Solar Panel Market Size, Share, and Growth Analysis, By Technology (Solar PV, Concentrated Solar Power), By Module Type (Thin Film, Crystalline), By Connectivity, By Application, By Region - Industry Forecast 2025-2032
SFCE(Shunfeng International Clean Energy Limited)(China)
Yingli Green Energy(China)
SunPower Corporation(United States)
REC Group(Singapore)
Seraphim Solar System(China)
Talesun Solar(China)
Astronergy(China)
Neo Solar Power(Taiwan)
Motech Industries(Taiwan)
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Solar Panel Market size was valued at USD 151.07 billion in 2023 and is poised to grow from USD 169.35 billion in 2024 to USD 422.31 billion by 2032, growing at a CAGR of 12.1% during the forecast period (2025-2032).
Market insights reveal that the increasing population in developing countries is driving a shift in power generation trends. As the urgency to reduce carbon emissions escalates, there's a marked transition towards renewable energy sources, moving away from conventional fossil fuels like oil and coal. This trend highlights a significant strategic pivot within the energy sector, as stakeholders recognize renewable energy as a sustainable and eco-friendly option. The momentum behind this shift is fueled by the potential to significantly lower carbon footprints, aligning with global sustainability goals. As such, renewable energy adoption is likely to continue to accelerate, shaping the future landscape of power generation in these emerging markets.
Top-down and bottom-up approaches were used to estimate and validate the size of the Solar Panel market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.
Solar Panel Market Segments Analysis
Global Solar Panel Market is segmented by Technology, Module Type, Connectivity, Application and region. Based on Technology, the market is segmented into Solar PV and Concentrated Solar Power. Based on Module Type, the market is segmented into Thin Film and Crystalline. Based on Connectivity, the market is segmented into On-Grid and Off-Grid. Based on Application, the market is segmented into Residential, Commercial and Industrial. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
Driver of the Solar Panel Market
The pressing global energy transition is vital for addressing the rising average surface temperatures, with the goal of restricting the increase to below the crucial limit of 2°C. This urgency is propelling a significant surge in the installation and adoption of renewable energy sources, particularly solar panels, in the coming years, which is expected to drive exponential market growth. As the world moves away from traditional fossil fuels in favor of low-carbon solutions, this shift is critical since energy-related carbon dioxide emissions account for approximately two-thirds of total greenhouse gas emissions. Consequently, the solar panel market stands to benefit greatly from this transformative change in energy consumption.
Restraints in the Solar Panel Market
The solar panel market faces a significant restraint due to the higher installation costs associated with solar photovoltaic (PV) systems compared to traditional solar panels. This financial barrier can hinder widespread adoption, particularly in residential settings where energy demands are relatively low. For example, the installation of 15 ground-mounted solar panels, each with a capacity of 300 watts, could amount to approximately USD 14,625. However, this cost escalates further with the need for additional support structures, adding around USD 500 per panel, thereby increasing the overall investment required for homeowners and potentially deterring them from adopting solar technology.
Market Trends of the Solar Panel Market
The solar panel market is experiencing a significant upward trend, largely propelled by the integration of artificial intelligence (AI) technology. AI's ability to enhance predictive capabilities and optimize asset management is revolutionizing how solar energy systems are designed, installed, and maintained. By improving forecasting accuracy, stakeholders can better anticipate energy production, leading to heightened efficiency and reduced operational costs. As both residential and commercial sectors increasingly recognize the cost-saving benefits and sustainability attributes of solar energy, the incorporation of AI drives innovation and competitiveness in the market, positioning solar power as a critical player in the transition towards a greener energy future.
Table of Contents
Introduction
Objectives of the Study
Scope of the Report
Definitions
Research Methodology
Information Procurement
Secondary & Primary Data Methods
Market Size Estimation
Market Assumptions & Limitations
Executive Summary
Global Market Outlook
Supply & Demand Trend Analysis
Segmental Opportunity Analysis
Market Dynamics & Outlook
Market Overview
Market Size
Market Dynamics
Drivers & Opportunities
Restraints & Challenges
Porters Analysis
Competitive rivalry
Threat of substitute
Bargaining power of buyers
Threat of new entrants
Bargaining power of suppliers
Key Market Insights
Key Success Factors
Degree of Competition
Top Investment Pockets
Market Ecosystem
Market Attractiveness Index, 2024
PESTEL Analysis
Macro-Economic Indicators
Value Chain Analysis
Pricing Analysis
Technological Advancement
Case Studies
Global Solar Panel Market Size by Technology & CAGR (2025-2032)
Market Overview
Solar PV
Concentrated Solar Power
Global Solar Panel Market Size by Module Type & CAGR (2025-2032)
Market Overview
Thin Film
Crystalline
Global Solar Panel Market Size by Connectivity & CAGR (2025-2032)
Market Overview
On-Grid
Off-Grid
Global Solar Panel Market Size by Application & CAGR (2025-2032)
Market Overview
Residential
Commercial
Industrial
Global Solar Panel Market Size & CAGR (2025-2032)
North America (Technology, Module Type, Connectivity, Application)
US
Canada
Europe (Technology, Module Type, Connectivity, Application)
Germany
Spain
France
UK
Italy
Rest of Europe
Asia Pacific (Technology, Module Type, Connectivity, Application)
China
India
Japan
South Korea
Rest of Asia-Pacific
Latin America (Technology, Module Type, Connectivity, Application)
Brazil
Rest of Latin America
Middle East & Africa (Technology, Module Type, Connectivity, Application)
GCC Countries
South Africa
Rest of Middle East & Africa
Competitive Intelligence
Top 5 Player Comparison
Market Positioning of Key Players, 2024
Strategies Adopted by Key Market Players
Recent Developments in the Market
Company Market Share Analysis, 2024
Company Profiles of All Key Players
Company Details
Product Portfolio Analysis
Company's Segmental Share Analysis
Revenue Y-O-Y Comparison (2022-2024)
Key Company Profiles
LONGi Solar (China)
Company Overview
Business Segment Overview
Financial Updates
Key Developments
Trina Solar (China)
Company Overview
Business Segment Overview
Financial Updates
Key Developments
JA Solar (China)
Company Overview
Business Segment Overview
Financial Updates
Key Developments
JinkoSolar (China)
Company Overview
Business Segment Overview
Financial Updates
Key Developments
Canadian Solar (Canada)
Company Overview
Business Segment Overview
Financial Updates
Key Developments
Risen Energy (China)
Company Overview
Business Segment Overview
Financial Updates
Key Developments
First Solar (United States)
Company Overview
Business Segment Overview
Financial Updates
Key Developments
Suntech Power (China)
Company Overview
Business Segment Overview
Financial Updates
Key Developments
Chint Group (China)
Company Overview
Business Segment Overview
Financial Updates
Key Developments
GCL System Integration Technology (China)
Company Overview
Business Segment Overview
Financial Updates
Key Developments
SFCE (Shunfeng International Clean Energy Limited) (China)