Solar Pv Module Market Research Report By Technology (Monocrystalline Solar Cells, Polycrystalline Solar Cells, Thin-film Solar Cells, Perovskite Solar Cells), By Application (Residential, Commercial, Industrial, Utility-Scale Solar Power Plants), By Mounting Type (Rooftop Solar Panels, Ground-Mounted Solar Panels), By Efficiency (15-20%, 20-25%, Above 25%), By Size (Small ( 100 W), Medium (100-500 W), Large (> 500 W)) and By Regional (North America, Europe, South America, Asia Pacific, Middle East and Africa) - Forecast to 2032

Global Solar Pv Module Market Overview

As per MRFR analysis, the Solar Pv Module Market Size was estimated at 52.44 (USD Billion) in 2022. The Solar Pv Module Market Industry is expected to grow from 58.4 (USD Billion) in 2023 to 153.92 (USD Billion) by 2032. The Solar Pv Module Market CAGR (growth rate) is expected to be around 11.37% during the forecast period (2024 - 2032).

Key Solar Pv Module Market Trends Highlighted

The influx in the solar PV module market is increasing due to the growing market for renewable energy and the decreasing price of production. A few prominent factors include government policies, growing attention to global warming and the obvious need for electricity. There are valuable prospects in developing countries, given the fact that the market for solar panels is poised to surge in a few years. A few market developments are the introduction of high-efficiency modules, the application of IoT and AI technologies, and floating solar power plants. The market is likely to grow as governments and companies strive for greener alternatives. Besides, advances in technology and price cuts offer further prospects for solar pv technology integration in other sectors, thus boosting future market growth.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Solar Pv Module Market Drivers

Increasing Demand for Renewable Energy

The growing global demand for renewable energy is one of the primary drivers behind the growth of the Solar Pv Module Market Industry. As countries around the world seek to reduce their reliance on fossil fuels and transition to cleaner energy sources, solar photovoltaic (PV) modules are becoming increasingly popular. Solar PV modules convert sunlight directly into electricity, making them a sustainable and cost-effective alternative to traditional energy sources.The rising demand for renewable energy is expected to continue to drive the growth of the Solar Pv Module Market Industry in the coming years.

Government Incentives and Policies

Government incentives and policies are another key driver of the growth of the Solar Pv Module Market Industry. Many governments around the world are offering financial incentives, such as tax breaks and subsidies, to encourage the adoption of solar PV systems. Additionally, governments are implementing policies that mandate the use of renewable energy sources, such as solar PV, in new construction and renovation projects. These incentives and policies are making solar PV modules more affordable and accessible, which is driving the growth of the Solar Pv Module Market Industry.

Technological Advancements

Technological advancements are also contributing to the growth of the Solar Pv Module Market Industry. Solar PV module manufacturers are constantly improving the efficiency and durability of their products. Additionally, new technologies, such as bifacial solar panels and perovskite solar cells, are emerging that have the potential to further improve the performance and cost-effectiveness of solar PV systems. These technological advancements are making solar PV modules more attractive to consumers and businesses, which is driving the growth of the Solar Pv Module Market Industry.

Solar Pv Module Market Segment Insights:

Solar Pv Module Market Technology Insights

The Solar Pv Module Market is segmented by technology into Monocrystalline Solar Cells, Polycrystalline Solar Cells, Thin-film Solar Cells, and Perovskite Solar Cells. Monocrystalline Solar Cells held the largest market share in 2023, accounting for over 55% of the Solar Pv Module Market revenue. Monocrystalline Solar Cells are made from a single crystal of silicon, which gives them a higher efficiency and longer lifespan than other types of solar cells. They are also more expensive than other types of solar cells. Polycrystalline Solar Cells have a lower efficiency than monocrystalline solar cells, but they are also less expensive.They are made from multiple crystals of silicon, which gives them a slightly lower efficiency than monocrystalline solar cells. Thin-film Solar Cells are made from a thin layer of semiconductor material, which is deposited on a substrate. They are less efficient than monocrystalline and polycrystalline solar cells, but they are also less expensive. They are often used in applications where cost is a major concern. Perovskite Solar Cells are a new type of solar cell that is made from a perovskite material. Perovskite Solar Cells have a higher efficiency than other types of solar cells, but they are also less stable.The growth of the market is being driven by the increasing demand for renewable energy sources. Solar Pv Modules are becoming more affordable and more efficient, which is making them a more attractive option for businesses and consumers. The growth of the market is also being driven by the increasing demand for solar energy in developing countries.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Solar Pv Module Market Application Insights

