(MENAFN- GlobeNewsWire - Nasdaq) The global solar panel market is expanding due to decreasing PV costs and supportive policies. Key opportunities include accessibility of solar energy over traditional sources and integrated solar-plus-storage solutions enhancing grid reliability. Challenges involve grid updates and managing surplus solar output.Dublin, Dec. 01, 2025 (GLOBE NEWSWIRE) -- The "Solar Panels Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2020-2030F" has been added to ResearchAndMarkets's offering.
The Global Solar Panels Market, valued at USD 270.14 Billion in 2024, is projected to experience a CAGR of 11.86% to reach USD 529.22 Billion by 2030. The global solar panels market growth is primarily supported by the decreasing cost of solar technology and associated energy storage solutions, coupled with favorable government policies and incentives worldwide. Additionally, increasing global commitments to renewable energy and carbon neutrality further bolster market expansion.
![]()
Key Market Drivers: The global solar panels market is significantly propelled by the substantial decrease in the cost of solar photovoltaic technology, rendering solar energy increasingly competitive with traditional power sources. This sustained cost reduction has broadened accessibility and stimulated widespread adoption across various scales, from large utility projects to residential installations. According to the International Renewable Energy Agency, in its "Renewable power generation costs in 2023" report, published in 2024, the global average cost of electricity from utility-scale solar PV fell by 12% in 2023. This ongoing decline is a critical enabler, enhancing return on investment for developers and reducing financial barriers for consumers, thereby accelerating market penetration.
Key Market Challenges: A significant challenge for the global solar panels market is the escalating need for enhanced energy system flexibility and grid infrastructure upgrades. Policymakers and regulators have consistently underestimated the rapid pace of solar development, leading to insufficient investment in grid capabilities and outdated networks. This underinvestment directly results in operational issues such as rising curtailment rates, where generated solar electricity cannot be integrated into the grid, and instances of negative electricity prices. These factors significantly threaten the financial viability of solar projects by reducing potential revenue and increasing investment risk.
Key Market Trends: The trend of integrated solar-plus-storage solutions is significantly transforming the global solar panels market by directly addressing the inherent intermittency of solar energy, thereby enhancing grid stability and overall energy reliability. This integration allows for the optimal dispatch of energy, enabling consumers and utilities to store excess generation for use during periods of high demand or when solar output is reduced. According to SolarPower Europe, Europe installed 21.9 GWh of battery energy storage systems in 2024, demonstrating a robust commitment to pairing solar generation with reliable storage infrastructure. This combined approach maximizes the value proposition of solar installations, mitigates the need for extensive grid infrastructure upgrades to manage fluctuating solar input, and accelerates the broader adoption of renewable energy by ensuring a consistent and predictable power supply.
Key Market Players Profiled:
LONGi Green Energy Technology Co. Ltd JinkoSolar Holding Co., Ltd. First Solar, Inc. Canadian Solar Inc. Trina Solar Co. Ltd. JA Solar Holdings Co., Ltd. Hanwha Q CELLS Co., Ltd. SunPower Corporation GCL Technology Holdings Ltd. Renhe Commercial Holdings Co., Ltd.
Report Scope: In this report, the Global Solar Panels Market has been segmented into the following categories:
By Technology:
Solar PV Concentrated Solar Power
By Module Type:
By Grid Connectivity:
By Application:
Residential Commercial Industrial
By Region:
North America Europe Asia-Pacific South America Middle East & Africa
Key Attributes
CONTACT:
CONTACT:
Laura Wood,Senior Press Manager...
For E.S.T Office Hours Call 1-917-300-0470
For U.S./ CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
Comments
No comment