Global Solar PV Module Market Size, Share, Growth Analysis, By Technology(Thin Film, Crystalline Silicon), By Product(Monocrystalline, Polycrystalline) - Industry Forecast 2024-2031

Global Solar PV Module Market size was valued at USD 147.52 billion in 2022 and is poised to grow from USD 158.44 billion in 2023 to USD 280.47 billion by 2031, growing at a CAGR of 7.4% during the forecast period (2024-2031).

The market for solar photovoltaic (PV) modules is one that is vibrant and expanding quickly within the renewable energy sector. Sun PV modules, sometimes commonly referred to as sun panels, are crucial for capturing solar radiation and turning it into electrical power. These modules consist of networked solar cells made of semiconductor materials, most often crystalline silicon or thin-film technology. The expansion of the sun PV module market is driven by several factors. First off, concerns about weather trade and environmental sustainability, along with the growing global focus on stable and sustainable electrical assets, have spurred the uptake of solar photovoltaic technology. To encourage the use of solar energy, governments over the world are putting supportive laws, incentives, and subsidies into place, which is further boosting the market. Technological developments have improved solar electricity availability and affordability, as seen by improved performance and durability of solar photovoltaic modules. Additionally, solar power is becoming a financially viable source of electricity due to the declining cost of PV modules, which is being driven by industrial breakthroughs and economies of scale. Innovations in materials and designs, such building-incorporated photovoltaics (BIPV) and bifacial sun panels, are also driving the sun PV module market, expanding its applications in the commercial and residential domains. The market for solar photovoltaic modules is expected to continue its strong growth as the world moves toward a more sustainable energy future. This will significantly contribute to the global movement toward simple and renewable energy sources.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Solar PV Module Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the Market size includes the following details: The key players in the Market were identified through secondary research, and their Market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top Market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Solar PV Module Market Segmental Analysis

The solar PV module marketplace is segmented by technology, product, connectivity, mounting, stop-use, and area. Based on Technology, the marketplace is segmented as, Thin Film, and Crystalline Silicon. Based on Product the marketplace is segmented as, Monocrystalline, Polycrystalline, Cadmium Telluride, Amorphous Silicon, and Copper Indium Gallium Diselenide. Based on Connectivity the marketplace is segmented as, On-Grid, Off-Grid. Based on Mounting the market is segmented as, Ground Mounted, and RoofTop. Based on End-Use the marketplace is segmented as, Residential, Commercial, and Utility. Regional the marketplace is segmented as, North America, Europe, Asia-Pacific, and Latin America.

Drivers of the Global Solar PV Module Market

Government incentives and policies promoting renewable energy adoption serve as a key driver for the global solar PV module market. Subsidies, tax credits, feed-in tariffs, and renewable energy targets incentivize investment in solar power infrastructure, driving market growth. Additionally, advancements in technology and decreasing costs make solar energy increasingly competitive compared to conventional fossil fuels.

Restraints in the Global Solar PV Module Market

Despite the rapid growth of the global solar PV module market, one significant restraint is the intermittent nature of solar energy generation due to weather conditions and the day-night cycle. This intermittency poses challenges for grid integration and necessitates the development of efficient energy storage solutions to ensure reliable power supply.

Market Trends of the Global Solar PV Module Market

A prominent trend in the global solar PV module market is the increasing adoption of bifacial solar panels. These panels generate electricity from both sides, capturing sunlight reflected from the ground, buildings, or other surfaces. Bifacial modules offer higher energy yields and improved performance in diverse environmental conditions, driving their popularity in utility-scale solar projects and distributed generation applications.