Solar Panel Market Size, Share, Growth, Trends, and Global Industry Analysis: By Type, By Connection type, By Application, Building-Integrated Photovoltaics, Portable and Consumer Electronics, Solar Lighting & Specialty Applications) and By Region 2020-2031
Solar Panel Market size was valued at US$ 158.4 billion in 2024 and is projected to reach US$ 235.0 billion by 2031 at a CAGR of 5.8% from 2025-2031. The market refers to the global industry focused on the design, manufacturing, and deployment of solar panels, which are devices that convert sunlight into electricity through photovoltaic (PV) technology. These panels are composed of interconnected solar cells, typically made from silicon or other advanced materials, and are used to generate renewable energy for residential, commercial, industrial, and utility-scale applications.
The market encompasses various panel types, including monocrystalline, polycrystalline, and thin-film technologies, each offering different efficiency levels, costs, and installation flexibility. Solar panels are a core component in the global transition toward clean energy, supporting efforts to reduce carbon emissions and achieve energy independence.
The market has experienced robust growth over recent years, fuelled by declining manufacturing costs, technological advancements, and strong policy support for renewable energy worldwide. Innovations in high-efficiency cell designs, such as PERC and bifacial modules, have significantly improved panel performance and made solar power increasingly competitive with conventional energy sources. Governments and private sectors are investing heavily in solar infrastructure to meet climate targets and reduce reliance on fossil fuels. Additionally, rising awareness of environmental sustainability and the expansion of decentralized energy systems are further driving demand. As solar energy becomes a mainstream solution for power generation globally, the market is expected to remain a critical pillar in shaping a low-carbon, resilient energy future.
Based on the Type
Based on type, crystalline silicon solar panels, particularly monocrystalline variants, are anticipated to lead the Global Market. This dominance is primarily driven by their superior efficiency rates, which often exceed 20%, and their proven long-term reliability in various climates. Monocrystalline panels also require less space compared to other types, making them ideal for both residential rooftops and high-capacity commercial projects where land availability is limited. Continuous technological innovations, such as passivated emitter rear contact (PERC) cells and bifacial designs, have further enhanced their performance and appeal. Additionally, declining manufacturing costs and robust supply chains, especially in Asia-Pacific, have made crystalline silicon panels more accessible globally. As consumers and developers prioritize high-efficiency, durable, and aesthetically pleasing solutions, crystalline silicon solar panels are set to maintain their leadership position, solidifying their critical role in the transition to clean energy.
Based on the Connection Type
Based on connection type, on-grid solar panels are anticipated to lead the Global Market. This dominance is largely due to their widespread integration with national and regional electricity grids, allowing users to export excess energy and benefit from net metering policies. On-grid systems are particularly popular in urban and suburban areas, where reliable grid access makes them more cost-effective and practical. Governments worldwide offer strong incentives, subsidies, and favourable feed-in tariffs to encourage on-grid installations, further boosting their adoption. Additionally, these systems eliminate the need for costly battery storage, reducing upfront investment and maintenance costs. Technological advancements in smart inverters and grid integration solutions have also made on-grid setups more efficient and user-friendly. As countries focus on decarbonizing their electricity supply and enhancing grid resilience, on-grid solar panels are expected to maintain their leadership, playing a pivotal role in accelerating the global shift toward sustainable energy solutions.
Based on the Application
Based on application, solar farms (utility-scale projects) are anticipated to lead the Global Market. This dominance is driven by the urgent global push for large-scale renewable energy generation to meet climate targets and reduce dependence on fossil fuels. Utility-scale solar farms benefit from economies of scale, significantly lowering the cost per watt and making solar power more competitive with traditional energy sources. Governments worldwide are supporting these projects through large tenders, long-term power purchase agreements (PPAs), and dedicated funding initiatives. Additionally, continuous technological advancements, such as bifacial modules and tracking systems, have improved the energy yield and operational efficiency of solar farms. Major installations across regions like Asia-Pacific, the Middle East, and North America underscore their rapid expansion. As nations continue to prioritize grid-scale clean energy solutions to ensure reliable and affordable electricity, solar farms are expected to maintain their leadership and drive the market forward.
