Solar PV Panels Market to Surpass US$349.9 Billion by 2031, Forecasts Persistence Market Research

Market Overview

The global solar photovoltaic (PV) panels market is undergoing a transformative phase, driven by rapid advancements in technology, a global shift toward renewable energy, and increasing awareness about climate change. As per current forecasts, the market is expected to rise from US$188.5 billion in 2024 to a remarkable US$349.9 billion by 2031, expanding at a strong CAGR of 9.2% during the forecast period. This impressive growth is underpinned by increased investments in green infrastructure, favorable government policies such as tax credits and subsidies, and falling costs of solar panel production due to economies of scale and technological breakthroughs.

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The industrial sector has emerged as the dominant end-user segment, accounting for a substantial portion of global demand due to its high energy requirements and focus on decarbonization. Geographically, Asia Pacific leads the market with a 2023 share of 53.5%, supported by robust policy frameworks, rapid industrialization, and expanding solar manufacturing capabilities, especially in countries like China and India.

✦ Key Highlights from the Report

✦ The global solar PV panels market is expected to grow at a CAGR of 9.2% between 2024 and 2031.
✦ Asia Pacific dominated the market in 2023 with a 53.5% share due to aggressive policy incentives and manufacturing dominance.
✦ Thin-film solar panels accounted for 41.5% of market share in 2023 owing to their compact design and flexible applications.
✦ Industrial applications are projected to grow at a CAGR of 7.8% through 2031, driven by cost savings and sustainability goals.
✦ Technological innovations such as perovskite and bifacial panels are pushing efficiency boundaries.
✦ Integration with energy storage systems and smart grids is unlocking new business models and enhancing adoption rates.

🔍 Market Segmentation

The solar PV panels market can be segmented by product type, technology, and application. In terms of product type, the market comprises grid-connected and off-grid systems. Grid-connected systems dominate due to their ability to sell excess energy back to the grid, supported by net metering policies in many regions.

Technologically, the market includes crystalline silicon, thin-film, and other advanced materials. Thin-film panels, capturing over 41.5% of the market in 2023, are gaining traction for their lightweight structure, cost-efficiency, and ease of installation in unconventional spaces such as building facades and mobile units.

On the basis of application, the industrial segment leads, followed by utilities, commercial, and residential users. Industrial users are increasingly adopting solar PV panels to power factories and warehouses, reduce carbon emissions, and secure long-term energy cost stability.

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🌍 Regional Insights

Asia Pacific remains the leading region in the solar PV panels market, contributing more than half of the global share in 2023. Countries like China, India, and Japan have implemented aggressive renewable energy targets and incentives to boost solar adoption. China, in particular, continues to lead both in manufacturing and installation capacity.

North America follows with a strong market presence, driven by favorable state-level policies in the U.S., increased investments in clean energy infrastructure, and rising demand for distributed energy resources. Europe is also seeing robust growth as part of its Green Deal and net-zero targets by 2050, with countries like Germany, Spain, and the Netherlands advancing in residential and commercial solar installations.

⚡ Market Drivers

The solar PV panels market is powered by multiple growth factors. Technological advancements in energy storage have solved intermittency issues, making solar energy more reliable and scalable. Integration with lithium-ion batteries, hydrogen storage, and smart grids ensures that excess energy can be stored and used during peak demand, improving ROI and grid stability.

Corporations are also playing a crucial role. Many are setting ambitious renewable energy goals and signing long-term power purchase agreements (PPAs) to secure clean energy. Solar PV panels offer scalable solutions with fast payback periods, making them an ideal choice for sustainable corporate operations.

🚫 Market Restraints

Despite strong growth potential, the market faces certain restraints. Supply chain disruptions and rising material costs, particularly of silicon and aluminum, have affected production timelines and pricing. The COVID-19 pandemic and ongoing geopolitical tensions have further aggravated these issues, creating bottlenecks in manufacturing and delivery.

Additionally, inconsistent policy frameworks across regions add a layer of uncertainty for investors and developers. Delays in regulatory approvals, changes in tariff structures, and unclear net metering policies can impact project viability, slowing down adoption in some parts of the world.

🌱 Market Opportunities

There are numerous opportunities for solar PV manufacturers and solution providers. Integration with emerging technologies such as blockchain, AI-driven energy analytics, and decentralized power systems offers immense growth potential. Digitalization allows real-time performance monitoring, predictive maintenance, and peer-to-peer energy trading.

Emerging markets in Africa, Southeast Asia, and Latin America also offer untapped potential. Rapid urbanization, lack of grid infrastructure, and supportive government initiatives make these regions ideal for off-grid and mini-grid solar PV solutions. These decentralized models promote energy access, sustainability, and economic development.

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# Frequently Asked Questions (FAQs)

How Big is the Solar PV Panels Market in 2024?
What is the Projected Growth Rate of the Solar PV Panels Market?
Who are the Key Players in the Global Market for Solar PV Panels?
What is the Market Forecast for Solar PV Panels by 2031?
Which Region is Estimated to Dominate the Industry through the Forecast Period?

🏢 Company Insights

• First Solar, Inc.
• Hanergy Thin Film Power Group
• Trina Solar Limited
• JA Solar Technology Co., Ltd.
• JinkoSolar Holding Co., Ltd.
• Canadian Solar Inc.
• SunPower Corporation
• LONGi Green Energy Technology Co., Ltd.
• REC Group
• Risen Energy Co., Ltd.

Recent Developments:

In October 2023, the Indian government introduced a new Standards & Labelling Programme for solar panels, effective from January 1, 2024, aiming to ensure quality control and enhance consumer awareness.

Several companies have increased investment in perovskite-based solar cells, aiming for higher efficiencies and lower production costs, marking a shift from traditional silicon technologies.

📌 Conclusion

The solar PV panels market is well-positioned for accelerated growth, driven by global climate commitments, cost-effective technologies, and expanding use cases across various industries. While challenges persist in the form of policy uncertainties and supply chain constraints, the long-term outlook remains highly positive. With continuous innovation, regional expansion, and integration of new technologies, the solar PV industry is poised to play a pivotal role in shaping a sustainable global energy future

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About Persistence Market Research:

At Persistence Market Research, we specialize in creating research studies that serve as strategic tools for driving business growth. Established as a proprietary firm in 2012, we have evolved into a registered company in England and Wales in 2023 under the name Persistence Research & Consultancy Services Ltd. With a solid foundation, we have completed over 3600 custom and syndicate market research projects, and delivered more than 2700 projects for other leading market research companies' clients.

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