Solar PV Module Market, By Technology, By Mounting Type, By Application, By Geography

Description

The global solar PV module market is estimated to be valued at USD 55.45 Bn in 2025 and is expected to reach USD 97.56 Bn by 2032, exhibiting a compound annual growth rate (CAGR) of 8.4% from 2025 to 2032.

Report Coverage		Report Details
Base Year:	2024	Market Size in 2025:	USD 55.45 Bn
Historical Data for:	2020 To 2024	Forecast Period:	2025 To 2032
Forecast Period 2025 to 2032 CAGR:	8.40%	2032 Value Projection:	USD 97.56 Bn

Figure. Solar PV Module Market Share (%), By Region, 2025

The global solar PV module market has been witnessing significant growth over the past few years owing to the increasing awareness regarding the environmental hazards of conventional energy sources and focus of various governments towards cleaner sources of energy to fulfill the ever-growing need for electricity across the world. Most countries are promoting solar energy usage through subsidies, tax incentives, and renewable purchase obligations. This has spurred the demand for solar PV modules from residential, commercial, and utility-scale projects. Advancements in solar cell and module technology along with decreasing module prices have further boosted the prospects of solar PV over the forecast period.

Market Dynamics:

The major drivers boosting the global solar PV module market include supportive government policies and declining costs of solar modules. Many governments globally have introduced subsidy schemes, tax breaks, and net-metering policies to encourage the proliferation of renewable energy sources including solar. This has increased the adoption of solar PV across both off-grid decentralized applications and large utility-scale projects. This has improved the competitiveness of solar PV compared to fossil fuels. However, factors such as intermittency of solar power supply and high initial investment pose challenges to market growth. Furthermore, fluctuations in polysilicon price present opportunities for manufacturers to adopt cost-optimization strategies and reduce dependency on polysilicon imports.

Key Features of the Study:

This report provides in-depth analysis of the global solar PV module market, and provides market size (USD Bn) and compound annual growth rate (CAGR%) for the forecast period (2025-2032), considering 2024 as the base year

It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market

This study also provides key insights about market drivers, restraints, opportunities, new product launches or approvals, market trends, regional outlook, and competitive strategies adopted by key players

It profiles key players in the global solar PV module market based on the following parameters - company highlights, products portfolio, key highlights, financial performance, and strategies

Key companies covered as a part of this study include First Solar, Inc., Canadian Solar Inc., JinkoSolar Holding Co., Ltd., Trina Solar Limited, SunPower Corporation, LONGi Green Energy Technology Co., Ltd., Q CELLS (Hanwha Q CELLS), Silfab Solar Inc., JA Solar Technology Co., Ltd., Risen Energy Co., Ltd., REC Group, Yingli Green Energy Holding Company Limited, Adani Solar, GCL-Poly Energy Holdings Limited, and Solaria Energia y Medio Ambiente, S.A.

Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics

The global solar PV module market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts

Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global solar PV module market

Market Segmentation

Technology Insights (Revenue, USD Bn, 2020 - 2032)
- Monocrystalline
- Polycrystalline
- Thin-Film
- Bifacial
Mounting Type Insights (Revenue, USD Bn, 2020 - 2032)
- Rooftop Solar Panels
- Ground-Mounted Solar Panels
Application Insights (Revenue, USD Bn, 2020 - 2032)
- Residential
- Commercial
- Utility-Scale
- Others
Regional Insights (Revenue, USD Bn, 2020 - 2032)
- North America
- U.S.
- Canada
- Latin America
- Brazil
- Argentina
- Mexico
- Rest of Latin America
- Europe
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
- Middle East
- GCC Countries
- Israel
- Rest of Middle East
- Africa
- South Africa
- North Africa
- Central Africa
Key Players Insights
- First Solar, Inc.
- Canadian Solar Inc.
- JinkoSolar Holding Co., Ltd.
- Trina Solar Limited
- SunPower Corporation
- LONGi Green Energy Technology Co., Ltd.
- Q CELLS (Hanwha Q CELLS)
- Silfab Solar Inc.
- JA Solar Technology Co., Ltd.
- Risen Energy Co., Ltd.
- REC Group
- Yingli Green Energy Holding Company Limited
- Adani Solar
- GCL-Poly Energy Holdings Limited
- Solaria Energia y Medio Ambiente, S.A.

Product Code: CMI7736

1. Research Objectives and Assumptions

Research Objectives
Assumptions
Abbreviations

2. Market Purview

Report Description
- Market Definition and Scope
Executive Summary
- Global Solar PV Module Market, By Technology
- Global Solar PV Module Market, By Mounting Type
- Global Solar PV Module Market, By Application
- Global Solar PV Module Market, By Region

3. Market Dynamics, Regulations, and Trends Analysis

Market Dynamics
Impact Analysis
Key Highlights
Regulatory Scenario
Product Launches/Approvals
PEST Analysis
PORTER's Analysis
Market Opportunities
Regulatory Scenario
Key Developments
Industry Trends

4. Global Solar PV Module Market, By Technology, 2020-2032, (USD Bn)

Introduction
- Market Share Analysis, 2025 and 2032 (%)
- Y-o-Y Growth Analysis, 2021 - 2032
- Segment Trends
Monocrystalline
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2020-2032, (USD Bn)
Polycrystalline
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2020-2032, (USD Bn)
Thin-Film
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2020-2032, (USD Bn)
Bifacial
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2020-2032, (USD Bn)

