Solar PV Module Market Size By Technology (Thin Film, Crystalline Silicon), By Product (Monocrystalline, Polycrystalline, Cadmium Telluride (CdTe), Amorphous Silicon (A-Si), Copper Indium Gallium Di-selenide (CIGS)), By Connectivity (On-Grid, Off-Grid), By Mounting (Ground Mounted, Roof-Top), By End-Use (Residential, Commercial, Utility), Industry Analysis Report, Regional Outlook, Price Trends, Competitive Market Share & Forecast, 2020 – 2026

Published Date: Jul 2020  |  Report ID: GMI1563  |  Authors: Ankit Gupta, Aditya Singh Bais

Report Format: PDF   |   Pages: 510   |   Base Year: 2019

Summary Table of Contents Industry Coverage Methodology

Industry Trends

Solar PV Module Market size exceeded USD 35 billion in 2019 and the annual shipment is projected to surpass 200 GW by 2026. Growing investment towards renewable energy development will significantly impact the market growth.

The continued advancement toward a decarbonized economy reinforced by legislative energy policies and incentives constitutes the key shaping factor for the market growth trends. Favorable government measures including incentives have also been introduced to promote the adoption of various renewable technologies including solar PV. For instance, in 2019, the U.S. government introduced solar tax credit with an objective to reduce cost of installing a solar energy system by 30%. In addition, declining prices, improvements in conversion efficiencies, and growing efforts to optimize LCOE will further augment the industry demand.

The solar PV module industry is witnessing sluggish growth during the ongoing COVID-19 pandemic. Respective governments and regulatory authorities have implemented social distancing measures to contain the spread of virus. Workforce shortages along with the lockdown imposed by several countries have eased the imports of solar PV modules. This in turn has halted the ongoing construction of various photovoltaic projects thereby reducing the overall market demand. However, if spread of coronavirus declines in the forthcoming months, the industry will observe accelerated growth on account of recommencing of projects across the globe.

Solar PV Module Market
Get more details on this report - Request Free Sample PDF

The solar PV module market report covers the detailed analysis of industry trends segmented on a regional & country basis across technology, products, connectivity, mounting and applications. Moreover, the market estimates & forecasts are completely in line with the data represented by state and federal authorities including the World Bank, U.S. Energy Information Administration (EIA), National Renewable Energy Laboratory, International Energy Agency (IEA), International Renewable Energy Agency (IRENA), American Solar Energy Society (ASES), Ministry of New and Renewable Energy (MNRE), Global Solar Council, PV magazines and company annual reports amongst others.

Higher conversion efficiency coupled with declining technology cost will drive the industry growth

Crystalline silicon is the most widely used solar PV module technology across the globe. These modules are manufactured using crystalline silicon solar cells (c-Si) and can provide higher conversion efficiency, which will complement their demand. According to the U.S. Department of Energy, industrially produced crystalline silicon PV cells can achieve energy conversion efficiencies ranging from 18% to 24% under standard test conditions. The technology is expected to witness an elevated demand across the residential and commercial sectors on account of their reliable & safe operations and competitive pricing.

Lower operational costs and superior performance raising the monocrystalline modules market value

In 2019, the monocrystalline modules accounted for over 49% market revenue share. The monocrystalline are formed with the wafers manufactured using a single crystal growth method and can offer commercial efficiencies ranging from 20% to 24%. Additionally, this technology has been among the most primeval, efficient and dependable mode of electricity generation. Longevity, efficiency, operational cost, and embedded energy per panel are few indispensable parameters will drive the demand of monocrystalline solar PV modules in the forthcoming years.

Growing number of utility scale solar projects will augment the market growth

United States Solar PV Module Market

Get more details on this report - Request Free Sample PDF

Most of the installations in the solar photovoltaic module market are on-grid systems and expected to register a growth of over 8% through 2026. The expanding utility scale grid networks to cater the soaring electricity requirement across developing regions coupled with large scale deployment of renewable technology will positively influence the growth of on-grid connectivity segment. Moreover, favorable government incentive schemes including feed in tariffs and net metering and will further escalate the market demand for grid integrated solar PV module systems.

