SOLAR PV PANELS MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Regional Analysis

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The North America has firmly established itself as the dominant region in the global solar PV panels market with 32.2% share in 2024. With its large solar installations and supportive policies, the U.S. market has seen tremendous growth over the past decade. Several U.S. states such as California, Texas, and Florida have ambitious renewable energy targets and net metering regulations in place which has steadily increased the demand for solar panels from both commercial and residential customers. Major solar panel manufacturers have also established production facilities in the U.S. to cater to the growing local demand. Moreover, the U.S. imposition of anti-dumping and countervailing duties on Chinese solar panels in the past has strengthened the domestic solar manufacturing industry in the country.

The Asia Pacific region has emerged as the fastest growing market for solar PV panels globally. Driven by strong government incentives and feed-in-tariff programs for renewable energy in many countries, the APAC solar market has attracted significant foreign investments. Countries like China, Japan, India, and South Korea have become major production and export hubs for solar products. Advantages such as readily available raw materials, inexpensive manufacturing capabilities, and proximity to emerging solar markets have enabled solar panel suppliers in APAC to rapidly scale up production and offer competitive pricing. India, in particular, stands out with ambitious renewable capacity targets of developing 280 GW of solar power by 2035. Several states have renewable purchase obligations which are stimulating solar rooftop installations across commercial and residential segments.