HYDERABAD, India, Aug. 26, 2025 /PRNewswire/ -- As per DataM Intelligence analysis, "The Solar PV Panels Market Size was valued at US$180.29 billion in 2024 and is projected to reach US$330.50 billion by 2032, growing at a CAGR of 7.87% (2025-2032)."
Over the past decade, solar PV capacity has grown at an unprecedented pace, rising from around 1,048 GW in 2021 to more than 2.2 TW by the end of 2024, according to the International Energy Agency (IEA). Looking ahead, annual renewable capacity additions are expected to approach 935 GW by 2030, with solar PV representing the dominant share. This scale-up underscores the sector's transformation from a niche technology into a central pillar of the global energy system.
The accelerating demand for clean and renewable energy is the primary catalyst for market growth. Across industries and geographies, businesses, governments, and consumers are aligning strategies to reduce emissions and mitigate fossil fuel dependency. Solar PV technology is emerging as a scalable and cost-competitive solution, benefiting from sustained policy support and falling technology costs.
Policy incentives remain central. For instance, the Government of India's June 2026 mandate, requiring solar modules to be manufactured using domestically produced cells, highlights both the direction of industrial policy and the expanding scope for localized manufacturing ecosystems.
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Private sector investments are also amplifying momentum. In April 2025, Reliance Industries launched a 10 GW solar PV production line at its Jamnagar Giga factory, producing modules with efficiencies of up to 720 watts. This initiative, part of Reliance's US$ 10 billion clean energy strategy, demonstrates how industry leaders are positioning to capture value in high-efficiency, next-generation solar technologies.
Europe is entering a structural growth phase in solar deployment. Driven by the EU's decarbonization commitments and the REPowerEU plan, solar has become the fastest-growing power source in the region.
- In 2024, solar contributed nearly 41% of new power capacity additions, lifting cumulative EU solar capacity to 338 GW, marking the eighth consecutive year of double-digit growth.
- This growth is reinforced by a supportive policy environment, with member states implementing net-billing schemes, tax reliefs, grants, and low-cost financing, while streamlining permitting for rooftop and C&I (Commercial & Industrial) projects below 500 kWp.
- Beyond policy, investment models are evolving: utilities, municipalities, and corporates are increasingly integrating PV with storage and smart energy management systems to enhance self-consumption and stabilize returns.
Europe's solar expansion is also transforming the supply chain. Manufacturers such as JinkoSolar are deploying N-type TOPCon modules with >23% cell efficiency, extended warranties, and lower degradation rates. With over 200 GW of modules delivered globally, JinkoSolar and peers are positioned to underpin Europe's ambition to combine energy security, affordability, and ESG compliance in its solar strategy.
U.S. Solar Industry Faces Escalating Trade Dispute
In mid-2025, the U.S. solar industry was thrust into the spotlight amid a mounting trade conflict. A coalition of American manufacturers including First Solar, Qcells, Talon PV, and Mission Solar petitioned the U.S. Commerce Department to levy steep anti-dumping and countervailing duties on imports from India, Indonesia, and Laos. The manufacturers alleged that these countries were selling panels at artificially low prices, propped up by state subsidies, and destabilizing the U.S. market.
The data reinforced their argument. U.S. imports of solar equipment from India alone surged from US$ 289 million in 2022 to over US$ 1.6 billion in 2023, a fivefold increase. Industry groups warned that this surge jeopardized domestic jobs and conflicted with the Biden administration's strategy to strengthen homegrown clean energy capacity. The petition followed earlier tariff actions against Southeast Asian producers, signaling Washington's growing determination to shield its solar sector from external competition.
For Indian exporters, particularly Waaree Energies, the petition was anticipated. The company publicly reaffirmed its commitment to fair pricing and transparency but simultaneously accelerated its U.S. production expansion to 3.2 GW by year end 2025 as a defensive measure. While larger firms could adapt, smaller Indian players risked being severely impacted by higher tariffs, which would raise export costs, erode margins, and weaken competitiveness in the U.S.
The broader implications extend beyond trade. For American developers, more expensive imports could translate into project delays, tighter margins, or a forced pivot to alternative suppliers. Strategically, the dispute highlighted how geopolitical tensions and trade policy are now as decisive as technology and cost efficiency in shaping the global solar market. Echoing past tariff disputes with China, the episode underscored the fragility of global solar supply chains and the pivotal role of politics in the industry's future trajectory.
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Why Choose This Global Solar PV Panels Market Report?
- Latest Data & Forecasts: Comprehensive, up to date insights with market projections through 2032, covering solar panel types, technologies, applications, and regional adoption trends.
- Technology and Innovation Intelligence: In depth analysis of advancements such as high efficiency modules, bifacial panels, N type TOPCon and perovskite technologies that are reshaping performance, scalability, and cost competitiveness.
- Competitive Benchmarking: Evaluate strategies of major players including First Solar, JinkoSolar, LONGi, Trina Solar, and Canadian Solar, alongside emerging regional manufacturers and vertically integrated producers.
- Regional Growth Opportunities: Special focus on high growth regions such as Asia Pacific and Europe, where government incentives, decarbonization mandates, and large-scale utility projects are accelerating adoption.
- Policy and Regulatory Landscape: Actionable insights into subsidy programs, domestic manufacturing mandates, trade disputes, and carbon neutrality targets that are shaping supply chains and investment decisions.
- Sustainability and Energy Transition Pathways: Analysis of solar PV's role in reducing emissions, enabling energy security, and supporting circular economy practices in module recycling and end of life management.
- Cost and Market Dynamics: Detailed breakdown of raw material trends, polysilicon supply, levelized cost of electricity (LCOE) comparisons, and competitiveness across residential, commercial, and utility scale projects.
- Expert Analysis: Insights from energy transition specialists with proven expertise in clean technology, infrastructure investment, and evolving global supply chains.
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- Solar Panel Market Size to Reach $642.3 Million by 2031, Fueled by APAC & North America Growth
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