SOLAR PV PANELS MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2025-2032)

Solar PV Panels Market Size and Forecast: 2025 to 2032

The Solar PV Panels Market is estimated to be valued at USD 197.44 Bn in 2025 and is expected to reach USD 334.24 Bn by 2032, exhibiting a compound annual growth rate (CAGR) of 7.8% from 2025 to 2032.

Key Takeaways

• By Grid Type, On Grid hold the largest market share of 84.0% in 2025 owing to the increasing energy demand & grid capacity needs.
• By Technology, Thin Film expected to hold the largest market share of 35.9% in 2025 owing to its increasing demand for renewable & clean energy.
• By Application, Industrial acquired the prominent market share of 34.5% in 2025 owing to its rising industrial electricity demand & energy cost savings.
• By Region, North America dominates the overall market with an estimated share of 32.7% in 2025 owing to the strong government policies & incentives.

Market Overview

The solar PV panels market is growing rapidly as global electricity demand increases and governments actively promote renewable energy and clean power generation. Falling solar panel costs, ongoing technological advancements, and higher efficiency levels are driving adoption across residential, commercial, industrial, and utility-scale sectors. Rising environmental awareness, strong corporate sustainability efforts, and the expansion of grid-connected and distributed solar systems continue to accelerate the global deployment of solar PV panels.

Current Events and Its Impact on the Solar PV Panels Market

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Segmental Insights

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Solar PV Panels Market Insights, By Grid Type - On Grid contribute the highest share of the market owing to its supportive government policies & incentives

On Grid hold the largest market share of 84.0% in 2025. The on-grid solar PV panels market grows as utilities, businesses, and governments seek reliable and economical electricity solutions and expand renewable energy integration into national grids. Policymakers promote adoption through net metering and grid-connection regulations that allow users to export excess power. Grid upgrades, advanced inverter technologies, and the development of large utility-scale projects accelerate deployment. Rapid urbanization and increasing electricity needs from commercial and industrial sectors further drive demand for on-grid solar PV systems. For instance, in October 2025, Saatvik Green Energy has introduced the UDAY Series on-grid solar inverters, featuring single-phase inverters (1.1 kW–6 kW) for residential and small commercial rooftops, and three-phase inverters (6 kW–50 kW) for residential, commercial, and industrial applications.

Solar PV Panels Market Insights, By Technology - Thin Film contribute the highest share of the market owing to its technological advancements & R&D

Thin Film expected to hold the largest market share of 35.9% in 2025. The thin-film solar PV panels market expands as users seek lightweight, flexible solutions that adapt easily to a wide range of surfaces. Manufacturers reduce material requirements and simplify production processes, which improves cost efficiency and supports broader adoption. Thin-film panels maintain strong performance in high-temperature and low-light environments, making them suitable for diverse climates. Increasing adoption of building-integrated photovoltaics, portable power systems, and flexible installations continues to drive demand for thin-film solar technology.

In January 2025, Japanese plastics manufacturer Sekisui Chemical, which invested in a 100 MW perovskite solar plant, launched a demonstration project at two MUFG Bank sites to showcase practical applications and test the technology’s durability, weather resistance, and performance.

Solar PV Panels Market Insights, By Application - Industrial contribute the highest share of the market owing to its declining costs and improved solar economics

Industrial acquired the prominent market share of 34.5% in 2025. The industrial solar PV panels market grows as manufacturers and production facilities seek to cut energy costs and ensure a reliable power supply. Industries adopt solar systems to lessen dependence on the grid, stabilize operating expenses, and meet sustainability goals. Government incentives, falling installation costs, and advances in high-efficiency panels encourage broader deployment. Furthermore, increasing emphasis on energy independence, corporate renewable targets, and the integration of solar with storage solutions motivates industrial players to invest in on-site solar PV installations.

In December 2025, UK-based solar thermal technology company Naked Energy has introduced a dedicated system design service to help businesses plan, model, and deploy integrated solar thermal energy systems, tackling long-standing efficiency challenges in renewable heat projects.

Regional Insights

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North America Solar PV Panels Market Trends

North America dominates the overall market with an estimated share of 32.7% in 2025. The North America solar PV panels market is expanding as developers focus on large utility-scale projects while residential and commercial rooftop installations continue to grow. Manufacturers and installers enhance system performance and reliability through innovations in high-efficiency panels, bifacial modules, and energy storage integration. Federal and state policies, along with rising corporate sustainability initiatives, actively promote adoption across sectors. Community solar programs and distributed generation models increase accessibility, while rising electricity costs and heightened environmental awareness continue to drive regional demand for solar PV. For instance, in October 2025, PHNXX and Paired Power have launched PairPHNXX, a modular, solar-powered microgrid for off-grid sites. PHNXX provided the hardware, while Paired Power supplied the control system and integrated electronics.

