due to global efforts to reduce carbon emissions, improve energy security, and transition to cleaner and more sustainable energy sources. Solar photovoltaic (PV) panels play a critical role in meeting this demand by efficiently converting abundant sunlight into clean electricity, supporting the shift away from fossil fuels. For example, in July 2023, a report published by the International Energy Agency, a France-based intergovernmental organization, stated that solar PV generation increased by 270 terawatt-hours (26%), reaching nearly 1,300 terawatt-hours in 2022. Projections indicate that installed solar PV capacity is set to surpass coal by 2027, becoming the world’s largest power capacity source. Cumulative solar PV capacity is expected to nearly triple during the forecast period, expanding by almost 1,500 gigawatts and surpassing natural gas by 2026 and coal by 2027. Therefore, the increasing need for renewable energy is contributing to the growth of the solar PV panel manufacturing market.

Major companies in the solar photovoltaic panel manufacturing market are emphasizing the adoption of advanced monocrystalline cell-based modules, such as high-efficiency HPDC (Hybrid Passivated Dual-Junction Cell) monocrystalline modules, to boost power output, lower balance-of-system costs, and extend operational lifespan under demanding conditions. For example, in May 2023, a China-based solar technology company introduced its Hi-MO 7 monocrystalline module series. These modules feature mass-production power ratings of around 580 W, a conversion efficiency of approximately 22.5% in an M10 form factor, and utilize HPDC cell architecture with dual-junction rear passivation. They also incorporate optimized interconnection and encapsulation technologies that help reduce long-term degradation.

In May 2023, a U.S.-based provider of thin-film solar photovoltaic modules and utility-scale PV solutions acquired a Sweden-based company specializing in perovskite thin-film PV technology for approximately $38 million at closing, with up to an additional $42 million contingent on technical milestones. The acquisition aims to strengthen technological capabilities and accelerate the development and commercialization of high-efficiency tandem (CdTe-perovskite) devices, reinforcing the company’s product roadmap and competitive position in PV module manufacturing. The acquired company contributes expertise in perovskite technology, equipment, and R&D focused on advancing tandem solar cells for future module production.

Major companies operating in the solar photovoltaic panel manufacturing market 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, EMMVEE, GB-Sol Ltd, UKSOL, Scheuten Solar Technology GmbH, Solimpeks Solar GmbH, KIOTO Photovoltaics GmbH, Selfa GE S.A., Europe Solar Production Sp., Monocrystal, Caipos GmbH, Kaizen Imperial, Lumos Solar, Next Energy Alliance, Prism Solar, SoliTek, CSI Solar, GMA Solar, Go Power!, Heliene, SunPower Corporation, Qatar Solar Energy WLL, Aleo Solar, Solarity Solar Energy, Siberia EXPO.

Note that the outlook for this market is being affected by rapid changes in trade relations and tariffs globally. The report will be updated prior to delivery to reflect the latest status, including revised forecasts and quantified impact analysis. The report’s Recommendations and Conclusions sections will be updated to give strategies for entities dealing with the fast-moving international environment.

Tariffs on solar photovoltaic panels have significantly influenced the global market by increasing import costs and disrupting supply chains, particularly affecting crystalline silicon and thin-film panel segments. Regions such as North America and Europe, which rely heavily on imported solar panels, have seen higher project costs and delays in installation. While these tariffs pose challenges, they also encourage domestic manufacturing and innovation, leading to the development of locally produced, cost-efficient PV solutions. Overall, the impact varies across utility-scale, commercial, and residential segments, with some regions benefiting from enhanced local industry growth.

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.

A solar photovoltaic panel is a device designed to capture solar rays and convert them into either electricity or heat. Photovoltaics (PV) utilize semiconductor technology to transform sunlight into electrical energy. When exposed to solar radiation, PV cells release electrons within the semiconductors, creating an electric current through their movement. These PV cells are encapsulated behind glass to create photovoltaic modules, typically with a lifespan of 20-40 years.

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.Asia-Pacific was the largest region in the solar photovoltaic panel manufacturing market in 2025. The regions covered in the solar photovoltaic panel manufacturing market report are Asia-Pacific, South East Asia, 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, Taiwan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

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.

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