Solar Panels Market Size Worth $90.23 Billion by 2026 | CAGR: 12.4%

Solar Panel Market Size Worth $ 312.68 Billion By 2032 | CAGR: 7.1%


The global solar panels market size is expected to reach USD 312.68 billion by 2032, according to a new study by Polaris Market Research. The report “Solar Panels Market Share, Size, Trends, Industry Analysis Report, By Technology, By Type, By Grid Connectivity, By Installation, By Application, By End-User; By Region; Segment Forecast, 2024 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

The increasing awareness regarding solar panels in customers due to the offered benefits such as low maintenance costs and non-dependency on traditional sources of energy. 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 manufacture of solar panels are photovoltaic. It's easy to install solar panels, and they last for over two decades.

The solar panel market is expected to grow by multiple folds from 2022 to 2032, 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 helping 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, The world's ability to create renewable power increased at a faster rate than it had in the previous three decades, meeting the target that countries set at the COP28 climate change summit.  

Solar Panels Market Report Highlights

  • The Crystalline Silicon segment has dominated the solar panel market 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 solar panels 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 solar panels 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 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.
  • The global key market players include Kaneka Corporation, Konica Minolta Sensing Europe B.V., NanoPV Solar Inc., Sharp Corporation, Solar Frontier K.K and many others.

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

Solar Panels, Technology Outlook (Revenue - USD Billion, 2019 - 2032)

  • Crystalline Silicone
  • Concentrated Solar Power

Solar Panels, Type Outlook (Revenue - USD Billion, 2019 - 2032)

  •  Monocrystalline
  • Polycrystalline
  • Thin Film
  • Concentrated PV cell

Solar Panels, Grid Connectivity Outlook (Revenue - USD Billion, 2019 - 2032)

  • On grid
  • Off grid

Solar Panels, Installation (Revenue - USD Billion, 2019 - 2032)

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

Solar Panels, Application Outlook

  • Agriculture
  • Commercial
  • Power Plants
  • Residential

Solar Panels, End-User Outlook

  • Residential
  • Industrial/Commercial
  • Utility

Solar Panels, Regional Outlook (Revenue - USD Billion, 2019 - 2032)

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

Solar Panels Market Report Scope

Report Attributes

Details

Market size value in 2024

USD 180.77 billion

Revenue forecast in 2032

USD 312.68 billion

CAGR

7.1% from 2024 – 2032

Base year

2023

Historical data

2019 – 2022

Forecast period

2024 – 2032

Quantitative units

Revenue in USD million/billion and CAGR from 2024 to 2032

Segments covered

By Technology, By Type, By Connectivity grid, By Installation, By Application, By End-user, By Region

Regional scope

North America, Europe, Asia Pacific, Latin America; Middle East & Africa

Customization

Report customization as per your requirements with respect to countries, region and segmentation.

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  • Segmentation analysis
  • Industry outlook
  • Competitive landscape
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