Quarterly Solar Industry Update | Department of Energy
Each quarter, the National Renewable Energy Laboratory conducts the Quarterly Solar Industry Update, a presentation of technical trends within the solar industry.
Each quarter, the National Renewable Energy Laboratory conducts the Quarterly Solar Industry Update, a presentation of technical trends within the solar industry.
In the last decade, solar has grown with an average annual rate of 26 percent, reaching a capacity of over 138 gigawatts in 2023. In that same year, solar energy accounted for 55 percent of
In terms of revenue, the global solar PV panels market was valued at USD 184.29 billion in 2024. It is projected to reach USD 384.44 billion by 2034. The market is expected to grow at a
U.S. consumer demand for renewable energy continues to grow, with more solar panel capacity installed in 2024 than in 2023, which saw more than in 2022. But U.S. trade policy is in flux,
The global photovoltaic solar panel market is projected to reach approximately USD 300 billion by 2035, growing at a compound annual growth rate (CAGR) of around 14% from 2025 to 2035.
Photovoltaic (PV) solar accounted for 58% of all new electricity-generating capacity additions through the third quarter of 2025, remaining the dominant form of new electricity-generating
Falling solar panel costs, ongoing technological advancements,
Disruptions to the Growth and Adoption of Photovoltaic Solar Panels Hindered Market Growth. The pandemic caused a sudden drop in the demand for solar panels due to supply chain
Solar Photovoltaic market was valued at USD 323.5 billion in 2025. The market is expected to grow from USD 345 billion in 2026 to USD 694.5 billion by 2035, at a CAGR of 8.1% from 2026 to 2035.
Increasing adoption of solar energy as a power source in corporate offices, hospitals, and hotels is expected to drive demand for solar PV panels in commercial sector with increased power demand in
Falling solar panel costs, ongoing technological advancements, and higher efficiency levels are driving adoption across residential, commercial, industrial, and utility-scale sectors.
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