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The Economic Aspects of Solar Panels’ Market Development
Simakhova A. О., Sencha I. O.

Simakhova, Anastasiia О., and Sencha, Ivan O. (2025) “The Economic Aspects of Solar Panels’ Market Development.” Business Inform 4:108–113.
https://doi.org/10.32983/2222-4459-2025-4-108-113

Section: Globalization Processes in the Economy

UDC 621.311

Abstract:
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.

Keywords: solar energy, renewable energy sources, China, globalization, technological progress.

Fig.: 1. Tabl.: 1. Bibl.: 10.

Simakhova Anastasiia О. – Doctor of Sciences (Economics), Professor, Professor, Department of Economics, State University «Kyiv Aviation Institute» (1 Lubomyra Husara Ave., Kyiv, 03680, Ukraine)
Email: [email protected]
Sencha Ivan O. – Master, Department of Economics, State University «Kyiv Aviation Institute» (1 Lubomyra Husara Ave., Kyiv, 03680, Ukraine)
Email: [email protected]

List of references in article

Bialkovska, O. A., & Huk, Ya. V. (2024). Sotsialno-ekonomichni aspekty ta ekonomichni vzaiemovidnosyny yak osnova rozvytku alternatyvnoi enerhetyky [Socio-economic aspects and economic relationships as a basis for the development of alternative energy]. Podilskyi visnyk: silske hospodarstvo, tekhnika, ekonomika, 44, 82–85. https://doi.org/10.37406/2706-9052-2024-3.13
China's Solar Export. (n.d.). ember-climate.org
Diachenko, O. S. (2024). Investytsii v soniachnu enerhetyku v detsentralizovanii enerhosystemi yak chynnyk zmitsnennia enerhetychnoi bezpeky Ukrainy pid chas viiny [Investments in solar energy in a decentralized energy system as a factor in strengthening the energy security of Ukraine during wartime]. Vidnovliuvana enerhetyka, 2, 73–78. https://doi.org/10.36296/1819-8058.2024.2(77)73-78
Global Electricity Review 2025. (n.d.). https://ember-energy.org/app/uploads/2025/04/Report-Global-Electricity-Review-2025.pdf
Hansen, K., Breyer, C., & Lund, H. (2019). Status and perspectives on 100% renewable energy systems. Energy, 175, 471–480. https://doi.org/10.1016/j.energy.2019.03.092
Kalogirou, S. A. (2014). Solar Energy Engineering: Processes and Systems (2nd ed.). Academic Press.
Lukianenko, D., & Simakhova, A. (2023). Civilizational Imperative of Social Economy. Problemy Ekorozwoju, 18(1), 129–138. https://doi.org/10.35784/pe.2023.1.13
Maka, A. O. M., & Alabid, J. M. (2022). Solar energy technology and its roles in sustainable development. Clean Energy, 6(3), 476–483. https://doi.org/10.1093/ce/zkac023
Novyi reitynh vyrobnykiv soniachnykh panelei za piv 2023 roku [New rating of solar panel manufacturers for the first half of 2023]. (n.d.). https://sun-energy.com.ua/news/noviy-reyting-virobnik%D1%96v-sonyachnih-paneley-za-p%D1%96v-2023-roku?srsltid=AfmBOopEYDhY5pKVhLYd6BEkgGNz02qvRmPkYnKK9BZ0f6qwd5m9DBUg
Quaschning, V. (2016). Understanding Renewable Energy Systems.

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