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Solar PV Module Market Size

Report ID: GMI1563
Published Date: Jul 2024
Report Format: PDF

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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.

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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.

Solar PV Module Market Report Attributes
Report Attribute	Details
Base Year:	2023
Solar PV Module Market Size in 2023:	USD 280.5 Billion
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	8.2%
2032 Value Projection:	USD 556.7 Billion
Historical Data for:	2021 - 2023
No. of Pages:	120
Tables, Charts & Figures:	30
Segments covered:	Technology, Product, Connectivity, Mounting, End Use and Region
Growth Drivers:	Ambitious solar PV targets Favorable government initiatives and schemes Rapid urbanization and electrification
Pitfalls & Challenges:	Availability of alternatives

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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.

Authors: Ankit Gupta, Srishti Agarwal

Frequently Asked Questions (FAQ) :

The market size of solar PV module was reached USD 280.54 billion in 2023 and will record 8.2% CAGR up to 2032, owing to rising need to capture sunlight and convert it into direct current (DC) electricity.

Solar PV module market size from the on grid segment is anticipated to exceed USD 545 billion by 2032, on account of continuous improvements in PV module efficiency, such as the development of monocrystalline and bifacial panels.

Demand for ground mounted solar PV modules will witness over 8% CAGR through 2032, due to the development of high-efficiency PV modules, such as monocrystalline and bifacial panels.

Asia Pacific solar PV module market is expected to reach over USD 354.69 billion by 2032, driven by rapid economic growth and urbanization along with increasing energy demand, particularly in countries such as China, India, and Southeast Asia.