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Solar Panel Market Size (2024 - 2029)

The solar panel market is projected to experience significant growth over the forecast period, driven by supportive government policies and decreasing solar energy prices. Despite facing competition from other renewable energy sources like bioenergy, wind energy, and hydropower, the market is poised for expansion due to ongoing advancements in solar panel technology. The Asia-Pacific region, with its robust industrial and infrastructural development and strong manufacturing base, is expected to lead in market growth.

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Market Size of Solar Panel Industry

Solar Panel Market Summary
Study Period 2019 - 2029
Market Size (2024) USD 257.22 Billion
Market Size (2029) USD 419.32 Billion
CAGR (2024 - 2029) 10.27 %
Fastest Growing Market Asia Pacific
Largest Market Asia Pacific
Market Concentration Low

Major Players

Solar Panel Market Major Players

*Disclaimer: Major Players sorted in no particular order

Solar Panel Market Analysis

The Solar Panel Market size is estimated at USD 257.22 billion in 2024, and is expected to reach USD 419.32 billion by 2029, growing at a CAGR of 10.27% during the forecast period (2024-2029).

  • Over the medium term, factors such as supportive government policies for solar energy adoption and decreasing solar energy prices are expected to be among the most significant drivers for the solar panel market during the forecast period.
  • On the other hand, competition from other renewable energy sources, such as bioenergy, wind energy, and hydropower, threatens the market during the forecast period.
  • However, advancements in developing more innovative and efficient solar panels are ongoing. This factor is expected to create several opportunities for the market in the future.
  • The Asia-Pacific region dominates the market and will likely register the highest CAGR during the forecast period. Due to the growing number of industries and infrastructural development activities in countries such as China, India, and Japan, as well as their high solar panel manufacturing base, they are driving the solar panel market.

Solar Panel Industry Segmentation

Solar panels convert sunlight into electricity, also known as photovoltaic (PV). They comprise multiple solar cells, typically made from silicon, which generate direct current (DC) electricity when exposed to sunlight. This electricity can then be used to power electrical loads directly or stored in batteries for later use.

The solar panel market is segmented by type, end users, and geography. The market is segmented by type: crystal silicon, monocrystalline silicon, polycrystalline silicon, thin film, and other types. The market is segmented by end-user industries into residential, commercial & industrial, and utility. The report also covers the size and forecasts for the solar panel market across major regions. Market sizing and forecasts are made for each segment based on revenue (USD).

Type
Monocrystalline
Polycrystalline
Thin Film
Crystal Silicon
Other Types
End Users
Residential
Commercial and Industrial
Utility
Geography [Market Size and Demand Forecast till 2029 (for Regions Only)]
North America
United States
Canada
Rest of North America
Europe
Germany
France
United Kingdom
Italy
Spain
NORDIC
Russia
Turkey
Rest of Europe
Asia-Pacific
China
India
Australia
Japan
South Korea
Malaysia
Thailand
Indonesia
Vietnam
Rest of Asia-Pacific
Middle East and Africa
Saudi Arabia
United Arab Emirates
Nigeria
Egypt
Qatar
South Africa
Rest of Middle East and Africa
South America
Brazil
Argentina
Colombia
Rest of South America
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Solar Panel Market Size Summary

The solar panel market is poised for significant growth over the forecast period, driven by supportive government policies and decreasing costs of solar energy. The market is expected to expand substantially, with advancements in solar panel technology, particularly in thin-film photovoltaic modules, offering new opportunities. These modules, including amorphous silicon, cadmium telluride, and gallium selenide cells, are gaining traction due to their cost-effectiveness and versatility in installations. Despite competition from other renewable energy sources, the ongoing innovation in solar panel efficiency and manufacturing is expected to bolster market expansion.

The Asia-Pacific region is emerging as a dominant force in the global solar panel market, fueled by rapid industrialization, urbanization, and a strong commitment to renewable energy. Countries like China, India, and Japan are at the forefront, with China leading in solar panel manufacturing. The region's favorable government policies and declining solar panel prices are making solar power increasingly attractive, particularly in the rooftop and utility-scale segments. This trend is supported by substantial investments in solar infrastructure, positioning Asia-Pacific as a key player in the solar panel industry during the forecast period.

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Solar Panel Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Market Size and Demand Forecast in USD, till 2029

    3. 1.3 Recent Trends and Developments

    4. 1.4 Government Policies and Regulations

    5. 1.5 Market Dynamics

      1. 1.5.1 Drivers

        1. 1.5.1.1 Supportive Government Policies and Regulations

        2. 1.5.1.2 Decreasing Solar Prices

      2. 1.5.2 Restraints

        1. 1.5.2.1 Competition from Other Renewable Energy Sources

    6. 1.6 Supply Chain Analysis

    7. 1.7 Industry Attractiveness - Porter's Five Forces Analysis

      1. 1.7.1 Bargaining Power of Suppliers

      2. 1.7.2 Bargaining Power of Consumers

      3. 1.7.3 Threat of New Entrants

      4. 1.7.4 Threat of Substitutes Products and Services

      5. 1.7.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 Type

      1. 2.1.1 Monocrystalline

      2. 2.1.2 Polycrystalline

      3. 2.1.3 Thin Film

      4. 2.1.4 Crystal Silicon

      5. 2.1.5 Other Types

    2. 2.2 End Users

      1. 2.2.1 Residential

      2. 2.2.2 Commercial and Industrial

      3. 2.2.3 Utility

    3. 2.3 Geography [Market Size and Demand Forecast till 2029 (for Regions Only)]

      1. 2.3.1 North America

        1. 2.3.1.1 United States

        2. 2.3.1.2 Canada

        3. 2.3.1.3 Rest of North America

      2. 2.3.2 Europe

        1. 2.3.2.1 Germany

        2. 2.3.2.2 France

        3. 2.3.2.3 United Kingdom

        4. 2.3.2.4 Italy

        5. 2.3.2.5 Spain

        6. 2.3.2.6 NORDIC

        7. 2.3.2.7 Russia

        8. 2.3.2.8 Turkey

        9. 2.3.2.9 Rest of Europe

      3. 2.3.3 Asia-Pacific

        1. 2.3.3.1 China

        2. 2.3.3.2 India

        3. 2.3.3.3 Australia

        4. 2.3.3.4 Japan

        5. 2.3.3.5 South Korea

        6. 2.3.3.6 Malaysia

        7. 2.3.3.7 Thailand

        8. 2.3.3.8 Indonesia

        9. 2.3.3.9 Vietnam

        10. 2.3.3.10 Rest of Asia-Pacific

      4. 2.3.4 Middle East and Africa

        1. 2.3.4.1 Saudi Arabia

        2. 2.3.4.2 United Arab Emirates

        3. 2.3.4.3 Nigeria

        4. 2.3.4.4 Egypt

        5. 2.3.4.5 Qatar

        6. 2.3.4.6 South Africa

        7. 2.3.4.7 Rest of Middle East and Africa

      5. 2.3.5 South America

        1. 2.3.5.1 Brazil

        2. 2.3.5.2 Argentina

        3. 2.3.5.3 Colombia

        4. 2.3.5.4 Rest of South America

Solar Panel Market Size FAQs

The Solar Panel Market size is expected to reach USD 257.22 billion in 2024 and grow at a CAGR of 10.27% to reach USD 419.32 billion by 2029.

In 2024, the Solar Panel Market size is expected to reach USD 257.22 billion.

Solar Panel Market Report Snapshots

Solar Panel Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)