According to MarketnReports, the global solar (photovoltaic) PV panels market size was estimated at USD 187.7 billion in 2025 and is expected to reach USD 616.59 billion by 2035, growing at a CAGR of 12.6% from 2026 to 2035. Government incentives and declining technology costs. Industry Overview The solar (photovoltaic) PV panels market encompasses the production, distribution, and installation of semiconductor-based modules that convert sunlight into electricity through the photovoltaic effect, utilized in residential, commercial, industrial, and utility-scale applications for renewable energy generation, with types including monocrystalline, polycrystalline, and thin-film panels that offer varying efficiencies, costs, and durability to meet diverse energy needs while reducing carbon emissions and fossil fuel dependence. This industry integrates advancements in cell technology, such as perovskite and bifacial designs, to improve energy yield and longevity, supported by supply chains involving silicon wafers, inverters, and mounting systems for grid-tied or off-grid setups. Market definition includes all PV modules and related components designed for solar power conversion, excluding concentrated solar power or thermal systems, and it highlights the role of policy support and innovation in accelerating global adoption for sustainable energy transitions. Growth Drivers The growth drivers in the solar (photovoltaic) PV panels market are chiefly propelled by supportive government policies and incentives, such as tax credits and feed-in tariffs, which lower installation costs and accelerate ROI, encouraging widespread adoption in utility-scale projects that contribute to national renewable energy targets and decarbonization efforts. This is enhanced by continuous technological advancements, including higher-efficiency perovskite tandems and bifacial panels that boost energy yield by up to 30%, making solar competitive with fossil fuels even in regions with moderate insolation. Additionally, declining module prices due to manufacturing overcapacity and supply chain optimizations, particularly from Asia, combined with rising global energy demands and corporate sustainability commitments, enable affordable access for residential and commercial sectors, fostering market expansion through increased installations and energy independence. Restraints Restraints in the solar (photovoltaic) PV panels market include supply chain vulnerabilities, such as reliance on polysilicon from China, which faces geopolitical risks and price fluctuations, leading to project delays and cost increases in import-dependent regions. Intermittency issues requiring energy storage solutions add to overall system expenses, limiting scalability in grid-constrained areas. Moreover, end-of-life recycling challenges for panels, with limited infrastructure for handling hazardous materials, raise environmental concerns and regulatory hurdles, potentially slowing adoption amid sustainability scrutiny. Opportunities Opportunities in the solar (photovoltaic) PV panels market emerge from the integration of smart technologies like AI for predictive maintenance and IoT for performance monitoring, enhancing system efficiency and appealing to utility operators seeking optimized yields. The expansion of floating solar and agrivoltaics offers untapped potential in land-scarce regions, providing dual benefits for agriculture and energy production. Furthermore, green hydrogen initiatives and electrification in emerging markets present avenues for hybrid PV systems, supported by international funding for clean energy transitions. Challenges Challenges in the solar (photovoltaic) PV panels market involve grid integration limitations in aging infrastructure, unable to accommodate high renewable penetration without upgrades, leading to curtailment in saturated markets. Trade tariffs and protectionist policies disrupt global supply chains, increasing costs for non-domestic manufacturers. Additionally, material shortages for critical components like silver in high-efficiency cells pose supply risks, necessitating innovation in alternatives amid growing demand. JinkoSolar, JA Solar, Trina Solar, LONGi Green Energy, Canadian Solar, and Others The Solar (Photovoltaic) PV Panels market is segmented by technology, application, end-use, and region. Based on the Technology Segment, the monocrystalline silicon subsegment is the most dominant, holding around 70% share, due to its high efficiency and space-saving design ideal for residential rooftops, which drives the market by maximizing energy output in limited areas and reducing installation costs per watt. The thin-film subsegment is the second