Solar PV panel market seen hitting $641.1 billion by 2030

By AI, Created 5:51 AM UTC, June 04, 2026, /AGP/ – Allied Market Research projects the global solar PV panel market will grow from $180.4 billion in 2020 to $641.1 billion by 2030, powered by renewable-energy spending, policy support and falling technology costs. Utilities, Asia-Pacific and crystalline silicon panels are expected to anchor much of that growth.

Why it matters: - The solar PV panel market is set to expand sharply as countries, utilities and businesses push harder into clean power. - The projected rise to $641.1 billion by 2030 reflects a broader shift toward grid-scale solar as a core part of the energy transition. - The growth outlook also points to continued demand for manufacturing, installation, storage and grid-connected infrastructure.

What happened: - Allied Market Research said the global solar PV panel market was valued at $180.4 billion in 2020 and is projected to reach $641.1 billion by 2030. - The report forecasts a 11.9% compound annual growth rate from 2021 to 2030. - The report cites renewable energy investment, supportive government policies, lower solar technology costs and rising environmental awareness as key growth drivers. - Allied Market Research published the report on June 4, 2026. - The report includes a PDF brochure and a customization request page.

The details: - Solar PV panels convert sunlight into electricity through photovoltaic cells made from semiconductor materials. - Solar panels serve residential, commercial and industrial applications. - Crystalline silicon accounted for about 86.8% of revenue in 2020 and remained the dominant technology segment. - Crystalline silicon panels are favored for high conversion efficiency, long life, reliability and performance across different conditions. - On-grid systems held the largest market share in 2020 and remain the leading deployment model. - On-grid systems connect directly to the electricity grid and can export excess power back to the network. - The utility sector represented about 42.8% of total revenue in 2020. - Utility-scale solar is benefiting from lower costs and rising electricity demand. - The commercial and industrial segment is expected to grow the fastest over the forecast period. - Solar use is spreading across rooftops, warehouses, office complexes, logistics hubs, agricultural operations, telecommunications infrastructure and transportation systems. - In remote and off-grid locations, solar PV systems can provide electricity without extensive transmission infrastructure. - Asia-Pacific accounted for more than 52.5% of total revenue in 2020 and led the global market. - China remains a leading solar manufacturing and deployment hub, while India is one of the fastest-growing solar markets. - Europe is expected to post the highest CAGR through 2030.

Between the lines: - The report shows the market’s center of gravity remains with utility-scale projects, even as commercial and industrial adoption accelerates. - Policy support matters because tax credits, subsidies, feed-in tariffs, renewable portfolio standards and net metering help reduce upfront costs and speed deployment. - The competitive field is intense, with companies focused on capacity expansion, product development, partnerships and R&D. - Named market participants include JA Solar, Jinko Solar, Aiko Solar, First Solar, Hanwha Solutions, Tongwei Group, Shunfeng International Clean Energy, Trina Solar, Yingli Solar, Waaree Energies, Risen Energy, GCL-SI, Talesun, SunPower and ReneSola. - The COVID-19 pandemic temporarily disrupted manufacturing, logistics and project execution, but the industry recovered as green recovery spending and sustainability priorities increased.

What’s next: - Allied Market Research expects renewable-energy targets, technology advances and lower installation costs to keep the market growing through 2030. - Europe should capture more growth as countries expand solar capacity to meet carbon-neutrality goals. - Grid-connected and utility-scale projects are likely to stay central as governments and energy companies add large solar farms, solar parks, floating solar systems and hybrid renewable facilities. - Further expansion in residential, commercial and industrial solar adoption will depend on continued policy support and falling costs.

The bottom line: - Solar PV panels are moving from a fast-growing clean-energy option to a mainstream power source, with utility-scale deployment driving the next phase of growth.