Solar PV Module Market Size - By Technology (Thin Film, Crystalline Silicon), By Product (Monocrystalline, Polycrystalline, Cadmium Telluride, Amorphous Silicon), By Connectivity (On-Grid, Off-Grid), By Mounting, By End Use & Forecast, 2024 – 2032

Solar PV Module Market Size

Solar PV Module Market was valued at USD 280.5 billion in 2023 and is anticipated to grow at a CAGR of over 8.2% between 2024 and 2032. It is a system that converts sunlight into electricity using photovoltaic cells. These modules are composed of multiple interconnected solar cells, typically made from silicon or other semiconductor materials. They are designed to capture sunlight, convert it into direct current (DC) electricity, and can be interconnected to form larger arrays capable of meeting varying energy demands.
 

Declining solar PV technology costs owing to technological advancements, economies of scale in manufacturing, and streamlined installation processes are set to influence the product demand. Rising supportive government incentives, policies and schemes including the VGF scheme to provide financial assistance for the development of grid connected solar power projects, helping to improve their viability and attractiveness for investors will augment the industry landscape.
 

Growing awareness of environmental issues along with the growing need to reduce greenhouse gas emissions will spur the interest in renewable energy sources, thereby complementing the market growth. Furthermore, rising corporations, governments, and individuals prioritization of renewable energy as part of their sustainability goals, driving the product demand.
 

Solar PV Module Market Trends

Growing research & development investments coupled with continuous innovations to improve the product efficiency, reliability, and lifespan are driving the market growth. Rising advances in materials science, manufacturing processes, and cell designs to increase conversion efficiencies and reduce degradation rates will foster the business scenario. Rapid urbanization and increasing electrification in emerging countries, particularly from urban areas, where space constraints and environmental considerations favor renewable energy solutions is set to strengthen the product adoption.
 

Solar PV Module Market Analysis

Based on connectivity, the on grid is anticipated to reach USD 545 billion by 2032, on account of continuous improvements in PV module efficiency, such as the development of monocrystalline and bifacial panels, are enhancing the performance of on-grid solar systems. Various governments offer subsidies, tax credits, and rebates to promote the adoption of solar energy. Examples include the Investment Tax Credit (ITC) in the United States and various feed-in tariffs in Europe and Asia are contributing to the business scenario.
 

Based on mounting, the ground mounted segment is set to grow at a CAGR of over 8% through 2032. The development of high-efficiency PV modules, such as monocrystalline and bifacial panels, allows for greater energy production per square meter, making ground-mounted installations more efficient and cost-effective. Further, advances in thin-film solar technology, which offers flexibility and lower weight, are becoming more popular for large-scale ground-mounted projects.
 

Rising C&I sector concern about electricity cost reduction by generating their own power, mitigating the impact of rising utility rates, and achieving long-term energy cost stability are accelerating the product demand. Growing adoption of solar energy by eminent players to align with corporate social responsibility initiatives and environmental sustainability goals is uplifting business statistics. Furthermore, increasing regulatory pressure to reduce greenhouse gas emissions and comply with environmental standards drives businesses to adopt renewable energy solutions thereby improving industry landscape.
 

Asia Pacific solar PV module market is projected to surpass USD 354.6 billion by 2032. Rapid economic growth and urbanization along with increasing energy demand, particularly in countries such as China, India, and Southeast Asian nations are driving the business growth. Declining product costs coupled with rising shift towards renewable energy sources due to increasing air pollution concerns are enhancing the product demand. Growing government supportive policies and incentives to promote solar energy adoption including China’s Feed-in Tariffs (FiTs), India’s solar subsidies under the National Solar Mission are additional factors complementing the industry growth.
 

Solar PV Module Market Share

Eminent players are focusing on investing heavily in research and development to improve the efficiency, durability, and cost-effectiveness of their solar PV modules. Growing investments in developing next-generation technologies such as bifacial modules, PERC (Passivated Emitter and Rear Cell) technology, and heterojunction cells, which offer higher efficiencies and better performance will contribute to the business scenario. Some key players adopt vertical integration strategies to control the entire value chain, from raw material procurement to module manufacturing and deployment. This approach helps reduce costs, improve quality control, and ensure a stable supply chain.
 

Solar PV Module Market Companies

Eminent players operating in the Solar PV Module industry are:

• CsunSolarTech
• Canadian Solar
• EMMVEE SOLAR
• First Solar
• GCL-SI
• Hanwha Group
• Indosolar
• Jinko Solar
• JA SOLAR Technology Co.Ltd.
• LONGi
• RENESOLA
• RISEN ENERGY Co. LTD
• REC Solar Holdings AS
• Shemzhen Shin Solar Co.Ltd
• SOLAR FRONTIER K.K.
• SunPower Corporation
• Su-vastika Systems Private Limited
• The Solaria Corporation
• Trina Solar
• VIKRAM SOLAR LTD
• Yingli Solar
   

Solar PV Module Industry News

• In May 2024, LONGi, introduced its newest PV module, the Hi-MO 5 Ice-Shield, designed to enhance durability and reliability against severe hail and windstorms. This module sets a new standard in industry for quality and performance, improving reliability while maintaining high power generation and reducing levelized cost of energy and balance of system costs associated with the Hi-MO 5 module.
   
• In January 2024, First Solar, Inc. inaugurated India's first fully vertically integrated solar manufacturing plant in India. This facility spanning across six acres, boasts an annual capacity of 3.3 gigawatts (GW) and employs approximately 1,000 people. It produces Series 7 PV solar modules, designed in the U.S. and tailored for the Indian market. With an investment of about USD 700 million, the plant underscores collaborative efforts between the U.S. and India in advancing global energy transition towards cleaner sources.
   

This solar PV module market research report includes an in-depth coverage of the industry with estimates & forecast in terms of volume and revenue in “(USD Billion & MW)” from 2021 to 2032, for the following segments:

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Market, By Technology

• Thin Film
• Crystalline Silicon

Market, By Product

• Monocrystalline
• Polycrystalline
• Cadmium Telluride
• Amorphous Silicon
• Copper Indium Gallium Diselenide  

Market, By Connectivity

• On Grid
• Off Grid

Market, By Mounting

• Ground Mounted
• Roof Top

Market, By End Use

• Residential
• Commercial & Industrial
• Utility

The above information has been provided for the following regions and countries:

• North America
  • U.S
  • Canada
  • Mexico 
• Europe
  • Austria
  • Norway
  • Denmark
  • Finland
  • France
  • Germany
  • Italy
  • Switzerland
  • Spain
  • Sweden
  • UK
  • Netherlands
  • Poland
  • Belgium
  • Ireland
  • Baltics
  • Portugal
• Asia Pacific
  • China
  • Australia
  • India
  • Japan
  • South Korea
  • Thailand
  • Philippines
  • Vietnam
  • Malaysia
  • Singapore
• Middle East
  • Israel
  • Saudi Arabia
  • UAE
  • Jordan
  • Oman
  • Kuwait
  • Turkey
• Africa
  • South Africa
  • Egypt
  • Algeria
  • Nigeria
  • Morocco
• Latin America
  • Brazil
  • Chile
  • Argentina
  • Peru