The global solar PV panels market size was estimated at USD 170.25 billion in 2023 and is projected to reach USD 287.13 billion by 2030, growing at a compound annual growth rate (CAGR) of 7.7% from 2024 to 2030. The increasing demand for renewable, clean electricity sources, along with supportive government initiatives, tax benefits, and financial incentives for solar installation, is anticipated to be a key factor driving the market’s growth over the coming years. Governments around the world are promoting solar energy adoption as part of their broader sustainability and decarbonization strategies, which continues to strengthen market expansion.

The commercial and industrial (C&I) sectors represent major end users of solar PV panels due to their large-scale demand for green and cost-effective power solutions. These sectors benefit from economies of scale in installation, which offsets any minor efficiency losses and enhances the profitability of solar projects for large-scale power generation. Additionally, the residential sector is witnessing significant growth in solar PV adoption, supported by favorable policies such as net metering for grid-connected systems and the increasing availability of energy storage technologies that enable off-grid functionality. This combination of regulatory support and technological advancement is making solar power increasingly accessible and economically viable across diverse applications.

The U.S. solar PV market, in particular, is expected to register notable growth during the forecast period, driven by strong federal programs such as the Solar Investment Tax Credit (ITC), rising demand for renewable electricity from both public and private entities, and the steady decline in solar panel costs. According to the Solar Energy Industries Association (SEIA), the U.S. solar sector attracted investments worth billions of dollars and achieved substantial installed capacity nationwide, highlighting its accelerating expansion. Furthermore, the U.S. government continues to reinforce this trend through new policy initiatives and funding programs aimed at promoting renewable energy deployment. For instance, the Inflation Reduction Act (IRA), introduced in August 2022, allocated a significant financial package to bolster renewable energy infrastructure, stimulate domestic manufacturing, and encourage widespread solar adoption. This legislative support is expected to further strengthen the country’s position in the global solar PV market and accelerate the transition toward a sustainable energy future.

Key Market Trends & Insights:

• In 2023, the Asia Pacific region held the largest share of the global solar PV panels market, accounting for over 54.0% of total revenue. The region’s dominance is attributed to strong government support for renewable energy, rapidly growing energy demand, and large-scale adoption of solar power across countries such as China, India, and Japan. Expanding industrial and commercial sectors, along with decreasing solar panel costs, have further accelerated the deployment of solar PV systems in the region.

• The North American solar PV market is projected to expand at a robust CAGR of approximately 7.9% during the forecast period. This growth is driven by favorable government policies, financial incentives, and increasing adoption of renewable energy solutions by both residential and commercial users. Rising awareness of sustainability and declining costs of solar technology are expected to sustain steady growth in the region.

• By technology, the thin-film segment held a dominant position in 2023, capturing over 42.81% of the market share. Thin-film solar panels are favored for their flexibility, lightweight structure, and lower manufacturing costs, making them suitable for large-scale installations and applications where conventional crystalline panels may not be feasible.

• Considering grid type, the on-grid segment accounted for a significant portion of market revenue, valued at USD 167.48 billion in 2023. On-grid solar PV systems are widely adopted because they allow excess energy to be fed back into the grid, offering financial incentives to users while ensuring a stable and continuous power supply.

• Based on application, the industrial segment dominated the solar PV panels market in 2023, accounting for over 40.0% of the total revenue. The high share of industrial usage is driven by large-scale energy requirements, cost-efficiency benefits, and the potential for long-term energy savings. Industries are increasingly investing in solar PV systems to reduce electricity costs, meet sustainability targets, and comply with regulatory requirements for green energy adoption.

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Market Size & Forecast:

• 2023 Market Size: USD 170.25 billion

• 2030 Projected Market Size: USD 287.13 billion

• CAGR (2024-2030): 7.7%

• Asia Pacific: Largest market in 2023

Key Companies & Market Share Insights:

The global solar PV panels industry is highly competitive, with major participants actively investing in research and development (R&D) and continuously innovating to maintain and expand their market positions. In this industry, a company’s ability to innovate and offer advanced, efficient solutions has become a critical factor for success. Several key elements influence the competitiveness of the solar PV panel market, including a high level of forward integration in operations, secure access to raw material feedstock, acquisition and development of cutting-edge technologies, availability of skilled workforce, and substantial investment in R&D activities.

On a broader scale, the growing global demand for renewable energy is a significant driver of market expansion. This surge in demand is fueled not only by environmental and sustainability considerations but also by increasing concerns over energy security. Governments, commercial enterprises, and residential consumers are actively seeking reliable and clean energy solutions, which has intensified competition among industry players. Companies that can combine technological innovation with efficient production capabilities and strategic resource management are better positioned to capture market share, meet evolving energy needs, and address the global shift toward sustainable and secure energy systems.

Key Players

• JinkoSolar

• JA Solar

• Trina Solar

• LONGi Solar

• Canadian Solar

• Hanwha Q-CELLS

• Risen Energy

• GCL-SI

• First Solar

• SunPower Corporation

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Conclusion:

The solar PV panels industry is on a strong growth trajectory, driven by increasing demand for clean, renewable electricity and bolstered by favourable government policies, incentives, and rebates. Key regions are contributing significantly to market size, and technological segments like thin film and large scale industrial applications are standing out. Overall, the market is characterised by both robust scale in established segments and emerging opportunities as clean energy transitions gain momentum.