The global solar PV panels market size was estimated at around USD 170.28 billion in 2023 and it is projected to hit around USD 359.2 billion by 2033, growing at a CAGR of 7.75% from 2024 to 2033. The solar photovoltaic (PV) panel market has witnessed significant growth in recent years, driven by the increasing demand for renewable energy sources and the need to reduce greenhouse gas emissions. Solar PV panels convert sunlight directly into electricity, making them a crucial component of solar energy systems.
The growth of the solar PV panels market is driven by an increasing global emphasis on renewable energy sources has led to a surge in investments in solar technology, as countries aim to transition away from fossil fuels and reduce their carbon footprints. Technological advancements have also played a significant role, with innovations improving the efficiency and affordability of solar panels, making them more accessible to consumers and businesses alike. Additionally, government policies and incentives, such as tax credits and subsidies, have further accelerated the adoption of solar PV systems. The rising awareness of environmental issues among consumers has heightened the demand for sustainable energy solutions, encouraging both residential and commercial sectors to incorporate solar energy. Furthermore, the growing need for energy independence and security has prompted many regions to invest in solar power, enhancing the overall market growth.
Asia Pacific accounted for the largest market share of over 55% in 2023, with China being the foremost contributor to revenue generation. The presence of major market players and supportive government policies that provide subsidies and financial incentives for photovoltaic projects are crucial for industry growth in China. The North American market is anticipated to grow at a CAGR of approximately 7.9% during the forecast period, driven by increasing capacity among residential consumers and the announcement of new utility projects.
In addition to being the largest hub for panel manufacturing, China hosts several solar farms, including the world’s largest floating solar farm, capable of generating 40 MW of electricity. The country also holds a significant position in global solar PV panel exports. However, some nations, including the U.S. and India, have imposed restrictions on the import of PV panels from China, which may disrupt the profitability of the solar industry in the country.
In 2023, the thin-film segment captured a significant market share of over 43%, primarily due to the enhanced durability and compact design of thin-film solar PV panels. These panels are not only flexible and lightweight but also primarily utilized in utility-scale and commercial applications due to their low installation costs. As cost-effective alternatives to silicon-based solar PV panels, thin-film panels can be manufactured in bulk.
The crystalline silicon segment is expected to experience robust growth at a considerable compound annual growth rate (CAGR) during the forecast period. This growth is driven by the lightweight nature and extended lifecycle of crystalline silicon panels, coupled with the low production costs of the silicon semiconductors used. Major global suppliers in this segment include Hanwha Group, JinkoSolar, SHARP CORPORATION, and Canadian Solar Inc.
The on-grid segment represented a substantial revenue share, valued at USD 167.51 billion in 2023. Its dominant position can be attributed to lower operating and maintenance costs, along with the simplicity of grid-connected PV systems. On-grid PV systems are cost-efficient since excess electricity generated can be fed back into the grid, eliminating the need for battery storage near the system source. Furthermore, policies such as net metering and feed-in tariffs have contributed to the segment's growth.
Conversely, the off-grid segment is projected to grow at a CAGR of 16.05% throughout the forecast period. This growth will be fueled by the expansion of solar PV panel manufacturers and the increasing capacity of off-grid systems. The limitations of traditional solar PV systems, including high installation costs and restricted land availability, can be addressed through the adoption of off-grid solar solutions. Additionally, various governments are providing tax incentives and subsidies for the installation of off-grid solar panels, along with rental benefits for reservoir owners, further promoting growth in this segment of the global solar PV panels market.
The industrial segment dominated the solar PV panels market, accounting for over 41% in 2023, and is expected to grow at a significant CAGR of 7.63% during the forecast period. The expansion of solar PV panels in the residential sector is driven by advantages such as reduced carbon footprints, lower electricity expenses, and increased home values. Consumers can also benefit from government-provided tax credits for installing solar systems. The introduction of new solar PV panel products for residential applications is likely to boost product demand; for instance, Soloes launched the next-generation ANTARES BI 144 solar panels in December 2022, featuring high radiation capacity and resistance to adverse sunlight effects.
The increasing adoption of solar energy in corporate offices, hospitals, and hotels is expected to enhance demand for solar PV panels in the commercial sector, particularly due to the rising power needs of data centers and communication base stations. Key factors contributing to this growth include improved solar panel efficiency, enhanced energy yields, and module-level monitoring. The rising demand for clean energy is anticipated to stimulate utility project development, further propelling the growth of the solar PV panel market in the industrial sector. According to the Solar Energy Industries Association, there were 6,000 solar projects in the U.S. with a total capacity of 182 GW as of 2022.