The Solar Pv Module Market is segmented by application into residential, commercial, industrial, and utility-scale solar power plants. The residential segment is expected to account for the largest share of the market in 2023, with a valuation of 25.6 billion USD. This is due to the increasing adoption of solar PV systems by homeowners for electricity generation. The commercial segment is also expected to witness significant growth during the forecast period, owing to the rising demand for renewable energy sources in the commercial sector.The industrial segment is anticipated to grow at a steady pace as more businesses adopt solar PV systems to reduce their energy costs. The utility-scale solar power plants segment is expected to contribute significantly to the Solar Pv Module Market revenue over the forecast period, with a valuation of 51.3 billion USD in 2023.

Solar Pv Module Market Mounting Type Insights

The Solar Pv Module Market is segmented by mounting type into Rooftop Solar Panels and Ground-Mounted Solar Panels. Among these segments, the Rooftop Solar Panels segment held the largest market share in 2023, accounting for 60% of the Solar Pv Module Market revenue. This dominance is attributed to the increasing adoption of rooftop solar systems in residential and commercial buildings due to factors such as government incentives, rising energy costs, and growing environmental concerns. The Ground-Mounted Solar Panels segment is expected to witness significant growth in the coming years, owing to the increasing deployment of large-scale solar power plants and the availability of vast tracts of land for solar installations.By 2032, the Ground-Mounted Solar Panels segment is projected to account for 40% of the Solar Pv Module Market revenue, driven by the growing demand for renewable energy sources and the declining costs of solar PV technology.

Solar Pv Module Market Efficiency Insights

The efficiency of solar PV modules is a key factor in determining their cost-effectiveness. Modules with higher efficiencies can convert more sunlight into electricity, which means that they can generate more power for the same amount of space. As a result, modules with higher efficiencies are typically more expensive than those with lower efficiencies. The Solar Pv Module Market is segmented by efficiency into three categories: 15-20%, 20-25%, and above 25%. In 2023, the 15-20% segment accounted for the largest share of the market, with a revenue of USD 25.4 billion.The 20-25% segment is expected to grow at the highest CAGR of 12.5% over the forecast period, reaching a revenue of USD 42.3 billion by 2032. The above 25% segment is expected to account for the smallest share of the market, but it is also expected to grow at a healthy CAGR of 11.8% over the forecast period. The growth of the high-efficiency segment is being driven by the increasing demand for solar PV systems in commercial and industrial applications. These applications require modules with higher efficiencies to maximize power generation and reduce costs.The declining cost of high-efficiency modules is also making them more attractive for residential applications. Overall, the Solar Pv Module Market is expected to grow significantly over the next decade. The increasing demand for solar PV systems, combined with the declining cost of high-efficiency modules, is expected to drive growth in all segments of the market.

Solar Pv Module Market Size Insights

The Solar Pv Module Market is segmented by size into small ( 100 W), medium (100-500 W), and large (> 500 W). The medium segment is expected to hold the largest share of the market in 2023 and is projected to continue to grow at a CAGR of 12.5% through 2032. This growth is being driven by the increasing demand for solar PV systems in residential and commercial applications. The small segment is also expected to experience significant growth, with a CAGR of 11.5% over the same period. This growth is being driven by the increasing popularity of solar PV systems for off-grid applications, such as in remote areas and developing countries.The large segment is expected to grow at a slower rate, with a CAGR of 10.5%, due to the higher cost and complexity of these systems

