Photovoltaic Modules Market Size, Share, and Growth Analysis, By Technology, By Mounting Type, By Efficiency, By Size, By Grid Type, By Application, By Region - Industry Forecast 2025-2032

Photovoltaic Modules Market size was valued at USD 183.14 billion in 2023 and is poised to grow from USD 196.14 billion in 2024 to USD 339.54 billion by 2032, growing at a CAGR of 7.1% during the forecast period (2025-2032).

The global photovoltaic (PV) modules market is experiencing robust growth, fueled by rising renewable energy demand, supportive government initiatives, and decreasing module costs. According to the International Energy Agency (IEA), renewable sources represented nearly 90% of new global power additions in 2020, with solar being the leading contributor. Despite the high initial cost of solar systems and the intermittent nature of solar energy, declining module prices and incentives are making solar power increasingly accessible. Notable trends include advancements in technology, such as bifacial and floating solar panels, and the rising adoption of solar solutions in emerging markets. This landscape offers substantial opportunities for innovation and growth, particularly with the integration of solar power in electric vehicles and smart grids.

Top-down and bottom-up approaches were used to estimate and validate the size of the Photovoltaic Modules 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.

Photovoltaic Modules Market Segments Analysis

Global Photovoltaic Modules Market is segmented by Technology, Mounting Type, Efficiency, Size, Grid Type, Application and region. Based on Technology, the market is segmented into Monocrystalline Solar Cells, Polycrystalline Solar Cells, Thin-film Solar Cells and Perovskite Solar Cells. Based on Mounting Type, the market is segmented into Rooftop Solar Panels and Ground-Mounted Solar Panels. Based on Efficiency, the market is segmented into 15-20%, 20-25% and Above 25%. Based on Size, the market is segmented into Small (<100 W), Medium (100-500 W) and Large (>500 W). Based on Grid Type, the market is segmented into On Grid and Off Grid. Based on Application, the market is segmented into Residential, Commercial, Industrial and Utility-Scale Solar Power Plants. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.

Driver of the Photovoltaic Modules Market

A significant factor propelling the photovoltaic modules market is the supportive government initiatives and policies aimed at encouraging the use of renewable energy. For example, the European Union set a target to achieve carbon neutrality by 2050, with the European Green Deal seeking to raise the renewable energy share to 32% in the energy mix by 2030. Additionally, India's National Solar Mission aspires to reach 100 GW of solar power capacity by 2022. These proactive government measures are likely to stimulate the demand for photovoltaic modules, driving substantial growth within the market as countries strive to meet their renewable energy goals.

Restraints in the Photovoltaic Modules Market

The photovoltaic modules market faces notable challenges due to the substantial initial investment required for installation. These costs are largely determined by the system's size and the quality of materials, rendering it prohibitively expensive for residential and small-scale applications. Additionally, the limited availability of financing options, coupled with a general lack of consumer awareness regarding the long-term advantages of solar energy, further obstructs market expansion. Consequently, these factors collectively pose significant restraints on the widespread adoption and growth of photovoltaic modules in various applications, particularly among potential residential users.

Market Trends of the Photovoltaic Modules Market

The photovoltaic modules market is witnessing a robust trend toward the integration of energy storage systems, enhancing the efficiency and utility of solar energy. With increasing focus on renewable energy and the need for grid independence, consumers and businesses are investing in combined solar-plus-storage solutions. Energy storage systems, such as Tesla's Powerwall, facilitate the storage of daytime solar energy for use during nighttime or peak demand, thereby optimizing energy consumption and reducing reliance on the grid. This synergy not only maximizes energy utilization but also promotes energy resilience, driving growth in both photovoltaic module sales and energy storage technologies.