Solar Panel Market: Global Market Growth by Type, Solar Panel types, Installation Type Technology, End-Use, and Region Forecast (2024–2030)

Global Solar Panel Market size was valued at USD 168.03 Billion in 2023 and the total Solar panel market revenue is expected to grow at a CAGR of 7.3 % from 2024 to 2030, reaching nearly USD 275.16 Billion.
Solar Panel Market Overview
A solar panel, also known as a photovoltaic (PV) panel is a device that converts sunlight into electrical energy using the photovoltaic effect. It is a collection of interconnected solar cells made from semiconductor materials, usually silicon. When sunlight hits the solar panel, it excites the electrons in the semiconductor material, creating a flow of direct current (DC) electricity. The components of a solar power plant model include panels, s, and other support systems that convert the sun’s energy into electricity. A solar power plant for homes can be harnessed to generate electrical energy using solar photovoltaic panels or concentrated solar energy. Solar PV panels directly convert the energy of the sun’s radiation into electricity, which is included in solar power plant information.To know about the Research Methodology :- Request Free Sample Report
Solar panel market Dynamics
Revolutionizing Energy Generation: The Rise of Solar Panel Plants and Advanced Storage Systems

Solar power panels are becoming increasingly popular for generating electricity without producing carbon emissions and causing environmental harm. As more and more people become aware of the benefits of solar panel plant, it is becoming an accepted alternative to traditional electricity sources. Solar panels they are generating enough electricity and stay in the same house long enough. Solar panels absorb the sun’s energy to generate electricity for free, which can help reduce consumers’ electricity bills significantly. The variables like solar panel grants, such as the smart export guarantee, can further increase savings. We can step towards clean, renewable energy and help protect the environment by utilizing solar energy. Solar plant system is an incredible source of energy that provides profitable methods of meeting energy solar plant system is an incredible source of energy that provides profitable methods of meeting energy needs which is expected to result in the growth of the Solar Panel Market.

As a form of photovoltaic energy, it relies on the sun as its energy source, allowing for power production and giving access to electricity. It results in power that can be used immediately or stored immediately. Solar power plant model powers both commercial and residential consumers. This study provides a comprehensive overview of solar panel plants’ work, from the components and technology used to the processes involved. The technology has been drastically improved in the last years and has been complemented by solar battery storage systems, turning solar into a significantly more efficient source of clean energy.

Rising Demand for Sustainable and Renewable Energy Drives the Solar Panel Market

The growing demand for sustainable and renewable energy sources needs to reduce greenhouse gas emissions and mitigate the effects of climate change. The Solar Panel Market is sustainable and renewable energy has a significant impact on various sectors, including transportation and power generation. One of the areas benefiting from this market trend is the Solar Panel Market. Many industries are seeking sustainable solutions to power their operations, and renewable energy sources such as solar, wind, and hydro are becoming increasingly popular. Solar Panels are facilities that utilize solar power to charge electric vehicles and other electronic devices. They harness sunlight through photovoltaic panels and convert it into electricity, which is then used to charge batteries or supply power to other devices. These stations provide a clean and renewable energy solution, reducing dependence on fossil fuels and lowering carbon emissions. For example, the growing demand for sustainable and renewable energy sources in the automotive industry. As the industry moves towards electrification, the demand for renewable energy sources to power electric vehicles is increasing.

Solar Electricity Makes Your Home Go Off-the-Grid

The decrease in the cost of solar panels serves as a great example of why there should be an increase in the use of solar energy. Traditional electricity relies heavily on fossil fuels such as coal and natural gas. Not only are they bad for the environment, but they are also limited resources. This translates into a volatile market, in which energy processes alter throughout the day. Solar electricity boosts your electricity dependence by investing in a 4 kW system, which is the most common domestic size, you can easily protect yourself against unpredictable increases in utility prices, and enjoy cheap electricity throughout the entire day the sun will never increase its rates and it gives you energy security
Solar Panel Market Trends
Saving money on utility bills

Solar panel drastically reduces- or even completely eliminates- monthly utility bills, the amount consumer save depends on how much energy their system produces as well as how much energy consume. But the most significant benefit is the decrease in your energy bill since the power of the sun, a free inexhaustible energy source. Also, consumers avoid hefty electricity rates that are often unpredictable and increase over time. The amount saved on solar power is usually equal to the amount that avoids paying an electricity supplier, finances won’t be affected by surging energy processes in the area. When installing a solar panel system, the energy costs are at a constant rate, making your finances much more predictable.

