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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 & Industrial, Utility), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2022 – 2028

  • Report ID: GMI1563
  • Published Date: Jan 2022
  • Report Format: PDF

Industry Trends

Solar PV Module Market Size exceeded USD 61 billion in 2021 and is projected to grow at over 4% CAGR between 2021 and 2028. Favorable government schemes and incentives including auctions, tariffs & tax exemptions along with ongoing technological enhancements and evolving consumer & regulatory inclination toward clean energy sources will further augment the business outlook. In addition, reduced solar energy prices in line with growing financial support will complement the market growth.

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Extensive resource availability and cost-competitiveness combined with increasing industry potential will propel product adoption. Introduction of various regulatory reforms including subsidies, asset & financial leveraging, along with other financial tools which will encourage the product acceptance. Moreover, the introduction of several solar installation targets along with shifting focus of to curb carbon emissions will accelerate the industry growth.

Ongoing technological advancements with rapid innovations and declining costs will encourage product usage

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The thin film technologies segment in the solar PV module market is anticipated to reach USD 12 billion by 2028. Recent technological advancements and R&D activities for efficient power output across large-scale solar applications will upsurge product demand. Furthermore, favorable government renewable reforms for residential households will fuel the industry progression.

A rapid growth in solar deployment rate along with favorable government renewable energy targets will boost the demand for crystalline solar PV modules. A paradigm shift toward effective new product innovations, optimization, manufacturing precision, and standardized product processes for power output, environmental compatibility & low installation costs will further sway the business landscape. Additionally, numerous initiatives including tax rebates, asset, financial leveraging, and Feed-in-Tariff (FiT) schemes coupled with rising investments from public & private funding institutions will foster the industry expansion.

Rapid industrial expansion followed by ongoing commercialization and large-scale renewable integration will stimulate product demand

The monocrystalline segment valued at USD 77 billion in 2021. High operational feasibility, efficiency ranging from 20% to 24% along with reduced maintenance costs will positively influence product penetration. Key prominent players are investing in innovating the existing product portfolios to drive their industry presence globally.

The low cost of production coupled with simple manufacturing techniques will support the adoption of polycrystalline silicon modules in the coming years. In addition, the wide applicability across large-scale solar power projects followed by nationwide renewable integration targets will spur product demand. Furthermore, the reduced pricing structure combined with tax credit schemes to promote PV technology will complement the business landscape.

APAC region will witness significant growth on account of favorable government regulations and growing electricity demand

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Asia Pacific solar PV module market is poised to cross an annual installation of over 119 MW by 2028. Government measures to effectively cater to growing electricity demand will augment the deployment of sustainable power technologies including solar PV. Increasing requirements for additional power generation capacity along with the continuous involvement of international players, favorable conditions for FDI, and announcement of capacity quota targets will positively influence technology acceptance. Moreover, stringent emission norms in line with consumer inclination toward sustainable energy development will complement the business scenario.

Ongoing rapid installations in Vietnam owing to the expiry of the country’s feed-in tariff will support the regional growth. Increasing investments to improve the overall efficiency on account of growing competition will further impel the business landscape. In addition, a growing focus on renewable energy, specifically in economies including China and India, will reduce the dependence on conventional energy sources. Rising investments by homeowners in home renovation and improvement followed by large-scale effective rooftop solar PV installations will boost the industry value across Australia.

Rapid deployment of renewable energy units will positively drive the business outlook

The power sector being the backbone of the residential, commercial, industrial, and utility sector witnessed large scale deployments of renewable energy resources including solar despite of the pandemic outbreak. However, supply chain disruptions and restrictions in movement and work along with lockdowns led to longer delivery timelines. Moreover, favorable government policies including FiT, FiP; in line with resuming of manufacturing operations post lockdown will positively impact the industry scenario.

Ongoing agreements, partnerships, and collaborations will enhance the market presence of various players

Eminent companies operating across the market include Trina Solar, Canadian Solar, JA SOLAR Technology, Jinko Solar, First Solar, REC Solar Holdings AS, GCL-SI, Hanwha Q Cells, CsunSolarTech, The Solaria Corporation, LG Solar, Yingli Solar, Shunfeng International Clean Energy, ReneSola, EMMVEE SOLAR, SHENZHEN SHINE SOLAR, Motech Industries, Solar Frontier K.K., SunPower Corporation, Risen Energy, Indosolar, Vikram Solar, Su-vastika Solar, and Longi Solar Technology. Inorganic growth ventures, partnerships, new product innovations, and strategic collaborations to expand the business portfolios of key players will foster the business outlook.

The solar PV module market research report includes in-depth coverage of the industry with estimates & forecast in terms of ‘MW’ & ‘USD’ from 2022 to 2028 for the following segments:

Market, By Technology

  • Thin Film
  • Crystalline Silicon

Market, By Product

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

Market, By Connectivity

  • On-Grid
  • Off-Grid

Market, By Mounting

  • Ground-mounted
  • Rooftop

Market, 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
    • 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


Authors: Ankit Gupta, Srishti Agarwal

Frequently Asked Questions (FAQ) :

The global market size of solar PV module was USD 61 billion in 2021 and will record a 4% CAGR up to 2028 owing to higher technological enhancements and presence of favorable government schemes and incentives.
Solar PV modules are made by connecting photovoltaic (PV) cells or solar cells to convert the light energy captured from the sun into electric energy.
The thin film technologies will exceed USD 12 billion through 2028 owing to the ongoing technological advancements and higher R&D activities for efficient power output across large-scale solar applications.
Demand for monocrystalline solar PV modules had reached more than USD 77 billion in 2021 and will grow with the rising number of investments by prominent industry players.
Asia Pacific market is expected to record 119 MW in terms of annual installation by 2028 driven by the growing government measures to meet the escalating electricity demand and higher deployment of sustainable power technologies.

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Premium Report Details

  • Base Year: 2021
  • Companies covered: 24
  • Tables & Figures: 1138
  • Countries covered: 39
  • Pages: 500
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