Study Period
2025-2031Base Year
2024CAGR
5.8%Largest Market
Asia-PacificFastest Growing Market
Middle East
A major factor in the Global Solar Panel Market is the ongoing drop in manufacturing and installation costs. Over the last decade, the average price of solar panels has decreased by more than 80%, making solar energy more affordable and available than ever. This reduction in cost mainly comes from technological improvements, mass production efficiency, and better supply chain management. The introduction of higher-efficiency modules, like PERC and bifacial panels, has enabled more energy production from the same surface area, boosting economic feasibility. In addition, supportive government policies, subsidies, and tax incentives have lowered initial investment hurdles for both residential and commercial users. As a result, solar power has become a strong competitor to traditional fossil fuels in many markets around the world. The combination of reduced costs and strong policy support continues to lead to record installations globally, reinforcing the role of solar panels in the clean energy transition.
One major challenge for the Global Market is intermittency and the related issues with energy storage. Solar power generation depends on weather and sunlight during the day, which leads to varying electricity output and can cause grid stability problems. Without enough storage options, excess energy produced during peak sunlight hours cannot be stored efficiently for use at night or during cloudy periods. While battery technologies like lithium-ion and new solid-state batteries are improving quickly, they remain expensive and significantly increase costs for solar projects, particularly at a utility scale. Furthermore, adding storage systems involves complicated infrastructure upgrades and regulatory changes. In developing regions with limited grid systems, these challenges are even more severe, making it harder to adopt solar widely. Finding cost-effective, scalable storage solutions is crucial for solar panels to reach their full potential as a reliable energy source in different markets.
A promising opportunity in the Global Market is the rise of floating solar installations, also called floatovoltaics. As land for large solar farms becomes scarcer, especially in crowded or agricultural areas, placing solar panels on water surfaces offers an appealing alternative. Floating solar systems can be set up on reservoirs, lakes, and even along coastlines. They make good use of unused spaces while avoiding land disputes. These installations also have operational advantages, like the natural cooling effects from water that improve panel efficiency and reduce evaporation. Countries such as China, Japan, and India have already led the way with large floating solar projects, demonstrating the scalability and environmental benefits of this method. As the global demand for innovative and space-saving renewable solutions grows, floating solar presents a significant opportunity for manufacturers and developers. It opens new markets and speeds up the global adoption of solar energy.
A significant trend changing the Global Market is the increasing use of bifacial solar panels. Unlike traditional monofacial panels that capture sunlight only from the front, bifacial panels generate electricity from both sides by also collecting reflected light from the ground or nearby surfaces. This design can boost overall energy generation by 5% to 20%, depending on the setup. The rise in popularity of bifacial panels comes from improvements in cell technologies, like PERC and n-type cells, which enhance light absorption and module durability. Additionally, lower costs and helpful policy incentives are encouraging project developers to choose bifacial solutions, especially for utility-scale solar farms where maximizing output is key. As global energy markets focus on efficiency and cost competitiveness, bifacial panels are likely to take on a more vital role. This trend indicates a move toward smarter, more effective solar technologies, further solidifying solar energy’s position as a key part of the future energy mix.
Report Benchmarks |
Details |
Report Study Period |
2025-2031 |
Market Size in 2024 |
US$ 158.4 billion |
Market Size in 2031 |
US$ 235.0 billion |
Market CAGR |
5.8% |
By Type |
|
By Connection Type |
|
By Application |
|
By Region |
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According to PBI Analyst, the global solar panel market is witnessing remarkable growth as countries and industries intensify efforts to transition toward clean, renewable energy sources. Driven by declining production costs, rising efficiencies, and strong policy support worldwide, solar panels have become one of the most accessible and cost-competitive solutions for power generation. Technological innovations, such as bifacial and advanced thin-film panels, are further enhancing performance and opening new application possibilities in both large-scale and distributed systems.
