Solar PV Module Market Trend, Share, Growth, Size and Forecast 2030

The solar PV module market size was evaluated at $113.26 billion in 2022 and is slated to hit $184.79 billion by the end of 2030 with a CAGR of nearly 6.25% between 2023 and 2030. The report analyzes the global solar PV module market drivers, restraints/challenges, and the effect they have on the demands during the projection period.

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Global Solar PV Module Market: Overview

Solar energy is one of the cleanest and most reliable energy resources. The PV module system is comprised of parts including frame, protective material, junction box, and enclosure. The module is an important part of solar-powered energy creation. PV (photovoltaic) system changes light energy and converts it into electricity by means of semiconductor materials. The system operates on a solar panel which comprise of solar cells that generate or create electrical energy. PV module system installation can either be ground-mounted or rooftop mounted.

The prices of solar power and solar energy-related machinery are declining rapidly due to the increasing investments by various government bodies, regulatory incentives & policies, advancements in products & technology, and over supply of parts needed for installation. Grid parity is being attained by several developed nations, and on the other hand, new market opportunities are being created in the developing and emerging countries. Solar PV module systems continue to help in providing affordable, safe, decentralized, and clean electricity to the population.

Global Solar PV Module Market: Growth Factors

The most prominent drivers that lead to an increased demand for PV modules in the global market are the drastic changes in the costs of fossil fuels and surging need for renewable sources of energy. As the degree of urbanization intensifies, the market is likely to gain significant momentum. Moreover, the governments of several countries have been enabling expansion through the introduction of subsidies and reforms especially for the residential sector. The widespread espousal of sustainable energy alternatives coupled with restructuring of power grids have been fortifying the global solar PV module market forecast.

One of the primary growth factors of the global solar PV module market size is the rapidly multiplying demand for electricity across the world. This has led to the emergence of solar utility plants. Since these plants deploy solar PV module solutions, the demand for them is certain to ascend. The alarming volume of carbon footprints has been raising substantial concerns pertaining to the depletion of non-renewable energy resources, especially fossil fuel, and this is likely to translate to increasing demand for cleaner energy technologies such as solar power.

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Global Solar PV Module Market: Segmentation

The solar PV module market has been segregated on the basis of technology, by product, by connectivity, by mounting, by end-use, and by region. Based on technology, the market can be differentiated into crystalline silicon and thin film. On the basis of product, the solar PV module market can be bifurcated into polycrystalline, amorphous silicon (A-Si), monocrystalline, cadmium telluride (CdTe), and copper indium gallium di-selenide (CIGS).

On the basis of connectivity, the solar PV module market forecast can be divided into on-grid and off-grid. Based on mounting, the market has been classified into ground mounted and roof-top. By end-use, the global solar PV module market is categorized into commercial, residential, and utility.

Solar PV Module Market: Report Scope

Global Solar PV Module Market: Regional Analysis

Lucrative investments across Asia Pacific have been conditioning the industry trends toward remarkable expansion over the upcoming period. Since cleaner energy is now becoming more affordable and viable across emerging economies such as India, Thailand, Malaysia, Indonesia, Vietnam, and China, the regional market is poised for exponential growth. The governments of several nations across Asia Pacific have been aiming to reduce greenhouse gas emissions by planning to meet climate targets leveraging indigenous energy sources. The availability of funds provided by bodies such as the Asian Development Bank (ADB) for power sectors in the region has also been pushing the solar PV module market forecast in the region.

North America is expected to seize a considerable piece of the pie, thanks to the stringent regulatory policies aiming to control environmental pollution. The implementation of federal policies has not only been accelerating solar power consumption but has also successfully lowered power consumption costs. Additionally, the US is a home to several prominent solar farms in the world, fostering the solar PV module market trends.

Global Solar PV Module Market: Competitive Players

The major industry names dominating the global solar PV module market trends comprise

• Trina Solar
• JA Solar
• First Solar
• LONGi Solar Technology Co.Ltd.
• GCL System Integration Technology Co.Ltd.
• Canadian Solar
• Jinko Solar
• Shunfeng International Clean Energy (SFCE)
• Hanwha Q CELLS
• Su-Kam Power Systems Ltd.
• SolarWorld AG
• Solar Frontier K.K
• Sharp Corp.
• SunPower Corp.
• Schott Solar AG
• Suntech Power Holdings Co.Ltd.
• Yingli Solar
• Risen Energy Co.Ltd.
• Motech Industries Inc.

Global Solar PV Module Market: Segment Analysis

By Technology 

• Crystalline Silicon 
• Thin Film

By Product 

• Polycrystalline
• Amorphous Silicon (A-Si)
• Monocrystalline
• Cadmium Telluride (CdTe)
• Copper Indium Gallium Di-Selenide (CIGS)

By Connectivity 

• On-Grid
• Off-Grid 

By Mounting 

• Ground Mounted 
• Roof-Top

By End-Use

• Commercial
• Residential
• Utility

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa

What Reports Provides

• Full in-depth analysis of the parent market
• Important changes in market dynamics
• Segmentation details of the market
• Former, on-going, and projected market analysis in terms of volume and value
• Assessment of niche industry developments
• Market share analysis
• Key strategies of major players
• Emerging segments and regional markets
• Testimonials to companies in order to fortify their foothold in the market.