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Solar PV Module Market Trends

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

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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.

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.