Growing demand from residential, commercial, and especially utility-scale projects underscores the market’s broad appeal and strategic importance. As global climate commitments strengthen and energy security becomes a top priority, the market is poised to remain a key pillar of the sustainable energy landscape, offering immense potential for continued expansion and technological advancement.
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Solar Panel Market size was valued at US$ 158.4 billion in 2024 and is projected to reach US$ 235.0 billion by 2031 at a CAGR of 5.8% from 2025-2031.
Solar panels are devices that convert sunlight into electricity using photovoltaic (PV) cells. When sunlight hits these cells, it generates an electric current that can be used to power homes, businesses, and industrial facilities.
Crystalline silicon solar panels, especially monocrystalline types, are expected to lead the market due to their high efficiency, reliability, and widespread adoption globally.
Solar panels are used in utility-scale solar farms, residential and commercial rooftops, building-integrated photovoltaics (BIPV), portable electronics, and solar lighting systems.
Key challenges include intermittency of solar power, high initial installation costs in some regions, supply chain constraints, and the need for efficient energy storage solutions.
Asia-Pacific is anticipated to hold the largest share of the global market, driven by massive manufacturing capabilities, strong policy support, and large-scale solar deployment in countries like China and India.
Market research is segmented based on type, connection type, application and region.
1.Executive Summary |
2.Global Solar Panels Market Introduction |
2.1.Global Solar Panels Market - Taxonomy |
2.2.Global Solar Panels Market - Definitions |
2.2.1.By Type |
2.2.2. By Connection Type |
2.2.3. By Application |
2.2.4.Region |
3.Global Solar Panels Market Dynamics |
3.1. Drivers |
3.2. Restraints |
3.3. Opportunities/Unmet Needs of the Market |
3.4. Trends |
3.5. Product Landscape |
3.6. New Product Launches |
3.7. Impact of COVID 19 on Market |
4.Global Solar Panels Market Analysis, 2020 - 2024 and Forecast 2025 - 2031 |
4.1. Market Analysis, 2020 - 2024 and Forecast, 2025 - 2031, (Sales Value USD Million) |
4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) |
4.3. Market Opportunity Analysis |
5.Global Solar Panels Market By By Type , 2020 - 2024 and Forecast 2025 - 2031 (Sales Value USD Million) |
5.1. Crystalline Silicon Solar Panels |
5.1.1. Market Analysis, 2020 - 2024 and Forecast, 2025 - 2031, (Sales Value USD Million) |
5.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
5.1.3. Market Opportunity Analysis |
5.2. Thin-Film Solar Panels |
5.2.1. Market Analysis, 2020 - 2024 and Forecast, 2025 - 2031, (Sales Value USD Million) |
5.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
5.2.3. Market Opportunity Analysis |
5.3. Emerging/Next-Generation Panels |
5.3.1. Market Analysis, 2020 - 2024 and Forecast, 2025 - 2031, (Sales Value USD Million) |
5.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
5.3.3. Market Opportunity Analysis |
5.4. Others |
5.4.1. Market Analysis, 2020 - 2024 and Forecast, 2025 - 2031, (Sales Value USD Million) |
5.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
5.4.3. Market Opportunity Analysis |
6.Global Solar Panels Market By By Connection Type , 2020 - 2024 and Forecast 2025 - 2031 (Sales Value USD Million) |
6.1. On-Grid |
6.1.1. Market Analysis, 2020 - 2024 and Forecast, 2025 - 2031, (Sales Value USD Million) |
6.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
6.1.3. Market Opportunity Analysis |
6.2. Off-Grid |
6.2.1. Market Analysis, 2020 - 2024 and Forecast, 2025 - 2031, (Sales Value USD Million) |