Solar Power Is a Free Source of Energy

The sun provides more energy than could ever use, and no one can monopolize the sunlight. Your solar power system will start saving money from the moment it’s turned on, however, the advantages of solar power are best visible in the long-term. The longer you have your solar power system, the more you enjoy the benefits of solar technology and support the environment. Aside from solar electricity, solar energy has a second application. Solar energy is often associate with electricity, which is acquired through PV panels, but it’s also possible to use the energy generated by the sun for heating purposes. This process is accomplished by deploying solar thermal systems that simply convert sunlight into heating solutions. The acceptance of solar technology is at hand and we can start by increasing our use of solar which is expected to drive the Solar Panel Market growth.

Solar Power Causes Less Electricity Loss

Electricity needs to be transported from big power plants to end-consumers via extensive networks. Long-distance transmissions equal power losses. what are solar panels used for They’re on roof to get energy from the sun. Rooftop solar power is helpful in increasing electricity efficiency, considering the short distance. Solar panel energy becomes domestic and as a result control bills and energy usage.

Restraints Impacting the Solar panel market

High initial installation costs: The initial installation costs of solar Panels are relatively high compared to Electricity. This can make it challenging for businesses and individuals to justify the investment, particularly in regions where there is already an established network of electricity.

Dependence on sunlight availability: The performance of solar Panel is dependent on the availability of sunlight, which can vary based on factors such as weather conditions and the time of day. This can impact the charging rate of EVs and make it difficult to provide a consistent and reliable source of power for charging. In addition, in areas with limited sunlight availability, solar charging stations may not be a viable option, further limiting their use.
Solar Panel Market Segment Analysis
This Report covers the analysis of Solar panel market trends in each sub-segment from 2024 to 2030, as well as historical data and estimates for global, regional, and national revenue growth. Reports and Data have segmented the Solar panel market based on grade, product, application, and region.

Based on types, segments are divided into on-grid solar and off-grid solar panel markets. The on-grid station is dominating the market during the forecast period and expecting high revenue growth. On-grid stations are more prevalent due to their connection to the existing electrical grid, allowing for the sale of excess energy back to the grid and providing a reliable power source. Off-grid stations, while useful in remote areas, have a smaller market share due to their limited applications and higher costs for energy storage systems.Based on technology, solar panel market is segmented by Crystalline Silicon, Concentrated PV cells, and others. The crystalline silicon segment is expected to dominate the solar panel industry over the forecast period. Crystalline silicone installations have seen significant growth in the forecast period. These cells dominate the solar market due to their high efficiency, reliability, and long-term performance. Concentrated PV (Photovoltaic) cell technology uses lenses or mirrors to concentrate sunlight onto a small area, increasing the intensity of light reaching the solar cell and enhancing efficiency.
Solar panel market Regionals Insights
The solar panel market holding 75% of the market share in 2023. Asia Pacific is the largest market and is expected to show substantial growth owing to large-scale demand from the growing economies of China and India. The solar panel industry is driven by the large solar energy sectors and the need to improve services. China and Vietnam are the largest manufacturer’s solar panels market in the region. China has emerged as a global leader in solar panel production and deployment. The country has a large-scale manufacturing industry for solar panels. Chinese companies such as Jinkosolar, Trina Solar, and JA Solar are among the world’s largest solar panel manufacturers. China's promise of renewable energy and its strong industrial base have contributed to its dominance in the solar panel market.