By Technology
By Grid Type
By Application
By Region
Chapter 1. Introduction
1.1. Research Objective
1.2. Scope of the Study
1.3. Definition
Chapter 2. Research Methodology
2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations
Chapter 3. Executive Summary
3.1. Market Snapshot
Chapter 4. Market Variables and Scope
4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Channel Analysis
4.3.3. Downstream Buyer Analysis
Chapter 5. COVID 19 Impact on Solar PV Panels Market
5.1. COVID-19 Landscape: Solar PV Panels Industry Impact
5.2. COVID 19 - Impact Assessment for the Industry
5.3. COVID 19 Impact: Global Major Government Policy
5.4. Market Trends and Opportunities in the COVID-19 Landscape
Chapter 6. Market Dynamics Analysis and Trends
6.1. Market Dynamics
6.1.1. Market Drivers
6.1.2. Market Restraints
6.1.3. Market Opportunities
6.2. Porter’s Five Forces Analysis
6.2.1. Bargaining power of suppliers
6.2.2. Bargaining power of buyers
6.2.3. Threat of substitute
6.2.4. Threat of new entrants
6.2.5. Degree of competition
Chapter 7. Competitive Landscape
7.1.1. Company Market Share/Positioning Analysis
7.1.2. Key Strategies Adopted by Players
7.1.3. Vendor Landscape
7.1.3.1. List of Suppliers
7.1.3.2. List of Buyers
Chapter 8. Global Solar PV Panels Market, By Technology
8.1. Solar PV Panels Market, by Technology, 2024-2033
8.1.1 Thin Film
8.1.1.1. Market Revenue and Forecast (2021-2033)
8.1.2. Crystalline Silicon
8.1.2.1. Market Revenue and Forecast (2021-2033)
8.1.3. Others
8.1.3.1. Market Revenue and Forecast (2021-2033)
Chapter 9. Global Solar PV Panels Market, By Grid
9.1. Solar PV Panels Market, by Grid, 2024-2033
9.1.1. On Grid
9.1.1.1. Market Revenue and Forecast (2021-2033)
9.1.2. Off Grid
9.1.2.1. Market Revenue and Forecast (2021-2033)
Chapter 10. Global Solar PV Panels Market, By Application
10.1. Solar PV Panels Market, by Application, 2024-2033
10.1.1. Residential
10.1.1.1. Market Revenue and Forecast (2021-2033)
10.1.2. Commercial
10.1.2.1. Market Revenue and Forecast (2021-2033)
10.1.3. Industrial
10.1.3.1. Market Revenue and Forecast (2021-2033)
Chapter 11. Global Solar PV Panels Market, Regional Estimates and Trend Forecast
11.1. North America
11.1.1. Market Revenue and Forecast, by Technology (2021-2033)
11.1.2. Market Revenue and Forecast, by Grid (2021-2033)
11.1.3. Market Revenue and Forecast, by Application (2021-2033)
11.1.4. U.S.
11.1.4.1. Market Revenue and Forecast, by Technology (2021-2033)
11.1.4.2. Market Revenue and Forecast, by Grid (2021-2033)
11.1.4.3. Market Revenue and Forecast, by Application (2021-2033)
11.1.5. Rest of North America
11.1.5.1. Market Revenue and Forecast, by Technology (2021-2033)
11.1.5.2. Market Revenue and Forecast, by Grid (2021-2033)
11.1.5.3. Market Revenue and Forecast, by Application (2021-2033)
11.2. Europe
11.2.1. Market Revenue and Forecast, by Technology (2021-2033)
11.2.2. Market Revenue and Forecast, by Grid (2021-2033)
11.2.3. Market Revenue and Forecast, by Application (2021-2033)
11.2.4. UK
11.2.4.1. Market Revenue and Forecast, by Technology (2021-2033)
11.2.4.2. Market Revenue and Forecast, by Grid (2021-2033)
11.2.4.3. Market Revenue and Forecast, by Application (2021-2033)
11.2.5. Germany
11.2.5.1. Market Revenue and Forecast, by Technology (2021-2033)
11.2.5.2. Market Revenue and Forecast, by Grid (2021-2033)
11.2.5.3. Market Revenue and Forecast, by Application (2021-2033)
11.2.6. France
11.2.6.1. Market Revenue and Forecast, by Technology (2021-2033)
11.2.6.2. Market Revenue and Forecast, by Grid (2021-2033)
11.2.6.3. Market Revenue and Forecast, by Application (2021-2033)
11.2.7. Rest of Europe
11.2.7.1. Market Revenue and Forecast, by Technology (2021-2033)
11.2.7.2. Market Revenue and Forecast, by Grid (2021-2033)
11.2.7.3. Market Revenue and Forecast, by Application (2021-2033)
11.3. APAC
11.3.1. Market Revenue and Forecast, by Technology (2021-2033)
11.3.2. Market Revenue and Forecast, by Grid (2021-2033)
11.3.3. Market Revenue and Forecast, by Application (2021-2033)
11.3.4. India
11.3.4.1. Market Revenue and Forecast, by Technology (2021-2033)
