The Economic Aspects of Solar Panels’ Market Development

The article is dedicated to the analysis of current trends, key influencing factors, and development prospects of the global solar energy market. The authors examine the economic, technological, and geopolitical aspects of the industry’s development, emphasizing its role in the global transition to renewable energy sources. Solar energy is one of the most dynamic sectors of the world economy, due to the rapid growth in demand for clean and affordable energy solutions. The article emphasizes that technological progress, economies of scale, and government support have significantly reduced the cost of solar panels, making them competitive with traditional energy sources. Specifically, the cost of photovoltaic (PV) technologies has decreased by 80–90% over the last decade, facilitating their widespread implementation – from residential systems to industrial solar parks. Another important aspect of the research is the analysis of the geographical dynamics of the market. If at the beginning of the industry’s development the leaders were Europe, North America, and China, today countries in Asia, Africa, Latin America, and the Middle East are actively joining them. The authors pay particular attention to China’s dominance, which accounts for over 80% of the world’s solar panel production. This is due to factors such as government support, cheap labor, a closed production cycle, and a large domestic market. In the first half of 2023, Chinese companies such as Jinko Solar, Trinasolar, and Longi Solar supplied over 40% of global module shipments. The article examines the main types of solar panels, their advantages, and disadvantages in detail. The authors conclude that solar energy will become the main driver of the energy transition, but for this it is necessary to: optimize supply chains and installation processes, develop local production capacities to reduce dependence on imports, and invest in R&D to enhance technology efficiency.