Press release
Solar PV Panels Market Size to Reach USD 330.50 Billion by 2032, Growing at 7.87% CAGR
Solar PV Panels Market
The global solar PV panels market was valued at USD 180.29 billion in 2024 and is projected to reach USD 330.50 billion by 2032, growing at a CAGR of 7.87% during the forecast period (2025-2032), according to DataM Intelligence. The demand for solar photovoltaic (PV) panels continues to accelerate, driven by increasing adoption of clean and renewable energy sources, favorable government incentives, and global investments in sustainable infrastructure.
In 2023, global solar power generation grew by 25%, surpassing 1,600 TWh - the highest growth among all renewable technologies. Solar's expanding share in global energy mix aligns with the International Energy Agency's (IEA) goal to achieve Net Zero Emissions (NZE) by 2030. With US$1.7 trillion invested in clean energy in 2023-over 60% of global energy investment-the momentum for PV expansion has never been stronger.
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Key Highlights from the Report
➤ Global solar PV panels market projected to reach USD 330.50 billion by 2032, growing at 7.87% CAGR
➤ Utility-scale systems account for 57% of global capacity additions, showcasing solar's dominance in power expansion
➤ Solar PV investments exceeded US$239 billion in H1 2023, contributing to two-thirds of all renewable financing
➤ Technological advancements, such as thin-film modules and high-radiation-resistant panels, are improving efficiency and affordability
➤ North America leads adoption supported by the US Inflation Reduction Act (IRA) driving record installations
➤ Asia-Pacific emerges as the fastest-growing region due to accelerating electrification and large-scale manufacturing investments
Market Segmentation
The solar PV panels market is segmented by technology, grid type, installation, application, and region.
By technology, the market is dominated by monocrystalline silicon panels, valued for their high conversion efficiency and durability. However, thin-film technology is gaining traction due to reduced costs and effectiveness in high-temperature and low-light environments. Companies like First Solar are advancing thin-film module innovation for industrial use.
By installation type, ground-mounted solar systems lead globally, accounting for the majority of industrial and utility projects. Meanwhile, rooftop panels are expanding rapidly in residential and commercial buildings owing to space optimization and lower installation costs. Floating solar systems, developed for water bodies, offer a sustainable alternative where land scarcity limits ground-based installations.
By application, the industrial sector is the standout market contributor, representing 23% of global capacity additions in 2023. Manufacturing, logistics, and heavy industries are increasingly adopting solar PV to reduce carbon emissions and long-term operational expenses.
Regional Insights
North America: A Global Leader in Solar PV Adoption
North America, particularly the United States, continues to dominate global solar deployments, enabled by strong government policies and financial incentives. The Inflation Reduction Act (IRA), passed in 2022, allocated US$369 billion toward renewable energy growth, significantly boosting solar adoption across residential, commercial, and utility sectors.
In the first half of 2023 alone, the U.S. invested US$25.5 billion in solar projects-a 75% increase from the previous year. Enhanced net metering policies, declining installation costs, and industrial decarbonization programs continue to position the U.S. as a front-runner in photovoltaic innovation.
Asia-Pacific: Fastest Growth and Largest Market Potential
Asia-Pacific is the fastest-growing solar PV region, supported by energy transition policies in China, India, Japan, and South Korea. China continues to lead global solar manufacturing and adoption, while India's Rooftop Solar Programme and Renewable Energy Mission are boosting adoption among residential and industrial sectors.
Europe: Policy-Driven Energy Transition
In Europe, nations such as Germany, Poland, and the Netherlands recorded historic solar investments in 2023. The European Union's Green Deal and energy diversification efforts in the aftermath of supply chain disruptions have positioned solar PV as a backbone of its decarbonization roadmap.
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Market Dynamics
Market Drivers
The convergence of government incentives, increasing production efficiency, and growing private capital investments are fueling the solar PV market's expansion. Tax credits, renewable portfolio standards, and subsidies are making solar systems more accessible across both developed and developing economies.
Market Restraints
Challenges such as land constraints, grid connection issues, and permitting delays remain critical barriers to utility-scale deployment. Moreover, regulatory complexities in some markets prolong project completion timelines and add financial burdens.
Market Opportunities
The emergence of AI-driven energy management, hybrid grid systems, and energy storage integration opens new frontiers for solar scalability. Declining photovoltaic costs and innovative applications like floating and building-integrated PV systems are expected to expand the technology's reach across diverse markets.
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Reasons to Buy the Report
✔ Data-backed analysis of global and regional market performance through 2032
✔ Insights on emerging technologies such as thin-film and bifacial panels
✔ Examination of key policy frameworks including the European Green Deal and U.S. IRA
✔ Competitive benchmarking of market leaders and innovation partnerships
✔ Forecast of application-wise growth trends across residential, industrial, and utility segments
Frequently Asked Questions (FAQs)
◆ How large is the global solar PV panels market in 2024?
◆ What are the major factors driving growth in the solar energy sector?
◆ Which regions are dominating the global solar PV market expansion?
◆ What CAGR is forecasted for the solar PV market through 2032?
◆ Who are the leading solar PV panel manufacturers globally?
Company Insights
ABB Group
Adani Group
Hanwha Q Cells
Huawei Technologies Co. Ltd.
JA Solar
JinkoSolar Holding Co. Ltd.
LONGi Green Energy Technology Co. Ltd.
Mitsubishi Electric Corporation
Sharp Corporation
Trina Solar Limited
Recent Developments:
May 2024 - Schneider Electric launched an AI-powered Home Energy Management feature for its Wiser Home app, optimizing residential energy consumption across solar installations and EV charging.
June 2024 - N-iX introduced Chat-iX, an AI conversational assistant for energy, manufacturing, and finance sectors, enabling collaboration and optimized productivity in solar energy operations.
Conclusion
The global solar PV panels market stands at the forefront of the renewable energy revolution, combining policy support, cost declines, and breakthrough innovations to drive exponential growth. With North America leading adoption, Asia-Pacific expanding rapidly, and Europe pursuing aggressive decarbonization goals, solar PV technology has emerged as an indispensable component in achieving global Net Zero Emission (NZE) targets for 2030. As advances in AI, energy storage, and scalability reshape the sector, solar energy is paving the way toward a sustainable and electrified global economy.
Contact Us
Mr. Sai Kiran
DataM Intelligence 4market Research LLP Ground floor
DSL Abacus IT Park, Industrial Development Area
Uppal, Hyderabad, Telangana 500039
USA: +1 877-441-4866
Email: Sai.k@datamintelligence.com
Visit Our Website: https://www.datamintelligence.com
About Us
DataM Intelligence 4Market Research is a comprehensive market intelligence platform offering syndicated and customized reports along with expert consulting across multiple industries, including chemicals, healthcare, agriculture, food & beverages, and more. With extensive experience and a strategy-focused approach, DataM provides businesses and individuals with reliable market insights, statistical forecasts, and personalized research solutions to help them make informed decisions and successfully bring innovations to market.
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