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Global Solar Panel Market Set to Expand at 13.2 Percent GR Through 2036

The global solar panel industry is poised for strong expansion, with projections indicating a compound annual growth rate (CAGR) of 13.2?tween 2026 and 2036, according to a new report by Research Nester. The growth will be driven by corporate renewable energy commitments, rapid urbanization, and Asia-Pacific’s leadership in solar adoption, supported by technological innovation and sustainability-focused policies.

Corporate Renewable Push and Urban Integration

The report highlights that the increasing installation of solar panels across residential rooftops, commercial complexes, and urban infrastructure is transforming the global energy landscape.
A major catalyst for this surge is the wave of corporate clean energy pledges under initiatives such as RE100, where more than 400 multinational companies—including Apple, Adobe, and Accenture—have committed to using 100% renewable electricity.
Many of these corporations are either developing their own solar farms or procuring green power through long-term PPAs (Power Purchase Agreements), accelerating the transition to solar.
In parallel, microgrids integrating solar and battery storage are gaining popularity, especially in regions prone to grid instability and natural disasters.

Key Growth Drivers and Challenges

The solar panel market’s rapid expansion is supported by:
• The emergence of circular economy practices for recycling end-of-life panels
• Rising fossil fuel price volatility and geopolitical tensions
• Smart city initiatives and the electrification of sectors such as cold chain logistics
However, the report also cautions that land availability for utility-scale projects, manufacturing-related environmental impacts, and policy uncertainties remain significant challenges.

Commercial & Industrial Segment Leads the Way

Commercial and industrial applications are projected to hold the largest market share, as data centers, factories, and retail complexes increasingly turn to solar to reduce operational costs and meet net-zero emission goals.
In the United States, corporate solar procurement now represents over 18% of total installed capacity, while rooftop commercial installations have grown at an annual rate of 12% over the past five years.

Asia-Pacific to Dominate Global Market Share

The Asia-Pacific (APAC) region is expected to maintain its dominance, capturing around 37.6% of the global solar panel market by 2036.
Countries like China, India, and Australia are spearheading large-scale solar farm development, with China accounting for more than 80% of global solar panel production.
Strong government policies, urban expansion, and decarbonization efforts are key contributors to this regional growth.

Technological Innovation and Industry Outlook

Leading players—such as JinkoSolar, JA Solar, LONGi Green Energy, Canadian Solar, Trina Solar, Adani Solar, and Qcells—are investing heavily in R&D, sustainable technologies, and global partnerships.
The sector is witnessing frequent product launches, joint ventures, and strategic acquisitions, enabling faster innovation and wider reach.
As industries worldwide demand greater performance efficiency and sustainability, the solar panel market is expected to enter a new phase of intense competition and technological progress over the next decade.