5. Global Solar PV Module Market, By Mounting Type, 2020-2032, (USD Bn)

Introduction
- Market Share Analysis, 2025 and 2032 (%)
- Y-o-Y Growth Analysis, 2021 - 2032
- Segment Trends
Rooftop Solar Panels
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2020-2032, (USD Bn)
Ground-Mounted Solar Panels
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2020-2032, (USD Bn)

6. Global Solar PV Module Market, By Application, 2020-2032, (USD Bn)

Introduction
- Market Share Analysis, 2025 and 2032 (%)
- Y-o-Y Growth Analysis, 2021 - 2032
- Segment Trends
Residential
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2020-2032, (USD Bn)
Commercial
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2020-2032, (USD Bn)
Utility-Scale
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2020-2032, (USD Bn)
Others
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2020-2032, (USD Bn)

7. Global Solar PV Module Market, By Region, 2020 - 2032, Value (USD Bn)

Introduction
- Market Share (%) Analysis, 2025, 2028 & 2032, Value (USD Bn)
- Market Y-o-Y Growth Analysis (%), 2021 - 2032, Value (USD Bn)
- Regional Trends
North America
- Introduction
- Market Size and Forecast, By Technology, 2020 - 2032, Value (USD Bn)
- Market Size and Forecast, By Mounting Type, 2020 - 2032, Value (USD Bn)
- Market Size and Forecast, By Application, 2020 - 2032, Value (USD Bn)
- Market Size and Forecast, By Country, 2020 - 2032, Value (USD Bn)
- U.S.
- Canada
Latin America
- Introduction
- Market Size and Forecast, By Technology, 2020 - 2032, Value (USD Bn)
- Market Size and Forecast, By Mounting Type, 2020 - 2032, Value (USD Bn)
- Market Size and Forecast, By Application, 2020 - 2032, Value (USD Bn)
- Market Size and Forecast, By Country, 2020 - 2032, Value (USD Bn)
- Brazil
- Argentina
- Mexico
- Rest of Latin America
Europe
- Introduction
- Market Size and Forecast, By Technology, 2020 - 2032, Value (USD Bn)
- Market Size and Forecast, By Mounting Type, 2020 - 2032, Value (USD Bn)
- Market Size and Forecast, By Application, 2020 - 2032, Value (USD Bn)
- Market Size and Forecast, By Country, 2020 - 2032, Value (USD Bn)
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
Asia Pacific
- Introduction
- Market Size and Forecast, By Technology, 2020 - 2032, Value (USD Bn)
- Market Size and Forecast, By Mounting Type, 2020 - 2032, Value (USD Bn)
- Market Size and Forecast, By Application, 2020 - 2032, Value (USD Bn)
- Market Size and Forecast, By Country, 2020 - 2032, Value (USD Bn)
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
Middle East
- Introduction
- Market Size and Forecast, By Technology, 2020 - 2032, Value (USD Bn)
- Market Size and Forecast, By Mounting Type, 2020 - 2032, Value (USD Bn)
- Market Size and Forecast, By Application, 2020 - 2032, Value (USD Bn)
- Market Size and Forecast, By Country, 2020 - 2032, Value (USD Bn)
- GCC Countries
- Israel
- Rest of Middle East
Africa
- Introduction
- Market Size and Forecast, By Technology, 2020 - 2032, Value (USD Bn)
- Market Size and Forecast, By Mounting Type, 2020 - 2032, Value (USD Bn)
- Market Size and Forecast, By Application, 2020 - 2032, Value (USD Bn)
- Market Size and Forecast, By Country/Region, 2020 - 2032, Value (USD Bn)
- South Africa
- North Africa
- Central Africa

8. Competitive Landscape

First Solar, Inc.
- Company Highlights
- Product Portfolio
- Key Developments
- Financial Performance
- Strategies
Canadian Solar Inc.
- Company Highlights
- Product Portfolio
- Key Developments
- Financial Performance
- Strategies
JinkoSolar Holding Co., Ltd.
- Company Highlights
- Product Portfolio
- Key Developments
- Financial Performance
- Strategies
Trina Solar Limited
- Company Highlights
- Product Portfolio
- Key Developments
- Financial Performance
- Strategies
SunPower Corporation
- Company Highlights
- Product Portfolio
- Key Developments
- Financial Performance
- Strategies
LONGi Green Energy Technology Co., Ltd.
- Company Highlights
- Product Portfolio
- Key Developments
- Financial Performance
- Strategies
Q CELLS (Hanwha Q CELLS)
- Company Highlights
- Product Portfolio
- Key Developments
- Financial Performance
- Strategies
Silfab Solar Inc.
- Company Highlights
- Product Portfolio
- Key Developments
- Financial Performance
- Strategies
JA Solar Technology Co., Ltd.
- Company Highlights
- Product Portfolio
- Key Developments
- Financial Performance
- Strategies
Risen Energy Co., Ltd.
- Company Highlights
- Product Portfolio
- Key Developments
- Financial Performance
- Strategies
REC Group
- Company Highlights
- Product Portfolio
- Key Developments
- Financial Performance
- Strategies
Yingli Green Energy Holding Company Limited
- Company Highlights
- Product Portfolio
- Key Developments
- Financial Performance
- Strategies
Adani Solar
GCL-Poly Energy Holdings Limited
Solaria Energia y Medio Ambiente, S.A.

9. Analyst Recommendations

Wheel of Fortune
Analyst View
Coherent Opportunity Map

10. References and Research Methodology

References
Research Methodology
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