Solar Panels Market Size Worth USD 732.7 Billion by 2034 | CAGR: 14.80%

The global Solar Panels market size is expected to reach USD 732.7 billion by 2034, according to a new study by Polaris Market Research. The report “Solar Panels Market Share, Size, & Industry Analysis Report, By Technology; By Type; By Grid Connectivity; By Installation; By Application; By End User; and By Region; Segment Forecast, 2025–2034” gives a detailed insight into current market dynamics and provides analysis on future market growth.

The awareness about solar panels is increasing among customers due to their various benefits such as low maintenance costs and non-dependency on traditional energy sources. Solar energy is one of the cleanest, safest green energy. It is a major contributor to renewable energy resources. Technology advancements have enabled more cost-effective solar panel options for customers, propelling them to switch towards clean energy. A solar panel is a collection of photovoltaic modules that are used to produce electricity by means of the effect of sunlight. Crystalline silicon solar cells are used to manufacture the majority of solar panels. The materials used in the manufacturing of solar panels are photovoltaic. It's easy to install solar panels, and they last for over two decades.

The solar panels industry is expected to grow significantly during the forecast period, considering various factors, including the global trend of urbanization and population that has raised the need for sustainable and decentralized power sources, making solar power a convenient option to achieve energy transition goals.

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The industry is expanding as a result of the business sector's growing use of solar panels because of their affordability. In addition, businesses are using solar panels in order to lower their carbon footprints and exhibit their commitment to corporate social responsibility. For instance, In January 2024, global renewable power generation achieved its highest growth rate in 30 years, surpassing targets set at the COP28 climate summit.

Solar Panels Market Report Highlights

• The crystalline silicon segment has dominated the solar panels market in 2024 due to ongoing technological advancements in solar PV. Its high efficiency, reliability, long-term performance, and reduced manufacturing costs have driven the growth.
• The concentrated PV (Photovoltaic) cells segment is projected to grow at the fastest CAGR due to its low energy cost. Less PV material is required during manufacturing, hence the low cost of production.
• On grid connectivity type has dominated the market and is expecting higher revenue growth. It significantly saves on power bills; the consumer only pays for what he consumes as excess electricity, resulting in a significantly lower monthly cost.
• Ground mounted solar panels dominated the market segment due to its ability to yield greater energy production per panel. This acts as an alternative to traditional rooftop installations.
• The industrial/commercial segment has dominated the market share due to its cost savings, environmental preservation, and sustainability benefits.
• Asia Pacific region led the global market and is predicted to continue leading it over the projected time.
• A few global key market players include Kaneka Corporation, Konica Minolta Sensing Europe B.V., NanoPV Solar Inc., Sharp Corporation, and Solar Frontier K.K.

Polaris Market Research has segmented the solar panels market report based on technology, type, grid connectivity, installation, application, end user, and region:

By Technology Outlook (Revenue – USD Billion, 2020–2034)

• Crystalline Silicone
• Concentrated Solar Power

By Type Outlook (Revenue – USD Billion, 2020–2034)

• Monocrystalline
• Polycrystalline
• Thin Film
• Concentrated PV cell

By Grid Connectivity Outlook (Revenue – USD Billion, 2020–2034)

• On grid
• Off grid

By Installation (Revenue – USD Billion, 2020–2034)

• Ground-Mounted Solar Panels
• Floating Solar Panels
• Rooftop Solar Panels

By Application Outlook (Revenue – USD Billion, 2020–2034)

• Agriculture
• Commercial
• Power Plants
• Residential

By End User Outlook (Revenue – USD Billion, 2020–2034)

• Residential
• Industrial/Commercial
• Utility

By Regional Outlook (Revenue – USD Billion, 2020–2034)

• North America
  • US
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Netherlands
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Indonesia
  • Malaysia
  • Australia
  • Rest of APAC
• Latin America
  • Argentina
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Israel
  • South Africa

  • Rest of MEA

Solar Panels Market Report Scope