Global Solar PV (Photovoltaic) Panels Market 2025 – 2034

Reports Description

The global solar PV panels market size for was estimated at USD 183.23 Billion in 2024 and is expected to reach USD 198.91 Billion in 2025 and is expected to reach USD 456.09 Billion by 2034, growing at a CAGR rate of 9.66% during the forecasting period of 2025-2034.

Solar energy is the radiant form of energy extracted from sunlight and used as a renewable source for the generation of electricity. The solar or photovoltaic cells are made from materials like silicon, phosphorous, and boron arranged altogether in a grid-like pattern. These cells have the capability of converting sunlight energy into electrical energy through the mechanism of the photovoltaic effect. Electricity generation through solar PV cells is a prominent method of using renewable sources for energy production.

The electricity produced through solar PV (Photovoltaic) panels is used to charge batteries and provides electricity to off-grid or remote areas where conventional electricity facilities are not available. It is also used in remote power systems for cabins, remote sensing, telecommunication equipment, etc.

The solar PV (Photovoltaic) panels generate electricity through the photovoltaic effect in which the rays of the sunlight strike the photovoltaic surface in the form of photons which generates the knock-out of electrons from the surface which is bounced back using the magnetic force generated by the PV cells. This is how solar PV technology generates electricity from sunlight being used as a renewable resource.

Growth Factors

The utilization of conventional sources for electricity generation brought many challenges from environmental aspects such as the depletion of non-renewable sources, GHG emissions, pollution from fossil fuels, etc. Such concerning factors shifted the global market from conventional toward the renewable source for electricity generation, which drives the growth of the global solar PV panel market. With increasing environmental awareness, the government has introduced multiple initiatives and provided investments to uplift solar PV-related projects, which could boost market growth in the projection period. Rapid urbanization and consumer base due to increased population led to potential market growth.

The high demand for electricity across remote regions and the industrial setup for energy generation has propelled the global market growth.

Increased industrialization across multiple regions drives the growth of the solar PV market across the globe due to the high demand for solar energy. Along with that, the technological advancements and research developments for improvising the solar PV cells in terms of quality, durability, and capacity, propel the growth of the market.

The rapid demand for electricity in off-grid areas has led to the rise of the solar PV panel market. Based on the analysis by World Energy Outlook, more than one Billion people live in areas where they don’t have even access to conventional electricity. Hence, solar PV panels are a splendid electricity source in off-grid areas.

Solar PV Panel Market Segment Analysis:

Solar PV Panel Market, Segmentation Based On Technology

Depending upon the technology, the market is segmented into crystalline silicon, thin film, and others. The crystalline silicon is expected to hold a larger share by 2034. This can be attributed to factors like low weight volume ratio, low-cost manufacturing, and extended lifecycle of the panels. Based on the working efficiency, the crystalline solar panels can convert sunlight into electrical energy with a laboratory-mediated efficiency rate, which is 20% and 25% for monocrystalline and polycrystalline respectively.

The industrial-generated crystalline panels have an efficiency rate between 18-22%. The crystalline solar PV panels have high demand in commercial, residential, and industrial sectors due to their long shelf life and high efficiency rate. Among the other solar technology, crystal silicon PV cells are extensively used for electricity generation. They are also useful in areas with limited space. Monocrystalline solar PV panels are made from the highest-grade silicone, hence enhancing the quality and efficiency rate, that propels the crystal silicone panels.

Solar PV Panel Market, Segmentation Based On Application

Depending on the application, the commercial segment held the largest market share in 2025 and is expected to grow significantly during the forecast period. Commercial solar PV panels have 15-20 years of lifespan and are widely used to power industrial buildings, water heating in offices, pre-heating ventilation air, etc. The rapid demand for solar PV modules in corporate buildings, hotels, and hospitals, along with the high demand for power in data centers and communication base stations.

Solar PV Panel Market, Segmentation Based On Grid-Type

Based on the grid-type analysis, the on-grid segment has dominated the market in 2025, due to the less complex nature as well as the low-cost operation and maintenance of the on-grid solar PV panels. The in-grid can produce a large amount of electricity which can be widely distributed across power grids. The electricity can be directly transferred to the grids and there is no need for a battery for storage. The beneficial factors of the on-grid segment include easy feeding of energy, easy operation and maintenance process, easy installation, cost-efficiency, etc.

The on-grid segment is connected to the utility segment. Since the energy is not stored, the excess electricity is passed on directly to the utility segment. Likewise, if the power is not sufficient on the on-grid, then it can be borrowed from the utility segment to fulfill the needs. However, there is a specific time for energy generation which sometimes can be affected by the weather and other conditions.

The peak time for power generation is between 10: AM to 2:00 PM when the sun’s rays are brighter. The on-grid system cut the extra expenses as extra storage in the battery is not required. For the night, the energy is stored in the load which is a part of the system and works like a battery. The stored energy from the load is transferred to the grid for electricity generation.

Solar PV Panel Market, Segmentation Based On Installation

Based on the installation, the market is segmented into roof-top, ground-mounted, and others. In terms of market share, the ground-mounted segment held the larger share by 2025. The ground-mounted panels are widely used in commercial and utility sectors. These PV panels are highly efficient and infer low-cost operation, maintenance, and installation.

Report Scope

Regional Insights

The Asia-Pacific dominated the solar PV market in 2025 and is expected to hold a major share in the forecast period of 2025-2034. The high demand for solar PV panels across Asia-Pacific is due to the increased installations of solar power projects across regions like India and China. These regions with a large consumer base and a huge part of the land are ideal for energy industrial development.

The rapid development of the renewable energy sector, industrialization, and the rise in demand for distributed energy has enhanced the growth of the solar PV market. Additionally, the regular involvement of the key players in the renewable energy industry set-up and the government initiatives drive the market growth across such regions.

COVID-19 impact on the solar PV panel market

The outbreak of Covid imposed a lockdown on the whole world, due to which the export, import, and manufacturing processes got disturbed which resulted in the decline of the solar PV panel market. The fall in demand for power equipment brought a decrease in the solar PV market.

The restricted movement and the lack of manpower led to a halting in the manufacturing and industrial process that affected the market growth in a pandemic, with a predictable decline of 4%. For some countries, the renewable industry mainly depends on imports from China, including the raw materials, prefabricated structures, inverters, etc., which got affected during the pandemic breaking the supply chain. However, it started to recover due to the controlled vaccination and rising health concern. To mitigate the negative impact on the market, the government introduced post-covid economic recovery programs which are supposed to uplift the market during the forecast period.

Key developments in the solar PV panel market

• In March 2021, JA Solar introduced the Deepblue 3.0 high-efficiency solar PV rooftop module for the commercial and industrial sectors in the global market. The developed solar module is highly efficient and requires low-cost maintenance. It can provide 540 W of electricity at one time which can cover the mass area.
• In July 2021, Jinko Solar has created the world record for the fourth time, for the construction of N-typed monocrystalline solar cells with a high conservation efficiency rate of 25%. Through this innovation, the company achieved a major technological breakthrough.

Segments covered in the report

Based On Technology

• Crystalline silicon
• Thin-film
• Others

Based On Grid-Type

• On-grid
• Off-grid

Based On Installation

• Ground-mounted
• Roof-top
• Others

Based On Application

• Commercial
• Residential
• Utility

Based On Region

North America

• U.S.
• Canada
• Mexico
• Rest of North America

Europe

• Germany
• France
• U.K.
• Italy
• Spain
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• New Zealand
• Australia
• South Korea
• Rest of Asia Pacific

The Middle East & Africa

• Saudi Arabia
• UAE
• Egypt
• Kuwait
• South Africa
• Rest of the Middle East & Africa

Latin America

• Brazil
• Argentina
• Rest of Latin America