6.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
6.2.3. Market Opportunity Analysis |
7.Global Solar Panels Market By By Application, 2020 - 2024 and Forecast 2025 - 2031 (Sales Value USD Million) |
7.1. Solar Farms (Utility-Scale Projects) |
7.1.1. Market Analysis, 2020 - 2024 and Forecast, 2025 - 2031, (Sales Value USD Million) |
7.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
7.1.3. Market Opportunity Analysis |
7.2. Building-Integrated Photovoltaics (BIPV) |
7.2.1. Market Analysis, 2020 - 2024 and Forecast, 2025 - 2031, (Sales Value USD Million) |
7.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
7.2.3. Market Opportunity Analysis |
7.3. Portable and Consumer Electronics |
7.3.1. Market Analysis, 2020 - 2024 and Forecast, 2025 - 2031, (Sales Value USD Million) |
7.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
7.3.3. Market Opportunity Analysis |
7.4. Solar Lighting & Specialty Applications |
7.4.1. Market Analysis, 2020 - 2024 and Forecast, 2025 - 2031, (Sales Value USD Million) |
7.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
7.4.3. Market Opportunity Analysis |
8.Global Solar Panels Market By Region, 2020 - 2024 and Forecast 2025 - 2031 (Sales Value USD Million) |
8.1. North America |
8.1.1. Market Analysis, 2020 - 2024 and Forecast, 2025 - 2031, (Sales Value USD Million) |
8.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
8.1.3. Market Opportunity Analysis |
8.2. Europe |
8.2.1. Market Analysis, 2020 - 2024 and Forecast, 2025 - 2031, (Sales Value USD Million) |
8.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
8.2.3. Market Opportunity Analysis |
8.3. Asia Pacific (APAC) |
8.3.1. Market Analysis, 2020 - 2024 and Forecast, 2025 - 2031, (Sales Value USD Million) |
8.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
8.3.3. Market Opportunity Analysis |
8.4. Middle East and Africa (MEA) |
8.4.1. Market Analysis, 2020 - 2024 and Forecast, 2025 - 2031, (Sales Value USD Million) |
8.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
8.4.3. Market Opportunity Analysis |
8.5. Latin America |
8.5.1. Market Analysis, 2020 - 2024 and Forecast, 2025 - 2031, (Sales Value USD Million) |
8.5.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
8.5.3. Market Opportunity Analysis |
9.North America Solar Panels Market ,2020 - 2024 and Forecast 2025 - 2031 (Sales Value USD Million) |
9.1. By Type Analysis 2020 - 2024 and Forecast 2025 - 2031 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
9.1.1.Crystalline Silicon Solar Panels |
9.1.2.Thin-Film Solar Panels |
9.1.3.Emerging/Next-Generation Panels |
9.1.4.Others |
9.2. By Connection Type Analysis 2020 - 2024 and Forecast 2025 - 2031 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
9.2.1.On-Grid |
9.2.2.Off-Grid |
9.3. By Application Analysis 2020 - 2024 and Forecast 2025 - 2031 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
9.3.1.Solar Farms (Utility-Scale Projects) |
9.3.2.Building-Integrated Photovoltaics (BIPV) |
9.3.3.Portable and Consumer Electronics |
9.3.4.Solar Lighting & Specialty Applications |
9.4. Country Analysis 2020 - 2024 and Forecast 2025 - 2031 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
9.4.1.United States of America (USA) |
9.4.2.Canada |
10.Europe Solar Panels Market ,2020 - 2024 and Forecast 2025 - 2031 (Sales Value USD Million) |
10.1. By Type Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
10.1.1.Crystalline Silicon Solar Panels |
10.1.2.Thin-Film Solar Panels |
10.1.3.Emerging/Next-Generation Panels |
10.1.4.Others |
10.2. By Connection Type Analysis 2020 - 2024 and Forecast 2025 - 2031 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
10.2.1.On-Grid |
10.2.2.Off-Grid |
10.3. By Application Analysis 2020 - 2024 and Forecast 2025 - 2031 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
