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Solar Panels Market Size is Surge at USD 317.41 Billion by 2031 With CAGR of 8.03% | Rising Demand Due to Government Initiatives and Technological Advancements

The Solar Panels Market size is expected to reach USD 317.41 billion by 2031 and grow at a CAGR of 8.03% over the forecast period of 2024-2031.

The solar panel market is experiencing a push, influenced by a several of environmental and economic forces.

A growing public consciousness about climate change, with 70% of citizens globally according to a 2022 Ipsos survey favouring renewable energy sources, is prompting a shift towards sustainable solutions. Government incentives, like net metering policies that allow homeowners to earn credits for excess electricity produced, are making solar panel installations even more attractive. This several key factors are leading to a dramatic rise in solar adoption, with installations in the United States alone growing by 43% in 2022.


  • Sunrun, Inc.
  • Pekat Group Bhd.
  • Insolation Energy Ltd.
  • Stilo Energy SA
  • Erato Energy SA
  • Enerside Energy SA
  • Minutor Energia SA
  • Tangshan Haitai New Energy Technology Co., Ltd.
  • Siemens Gamesa Renewable Energy SA
  • Trina Solar Co., Ltd.

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While steadily declining, the initial investment in purchasing and installing a solar panel system can still be substantial. 

The high cost can be daunting for homeowners, especially when compared to the often-lower upfront price of traditional grid-based electricity. Further hampering enthusiasm is the intermittency of solar power generation. Unlike fossil fuel or nuclear plants, solar panels rely on sunshine, leading to fluctuations in energy output. This can be a concern for homeowners seeking a completely reliable and consistent power source.

The growth is associated with two key trends: efficiency breakthroughs and falling costs.

Advancements like multi-junction cells are squeezing more power out of sunlight, while panel prices continue to drop. The result? Solar panels are becoming an increasingly irresistible option for budget-minded consumers.

This affordability, combined with growing environmental awareness and government support for renewable energy, is pushing solar panel adoption to unprecedented levels. Even developing countries, facing exploding energy demands, are embracing solar as a sustainable solution for the future.

Market Segments:

By Grid Type

  • On Grid
  • Off Grid

By Technology

  • Thin Film
  • Crystalline Silicon
  • Others

By Application

  • Residential
  • Commercial
  • Industrial

On-grid systems, capturing the maximum share of the market at roughly 65%, seamlessly integrate with the existing electrical grid.

This allows excess energy production during peak sunlight hours to be fed back into the grid, potentially earning credits for homeowners and offsetting electricity bills.  On the other hand, off-grid systems, representing the remaining 35% of the market, provide to remote locations or areas with unreliable grid access.

Dominating the global solar panel landscape, the Asia Pacific region is a powerhouse for Solar Panels Market. 

In 2023, the APAC solar panels market was valued for $68.172 billion, and this figure is expected to increase to a $126.96 billion by 2031, reflecting a CAGR of 8.70%. China leads the charge, boasting an astonishing 390 GW of installed solar capacity by the end of 2024. This constitutes over 65% of the global solar PV installed capacity within APAC. India isn’t far behind, experiencing significant growth with over 56 GW of installed capacity in 2022, with 13 GW added that year alone.

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Recent Developments:

  • Leading player Hanwha Q CELLS, looking to solidify its position as a clean energy solutions provider, acquired a majority stake in LYNQTECH GmbH in July 2022.
  • Meanwhile, established giant First Solar continues to champion sustainability. Their high-efficiency solar panels were recently chosen to power a significant portion of Nevada Gold Mines’ energy needs, showcasing the technology’s viability for large-scale industrial applications.
  • Beyond established names, Ascent Solar Technologies is making waves with its next-generation approach. Partnering with space developer Momentus, they’re creating customized solar panels for deployment on spacecraft.

Key Takeaways:

  • Governments are sweetening the deal with incentives and tax breaks, making solar panels a more affordable option for homes and businesses. As a result, the Asia-Pacific region, with its booming economies and surging energy needs, is expected to be a major growth driver.
  • However, challenges remain. While material costs are dropping, the upfront installation price can still be a hurdle.
  • Additionally, maximizing solar energy capture requires significant land area, which can be a limitation in densely populated areas. Despite these hurdles, the future of solar panels looks bright.

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 Table of Contents – Major Key Points

  1. Introduction
  2. Research Methodology
  3. Market Dynamics
  4. Impact Analysis
    • COVID-19 Impact Analysis
    • Impact of Ukraine- Russia war
    • Impact of ongoing Recession
  5. Value Chain Analysis
  6. Porter’s 5 Forces Model
  7. PEST Analysis
  8. Solar Panels Market Segmentation, By Grid Type
  9. Solar Panels Market Segmentation, By Technology
  10. Solar Panels Market Segmentation, By Application
  11. Regional Analysis
  12. Company Profiles
  13. Competitive Landscape
  14. Conclusion

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