Asia Pacific Solar PV Panels Market Trends

The Asia Pacific solar PV panels market is growing quickly as developers implement large utility-scale projects and increase residential and commercial rooftop installations. Governments in the region actively encourage renewable energy adoption through incentives, favorable policies, and ambitious solar capacity targets. Manufacturers improve performance and grid integration through high-efficiency modules and smart energy management systems. Rising industrial and urban electricity demand, along with growing environmental awareness, drives solar adoption, while regional investments and strategic collaborations continue to accelerate market expansion across Asia Pacific. For instance, in November 2025, JA Solar has entered the storage sector, launched JA Energy Storage and integrating key innovations into its portfolio to support the growing role of storage in new solar projects.

United States Solar PV Panels Market Trends

The United States solar PV panels market is expanding as developers increase both utility-scale projects and distributed rooftop installations. Federal and state programs, including tax credits and net metering, actively promote adoption across residential, commercial, and industrial sectors. Manufacturers boost energy generation and system reliability through high-efficiency panels, bifacial modules, and solar-plus-storage solutions. Rising corporate renewable commitments, higher electricity costs, and growing environmental awareness drive market demand, while community solar projects and smart grid integration continue to shape the evolving U.S. solar landscape. For instance, in June 2025, Hanwha Qcells has launched EcoRecycle by Qcells, a new solar panel recycling initiative to tackle end-of-life panel waste and reduce the industry’s environmental footprint.

India Solar PV Panels Market Trends

The India solar PV panels market is expanding rapidly as developers implement large utility-scale projects and increase rooftop installations across residential, commercial, and industrial sectors. The government actively promotes solar adoption through favorable policies, subsidies, and renewable energy targets. Manufacturers improve system performance and reliability with high-efficiency panels, energy storage solutions, and smart grid integration. Rising electricity demand, growing environmental awareness, and corporate sustainability initiatives drive deployment, while strategic investments and public-private partnerships continue to accelerate the country’s solar PV growth.

In November 2025, Nextpower has launched its NX Anchor solar tracker foundation system in India, designed to integrate with NX Horizon trackers, speed up installations, cut costs, and improve reliability in varied soil conditions.

End-user Feedback and Unmet Needs in the Solar PV Panels Market

• Performance and Efficiency Expectations: End users often seek higher energy conversion efficiency and consistent performance in varying weather conditions. While technological improvements have occurred, customers report a need for panels that maintain output in low-light, high-temperature, or dusty environments. Enhanced reliability and longevity remain key areas for innovation and improvement.
• Cost and Financing Challenges: Many residential and industrial customers highlight upfront installation costs as a barrier to adoption. Despite declining prices, financing solutions and affordable payment plans are still limited in some regions. Users seek flexible financing options, leasing models, and incentive schemes to reduce initial expenditure while ensuring long-term savings.
• Maintenance and Support Services: End users frequently express concerns about maintenance requirements, repair costs, and availability of trained technicians. Panels and inverters require routine servicing to maintain efficiency, yet comprehensive support networks are sometimes lacking, especially in rural or remote areas. Improved service accessibility and warranties are highly demanded by consumers.

Solar PV Panels Market Trend

Expansion of Utility-Scale Projects

The solar PV market is witnessing significant growth in large-scale utility projects as governments and private developers invest in centralized solar farms. These projects leverage economies of scale to reduce costs per unit of energy and support national renewable energy targets. Increasing land availability, advanced project management, and grid integration technologies are enabling rapid deployment, particularly in regions with high solar irradiance. Utility-scale initiatives also attract institutional investments, making solar energy a strategic asset in national energy planning.

Growth in Residential and Commercial Rooftop Installations

Rooftop solar adoption is rising as residential and commercial users seek energy independence and cost savings. Consumers are motivated by declining panel costs, favorable net metering policies, and incentives offered by governments. The trend includes the integration of smart energy management systems and battery storage solutions to optimize self-consumption. Flexible financing options and leasing programs are also making rooftop installations more accessible, while aesthetic designs and building-integrated photovoltaics (BIPV) are addressing consumer preferences for visually appealing systems.

Solar PV Panels Market Opportunity

Expansion in Utility-Scale Solar Projects

The growing demand for large-scale electricity generation presents a significant opportunity for utility-scale solar PV projects. Developers can leverage vast land availability and grid connectivity to deploy high-capacity solar farms. Public and private investments in renewable energy, coupled with supportive government policies, make these projects financially viable. Opportunities also exist for innovative power purchase agreements, community-based solar initiatives, and integration with energy storage systems, enhancing reliability and maximizing returns for large-scale solar installations.