Solar Pv Module Market Regional Insights

The regional segmentation of the Solar Pv Module Market offers valuable insights into the industry's geographical distribution and growth potential. North America, Europe, APAC, South America, and MEA are the key regional segments analyzed in this market research. North America held a significant market share in 2023 and is expected to maintain its dominance throughout the forecast period. The region's robust renewable energy policies, technological advancements, and increasing adoption of solar energy solutions drive its growth. Europe follows closely, with a substantial market share attributed to government incentives, ambitious climate targets, and a growing focus on sustainable energy sources.APAC exhibits immense growth potential due to rising energy demand, supportive government initiatives, and expanding manufacturing capabilities in countries like China and India. South America and MEA are emerging markets with untapped potential, offering opportunities for growth as these regions seek to diversify their energy mix and reduce their dependence on fossil fuels.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Solar Pv Module Market Key Players And Competitive Insights:

Major players in the Solar Pv Module Market industry are constantly striving to gain a competitive edge by investing in research and development (RD) to introduce innovative products and technologies. They are also focusing on expanding their production capacities to meet the growing demand for solar PV modules. Leading Solar Pv Module Market players are also adopting various strategies, such as mergers and acquisitions, to strengthen their market position and increase their market share. Solar Pv Module Market development is being driven by the increasing adoption of solar energy as a clean and renewable source of energy. Government incentives and policies are also playing a significant role in promoting the growth of the Solar Pv Module Market.Leading Solar Pv Module Market player, First Solar is a global provider of comprehensive photovoltaic (PV) solar systems. The company's advanced thin-film PV modules offer high efficiency, durability, and low cost of ownership. First Solar has a strong global presence with operations in North America, Europe, and Asia. The company is committed to providing innovative and sustainable solar solutions to meet the growing demand for clean energy.Competitor company JinkoSolar is a leading manufacturer of high-efficiency monocrystalline solar modules. The company's products are used in a wide range of applications, including residential, commercial, and utility-scale solar projects. JinkoSolar has a global presence with manufacturing facilities in China, Malaysia, and Vietnam. The company is focused on delivering quality products and services to its customers around the world.

Key Companies in the Solar Pv Module Market Include:

• JA Solar


• SunPower


• Astronergy


• JinkoSolar


• Maxeon Solar Technologies


• Hanwha Q CELLS


• Risen Energy


• LONGi Solar


• GCL System Integration


• Trina Solar


• REC Group


• Winaico


• First Solar


• Canadian Solar

Solar Pv Module Market Industry Developments

The Solar Pv Module Market is projected to grow from USD 58.4 billion in 2023 to USD 153.92 billion by 2032, exhibiting a CAGR of 11.37% during the forecast period. The increasing adoption of solar energy due to rising environmental concerns and government incentives is driving market growth. Technological advancements, such as the development of high-efficiency solar cells and modules, are further contributing to the market's expansion. Additionally, the growing demand for renewable energy sources in developing countries is expected to provide significant growth opportunities for the solar PV module market in the coming years. Recent news developments include the announcement of a new solar PV manufacturing facility in India with a capacity of 2 GW and the launch of a new high-efficiency solar module by a leading manufacturer.

Solar Pv Module Market Segmentation Insights

• Solar Pv Module Market Technology Outlook
  
  
  
  • Monocrystalline Solar Cells
  
  
  • Polycrystalline Solar Cells
  
  
  • Thin-film Solar Cells
  
  
  • Perovskite Solar Cells
  
  
  
  

• Solar Pv Module Market Application Outlook
  
  
  
  • Residential
  
  
  • Commercial
  
  
  • Industrial
  
  
  • Utility-Scale Solar Power Plants
  
  
  
  

• Solar Pv Module Market Mounting Type Outlook
  
  
  
  • Rooftop Solar Panels
  
  
  • Ground-Mounted Solar Panels
  
  
  
  

• Solar Pv Module Market Efficiency Outlook
  
  
  
  • 15-20%
  
  
  • 20-25%
  
  
  • Above 25%
  
  
  
  

• Solar Pv Module Market Size Outlook
  
  
  
  • Small ( 100 W)
  
  
  • Medium (100-500 W)
  
  
  • Large (> 500 W)
  
  
  
  

• Solar Pv Module Market Regional Outlook
  
  
  
  • North America
  
  
  • Europe
  
  
  • South America
  
  
  • Asia Pacific
  
  
  • Middle East and Africa