United States Solar Panel Market is to reach US$ 642.3 million by 2031- Driven By Rising Renewable Energy Adoption and Declining PV Costs | DataM Intelligence

Leander, Texas and TOKYO, Japan- U.S. Solar Panel Market reached US$ 165.2 million in 2022 and is expected to reach US$ 642.3 million by 2031 growing with a CAGR of 18.5% during the forecast period 2024-2031.

The market is driven by government incentives like tax credits, growing environmental awareness, and decreasing solar panel costs. Rising investments and renewable energy targets also boost demand.

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Industry Latest News 2025:

✅ The global solar power market saw a record installation of 597 GW in 2024, a 33% surge over 2023, with expectations to install 1 TW of solar per year by the end of the decade. China led this growth with 329 GW added in 2024, representing 55% of global installations.

✅ India's solar market more than doubled installations in 2024, with 30.7 GW added, and is aggressively expanding its capacity with a target of 500 GW renewable energy by 2030. In the first half of 2025, India added 4.9 GW of rooftop solar capacity, a 30% increase from the previous year.

✅ Innovations in solar panel technology in 2025 include record conversion efficiencies hitting 25.44%, growth in smart solar panels integrated with IoT for better performance, and advances in energy storage systems such as lithium-ion and flow batteries tailored for solar energy.

✅ The solar industry is benefiting from supportive policies and government incentives worldwide, driving adoption of solar-plus-storage systems and accelerating the transition to clean energy.

Recent Mergers & Acquisitions

✅ In H1 2025, 50 corporate-level solar M&A deals were completed globally, up from 40 in H1 2024.

✅ The largest deal was ONGC NTPC Green's $2.3 billion acquisition of Ayana Renewable Power.

✅ Brazil saw a 65% increase in solar M&A capacity in the first nine months of 2025 with 33 deals totaling 3.2 GW.

✅ Key Brazil deals included EDP Renovaveis acquiring full ownership of the 254-MW Cajuina solar complex and BTG Pactual buying a 60% stake in Lightsource BP's 336-MW portfolio.

✅ India's solar market witnessed major acquisition activity with Statkraft selling a 1.5 GW portfolio and Waaree Energies acquiring a 64% stake in Kotsons Pvt Ltd.

✅ Despite a decline in solar funding overall in 2025, M&A deal volume and project acquisitions grew, highlighting strong consolidation trends.

Market Segmentation Analysis

By Product:

- Crystalline Solar Panels: The most common type, mainly mono- and polycrystalline silicon panels, known for high efficiency and durability. These dominate residential and commercial installations due to their mature technology and cost-effectiveness.

- Thin-Film Solar Panels: Lightweight, flexible, and less efficient than crystalline types, thin-film panels are used in large-scale utility projects and building-integrated photovoltaics (BIPV) where surface area and weight are constraints.

- Smart Solar Panels: This emerging segment integrates IoT and advanced electronics to optimize energy output and provide real-time monitoring. Growing quickly in commercial and residential sectors for smarter energy management.

By Mountings:

- Roof Top: Solar panels installed on residential and commercial rooftops, offering easy access and lower installation costs. This is the fastest-growing mounting due to urbanization and net-metering.

- Ground: Ground-mounted systems are used in utility-scale solar farms, where larger space is available. These installations often achieve higher efficiency with adjustable tilt angles.

- Solar Tracker: Solar trackers mechanically adjust panel orientation to follow the sun's path, increasing energy yield by up to 25%. Widely used in utility-scale setups.

- Fixed Rack Systems: Panels fixed at a single angle, common in both rooftop and ground installations for simplicity and low maintenance.

By Application:

- Commercial: Includes offices, factories, and retail sites adopting solar for energy cost savings and sustainability goals, often combining rooftop and ground mounts.

- Residential: Homeowners installing solar for self-consumption and grid-feed applications, primarily using rooftop crystalline solar panels.

- Utility: Large-scale solar farms feeding energy into the grid; these projects use ground mounts, trackers, and a mix of panel technologies to maximize output.

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Growth Drivers:-

Declining Costs: Rapid technological advances and scale-up in manufacturing continue to lower solar panel prices, making solar energy more affordable and accessible globally.

Government Support: Subsidies, tax incentives, renewable energy targets, and policies encouraging clean energy investments drive adoption across residential, commercial, and utility sectors.

Rising Energy Demand: Growing global populations and increased electrification push demand for scalable and sustainable energy sources like solar.

Corporate Sustainability Initiatives: More companies commit to renewable energy, investing in large solar farms and power purchase agreements to meet net-zero goals.

Smart Grid and Energy Storage Integration: Advances in battery technologies and grids enable solar power to be a reliable primary energy source, facilitating higher solar penetration.

Innovation and Adoption of Smart Solar Systems: Use of AI, IoT, and smart solar panels improves performance, energy management, and grid stability.

Expansion of Large-Scale Solar Farms: Favorable geographic and policy conditions in Asia-Pacific, India, China, and the US promote rapid installation growth in large solar power plants.

Rural Electrification and Off-Grid Solutions: Solar energy provides cost-effective power access in remote and underserved regions, fueling market expansion.

Regional Insights:-

- North America holds 13.5% share, with the U.S. boosted by the Inflation Reduction Act and federal incentives driving manufacturing and installations. Canada advances with favorable policies and innovation by companies like First Solar and Canadian Solar.

- Asia-Pacific leads with 37.6% market share, driven by China, India, and Japan. China dominates production and installation with strong government support and cost competitiveness. India's ambitious 500 GW renewable target by 2030 fuels rapid market growth. Japan supports solar through feed-in tariffs and subsidies.

- Europe maintains growth with Germany, Spain, Italy, and the UK leading adoption due to the EU Green Deal targeting climate neutrality by 2050. Market fueled by government incentives and rising clean energy demand.

- Latin America, Middle East, and Africa regions are emerging markets with increasing installations and investments, primarily driven by Brazil, Mexico, South Africa, and GCC countries.

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Key Players:

Jinko Solar, Trina Solar, Canadian Solar, JA Solar, Hanwha Q cells, GCL System Integration, Longi Solar, Shunfeng International Clean Energy Limited, KyoCera Solar and Yingli Solar.

Key Highlights

Jinko Solar: The largest global solar panel manufacturer by shipments, Jinko focuses on high-efficiency crystalline panels and expanding vertically integrated production capabilities to meet global demand. It leads in innovation around large-format wafer technology and sustainability practices.

Trina Solar: Known for advanced smart solar panel technology and IoT-enabled energy solutions, Trina pushes residential and commercial digital energy management. Their Vertex series panels are among the highest efficiency panels globally.

Canadian Solar: A top player in both manufacturing and project development, Canadian Solar has a diverse portfolio including crystalline and thin-film technology. It actively invests in solar-plus-storage projects and global EPC services.

JA Solar: A leading supplier of high-performance photovoltaic products with a strong focus on cost competitiveness and quality. JA Solar is expanding capacity and markets, especially in emerging economies.

Hanwha Q Cells: Known for Q.ANTUM technology that enhances energy output, Hanwha Q Cells integrates product innovation with aggressive marketing in Europe and North America. It also emphasizes sustainability commitments in its production chain.

K4Connect: Integrates AI with smart home technologies to create connected living environments enhancing safety, comfort, and personalized care for the elde

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