Photovoltaic Solar Panel Market Report 2025 (Global Edition)

Global Photovoltaic Solar Panel Market Report 2025 Market Size Split by Component (Monocrystalline Silicon (Mono-Si), Polycrystalline Silicon (Poly-Si), Thin Film, Cadmium Telluride (CdTe), Amorphous ...

Photovoltaic Solar Panel Market Report Description

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Impact of Trumph Tariff on Energy and Power Industry

In 2025, global trade entered a turbulent phase as the U.S., under President Donald Trump, introduced aggressive "Liberation Day Tariffs" to address trade imbalances. These tariffs, ranging from 10% to 46%, heavily impacted the energy and power sector, which relies on global supply chains for critical components like rare earth metals, solar panels, wind turbines, and lithium. The U.S.–China trade war escalated, with reciprocal tariffs and China's trade surplus with the U.S. reaching USD 102.6 billion. Retaliatory tariffs from the EU and Canada further disrupted energy supply chains, raising material costs and causing delays in key projects.

The U.S. imposed a 20% tariff on rare earths, impacting EVs and clean tech; 25% on solar panels, increasing installation costs; 15–25% on wind turbine parts, affecting project timelines; and 10–15% on oil and gas equipment, pushing producers to rethink supply networks. Sub-sectors like renewables, EVs, oil & gas, and power generation are all experiencing rising costs, supply bottlenecks, and delayed investments. For instance, solar and wind projects now face 10–30% higher costs, and EV producers are struggling with battery input inflation.

China remains central to the U.S. energy supply chain, with even indirect imports via countries like Vietnam and Malaysia tightly linked to Chinese inputs. As a result, U.S. energy firms are exploring alternative sourcing from Southeast Asia, Latin America, and domestic production to reduce exposure. However, switching suppliers requires significant investment, coordination, and time.

In this volatile environment, market research is critical. It helps energy firms map supplier risks, track price trends, and explore alternative sourcing. It enables supply chain optimization through AI and predictive analytics, while regulatory tracking and scenario planning allow companies to anticipate future disruptions. Energy firms like NextEra and First Solar are responding by diversifying suppliers, investing in local production, and leveraging digital tools to improve procurement and adapt to tariff-driven challenges. Those using data-driven strategies and flexible operations are best positioned to thrive amid rising trade tensions.

News

• JinkoSolar's High-efficiency N-Type Monocrystalline Silicon Solar Cell Sets New Record with Maximum Conversion Efficiency of 26.1% (October 2022)

JnkoSolar Holding Co., Ltd., one of the largest solar module manufacturers in the world, announced that it has achieved a major technical breakthrough for its 182 mm high-efficiency N-type monocrystalline silicon solar cell.

• Ørsted completes Muscle Shoals solar project in Alabama (September 2021)

Ørsted continued to expand its solar footprint across the US and has completed the 227 MWAC Muscle Shoals solar PV project in Colbert County, Alabama. Located in the Tennessee Valley Authority ('TVA') service area, the project has a long-term PPA with TVA.

• Canadian Solar to Construct One of The Largest C&I Solar Rooftop Projects in Malaysia (August 2020)

Canadian Solar Inc., announced that it has commenced construction on one of the largest commercial and industrial rooftop solar projects in Malaysia, in collaboration with Antah Solar Sdn. Bhd. and Eleaps Sdn. Bhd.

Top Companies Market Share in Photovoltaic Solar Panel Industry: (In no particular order of Rank)

• Canadian Solar Inc.
• First Solar Inc.
• Jinko Solar
• Kaneka Corporation
• Kyocera Corporation
• Panasonic Corporation
• Sharp Corporation
• SolarWorld AG
• SunPower Corporation
• Suntech Power Holding Co.
• Ltd.
• Tata Power Solar Systems Ltd.
• Trina Solar
• Vivaan Solar
• Waaree Group
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*List of Second Tier Companies, List of Third Tier/ Start-up Companies (Inquire with sales executive) Request Any Company Profile for Preview Purpose OR Data Validation!

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Asia Pacific held the largest market revenue of 45.48% in 2021 and is expected to remain dominating in the projection period, owing to the increasing demand for alternative electricity sources, growing industrialization, and government initiatives for renewable energy. For instance, according to the Ministry of New and Renewable Energy, Viability Gap Funding (VGF) support of Rs. 5050 crores will be provided for setting up of at least 5000 MW Grid-connected Solar PV power projects by Solar Power Developers on a Build-Own-Operate basis.

Region	2021 % Share
North America	25.01%
Europe	21.04%
Asia Pacific

In this region, demand for solar panels is increasing in developing countries like China and India, which are the key markets for solar panels both globally and in the Asia Pacific. Further, North America occupied the second-largest revenue share in 2021. This is due to the increasing demand from the industrial sector in North America.

 

The current report Scope analyzes Photovoltaic Solar Panel Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com

• North America (United States, Canada, Mexico)
• Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Switzerland, Luxembourg, Rest of Europe)
• Asia Pacific (China, Japan, South Korea, India, Australia, Singapore, Taiwan, South East Asia, Rest of APAC)
• Latin America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America)
• Middle East (Saudi Arabia, Turkey, UAE, Egypt, Qatar, Rest of Middle East)
• Africa (Nigeria, South Africa, Rest of Africa)

The above graph is for illustrative purposes only.

Photovoltaic Solar Panel Market Analysis

Based On Grid Type market is segmented into On-grid and Off-grid. The on-grid segment held the largest share of the market in 2021, due to the rising number of utility-scale projects around the world. It ranges from small residential units to large utility-scale solar PV generating stations. Further, the off-grid segment is expected to grow during the forecast period, as its adoption in rural areas is increasing.

Thin Film

• Cadmium Telluride (CdTe)
• Amorphous Silicon (a-Si)
• Copper Indium Gallium Selenide (CIGS)

The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Photovoltaic Solar Panel Industry. Request a Free Sample PDF!

Based on application, the market is segmented into residential, non-residential, and utilities. The utility segment held the largest revenue share in 2021, owing to the increasing number of utility-scale sun-energy projects.

The above Graph is for representation purposes only. This chart does not depict actual Market share.

Photovoltaic Solar Panel Installation Type Segment Analysis

Based On Technology, the market is segmented into Monocrystalline Silicon, Thin Film, Polycrystalline Silicon, and Others. The Monocrystalline Silicon segment has the largest revenue share in 2021, as it has a wide range of applications and is used in the commercial, residential and industrial segments.

Technology	2021 % Share
Monocrystalline Silicon	34.43%
Thin Film	26.21%
Polycrystalline Silicon	21.73%
Others	17.63%

 

• Ground-mounted
• Building-Integrated Photovoltaics (BIPV)
• Rooftops
• Windows
• Floating PV

Photovoltaic Solar Panel Application Segment Analysis

Moreover, based on Installation market is segmented into Ground Mounted, Rooftop, and Others. Ground-mounted installation held the largest revenue share in 2021, owing to its use in the commercial sector and its cost-effectiveness. The rooftop segment is expected to grow significantly during the forecast period.

• Residential
• Commercial
• Industrial

Photovoltaic Solar Panel Material Segment Analysis

• Silicon-Based PV
• Organic PV Cells
• Perovskite Solar Cells

Author's Detail

Vinayak Bali

Senior Research Analyst at Cognitive Market Research

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