11.3.4.2. Market Revenue and Forecast, by Grid (2021-2033)
11.3.4.3. Market Revenue and Forecast, by Application (2021-2033)
11.3.5. China
11.3.5.1. Market Revenue and Forecast, by Technology (2021-2033)
11.3.5.2. Market Revenue and Forecast, by Grid (2021-2033)
11.3.5.3. Market Revenue and Forecast, by Application (2021-2033)
11.3.6. Japan
11.3.6.1. Market Revenue and Forecast, by Technology (2021-2033)
11.3.6.2. Market Revenue and Forecast, by Grid (2021-2033)
11.3.6.3. Market Revenue and Forecast, by Application (2021-2033)
11.3.7. Rest of APAC
11.3.7.1. Market Revenue and Forecast, by Technology (2021-2033)
11.3.7.2. Market Revenue and Forecast, by Grid (2021-2033)
11.3.7.3. Market Revenue and Forecast, by Application (2021-2033)
11.4. MEA
11.4.1. Market Revenue and Forecast, by Technology (2021-2033)
11.4.2. Market Revenue and Forecast, by Grid (2021-2033)
11.4.3. Market Revenue and Forecast, by Application (2021-2033)
11.4.4. GCC
11.4.4.1. Market Revenue and Forecast, by Technology (2021-2033)
11.4.4.2. Market Revenue and Forecast, by Grid (2021-2033)
11.4.4.3. Market Revenue and Forecast, by Application (2021-2033)
11.4.5. North Africa
11.4.5.1. Market Revenue and Forecast, by Technology (2021-2033)
11.4.5.2. Market Revenue and Forecast, by Grid (2021-2033)
11.4.5.3. Market Revenue and Forecast, by Application (2021-2033)
11.4.6. South Africa
11.4.6.1. Market Revenue and Forecast, by Technology (2021-2033)
11.4.6.2. Market Revenue and Forecast, by Grid (2021-2033)
11.4.6.3. Market Revenue and Forecast, by Application (2021-2033)
11.4.7. Rest of MEA
11.4.7.1. Market Revenue and Forecast, by Technology (2021-2033)
11.4.7.2. Market Revenue and Forecast, by Grid (2021-2033)
11.4.7.3. Market Revenue and Forecast, by Application (2021-2033)
11.5. Latin America
11.5.1. Market Revenue and Forecast, by Technology (2021-2033)
11.5.2. Market Revenue and Forecast, by Grid (2021-2033)
11.5.3. Market Revenue and Forecast, by Application (2021-2033)
11.5.4. Brazil
11.5.4.1. Market Revenue and Forecast, by Technology (2021-2033)
11.5.4.2. Market Revenue and Forecast, by Grid (2021-2033)
11.5.4.3. Market Revenue and Forecast, by Application (2021-2033)
11.5.5. Rest of LATAM
11.5.5.1. Market Revenue and Forecast, by Technology (2021-2033)
11.5.5.2. Market Revenue and Forecast, by Grid (2021-2033)
11.5.5.3. Market Revenue and Forecast, by Application (2021-2033)
Chapter 12. Company Profiles
12.1. Jinko Solar
12.1.1. Company Overview
12.1.2. Product Offerings
12.1.3. Financial Performance
12.1.4. Recent Initiatives
12.2. JA Solar
12.2.1. Company Overview
12.2.2. Product Offerings
12.2.3. Financial Performance
12.2.4. Recent Initiatives
12.3. Trina Solar
12.3.1. Company Overview
12.3.2. Product Offerings
12.3.3. Financial Performance
12.3.4. Recent Initiatives
12.4. LONGi Solar
12.4.1. Company Overview
12.4.2. Product Offerings
12.4.3. Financial Performance
12.4.4. Recent Initiatives
12.5. Canadian Solar
12.5.1. Company Overview
12.5.2. Product Offerings
12.5.3. Financial Performance
12.5.4. Recent Initiatives
12.6. SunPower Corporation
12.6.1. Company Overview
12.6.2. Product Offerings
12.6.3. Financial Performance
12.6.4. Recent Initiatives
12.7. First Solar
12.7.1. Company Overview
12.7.2. Product Offerings
12.7.3. Financial Performance
12.7.4. Recent Initiatives
12.8. Hanwha Q-CELLS
12.8.1. Company Overview
12.8.2. Product Offerings
12.8.3. Financial Performance
12.8.4. Recent Initiatives
12.9. Risen Energy
12.9.1. Company Overview
12.9.2. Product Offerings
12.9.3. Financial Performance
12.9.4. Recent Initiatives
12.10. Talesun
12.10.1. Company Overview
12.10.2. Product Offerings
12.10.3. Financial Performance
12.10.4. Recent Initiatives
Chapter 13. Research Methodology
13.1. Primary Research
13.2. Secondary Research
13.3. Assumptions
Chapter 14. Appendix
14.1. About Us
14.2. Glossary of Terms
Cross-segment Market Size and Analysis for
Mentioned Segments
Additional Company Profiles (Upto 5 With No Cost)
Additional Countries (Apart From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers