Solar Panel Market Report 2025 (Global Edition)

Global Solar Panel Market Report 2025 Market Size Split by Technology (Photovoltaic Systems, Concentrated Solar Power Systems, Parabolic Through, Solar Power Tower, Fresnel Reflectors, Dish Stirling),...

Solar Panel Market Report Description

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Solar Panel Market Insights Video

Competitive Landscape of the Solar Panel Market

The competitive landscape of the Solar Panel market is characterized by a range of players competing to gain market share through product innovation, strategic partnerships, and aggressive marketing efforts. Key players in the market include established manufacturers, specialized Solar Panel companies, and emerging start-ups aiming to disrupt the market with innovative solutions.

September 2023: Trina Solar, a global leader in smart solar products and solutions, announced plans to establish a solar photovoltaic (PV) manufacturing facility in Wilmer, Texas, spanning over 1 million square feet. Once completed, the facility will create 1,500 local jobs and produce 5 GW of solar modules, with polysilicon sourced from the United States and Europe. (Source: https://www.trinasolar.com/us/resources/newsroom/Trina-Solar-US-PV-Manufacturing-Facility-Jobs-Wilmer-Texas )

Top Companies Market Share in Solar Panel Industry: (In no particular order of Rank)

• Jinko Solar
• Trina Solar
• Canadian Solar
• JA Solar
• Hanwha Q-CELLS
• GCL-SI
• LONGi Solar
• Risen Energy
• Shunfeng
• Yingli Green
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*List of Second Tier Companies, List of Third Tier/ Start-up Companies (Inquire with sales executive) Request Any Company Profile for Preview Purpose OR Data Validation!

If any Company(ies) of your interest has/have not been disclosed in the above list then please let us know the same so that we will check the data availability in our database and provide you the confirmation or include it in the final deliverables.

Regional Analysis of the Solar Panel Market

Which Region Dominates the Solar Panel Market in 2024?

According to Cognitive Market Research, North America dominated the market in 2024. North America boasts a sophisticated infrastructure for integrating renewable energy, featuring advancements in grid modernization and energy storage solutions. In Canada, wind energy and solar photovoltaics (PV) are among the fastest-growing sources of electricity. The cumulative installed capacity for solar PV has surged from 26 megawatts (MW) in 2007 to 6,452 MW in 2022, while wind power capacity has increased from 1,846 MW in 2007 to 15,132 MW in 2022. In the U.S., utility-scale solar capacity in the electric power sector rose from 61 gigawatts (GW) in 2021 to 71 GW in 2022, and wind capacity grew from 133 GW to 141 GW over the same period, according to the Electricity Power Monthly. These developments ensure the effective use of solar-generated electricity and bolster the reliability of solar power systems.

https://natural-resources.canada.ca/our-natural-resources/energy-sources-distribution/renewable-energy/about-renewable-energy-canada/7295 https://www.eia.gov/todayinenergy/detail.php?id=55960

Which Region is Expanding at the Fastest CAGR?

Many countries in the Asia-Pacific region have adopted supportive policies to advance solar energy. Governments are providing subsidies, tax incentives, and feed-in tariffs to stimulate solar installations. For example, China and India have set ambitious renewable energy targets and offer financial backing to accelerate solar adoption. As of December 2023, solar power accounted for 16.9% of the total installed power capacity and 40.1% of the total installed renewable capacity. This represents a 0.6% increase from the previous quarter when solar power comprised 39.5% of the total renewable capacity. In the Interim Budget for 2024-2025, the fiscal allocation for solar power grid infrastructure development rose to Rs. 8,500 Crore (US$ 1.02 billion), a substantial increase from the previous year's allocation of Rs. 4,970 Crore (US$ 0.60 billion).

https://www.ibef.org/industry/renewable-energy

The current report Scope analyzes Solar Panel Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com

• North America (United States, Canada, Mexico)
• Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Netherlands, Switzerland, Belgium)
• Asia-Pacific (China, Japan, Korea, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest of APAC)
• South America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America)
• Middle East and Africa (Saudi Arabia, Turkey, Nigeria, UAE, Egypt, South Africa, GCC Countries, Rest of MEA)

The above graph is for illustrative purposes only.

North America Solar Panel Market

According to Cognitive Market Research, the global Solar Panel market size was estimated at USD 171548.2 Million, out of which North America held the major market of more than 40% of the global revenue with a market size of USD 68619.2 million in 2024 and will grow at a compound annual growth rate (CAGR) of 6.2% from 2024 to 2031.

• According to Cognitive Market Research, the US had a major share in the Solar Panel market with a market size of USD 54140.6 million in 2024 and is projected to grow at a CAGR of 6.0% during the forecast period. The nation's rising energy costs, and supportive government incentives, driving the market.
• The Canada Solar Panel market had a market share of USD 8234.3 million in 2024 and is projected to grow at a CAGR of 7.0% during the forecast period. Canada's significant investments in large-scale solar projects, and favorable provincial policies, driving the market.
• The Mexico Solar Panel market is projected to witness growth at a CAGR of 6.7% during the forecast period, with a market size of USD 6244.3 million in 2024.

Europe Solar Panel Market

According to Cognitive Market Research, the global Solar Panel market size was estimated at USD 171548.2 Million, out of which Europe held the market of more than 30% of the global revenue with a market size of USD 51464.4 million in 2024 and will grow at a compound annual growth rate (CAGR) of 6.5% from 2024 to 2031.

• The United Kingdom Solar Panel market had a market share of USD 8646.0 million in 2024 and is projected to grow at a CAGR of 7.3% during the forecast period. In the UK, Solar Panel sales witness an upswing due to the substantial investments in solar infrastructure, and the increasing adoption of solar technology by both residential and commercial sectors.
• The French solar Panel market is projected to witness growth at a CAGR of 5.7% during the forecast period, with a market size of USD 4734.7 million in 2024.
• According to Cognitive Market Research, the German Solar Panel market size was valued at USD 10189.9 million in 2024 and is projected to grow at a CAGR of 6.7% during the forecast period. In Germany, Solar panels surged due to ambitious renewable energy targets, and a robust commitment to reducing carbon emissions and enhancing energy efficiency..
• The Italy Solar Panel market is projected to witness growth at a CAGR of 5.9% during the forecast period, with a market size of USD 4425.9 million in 2024.
• The Russian Solar Panel market is projected to witness growth at a CAGR of 5.5% during the forecast period, with a market size of USD 7976.9 million in 2024.
• The Spain Solar Panel market is projected to witness growth at a CAGR of 5.6% during the forecast period with a market size of USD 4220.9 million in 2024
• The Luxembourg Solar Panel market is projected to witness growth at a CAGR of 6.6% during the forecast period, with a market size of USD 1595.4 million in 2024.
• The Portugal Solar Panel market is projected to witness growth at a CAGR of 6.3% during the forecast period, with a market size of USD 1080.7 million in 2024.
• The Greece Solar Panel market is projected to witness growth at a CAGR of 6.8% during the forecast period, with a market size of USD 617.5 million in 2024.
• Rest of Europe's Solar Panel market is projected to witness growth at a CAGR of 5.2% during the forecast period, with a market size of USD 7976.9 million in 2024.

Asia Pacific Solar Panel Market

According to Cognitive Market Research, the global Solar Panel market size was estimated at USD 171548.2 Million, out of which Asia Pacific held the market of around 23% of the global revenue with a market size of USD 39456.0 million in 2024 and will grow at a compound annual growth rate (CAGR) of 10.0% from 2024 to 2031.

• According to Cognitive Market Research, the China Solar Panel market size was valued at USD 17755.2 million in 2024 and is projected to grow at a CAGR of 9.5% during the forecast period. Solar panels surged in China due to significant investments in large-scale solar projects to reduce dependency on fossil fuels and address environmental concerns.
• The Japan Solar Panel market is projected to witness growth at a CAGR of 8.5% during the forecast period, with a market size of USD 5444.9 million in 2024.
• The India Solar Panel market had a market share of USD 4734.7 million in 2024 and is projected to grow at a CAGR of 11.8% during the forecast period. India's aggressive renewable energy goals, including targets for large-scale solar capacity, driving the market.
• The South Korean Solar Panel market is projected to witness growth at a CAGR of 9.1% during the forecast period, with a market size of USD 3945.6 million in 2024.
• The Australian Solar Panel market is projected to witness growth at a CAGR of 9.7% during the forecast period, with a market size of USD 2051.7 million in 2024.
• The South East Asia Solar Panel market is projected to witness growth at a CAGR of 11.0% during the forecast period, with a market size of USD 2722.4 million in 2024.
• The Rest of Asia Pacific Solar Panel market is projected to witness growth at a CAGR of 9.8% during the forecast period, with a market size of USD 2801.3 million in 2024.

South America Solar Panel Market

According to Cognitive Market Research, the global Solar Panel market size was estimated at USD 171548.2 Million, out of which the Latin America market has more than 5% of the global revenue with a market size of USD 8577.4 million in 2024 and will grow at a compound annual growth rate (CAGR) of 7.4% from 2024 to 2031. .

• According to Cognitive Market Research, the Brazil Solar Panel market size was valued at USD 3671.1 million in 2024 and is projected to grow at a CAGR of 8.0% during the forecast period. Solar Panels flourished in Brazil due to the significant solar energy potential due to its high solar irradiance and increasing energy demand from economic growth.
• Argentina's Solar Panel market had a market share of USD 1441.0 million in 2024 and is projected to grow at a CAGR of 8.3% during the forecast period. Argentina's government initiatives aimed at diversifying the energy mix and increasing the share of renewable energy augment the demand.
• Colombia's Solar Panel market is projected to witness growth at a CAGR of 7.2% during the forecast period, with a market size of USD 763.3 million in 2024.
• Peru's Solar Panel market is projected to witness growth at a CAGR of 7.6% during the forecast period, with a market size of USD 703.3 million in 2024.
• Chile's Solar Panel market is projected to witness growth at a CAGR of 7.7% during the forecast period, with a market size of USD 617.5 million in 2024.
• The Rest of Latin America's Solar Panel market is projected to witness growth at a CAGR of 6.5% during the forecast period, with a market size of USD 1380.9 million in 2024.

Middle East and Africa Solar Panel Market

According to Cognitive Market Research, the global Solar Panel market size was estimated at USD 171548.2 Million, out of which the Middle East and Africa held the major market of around 2% of the global revenue with a market size of USD 3430.9 million in 2024 and will grow at a compound annual growth rate (CAGR) of 7.7% from 2024 to 2031..

• The GCC Countries Solar Panel market is projected to witness growth at a CAGR of 8.5% during the forecast period, with a market size of USD 1468.4 million in 2024. Solar Panel sales flourish due to the significant investments in renewable energy as part of their economic diversification strategies.
• The Egypt Solar Panel market is projected to witness growth at a CAGR of 8.0% during the forecast period, with a market size of USD 360.2 million in 2024.
• The South Africa Solar Panel market is projected to witness growth at a CAGR of 8.7% during the forecast period, with a market size of USD 542.0 million in 2024. In South Africa, the demand for the solar panel market is driven by efforts to address energy shortages, high electricity costs, and unreliable power supply, alongside government initiatives and incentives to promote renewable energy adoption.
• The Turkey Solar Panel market is projected to witness growth at a CAGR of 7.2% during the forecast period, with a market size of USD 295.0 million in 2024.
• The Nigeria Solar Panel market is projected to witness growth at a CAGR of 6.8% during the forecast period, with a market size of USD 360.2 million in 2024.
• The Rest of the MEA Solar Panel market is projected to witness growth at a CAGR of 6.7% during the forecast period, with a market size of USD 404.8 million in 2024.

Solar Panel Market Analysis

Solar Panel Market Technology Segment Analysis

According to Cognitive Market Research, Photovoltaic Systems stands out as the dominant category over the projected period. Ongoing advancements in PV technology have led to the development of more efficient solar cells and modules. Innovations such as higher-efficiency silicon cells, multi-junction cells, and bifacial panels, which capture sunlight on both sides, enhance the performance and energy yield of PV systems. Governments worldwide are implementing favorable policies to promote the adoption of PV systems. These include tax credits, rebates, and subsidies that lower the upfront costs of solar installations and enhance their financial attractiveness.

Concentrated Solar Power Systems emerge as the fastest-growing category in the Solar Panel market. Concentrated Solar Power (CSP) technology has seen significant advancements in efficiency, particularly with innovations in mirrors, lenses, and solar collectors. Technologies like parabolic troughs, solar power towers, and dish Stirling systems have been refined to improve energy capture and conversion efficiency. CSP systems are often paired with thermal energy storage solutions, such as molten salt storage, which allows them to generate electricity even when the sun is not shining. Improvements in storage technology enhance the reliability and dispatchability of CSP systems..

The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Solar Panel Industry. Request a Free Sample PDF!