most dominant, with approximately 15% share, as it offers flexibility for building-integrated applications, contributing to market growth by enabling aesthetic integrations in commercial structures. Based on Application Segment, the utility-scale subsegment is the most dominant, capturing about 60% share, attributed to large projects benefiting from economies of scale and low LCOE, which propels the market by meeting bulk energy demands and supporting grid decarbonization. The commercial & industrial subsegment is the second most dominant, with around 25% share, owing to on-site generation for cost savings, helping to drive the market through corporate renewable goals. Based on the end-use segment, the power utilities subsegment is the most dominant, with roughly 50% share, facilitated by grid-scale deployments for renewable integration, driving the market by addressing energy security and policy targets. The manufacturing subsegment is the second most dominant, holding about 20% share, propelled by captive power needs, which contribute to market expansion by lowering operational expenses. Asia Pacific commands the solar (photovoltaic) PV panels market with around 70% share, fueled by massive manufacturing and policy support; China dominates this region, with over 85% of global module production, driving growth through cost leadership and domestic installations. North America exhibits strong performance, supported by incentives like the ITC; the United States dominates, projecting 39 GW additions in 2025, contributing via shale integration and corporate procurements. Europe maintains steady momentum, driven by EU Green Deal; Germany dominates, with 16.7 GW installed in 2024, supporting through high-efficiency R&D and grid parity. Latin America shows promising expansion, influenced by solar resources; Brazil dominates, with utility-scale projects aiding renewable transitions. The Middle East and Africa represent emerging prospects, boosted by abundant sunlight; the UAE dominates, with ambitious solar parks under Vision 2031. By Technology By Application By End-Use By RegionSolar (Photovoltaic) PV Panels Market Size, Share and Trends 2026 to 2035
What are the Key Insights into Solar (Photovoltaic) PV Panels Market?
What is the Solar (Photovoltaic) PV Panels?
What are the Market Dynamics Affecting Solar (Photovoltaic) PV Panels?
Solar (Photovoltaic) PV Panels Market: Report Scope
Report Attributes
Report Details
Report Name
Solar (Photovoltaic) PV Panels Market
Market Size 2025
USD 187.7 Billion
Market Forecast 2035
USD 616.59 Billion
Growth Rate
CAGR of 12.6%
Report Pages
220
Key Companies Covered
Segments Covered
By Technology, By Application, By End-Use, and By Region
Regions Covered
North America, Europe, Asia Pacific (APAC), Latin America, and The Middle East and Africa (MEA)
Base Year
2025
Historical Year
2020 - 2024
Forecast Year
2026 - 2035
Customization Scope
Avail customized purchase options to meet your exact research needs.
How is the Solar (Photovoltaic) PV Panels Market Segmented?
What are the Recent Developments in Solar (Photovoltaic) PV Panels Market?
How Does Regional Analysis Impact Solar (Photovoltaic) PV Panels Market?
Who are the Key Market Players in Solar (Photovoltaic) PV Panels?
What are the Market Trends Shaping Solar (Photovoltaic) PV Panels?
What Market Segments and Subsegments are Covered in the Solar (Photovoltaic) PV Panels Report?
Frequently Asked Questions
Solar (photovoltaic) PV panels are devices that convert sunlight into electricity using semiconductor materials, primarily silicon, for renewable energy generation in various applications.
Key factors include government incentives, technological advancements in efficiency, declining costs, and rising renewable energy demands.
The solar (photovoltaic) PV panels market is projected to grow from approximately USD 206 billion in 2026 to USD 616.59 billion by 2035.
The CAGR value is expected to be 12.6% during 2026-2035.
Asia Pacific will contribute notably, driven by manufacturing dominance and policy support.
Major players include JinkoSolar, JA Solar, Trina Solar, LONGi Green Energy, and Canadian Solar.
The report provides in-depth analysis on market size, trends, segments, regions, players, and forecasts from 2026 to 2035.
Stages include raw material extraction, wafer production, cell manufacturing, module assembly, distribution, installation, and recycling.
Trends are evolving toward high-efficiency bifacial and perovskite panels, with preferences for sustainable, cost-effective solutions.
Regulatory factors include incentives like tax credits, while environmental factors involve sustainability pressures for recycling and low-carbon production.