Solar Panels Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Technology, By Module Type, By Grid Connectivity, By Application, By Region, By Competition, 2020-2030F

Description

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.

Market Overview
Forecast Period	2026-2030
Market Size 2024	USD 270.14 Billion
Market Size 2030	USD 529.22 Billion
CAGR 2025-2030	11.86%
Fastest Growing Segment	On-Grid
Largest Market	Asia Pacific

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underestimated the rapid pace of solar development, leading to insufficient investment in grid capabilities and outdated networks.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

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, in addition to the industry trends which have also been detailed below:

Solar Panels Market, By Technology:

Solar PV
Concentrated Solar Power

Solar Panels Market, By Module Type:

Thin Film
Crystalline

Solar Panels Market, By Grid Connectivity:

On-Grid
Off-Grid

Solar Panels Market, By Application:

Residential
Commercial
Industrial

Solar Panels Market, By Region:

North America
- United States
- Canada
- Mexico
Europe
- France
- United Kingdom
- Italy
- Germany
- Spain
Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
South America
- Brazil
- Argentina
- Colombia
Middle East & Africa
- South Africa
- Saudi Arabia
- UAE

Competitive Landscape

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

Available Customizations:

Global Solar Panels Market report with the given market data, TechSci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

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.