Europe’s Solar panel market is expected to have substantial growth during the forecast period. European countries are adopting solar energy as part of sustainable energy strategies. A favorable climate for the adoption of solar panels has been established by the region's commitment to lowering greenhouse gas emissions and moving towards a low-carbon economy. With its strategy propelling tremendous growth in the solar panel sector, Germany has been a leader in this area.
Solar Panel Market Competitive Landscape
The competitiveness of the Solar panel market industry is increasing due to the ultimate innovations and productions, in a fight to stay ahead in the market. Companies are focusing on improving their product offerings and increasing their distribution networks through partnerships and collaboration to get a larger portion of the market growing start-ups, mergers, and increasing trends of organic and inorganic growth is being witnessed. The key players in the market such as Sun grow Power Supply Co., Ltd, Archi Expo, CET Power SA, PRAG, and ABB Ltd. this major key players are using strategies such as acquisition and mergers, partnerships, and investment and divestment, fueling industry growth. Furthermore, large and medium-scale companies are offering highly improved product-type portfolios and customer services. This trend is projected to positively impact the global market during the forecast period

Recent Development, According to a greener distribution strategic study, jinko solar was the leader in solar panel market volume imported in Brazil last year with 3,065 MWp imported, confirming once again its lead in the Brazilian solar market. Jink solar is expected to surpass a market share of 17.6% in Brazil for the first time. This marks a significant achievement for the solar module manufacturer as it continues to gain market share despite more brands hitting the market. The 71 brands that supplied solar panels to Brazil in 2022, the 10 with the highest volume were responsible for 81% of the total imported. In addition, the consultancy pointed out that the volume of modules demanded by the Brazilian market in 2022 to meet solar generation exceeded 17 GW, up 73% compared to 2021 (10.3 GW).
Solar Panel Market Scope: Inquire before buying



Solar Panel Market


Report Coverage
Details


Base Year:
2023
Forecast Period:
2024-2030


Historical Data:
2018 to 2023
Market Size in 2023:
US $ 168.03 Bn.


Forecast Period 2024 to 2030 CAGR:
7.3%
Market Size in 2030:
US $ 275.16 Bn.


 Segments Covered:
by Type
1.On-grid
2.Off-grid


by Technology
1.Crystalline Silicon
2.Concentrated PV cell
3.Others


by Solar Panel types
1.Monocrystalline Solar Panel
2.Polycrystalline Solar Panel
3.Thin-film Solar Panel
4.Bifacial Solar Panel
5.Perovskite Solar Panels


by Installation Type
1.Rooftop Solar Panels
2.Ground-Mounted Solar Panels
3.Floating Solar Panels


by End User
1.Residential
2.Commercial
3.Industrial
4.Utilities



Solar Panel Market, by Region
North America (United States, Canada, and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria, and the Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan the and Rest of APAC)
South America (Brazil, Argentina Rest of South America)
Middle East & Africa (South Africa, GCC, Egypt, Nigeria, and the Rest of ME&A)
Solar Panel Market Key players
1. SunPower Corporation
2. JA solar
3. LONGi Solar
4.Canadian Solar
5. Hanwha Q-CELLS
6.Risen Energy
7. GCL-SI
8. First Solar
9. Waare Group
10.Tata power solar system
11.Trina Solar Limited
12. Jinko Solar Holding
13. ABROS Green GmbH
14. Einnova Solarline,
15. JS Solar
16.Jiangsu runda PV
17.Phtonix solar private limited
18.Urja Global Limited,
19. Vikram solar limited
20.123 Solar
21. Ace Solar Energy
22. ADS Solar
23.Ahorrosolar SL
24.Aikyum Solar
25.ALtek Market
26.Althuizen Solar Technology
27.Amazing Solar
28. American Sentry Solar

Frequently Asked Questions:

1] What is the growth rate of the Global Solar panel market?
Ans. The Global Solar panel market is growing at a significant rate of 7.3 % during the forecast period.

2] Which region is expected to dominate the Global Solar panel market?
Ans. Asia-Pacific is expected to dominate the Solar panel market during the forecast period.

3] What is the expected Global Solar panel market size by 2030?
Ans. The Solar panel market size is expected to reach USD 275.16 Bn by 2030.

4] Which are the top players in the Global Solar panel market?
Ans. Some of the top players operating in the Solar panel market are SunPower Corporation, A Solar, LONGi Solar, Canadian Solar, Hanwha Q-CELLS

5] Which sector is the key driver in the Solar panel market?
Ans. Increasing demand for renewable in the industry is the key driver in the Solar panel market.