Solar Panel Market Solar Module Segment Analysis

According to Cognitive Market Research, Monocrystalline stands out as the dominant category over the projected period. Monocrystalline solar modules are known for their high efficiency compared to other types of solar panels. They typically have higher power output per square meter due to the purity of the silicon used in their cells. This makes them ideal for applications where space is limited, such as residential rooftops and small commercial installations. Monocrystalline panels perform better in low light conditions and under partial shading compared to polycrystalline panels. This characteristic improves their overall energy yield, especially in less-than-ideal weather conditions..

Polycrystalline emerges as the fastest-growing category in the Solar Panel market. Polycrystalline solar panels are generally less expensive to produce than monocrystalline panels. The manufacturing process for polycrystalline panels involves melting silicon crystals together, which is less energy-intensive and simpler compared to the high-purity silicon required for monocrystalline panels. This cost advantage makes polycrystalline panels a more budget-friendly option for both residential and commercial installations. The lower production costs translate into lower prices for consumers. This affordability makes polycrystalline solar panels an attractive choice for price-sensitive markets and projects, driving their growth in various regions.

The above Graph is for representation purposes only. This chart does not depict actual Market share.

Solar Panel Application Segment Analysis

Solar Panel Market Application Segment Analysis

According to Cognitive Market Research, Industrial stands out as the dominant category over the projected period. The industrial sector encompasses large-scale operations such as factories, manufacturing plants, and various industrial facilities. There is a growing trend towards installing solar panels in these settings to address the substantial energy needs associated with industrial processes. Companies in this sector are increasingly turning to solar energy to cut energy expenses, improve energy security, and support their sustainability objectives.

Commercial emerges as the fastest-growing category in the Solar Panel market. In the commercial sector, which includes businesses, offices, schools, and institutions, solar panel installations are typically larger than those in residential settings and are used to power commercial buildings and facilities. The market growth in this sector is driven by the increasing affordability of solar technology. Additionally, businesses are adopting solar panels to lower their carbon footprints and fulfill their corporate social responsibility commitments.

• Residential
• Commercial
• Industrial

Solar Panel Grid Type Segment Analysis

Solar Panel Market Grid Type Segment Analysis

According to Cognitive Market Research, the dominant category is On-Grid. On-grid solar systems, also known as grid-tied systems, generally have lower initial installation costs compared to off-grid systems. This is because they do not require battery storage, which is one of the most expensive components of a solar energy system. This reduction in upfront costs makes on-grid systems more accessible to a broader range of consumers and businesses. On-grid systems benefit from net metering, a billing mechanism that allows solar panel owners to receive credits for the excess electricity they generate and feed back into the grid. This can significantly reduce electricity bills, making on-grid solar systems financially attractive and further encouraging their adoption.

The fastest-growing category in the Solar Panel market is Off-Grid. Off-grid solar systems provide a crucial energy solution for remote and rural areas where extending the traditional power grid is impractical or cost-prohibitive. In many developing regions and isolated communities, off-grid solar panels offer a reliable source of electricity where grid access is limited or non-existent. Off-grid systems are vital for disaster recovery and emergencies. They can be rapidly deployed to provide power in areas affected by natural disasters where the existing grid infrastructure has been damaged or destroyed.

• On-Grid
• Off-Grid

Solar Panel End-Use Industry Segment Analysis

Solar Panel Market End-Use Industry Segment Analysis

According to Cognitive Market Research, the dominant category is Electricity Generation. Global energy consumption is rising due to population growth, urbanization, and economic development. As more people and businesses require electricity, solar panels are becoming an attractive solution for generating clean, renewable energy to meet this demand. Countries are seeking to diversify their energy sources to enhance energy security. Solar energy provides a stable and predictable source of electricity, which helps reduce reliance on imported fossil fuels and mitigates energy supply risks..

The fastest-growing category in the Solar Panel market is Charging. The growth of the electric vehicle market is a major driver for the solar charging segment. As more consumers and businesses transition to EVs, there is a growing need for efficient and sustainable charging solutions. Solar panels provide an eco-friendly option for charging EVs, reducing dependence on grid electricity and lowering carbon emissions. Solar-powered charging stations for EVs are becoming more common in residential areas and public spaces. These stations use solar panels to generate electricity, which is then used to charge EVs, offering a renewable alternative to traditional grid-powered chargers.

• Electricity Generation
• Lighting
• Heating
• Charging

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Vinayak Bali

Senior Research Analyst at Cognitive Market Research

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