Charts & StatsSep 2, 2026

Global Solar Panels market [2015-2023] by Application

By Application, the market is segmented into Residential, Commercial, and Utilities (2015-2023)

Author: Wantstats Research TeamSource: Wantstats Repository

Global Solar Panels market [2015-2023] by Application — full underlying data
Label	Residential	Commercial	Utilities
2015	4757.9 USD Mn	11208.9 USD Mn	22518.3 USD Mn
2016	5725.8 USD Mn	13234.5 USD Mn	26956.1 USD Mn
2017	6880.2 USD Mn	15602.9 USD Mn	32326.1 USD Mn
2018	8283.3 USD Mn	18430.3 USD Mn	38853.3 USD Mn
2019	9991.5 USD Mn	21811.7 USD Mn	46789.1 USD Mn
2020	12075.0 USD Mn	25862.8 USD Mn	56354.2 USD Mn
2021	14620.8 USD Mn	30724.6 USD Mn	68286.7 USD Mn
2022	17736.9 USD Mn	36569.7 USD Mn	82660.2 USD Mn
2023	21558.0 USD Mn	43609.4 USD Mn	99959.2 USD Mn

Data Source: Wantstats Repository

Market Dynamics

utilities segment accounted for the largest market share in the solar panels market, and is expected to reach USD 99959.20 Million in 2023 from USD 26956.10 Million in 2016. However, residential segment is the fastest growing market, which is expected to grow at a CAGR of 20.97% during the forecast period 2017 - 2023.

Research Methodology

Figures reflect Wantstats’ original market research and forecasting models, compiled as part of the Wantstats research archive and published in 2023.

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Younghwan Choi

Senior Retail Manager, LG Chem

We found the report very insightful! we found your research firm very helpful. I'm sending this email to secure our future business.

Mark Irwin

Management Consultant, Level 21

I am very pleased with how market segments have been defined in a relevant way for my purposes (such as "Portable Freezers & refrigerators" and "last-mile"). In general the report is well structured. Thanks very much for your efforts.

Rob Kooiker

Group Product Manager HVAC & Fire Protection GMA, Rockwool

I have been reading the first document or the study, the Global HVAC and FP market report 2021 till 2026. Must say, good info! I have not gone in depth at all parts, but got a good indication of the data inside!

Jason Lee

R&D Director, Seojin

Thanks for your great support. Appreciate it. Well received report. It helps us to understand market well. We're planning other area of survey in the future, let's keep in touch.

Akif Moroglu

Strategy & Business Development Director, Dogan Holding

We got the report in time, we really thank you for your support in this process. I also thank to all of your team as they did a great job.

Noah Malgeri

Co-Founder, Mojave Rail Fabrication Limited

This is really good guys. Excellent work on a tight deadline. I will continue to use you going forward and recommend you to others. Nice job.

Michael Robert

Manager, JavolVision

Thanks, I am so happy that we worked together. Maybe we still can work together in the future.

Joseph Aguayo

Sales Operations & Pricing Manager, Intel

Thanks. It's been a pleasure working with you, please use me as reference with any other Intel employees.

Bong Lau

Sales Leader, Bamberg

We bought your "2025 report" in 2020. Everything is fine and very good.

Peter Groot Koerkamp

Account and Business Manager, EFS-Holland BV

Thanks for sending the report it gives us a good global view of the Betaïne market.

Younghwan Choi

Senior Retail Manager, LG Chem

We found the report very insightful! we found your research firm very helpful. I'm sending this email to secure our future business.

Mark Irwin

Management Consultant, Level 21

I am very pleased with how market segments have been defined in a relevant way for my purposes (such as "Portable Freezers & refrigerators" and "last-mile"). In general the report is well structured. Thanks very much for your efforts.

Rob Kooiker

Group Product Manager HVAC & Fire Protection GMA, Rockwool

I have been reading the first document or the study, the Global HVAC and FP market report 2021 till 2026. Must say, good info! I have not gone in depth at all parts, but got a good indication of the data inside!

Jason Lee

R&D Director, Seojin

Thanks for your great support. Appreciate it. Well received report. It helps us to understand market well. We're planning other area of survey in the future, let's keep in touch.

Akif Moroglu

Strategy & Business Development Director, Dogan Holding

We got the report in time, we really thank you for your support in this process. I also thank to all of your team as they did a great job.

Global Solar Panels market [2015-2023] by Application

Global Solar Panels Market By Application Forecast (2015-2023)

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