Global Solar PV Panels Market reached US$180.29 billion in 2024 and is expected to reach US$330.50 billion by 2032, growing with a CAGR of 7.87% during the forecast period 2025-2032, according to DataM Intelligence report.
A solar PV (photovoltaic) panel is a device that converts solar radiation directly into direct current (DC) electricity using the photovoltaic effect. It is an assembly of multiple photovoltaic cells, which are typically made from crystalline silicon (monocrystalline or polycrystalline) or thin-film materials like cadmium telluride (CdTe). These panels are the core component of a solar energy system, which also includes inverters, batteries, and other components, and are used to generate electricity for residential, commercial, and utility-scale applications.
Download Sample:
https://www.datamintelligence.com/download-sample/solar-pv-panels-market
Recent News
- August 2025: Indian company Servotech Renewable secured a significant 7.3 MW rooftop solar order from the North Western Railway, Jaipur Division, for a project valued at over ₹28.84 crore, showcasing continued investment in large-scale solar projects.
- August 2025: Vikram Solar, a major Indian solar module manufacturer, launched its IPO, which was met with strong investor demand and subscribed over six times on its final day, indicating high market confidence in the sector.
- June 2025: A new report highlighted the challenges and opportunities for India's solar industry, noting that while the country's solar transition is on track, land conflicts and population density pose significant stumbling blocks to achieving ambitious renewable energy goals.
- August 2025: NTPC Green Energy commissioned new solar and wind energy capacities, including a 212.5 MW solar project in Gujarat, as part of its ongoing efforts to expand its renewable energy portfolio and meet growing energy demand.
Segmentation
- By Technology: Monocrystalline Silicon, Polycrystalline Silicon, Thin-Film Technology, Others.
- By Grid: On-Grid, Off-Grid, Hybrid.
- By Installation: Ground-Mounted, Rooftop Solar Panels, Floating Solar Panels, Others.
- By Application: Residential, Commercial, Industrial, Utility-Scale.
Leading Companies
ABB, Adani Group, Hanwha Q CELL, Huawei, JA Solar, JinkoSolar, LONGI, Mitsubishi Electric, Sharp, Trina Solar.
Customization Report Link:
https://www.datamintelligence.com/customize/solar-pv-panels-market
Market Trends
- Dominance of Monocrystalline Panels: Monocrystalline silicon panels, due to their higher efficiency and durability, are increasingly dominating the market, with manufacturers shifting away from polycrystalline technology.
- Technological Advancements: Innovation is a key trend, with ongoing research and development in areas like building-integrated photovoltaics (BIPV), which seamlessly integrates solar panels into building materials, and floating solar (FPV), which installs panels on bodies of water.
- Cost Reduction: The cost of solar panels continues to decline, making solar power more competitive with traditional energy sources and driving wider adoption.
Business Opportunities
- Solar Project Development and Installation: With increasing demand for solar energy, there are significant opportunities for companies that specialize in the design, installation, and maintenance of solar systems for residential, commercial, and utility-scale projects.
- Manufacturing and Supply Chain: Opportunities exist in manufacturing solar panels, inverters, batteries, and other components. The growth of the market also creates a need for robust distribution and logistics networks.
- Agrivoltaics and Floating Solar: The emerging fields of agrivoltaics (combining agriculture with solar farms) and floating solar offer innovative ways to generate energy while optimizing land or water use.
Investment Analysis
- Favorable Government Policies: Government incentives like tax credits, subsidies, and renewable energy targets are crucial for attracting investment and ensuring project viability.
- Economies of Scale: As manufacturing capacity and project sizes increase, costs continue to fall, improving profitability and making solar a more attractive investment.
- Market Diversification: The growth of the market across different segments (residential, commercial, utility) and applications (on-grid, off-grid) diversifies risk and creates multiple avenues for return.
Buy Now:
https://www.datamintelligence.com/buy-now-page?report=solar-pv-panels-market
Summary
The global solar PV panels market is experiencing exponential growth, driven by falling costs, increasing environmental awareness, and supportive government policies. The market is defined by the conversion of sunlight into electricity, with a strong focus on high-efficiency monocrystalline panels for both utility-scale and rooftop applications. Significant business opportunities lie in manufacturing, project development, and innovative applications like agrivoltaics and floating solar, while investment is buoyed by favorable regulations and a strong push for renewable energy.
Request for 2 Days FREE Trial Access: https://www.datamintelligence.com/reports-subscription
Power your decisions with real-time competitor tracking, strategic forecasts, and
global investment insights all in one place.
✅ Competitive Landscape
✅ Sustainability Impact Analysis
✅ Technology Road Map Analysis
✅ KOL / Stakeholder Insights
✅ Unmet Needs & Positioning, Pricing & Market Access Snapshots
✅ Market Volatility & Emerging Risks Analysis
✅ Quarterly Industry Report Updated
✅ Live Market & Pricing Trends
✅ Import-Export Data Monitoring
✅ Consumer Behavior & Demand Analysis
Have a look at our Subscription Dashboard:
https://www.youtube.com/watch?v=x5oEiqEqTWg
About DataM Intelligence
DataM Intelligence
4Market Research LLP offers real-time competitive intelligence in rare
diseases, respiratory health, and genetic therapies. We track pipeline trends,
clinical data, pricing insights, and market access to support better
decision-making across healthcare sectors.
🔗 Visit: www.datamintelligence.com