PUBLISHER: Global Industry Analysts, Inc. | PRODUCT CODE: 1799000
PUBLISHER: Global Industry Analysts, Inc. | PRODUCT CODE: 1799000
Global Polycrystalline Solar Panel Market to Reach US$41.2 Billion by 2030
The global market for Polycrystalline Solar Panel estimated at US$20.1 Billion in the year 2024, is expected to reach US$41.2 Billion by 2030, growing at a CAGR of 12.7% over the analysis period 2024-2030. Rooftop System, one of the segments analyzed in the report, is expected to record a 14.2% CAGR and reach US$30.0 Billion by the end of the analysis period. Growth in the Ground-Mounted System segment is estimated at 9.2% CAGR over the analysis period.
The U.S. Market is Estimated at US$5.5 Billion While China is Forecast to Grow at 17.3% CAGR
The Polycrystalline Solar Panel market in the U.S. is estimated at US$5.5 Billion in the year 2024. China, the world's second largest economy, is forecast to reach a projected market size of US$8.8 Billion by the year 2030 trailing a CAGR of 17.3% over the analysis period 2024-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 9.1% and 11.4% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 10.1% CAGR.
Global Polycrystalline Solar Panel Market - Key Trends & Drivers Summarized
Why Do Polycrystalline Solar Panels Continue to Dominate Installed PV Capacity Worldwide?
Polycrystalline solar panels, also known as multicrystalline panels, remain one of the most widely installed photovoltaic technologies globally due to their favorable balance of cost, efficiency, and scalability. Made by melting and casting silicon into square molds, polycrystalline cells are easier and cheaper to produce than their monocrystalline counterparts. Although they have slightly lower energy conversion efficiency, they offer a lower per-watt cost and excellent ROI in large-scale utility and rooftop installations.
These panels are especially attractive in price-sensitive markets, government-subsidized solar initiatives, and geographic regions with abundant sunlight. Their blue-tinted, speckled appearance is the result of the grainy structure of silicon crystals, which can slightly reduce efficiency but offers better thermal tolerance and marginally lower energy loss at high temperatures-ideal for deployment in hot climates.
Despite growing competition from monocrystalline and thin-film technologies, polycrystalline panels continue to dominate in off-grid installations, commercial rooftops, and developing economies due to lower module pricing, proven field performance, and established manufacturing ecosystems across China, India, Southeast Asia, and parts of Africa and Latin America.
What Innovations and Manufacturing Strategies Are Enhancing Panel Performance?
The manufacturing of polycrystalline panels has seen major advances over the last decade. Improved ingot casting, wafer slicing, and texturization processes have helped reduce defects and increase uniformity, enhancing light absorption and conversion efficiency. Modern polycrystalline modules can now achieve 16-18% efficiency levels, narrowing the gap with monocrystalline panels.
Anti-reflective coatings, passivated emitter rear contact (PERC) technology, and bifacial designs are being incorporated into polycrystalline module architectures to improve light capture and module power output. The integration of half-cut cell configurations reduces power loss and enhances shade tolerance, allowing better performance in partial shadow conditions-crucial for rooftop and urban installations.
Automation in module assembly, laser scribing, and lamination processes has improved production yield and quality control. These innovations have brought down levelized cost of electricity (LCOE) for polycrystalline installations, making them competitive even in high-efficiency-focused tenders. New encapsulant materials and glass treatments are also extending module durability and resistance to moisture, dust, and UV degradation.
Which Applications and Markets Are Fueling Global Demand for Polycrystalline Panels?
Utility-scale solar farms, rooftop residential systems, and off-grid rural electrification projects are the key application areas driving demand for polycrystalline panels. Their lower upfront cost, relatively easy installation, and standardized availability make them well-suited for mass deployment in distributed solar networks and government-led energy access programs.
In regions with high solar irradiation-such as India, Brazil, the Middle East, and Africa-polycrystalline panels are used extensively in microgrids, solar-powered irrigation, telecom towers, and hybrid diesel-solar systems. In grid-tied systems, polycrystalline modules are preferred by EPC contractors and solar developers due to their lower balance-of-system (BOS) costs and faster return on investment for medium-sized installations.
China remains the dominant producer and consumer, followed by India and other emerging markets focused on cost-effective solar expansion. In Europe and the U.S., polycrystalline panels are still used in price-sensitive community solar and agricultural solar projects, though monocrystalline is gaining preference for premium installations. The segment also sees strong use in solar kits, small-scale power banks, and mobile solar applications.
What Is Driving Growth in the Global Polycrystalline Solar Panel Market?
The growth in the global polycrystalline solar panel market is driven by cost-efficiency, technology maturity, and massive government-led solar expansion efforts in developing regions. As countries race to meet renewable energy targets and reduce grid dependency, the affordability and scalability of polycrystalline panels make them the logical choice for high-volume solar deployment.
Incentives such as feed-in tariffs, subsidies, tax rebates, and net metering policies continue to support installations using polycrystalline panels. While monocrystalline modules are gaining ground in efficiency-sensitive markets, polycrystalline modules remain dominant in utility-scale rollouts where project economics and rapid deployment take precedence over marginal efficiency gains.
Manufacturing integration across the value chain-from silicon ingot production to wafer slicing and panel assembly-has created a cost-efficient ecosystem that supports polycrystalline scalability. Furthermore, advances in PERC, bifacial modules, and durable module materials are improving the long-term viability of polycrystalline technology in diverse climate conditions.
As the global energy transition accelerates, and solar PV capacity additions continue to break records year-on-year, polycrystalline solar panels will retain a significant share of the market due to their reliability, competitive price point, and adaptability across geographic and application contexts.
SCOPE OF STUDY:
The report analyzes the Polycrystalline Solar Panel market in terms of units by the following Segments, and Geographic Regions/Countries:
Segments:
Deployment (Rooftop System, Ground-Mounted System); Application (Utility-scale Application, Residential Application, Commercial & Industrial Application)
Geographic Regions/Countries:
World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; Spain; Russia; and Rest of Europe); Asia-Pacific (Australia; India; South Korea; and Rest of Asia-Pacific); Latin America (Argentina; Brazil; Mexico; and Rest of Latin America); Middle East (Iran; Israel; Saudi Arabia; United Arab Emirates; and Rest of Middle East); and Africa.
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