Cost benefits associated with utility solar plants along with a viability of green loans will propel the ground mounted systems segment share

The growing electricity demand across the globe has compelled the authorities to install large scale solar utility plants. These utility scale projects are ground mounted and has capability provide electricity at a competitive cost. In addition, rising investments to establish a sustainable energy mix across industries will drive the ground mounted solar PV module market growth. Furthermore, supportive regulatory policies and initiatives including Feed in Tariff program, long term Power Purchase Agreements and other regulatory policies will boost the market revenue.

Rising clean energy adoption in residential households will enhance the demand for solar PV modules

Netherland Solar PV Module Market

Get more details on this report - Request Free Sample PDF

Solar PV modules across residential applications are being deployed at an accelerated rate on account of ongoing efforts toward promotion of energy efficiency and conservation across suburban consumers. Rapid urbanization coupled with favorable government-assisted renewable reforms and subsidies for residential households will fuel the market growth trends. In addition, enhanced on-site electricity generation technologies and advancing smart control networking initiatives will complement the market demand of residential solar PV modules.

Favorable government initiatives and the shifting trends toward renewable energy development will boost the market growth in APAC

Asia Pacific solar PV module market accounted for around 50% revenue share in 2019. The regional industry in the recent years has witnessed considerable turnaround on account of large-scale adoption of sustainable energy technologies. Grid integration of renewable energy sources to sustain the energy mix protocol and favorable government norms to fortify the deployment of these units will positively influence the industry landscape. Additionally, growing environmental concerns along with the national renewable integration targets abided by nations will further embellish the business outlook.

Supportive norms and regulations for the development of renewable infrastructure will accelerate the development of clean energy across China. Moreover, stringent government regulations pertaining to the reduction of carbon footprints and growing concern toward depletion of fossil fuel will impel the demand for clean energy technologies across the country.

New product development and inorganic mergers acting as the focal point for industry players

The prominent players operating across the solar PV module market are focusing on new product development and mergers to achieve an edge over other industry participants. Large market participants in the industry are focusing on bulk manufacturing practices coupled with product-focused R&D. Product customization and production facilities to cope with the growing demand for flexible technological offerings have been the primary strategical implication across the industry. For instance, in June 2020, Trina Solar announced the launch of TrinaPro Mega, a high-power smart PV module solution.

The key market participants include Trina Solar, Canadian Solar, JA Solar, Jinko Solar, First Solar, Shunfeng International Clean Energy (SFCE), Longi Solar Technology Co. Ltd., Hanwha Q CELLS, and GCL System Intigration amongst others.

This market research report for solar PV module includes in-depth coverage of the industry with estimates & forecast in terms of “MW”, and “USD” from 2015 to 2026, for the following segments:

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
  • Utility

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

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • UK
    • France
    • Netherlands
    • Italy
    • Germany
    • Sweden
    • Russia
    • Spain
    • Austria
    • Ukraine
  • 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


Frequently Asked Questions (FAQ) :

The market size of solar PV module was valued over USD 35 billion in 2019.
The industry share of solar PV module is projected to witness 8.5% growth rate during 2020 to 2026.
According to this report, the monocrystalline modules segment accounted for over 49% of the total revenue share in 2019.
The on-grid systems connectivity segment is predicted to register more than 8% growth during 2020-2026.
Asia Pacific region accounted for around 50% of the industry share in in 2019.
The key market participants include Trina Solar, Canadian Solar, JA Solar, Jinko Solar, First Solar, Shunfeng International Clean Energy (SFCE), Longi Solar Technology Co. Ltd., Hanwha Q CELLS, and GCL System Integration, amongst others.

Premium Report Details

  • Published Date: Jul 2020
  • Pages: 510
  • Tables: 1103
  • Charts / Figures: 56
  • Companies covered: 24
  • Countries covered: 39

Get a report that explains COVID-19 impact on this market

Buy Now

Need a Discount? Get in touch with us for special pricing

Request Discount

 Connect with our sales team

Chat with us
We use cookies to enhance user experience. (Privacy Policy) X