10.3.1.Solar Farms (Utility-Scale Projects) |
10.3.2.Building-Integrated Photovoltaics (BIPV) |
10.3.3.Portable and Consumer Electronics |
10.3.4.Solar Lighting & Specialty Applications |
10.4. Country Analysis 2020 - 2024 and Forecast 2025 - 2031 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
10.4.1.Germany |
10.4.2.France |
10.4.3.Italy |
10.4.4.United Kingdom (UK) |
10.4.5.Spain |
11.Asia Pacific (APAC) Solar Panels Market ,2020 - 2024 and Forecast 2025 - 2031 (Sales Value USD Million) |
11.1. By Type Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
11.1.1.Crystalline Silicon Solar Panels |
11.1.2.Thin-Film Solar Panels |
11.1.3.Emerging/Next-Generation Panels |
11.1.4.Others |
11.2. By Connection Type Analysis 2020 - 2024 and Forecast 2025 - 2031 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
11.2.1.On-Grid |
11.2.2.Off-Grid |
11.3. By Application Analysis 2020 - 2024 and Forecast 2025 - 2031 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
11.3.1.Solar Farms (Utility-Scale Projects) |
11.3.2.Building-Integrated Photovoltaics (BIPV) |
11.3.3.Portable and Consumer Electronics |
11.3.4.Solar Lighting & Specialty Applications |
11.4. Country Analysis 2020 - 2024 and Forecast 2025 - 2031 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
11.4.1.China |
11.4.2.India |
11.4.3.Australia and New Zealand (ANZ) |
11.4.4.Japan |
11.4.5.Rest of APAC |
12.Middle East and Africa (MEA) Solar Panels Market ,2020 - 2024 and Forecast 2025 - 2031 (Sales Value USD Million) |
12.1. By Type Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
12.1.1.Crystalline Silicon Solar Panels |
12.1.2.Thin-Film Solar Panels |
12.1.3.Emerging/Next-Generation Panels |
12.1.4.Others |
12.2. By Connection Type Analysis 2020 - 2024 and Forecast 2025 - 2031 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
12.2.1.On-Grid |
12.2.2.Off-Grid |
12.3. By Application Analysis 2020 - 2024 and Forecast 2025 - 2031 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
12.3.1.Solar Farms (Utility-Scale Projects) |
12.3.2.Building-Integrated Photovoltaics (BIPV) |
12.3.3.Portable and Consumer Electronics |
12.3.4.Solar Lighting & Specialty Applications |
12.4. Country Analysis 2020 - 2024 and Forecast 2025 - 2031 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
12.4.1.GCC Countries |
12.4.2.South Africa |
12.4.3.Rest of MEA |
13.Latin America Solar Panels Market ,2020 - 2024 and Forecast 2025 - 2031 (Sales Value USD Million) |
13.1. By Type Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
13.1.1.Crystalline Silicon Solar Panels |
13.1.2.Thin-Film Solar Panels |
13.1.3.Emerging/Next-Generation Panels |
13.1.4.Others |
13.2. By Connection Type Analysis 2020 - 2024 and Forecast 2025 - 2031 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
13.2.1.On-Grid |
13.2.2.Off-Grid |
13.3. By Application Analysis 2020 - 2024 and Forecast 2025 - 2031 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
13.3.1.Solar Farms (Utility-Scale Projects) |
13.3.2.Building-Integrated Photovoltaics (BIPV) |
13.3.3.Portable and Consumer Electronics |
13.3.4.Solar Lighting & Specialty Applications |
13.4. Country Analysis 2020 - 2024 and Forecast 2025 - 2031 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
13.4.1.Brazil |
13.4.2.Mexico |
13.4.3.Rest of LA |
14. Competition Landscape |
14.1. Market Player Profiles (Introduction, Brand/Product Sales, Financial Analysis, Product Offerings, Key Developments, Collaborations, M & A, Strategies, and SWOT Analysis) |
14.2.1.JinkoSolar |
14.2.2.JA Solar |
14.2.3.LONGi Green Energy |
14.2.4.Trina Solar |
14.2.5.Canadian Solar |
14.2.6.Tongwei Solar |
14.2.7.Astronergy (CHINT) |
14.2.8.TCL Zhonghuan |
14.2.9.First Solar |
14.2.10.Hanwha Q CELLS |
15. Research Methodology |
16. Appendix and Abbreviations |
Key Market Players