Market Report Scope

Solar PV Panels Market News

• In December 2025, JTC has launched a tender to build Singapore’s first overhang solar PV system at 15 Woodlands Loop, testing PV installations across voids between multi-storey industrial buildings as an alternative to rooftop or land-based systems.
• In December 2025, Eswatini advanced its renewable energy efforts by officially launching the 20 MW Tsamela Solar PV Plant, the first project under the Eswatini Energy Regulatory Authority’s 75 MW Solar PV procurement program.

Analyst Opinion (Expert Opinion)

• The current trajectory of the Solar PV panels market reflects structural transformation driven by rapid deployment, supply‑chain dynamics, and competitive pressures that transcend traditional policy narratives. In the first half of 2025, global installations reached roughly 380 GW of new capacity, outpacing the same period in 2024 and underscoring solar’s emergence as the dominant source of new power generation. Much of this growth is driven by China’s outsized role, where deployment volumes more than doubled compared with other regions combined, reshaping competitive benchmarks and pricing.
• Concurrently, manufacturing and trade developments are redefining market risks and opportunities. India’s Production Linked Incentive (PLI) scheme has expanded domestic module and cell capacity dramatically, yet ongoing reliance on imported upstream inputs and emerging tariff regimes in the United States signal rising geopolitical and cost complexities for solar supply chains. These dynamics suggest the market is entering a phase where scalability and supply resilience will be as critical as installation rate.
• In mature regions like North America and Europe, declining incentives and administrative headwinds have begun to temper growth momentum, pushing developers to integrate storage solutions and long‑term contracting strategies to stabilize returns under shifting policy frameworks. Meanwhile, expanding applications in agrivoltaics, bifacial and distributed generation are creating niche segments that outpace legacy deployment models, signaling that innovation in system design and integration will be essential to sustain demand beyond conventional utility and rooftop deployments.
• Overall, the market’s evolution is less about linear expansion and more about competitive repositioning, supply chain geopolitics, and technological differentiation—factors that will determine long‑term market leadership and value creation.

Market Segmentation

• Grid Type Insights (Revenue, USD Bn, 2020 - 2032)
• On Grid
• Off Grid
• Technology Insights (Revenue, USD Bn, 2020 - 2032)
• Thin Film
• Crystalline Silicon
• Others
• Application Insights (Revenue, USD Bn, 2020 - 2032)
• Residential
• Commercial
• Industrial
• Regional Insights (Revenue, USD Bn, 2020 - 2032)
• North America
• U.S.
• Canada
• Latin America
• Brazil
• Argentina
• Mexico
• Rest of Latin America
• Europe
• Germany
• U.K.
• Spain
• France
• Italy
• Russia
• Rest of Europe
• Asia Pacific
• China
• India
• Japan
• Australia
• South Korea
• ASEAN
• Rest of Asia Pacific
• Middle East & Africa
• GCC Countries
• Israel
• Rest of Middle East & Africa
• Key Players Insights
• JinkoSolar
• JA Solar
• Trina Solar
• LONGi Solar
• Canadian Solar
• Hanwha Q-CELLS
• Risen Energy
• GCL-SI
• First Solar
• SunPower Corporation
• Adani Solar
• Saatvik Green Energy Pvt. Ltd.
• Adani Green
• Waaree Energies
• Tata Power Solar Systems
• Vikram Solar
• Loom Solar
• Renewsys Solar

Sources

Primary Research interviews

• Solar PV manufacturers’ R&D and production teams
• Utility and industrial energy managers
• Renewable energy project developers
• Policy makers in energy and environment ministries
• EPC (Engineering, Procurement, and Construction) contractors for solar projects

Databases

• International Energy Agency (IEA) database
• U.S. Energy Information Administration (EIA) database
• National Renewable Energy Laboratory (NREL) datasets
• Global Solar Atlas (World Bank)
• Open Power System Data

Magazines

• PV Tech
• Renewable Energy World
• Solar Power World
• Solar Builder
• Smart Energy International

Journals

• Solar Energy Journal
• Progress in Photovoltaics
• IEEE Journal of Photovoltaics
• Renewable Energy Journal
• Journal of Cleaner Production

Newspapers

• The Times of India – Energy Section
• The Hindu – Business/Energy
• Financial Times – Renewable Energy
• The New York Times – Climate & Energy
• The Guardian – Renewable Energy Coverage

Associations

• Solar Energy Industries Association (SEIA)
• International Solar Alliance (ISA)
• European Photovoltaic Industry Association (EPIA)
• Renewable Energy and Energy Efficiency Partnership (REEEP)
• Clean Energy Council

Public Domain sources

• Government policy documents and annual reports (e.g., U.S. DOE, MNRE India)
• International Renewable Energy Agency (IRENA) reports
• National energy statistics portals
• Publicly available sustainability reports of corporations
• UN Environment Programme (UNEP) energy datasets

Proprietary Elements

• CMI Data Analytics Tool
• Proprietary CMI Existing Repository of information for last 8 years