Photovoltaic Solar Panel Market Reaching USD 452.3 Bn by 2034

Overview

New York, NY – June 16, 2025 – The Global Photovoltaic Solar Panel Market is growing fast, driven by rising demand for clean energy and government support for renewable power. In 2024, the market was valued at USD 201.9 billion and is expected to reach USD 452.3 billion by 2034, growing at a strong 8.4% CAGR.

In 2024, Monocrystalline Silicon (Mono-Si) led the global photovoltaic solar panel market with a commanding 57.4% share. Ground-mounted systems dominated the global photovoltaic solar panel market in 2024, securing a 67.1% share. This growth was fueled by the widespread adoption of utility-scale solar farms in regions with abundant land and high solar exposure.

On-grid systems captured an overwhelming 84.6% share of the global photovoltaic solar panel market in 2024. Their popularity was driven by seamless integration with national grids, enabling excess power to be sold back through net metering. The Utilities Segment led the global photovoltaic solar panel market in 2024, holding a 62.2% share. This was propelled by the rapid growth of utility-scale solar power plants feeding electricity directly into national grids.

Key Takeaways

• Photovoltaic Solar Panel Market size is expected to be worth around USD 452.3 billion by 2034, from USD 201.9 billion in 2024, growing at a CAGR of 8.4%.
• Mono-Si (Monocrystalline Silicon) held a dominant market position, capturing more than a 57.4% share.
• Ground Mounted installations held a dominant market position, capturing more than a 67.1% share.
• On-grid systems held a dominant market position, capturing more than an 84.6% share of the global photovoltaic solar panel market.
• Utilities held a dominant market position, capturing more than a 62.2% share of the global photovoltaic solar panel market.
• Asia-Pacific (APAC) region held a commanding position in the global photovoltaic (PV) solar panel market, capturing approximately 46.5% of the market share, equating to a valuation of around USD 93.8 billion.

How Growth is Impacting the Economy

• The Photovoltaic Solar Panel Market’s growth in 2024 significantly impacted global economies. The Asia-Pacific region’s USD 93.8 billion market, driven by countries like Japan and Australia, created thousands of jobs in manufacturing, installation, and maintenance. Investments in solar infrastructure boosted local economies, with government subsidies and tax incentives attracting foreign capital. Utility-scale projects, backed by power purchase agreements, ensured stable revenue streams, enhancing energy security.
• Declining solar component costs reduced energy prices, benefiting consumers and businesses. This shift toward renewables lowered carbon emissions, aligning with global sustainability goals and reducing reliance on fossil fuels. However, challenges like supply chain constraints and high initial investment costs persist, particularly in developing regions. Overall, the PV market’s expansion fosters economic resilience, supports green innovation, and drives long-term cost savings, positioning solar energy as a cornerstone of sustainable economic development.

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Strategies for Businesses

• Businesses in the photovoltaic solar panel market should focus on innovation, scalability, and strategic partnerships. Investing in R&D to improve Mono-Si panel efficiency and reduce production costs can enhance competitiveness. Expanding into high-growth regions like Asia-Pacific, leveraging government subsidies, and targeting utility-scale projects can drive revenue.
• Collaborating with local governments and utilities to secure long-term PPAs ensures stable returns. Adopting sustainable supply chain practices mitigates risks from global disruptions. Additionally, offering financing solutions for residential and commercial installations can broaden market reach. Emphasizing aesthetic, compact designs and integrating smart technologies, like energy storage systems, will attract diverse customers and strengthen market positioning.

Report Scope

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Key Market Segments

By Technology

• In 2024, Monocrystalline Silicon (Mono-Si) led the global photovoltaic solar panel market with a commanding 57.4% share. Its dominance stemmed from superior energy conversion efficiencies, typically ranging from 18% to 22%, making it ideal for space-constrained residential and commercial installations. The sleek black design and compact size of Mono-Si panels further boosted their popularity among homeowners and businesses prioritizing both performance and aesthetics.

By Installation

• Ground-mounted systems dominated the global photovoltaic solar panel market in 2024, securing a 67.1% share. This growth was fueled by the widespread adoption of utility-scale solar farms in regions with abundant land and high solar exposure. These installations are favored for their scalability, low maintenance, and cost-effectiveness, supporting large-capacity projects critical to national renewable energy targets.

By Grid Type

• On-grid systems captured an overwhelming 84.6% share of the global photovoltaic solar panel market in 2024. Their popularity was driven by seamless integration with national grids, enabling excess power to be sold back through net metering. Supported by favorable policies, on-grid setups became the preferred choice for utility-scale solar farms, commercial rooftops, and urban residential systems, offering strong financial incentives.

By Application

• The utilities segment led the global photovoltaic solar panel market in 2024, holding a 62.2% share. This was propelled by the rapid growth of utility-scale solar power plants feeding electricity directly into national grids. Spanning vast areas and backed by long-term power purchase agreements (PPAs), these projects ensured consistent demand and reliable returns for investors.

Regional Analysis

• In 2024, the Asia-Pacific (APAC) region dominated the global photovoltaic (PV) solar panel market, accounting for 46.5% of the market share, valued at approximately USD 93.8 billion. This leadership was driven by significant investments in solar infrastructure, supportive government policies, and a strong commitment to renewable energy.
• Technological advancements and falling solar component costs further accelerated PV adoption across the region. Countries like Japan, South Korea, and Australia made notable progress, with Australia’s solar PV capacity exceeding 37.8 GW by September 2024. Subsidies, tax incentives, and favorable regulations fostered both domestic and foreign investment, aligning with global sustainability goals to reduce carbon emissions and enhance energy security.

Recent Developments

1. Abengoa

• Abengoa has been focusing on large-scale solar projects, including hybrid solar-thermal plants. Recently, the company secured contracts for solar power plants in the Middle East and Africa, integrating advanced PV technology with energy storage solutions. Abengoa is also working on improving solar panel efficiency through new materials and AI-driven optimization.

2. Acciona Energía S.A.

• Acciona Energía has expanded its solar portfolio with new PV farms in Spain and Australia. The company is investing in bifacial solar panels and floating solar projects to maximize energy output. Recently, it partnered with a European energy firm to develop agrivoltaic systems, combining solar power with agriculture.

3. BrightSource Energy, Inc.

• BrightSource, known for concentrated solar power (CSP), is now integrating PV technology into hybrid plants. The company recently collaborated with a U.S. utility to deploy high-efficiency solar panels with thermal storage, ensuring a 24/7 renewable energy supply. Their innovations focus on reducing land use while increasing power output.

4. Canadian Solar Inc.

• Canadian Solar launched its new TOPCon solar panels, offering higher efficiency and durability. The company is expanding manufacturing in the U.S. to meet growing demand under the Inflation Reduction Act (IRA). Additionally, it secured a major solar farm contract in Brazil, boosting its global market presence.

5. eSolar Inc.

• eSolar is advancing modular solar power solutions, focusing on scalable PV systems for industrial use. Recently, it partnered with a tech firm to integrate AI-based tracking systems, improving solar panel performance. The company is also exploring lightweight, flexible solar panels for commercial rooftops.

Conclusion

The Photovoltaic Solar Panel Market demonstrated robust growth, led by Mono-Si technology, on-grid systems, and utility-scale projects. This expansion fuels job creation, energy security, and sustainability, reshaping global economies. Businesses must innovate and leverage partnerships to capitalize on this growth. Analysts foresee a bright future, with technological advancements and supportive policies propelling the market forward. The PV sector remains pivotal in achieving a sustainable, low-carbon global energy landscape.

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