Solar Energy Panel Market Size, Share & Analysis Report by Panel Type (Monocrystalline, Polycrystalline, Hybrid, Black Backed, Thin Film) and Mounting System (Ground, Roof, Solar, Fixed), and Regional Forecasts, 2023 - 2030

Report Overview

The Solar Energy Panel Market was valued at 153.74 Billion in 2022 and expected to grow at CAGR of 9.01% over forecast period.

The global shift toward renewable energy sources to mitigate climate change and ensure energy security is a key driver in the solar energy panel market. Solar panels provide a clean and virtually limitless source of electricity generation by harnessing the abundant and sustainable power of sunlight. Solar energy panels have gained prominence as countries and industries strive to reduce greenhouse gas emissions and transition away from fossil fuels due to falling costs, technological advancements, and increasing efficiency.

Government incentives, policies encouraging the deployment of renewable energy, and growing public awareness of environmental concerns are driving investments in solar energy infrastructure. Furthermore, the ability to provide electricity to remote or underserved areas and the potential for decentralized energy production solidify solar panels as a major contributor to the global energy transition, driving market growth and innovation.

Panel Type Outlook

Based on Panel Type, the Solar Energy Panel Market is segmented into Monocrystalline, Polycrystalline, Hybrid, Black Backed, Thin Film.  Thin film segment accounted for largest share in 2022. Thin film solar panels have advantages such as flexibility, lightweight design, and the ability to be integrated into various surfaces, allowing for a wide range of applications in both urban and remote settings. Thin film technology's adaptability and lower manufacturing costs become appealing options as industries and governments prioritize sustainable energy sources. Furthermore, advances in thin film efficiency, such as perovskite-based cells, have the potential to improve energy conversion rates.

As the world shifts toward renewable energy, these panels are gaining popularity due to their high energy conversion efficiency and decreasing costs, making solar power more economically viable. Government incentives, net metering policies, and consumer demand for environmentally friendly energy solutions all contribute to the widespread use of crystalline silicon panels in residential, commercial, and utility-scale applications.

Mounting System Outlook

Based on Mounting System, Solar Energy Panel Market is segmented into Ground, Roof, Solar, Fixed. Roof accounted for largest share in 2022. Roof solar panels provide an accessible and efficient way for residential, commercial, and industrial consumers to generate their own electricity, reducing dependence on traditional grid sources and offering potential cost savings over the long term. The growing awareness of environmental concerns and the desire to reduce carbon footprints have led to a surge in demand for rooftop solar installations.

Ground-mounted solar panels provide ample space for solar array deployment, making them particularly appealing for utility-scale projects and solar farms. These installations benefit from economies of scale, allowing for more cost-effective energy production while also helping to reduce greenhouse gas emissions. Land availability, particularly in sunny areas, combined with government incentives and renewable energy targets, has fueled investment in ground solar projects. Furthermore, advancements in tracking systems and panel efficiency boost energy output, piqueing the interest of both investors and energy providers looking to diversify their renewable energy portfolios and contribute to a more sustainable future.

Regional Outlook

Asia Pacific is emerged as leading market for Solar Energy Panel Market in 2022.Solar panels offer a viable solution to address energy security and environmental concerns as rapidly growing economies across Asia Pacific strive for sustainable development. Solar energy is a plentiful resource in many countries in the region due to favorable solar irradiance levels, which drives the adoption of solar panels for both utility-scale projects and decentralized installations. Government policies, subsidies, and feed-in tariffs aimed at promoting renewable energy have boosted market growth even further. With rising urbanization, expanding populations, and a focus on green technologies, Asia Pacific is a major driver of global solar energy panel deployment, encouraging innovation, investment, and sustainable energy transitions.

North America is expected to be the second-most prominent area in terms of Solar Energy Panel Market share. As people become more aware of the environmental consequences of traditional energy sources, solar panels provide a clean and sustainable solution for residential, commercial, and utility-scale electricity generation. Government policies that encourage solar investment include tax breaks and renewable portfolio standards. Technological advancements, such as improvements in panel efficiency and energy storage solutions, boost consumer and industry confidence in the reliability and economic viability of solar energy. As North America strives to reduce carbon emissions, strengthen grid resilience, and diversify its energy mix, the solar energy panel market expands, attracting investments and contributing to the larger transition to cleaner energy sources.

Solar Energy Panel Market Report Scope

Global Solar Energy Panel Market, Report Segmentation

Solar Energy Panel Market, By Panel Type

• Monocrystalline
• Polycrystalline
• Hybrid
• Black Backed
• Thin Film

Solar Energy Panel Market, By Mounting System

• Ground
• Roof
• Solar
• Fixed

Solar Energy Panel Market, Regional Outlook

North America

• U.S.
• Canada
• Mexico

Europe

• Germany
• UK
• Spain
• Russia
• France
• Italy

Asia Pacific

• China
• Japan
• India
• South Korea
• Australia

CSA

• Brazil
• Argentina

MEA

• UAE
• Saudi Arabia
• South Africa