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Solar Panel Manufacturing in the US Industry Data and Analysis
Solar panel manufacturers have thrived despite some hurdles throughout the period. Companies saw an uptick in the need for solar panels as the country continued emphasizing renewable energy. The Inflation Reduction Act bolstered and extended production and investment tax credits, making domestic manufacturing more viable. Even so, manufacturers have been plagued by import penetration, specifically from Asian products, which flooded the US market with low-cost solar modules and cells. In 2022, the Biden Administration announced waiving tariffs on solar panel imports from Vietnam, Malaysia, Cambodia and Thailand to accelerate solar panel installations across the country in favor of renewable energy. While this didn't hinder revenue, it caused a slowdown in growth in the middle of the period as import penetration was at an all-time high. Even so, these waivers expired in June 2024, providing operators with growth. Overall, solar panel manufacturing revenue has swelled a CAGR of 2.7% to $21.4 billion in 2025, including a 6.6% jump in 2025 alone.
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What's included in this industry analysis
IBISWorld's research coverage on the Solar Panel Manufacturing industry in the United States includes market sizing, forecasting, data and analysis from 2015-2030. The most recent publication was released September 2025.
About this industry
What's this industry report about?
The Solar Panel Manufacturing industry in the United States operates under the NAICS industry code 33441c. Operators in this industry manufacture solar panels and solar cells and supply these products to solar panel installers and downstream residential, commercial and utility customers. This industry does not include solar cells or solar panels manufactured abroad by US companies. Related terms covered in the Solar Panel Manufacturing industry in the United States include kilowatt-hour (kwh), megawatt, renewables, wafer, power system, efficiency and renewable portfolio standards (rps).
What's included in this industry?
Products and services covered in Solar Panel Manufacturing industry in the United States include Silicon modules and cells, Thin-film modules and cells and Other modules and cells .
What companies are included in this industry?
Companies covered in the Solar Panel Manufacturing industry in the United States include First Solar, Inc.
Performance
What's included in the Performance chapter?
The Performance chapter covers detailed analysis, datasets, detailed current performance, sources of volatility and an outlook with forecasts for the Solar Panel Manufacturing industry in the United States.
Questions answered in this chapter include what's driving current industry performance, what influences industry volatility, how do successful businesses overcome volatility, what's driving the industry outlook. This analysis is supported with data and statistics on industry revenues, costs, profits, businesses and employees.
Products & Markets
What's included in the Products and Markets chapter?
The Products and Markets chapter covers detailed product and service segmentation, analysis of major markets and international trade data for the for the Solar Panel Manufacturing industry in the United States.
Questions answered in this chapter include how are the industry's products and services performing, what are innovations in industry products and services, what products or services do successful businesses offer and what's influencing demand from the industry's markets. This includes data and statistics on industry revenues by product and service segmentation and major markets.
Geographic Breakdown
What's included in the Geographic Breakdown chapter?
The Geographic Breakdown chapter covers detailed analysis and datasets on regional performance of the Solar Panel Manufacturing industry in the United States.
Questions answered in this chapter include where are industry businesses located and how do businesses use location to their advantage. This includes data and statistics on industry revenues by location.
Competitive Forces
What's included in the Competitive Forces chapter?
The Competitive Forces chapter covers the concentration, barriers to entry and supplier and buyer profiles in the Solar Panel Manufacturing industry in the United States. This includes data and statistics on industry market share concentration, barriers to entry, substitute products and buyer & supplier power.
Questions answered in this chapter include what impacts the industry's market share concentration, how do successful businesses handle concentration, what challenges do potential industry entrants face, how can potential entrants overcome barriers to entry, what are substitutes for industry services, how do successful businesses compete with substitutes and what power do buyers and suppliers have over the industry and how do successful businesses manage buyer & supplier power.
Companies
What's included in the Companies chapter?
The Companies chapter covers Key Takeaways, Market Share and Companies in the Solar Panel Manufacturing industry in the United States. This includes data and analysis on companies operating in the industry that hold a market share greater than 5%.
Questions answered in this chapter include what companies have a meaningful market share and how each company is performing.
External Environment
What's included in the External Environment chapter?
The External Environment chapter covers Key Takeaways, External Drivers, Regulation & Policy and Assistance in the Solar Panel Manufacturing industry in the United States. This includes data and statistics on factors impacting industry revenue such as economic indicators, regulation, policy and assistance programs.
Questions answered in this chapter include what demographic and macroeconomic factors impact the industry, what regulations impact the industry, what assistance is available to this industry.
Financial Benchmarks
What's included in the Financial Benchmarks chapter?
The Financial Benchmarks chapter covers Key Takeaways, Cost Structure, Financial Ratios, Valuation Multiples and Key Ratios in the Solar Panel Manufacturing industry in the United States. This includes financial data and statistics on industry performance including key cost inputs, profitability, key financial ratios and enterprise value multiples.
Questions answered in this chapter include what trends impact industry costs and how financial ratios have changed overtime.
Industry Data
What's included in the Industry Data chapter?
The Industry Data chapter includes 10 years of historical data with 5 years of forecast data covering statistics like revenue, industry value add, establishments, enterprises, employment and wages in the Solar Panel Manufacturing industry in the United States.
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Frequently Asked Questions
What is the market size of the Solar Panel Manufacturing industry in the United States in 2026?
The market size of the Solar Panel Manufacturing industry in the United States is $21.4bn in 2026.
How many businesses are there in the Solar Panel Manufacturing industry in the United States in 2025?
There are 22 businesses in the Solar Panel Manufacturing industry in the United States, which has grown at a CAGR of 1.9 % between 2020 and 2025.
How may import tariffs affect the Solar Panel Manufacturing industry in the United States?
The Solar Panel Manufacturing industry in the United States is likely to be significantly impacted by import tariffs with imports accounting for a high share of industry revenue.
How may export tariffs affect the Solar Panel Manufacturing industry in the United States?
The Solar Panel Manufacturing industry in the United States is unlikely to be materially impacted by export tariffs with exports accounting for a low share of industry revenue.
Has the Solar Panel Manufacturing industry in the United States grown or declined over the past 5 years?
The market size of the Solar Panel Manufacturing industry in the United States has been growing at a CAGR of 2.7 % between 2020 and 2025.
What is the forecast growth of the Solar Panel Manufacturing industry in the United States over the next 5 years?
Over the next five years, the Solar Panel Manufacturing industry in the United States is expected to grow.
What are the biggest companies in the Solar Panel Manufacturing industry in the United States?
The biggest company operating in the Solar Panel Manufacturing industry in the United States is First Solar, Inc.
What does the Solar Panel Manufacturing industry in the United States include?
Silicon modules and cells and Thin film modules and cells are part of the Solar Panel Manufacturing industry in the United States.
Which companies have the highest market share in the Solar Panel Manufacturing industry in the United States?
The company holding the most market share in the Solar Panel Manufacturing industry in the United States is First Solar, Inc..
How competitive is the Solar Panel Manufacturing industry in the United States?
The level of competition is high and increasing in the Solar Panel Manufacturing industry in the United States.
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