Solar Panel Market revenue to hit USD 700.1 Billion by 2036, says Research Nester

Research Nester's latest report, "Global Solar Panel Market: Market Supply & Demand Analysis, Growth Forecasts & Statistics Report 2026-2036," delivers a comprehensive overview of market trends, drivers, and segment-level insights. The report categorizes the market by technology, deployment, connection type, and application, while examining the rising adoption of solar panels in urbanization and the residential rooftop market. It highlights the growing influence of environmental regulations, the demand for performance-enhancing devices, and sustainability-driven innovations that are reshaping the global solar panel landscape.

According to a recent study by Research Nester, the global solar panel market size is expected to cross USD 700.1 billion by 2036, expanding at a CAGR of 13.2% during the forecast period 2026-2036.

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Corporate Sustainability Commitments and Global Initiatives, such as RE100, Fueling Growth in the Global Solar Panel Market

The solar panel market is poised for significant growth in the coming years, as an increasing number of multinational corporations are participating in initiatives such as RE100 or similar programs. More companies are pledging to run completely on renewable energy, and an array of tech giants are installing large solar farms or purchasing power via a Power Purchase Agreement. More than 400 trailblazing companies, such as Accentures, Adobe, and Apple, have joined the group for the transition to 100% renewable electricity. These factors are playing an imperative role in propelling the market growth, making an unprecedented demand for renewable energy solutions. RE100 has become a catalyst for cost reduction and faster technologies globally, thereby transforming solar panels into a cornerstone of the global clean energy transition. Additionally, with rising natural disasters resulting in frequent cases of grid instability, the inclusion of microgrids powered by solar plus storage is becoming attractive.

Key Drivers and Challenges Impacting the Solar Panel Market

Growth Drivers:

• Rising efforts for the circular economy recycling solar panels
• Increasing fossil fuel volatility and geopolitical instability
• Surge in international climate finance and development programs
• Expansion of the smart cities and sustainable urban planning
• Expansion of the cold chain logistics requiring reliable solar power

Challenges:

• Land use and space constraints for large solar farms
• Environmental impact of manufacturing and end-of-life panels
• Policy uncertainty and changing government incentives

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The commercial and industrial sub-segment is predicted to capture the largest market share in the coming years. Data centers, manufacturing facilities, and commercial establishments such as malls consume humongous amounts of electricity at large tariff rates. By deploying solar panels, various businesses are offsetting a remarkable portion of operating costs to increase their profit margins. Other than this, corporations are witnessing mounting pressure to adopt sustainable practices and aiming to achieve net 0 commitments. According to a report published by the Solar Energy Industries Association, corporate procurement showcases more than 18.2% of the total solar capacity in the U.S., and 20% of all the installations in the year 2023 had corporate offtakers. It further states that in 2024, across the U.S., rooftop commercial solar capacity has increased at a 12% CAGR over the last 5 years.

Asia Pacific solar panel market is poised to showcase more than 37.9% growth rate through 2036.
The growth of the market can be attributed to the geographical conditions in numerous nations present in the region, which are ideal for solar power generation. The presence of large desert areas in Australia, India, and China allows for the establishment of large-scale solar farms. The data published by SolarPower Europe stated that the worldwide solar market attained 600 GW in 2024, with 70% generated from the Asia Pacific.

The solar panel market in China is flourishing profoundly, bolstered by the significant government focus on decarbonization and the utilization of renewable energy in various sectors. The country is considered to be the undisputed leader in solar power generation. According to the report published by the International Energy Alliance in 2022, the country's share in manufacturing solar panels globally exceeds 80%. Also, the country's massive urbanization efforts are creating a large pool of opportunities for the deployment of solar panels.

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The solar panel market is highly dynamic, and leading players are concentrating on technological advancement, sustainability, and globalization to position themselves. Major players such as JinkoSolar Holding Co., Ltd, JA Solar Technology Co., Ltd., LONGi Green Energy Technology Co., Ltd., Canadian Solar Inc., Trina Solar Co., Ltd., DMEGC Solar Energy Co., Ltd., Astronergy (CHINT Solar), Boviet Solar, Risen Energy Co., Ltd., Qcells (Hanwha Qcells), Adani Solar, TCL Solar, Tongwei Co., etc. are making heavy investments in research and development and strategic alliances. The market is characterized by recurrent introductions of next-generation, sustainable and bespoke solutions for niche applications. Joint ventures, acquisitions, and mergers with customers are common means of driving innovation and extending market reach. As world industries continually raise the bar on product performance and sustainability, competition in the solar panel business will intensify, driving continuous improvement and innovation.

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Research Nester is a one-stop service provider with a client base in more than 50 countries, leading in strategic market research and consulting with an unbiased and unparalleled approach towards helping global industrial players, conglomerates and executives for their future investment while avoiding forthcoming uncertainties. With an out-of-the-box mindset to produce statistical and analytical market research reports, we provide strategic consulting so that our clients can make wise business decisions with clarity while strategizing and planning for their forthcoming needs and succeed in achieving their future endeavors. We believe every business can expand to its new horizon, provided a right guidance at a right time is available through strategic minds.

This release was published on openPR.