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 (Ground Mounted, Roof-Top) & Forecast 2023 – 2032

Solar PV Module Market Size

Solar PV Module Market size valued at USD 165.5 billion in 2022 and is projected to expand at 5.3% CAGR between 2023 and 2032. A solar PV module, also known as a solar panel or photovoltaic module, is a device that converts sunlight directly into electrical energy using the photovoltaic effect.

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Ongoing technology advancements, increasing consumer and regulatory preferences for clean energy sources, and lower solar energy prices in line with growing funding will propel the business scenario. Furthermore, favorable regulations and incentives such as auctions, tariffs, and tax exemptions will fuel the industry outlook.
 

COVID-19 Impact

The pandemic had a minimal impact on the solar PV module market on account of growing PV component prices along with large-scale supply chain disruptions. Slowdown in the overall construction industry primarily those including solar PV modules further contributed to the latent product demand. Shutdown of various manufacturing units due to the lockdown impositions resulted in the delay of overall PV deployment. In addition, shifting manufacturer trend toward local and decentralized energy generation will support to a favorable industry scenario in the coming times.

Solar PV Module Market Analysis

The thin film solar PV module market is anticipated to grow at a 6.5% CAGR 2032 on account of its highly reliable, with low maintenance requirements and a long lifespan. Ongoing technological developments and research and development activities for efficient power output in large-scale solar applications will boost rising product demand. Furthermore, favorable government renewable policies for residential households will enhance business growth.
 

Favorable government renewable energy targets focusing primarily on solar will contribute to the rapid growth for crystalline solar PV modules. Modern product advancements comprising of optimization, innovative product processes for better power output, enhanced manufacturing precision, along with low installation costs and better environmental compatibility is set to drive the industry scenario. Moreover, wide range of initiatives consisting of financial leveraging, tax rebates coupled with Feed-in-Tariff (FiT) schemes will support the rising investments from private and public funding institutions, thereby strengthening the solar PV module market landscape.
 

The monocrystalline PV module market size crossed USD 80 billion in 2022. Eminent players are investing in development of their products to enhance their presence across the market. Similarly, efficiency ranging from 20% - 24%, high operational feasibility, coupled with lower maintenance costs will thrust product adoption.
 

The broad applicability throughout immense solar power projects accompanied by national renewable integration requirements will augment product penetration. Also, decreasing production cost along with simple manufacturing procedure will sway the utilization of polycrystalline silicon modules in the upcoming years. Moreover, tax credit policies to encourage PV technology along with low pricing structure will enhance the solar PV module market outlook.
 

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Supportive government incentives comprising of net metering & other similar schemes will have a positive impact on the business trends. Expansion of sustainable microgrid networks in conjunction with modern distributed generating technologies will provide an optimum industry dynamic. Furthermore, the swift increase in utility-based grid networks couple with rising power demand will stimulate on-grid solar module deployment.

Ability to handle low power load including refrigeration, lighting, telecommunication & water pumping across commercial & residential sectors will foster the product adoption. Rising rural electrification projects along with rapid inclination in energy storage will considerably foster the solar PV module market potential. Additionally, lack of adequate grid infrastructure in the developing nations and increasing electricity demand will fuel the off-grid solar PV installations.
 

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The roof top solar PV module market is likely to surpass USD 110.6 billion by 2032. Growing investments for improvement of the overall efficiency in response to rising competition will further enhance the industry scenario. Moreover, an increasing emphasis on renewable energy, primarily in developing economies, will lower the reliance on conventional energy sources. Expanding investments in home renovation and enhancement accompanied by large-scale effective rooftop solar PV installations will complement the business landscape.
 

The residential solar PV module market value exceeded USD 49 billion in 2022. The availability of abundant resources and cost-competitiveness, along with rising market potential, will drive industry development. Increasing concerns about cutting carbon emissions, along with government measures encouraging the consumption of renewable energy, will enhance the business trends. Additionally, increased energy consumption, as well as rapid investments in alternative energy resources, will accelerate the industry growth.
 

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The Asia Pacific solar PV module market size to hit USD 100 billion by 2032. Government policies focusing at effectively meeting rising electricity demand will increase the adoption of renewable energy technologies consisting solar PV. Increasing demand for surplus power generation capacity, coupled with the ongoing involvement of foreign firms, favorable FDI circumstances, and the establishment of capacity quota targets, will all have a beneficial impact on technology adoption. Furthermore, stringent emission standards in line with consumer preferences for sustainable energy growth would strengthen the industry landscape.

Solar PV Module Market Share

The key industry participants operating in the solar PV module market include:

• Trina Solar
• Canadian Solar
• JA SOLAR Technology Co.Ltd.
• Jinko Solar
• First Solar
• REC Solar Holdings AS
• GCL-SI
• Hanwha Group
• CsunSolarTech
• The Solaria Corporation
• LG Electronics
• Yingli Solar
• Shunfeng International Clean Energy Co.Ltd,
• RENESOLA
• EMMVEE SOLAR
• Shemzhen shine solar co.Ltd
• Motech Industries Inc.
• SOLAR FRONTIER K.K.
• SunPower Corporation
• RISEN ENERGY Co. LTD
• Indosolar
• VIKRAM SOLAR LTD
• Su-vastika Systems Private Limited
• LONGi 
   

Solar PV Module Industry News

• In July 2021, First Solar announced its plan to invest USD 684 million in an innovative completely vertically integrated PV (photovoltaic) thin film solar module least plant in India. The company’s eco-friendly module technology comprises of the lowest carbon & water footprints of any PV module currently present in the market. This significant investment will support the growing adoption of solar PV module, thereby driving the business scenario.
   
• In August 2020, Waaree Energies ltd delivered 50 MW solar PV modules to Fortune 500 Company in U.S. The project will deploy highly efficient 380, 385, Wp Mono PERC solar PV modules by Waaree Energies ltd. Therefore, increasing product deployment will foster the industry landscape.
   

This solar PV module market research report includes in-depth coverage of the industry with estimates & forecast in terms of ‘MW & USD Million’ from 2023 to 2032 for the following segments:

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By Technology

• Thin Film
• Crystalline Silicon

By Product

• Monocrystalline
• Polycrystalline
• Cadmium Telluride
• Amorphous Silicon
• Copper Indium Gallium Di-Selenide

By Connectivity

• On-Grid
• Off-Grid

By Mounting

• Ground-mounted
• Rooftop

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