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    Solar Pv Module Market

    ID: MRFR/E&P/27468-HCR
    100 Pages
    Chitranshi Jaiswal
    October 2025

    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 2035

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    Solar Pv Module Market Infographic
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    Summary Table of Contents Segmentation Download PDF

    Solar Pv Module Market Summary

    The Global Solar PV Module Market is projected to grow from 72.44 USD Billion in 2024 to 236.88 USD Billion by 2035.

    Key Market Trends & Highlights

    Solar Pv Module Key Trends and Highlights

    • The market is expected to experience a compound annual growth rate (CAGR) of 11.37 percent from 2025 to 2035.
    • By 2035, the market valuation is anticipated to reach 236.9 USD Billion, indicating robust growth potential.
    • in 2024, the market is valued at 72.44 USD Billion, reflecting a strong foundation for future expansion.
    • Growing adoption of solar energy technologies due to increasing environmental concerns is a major market driver.

    Market Size & Forecast

    2024 Market Size 72.44 (USD Billion)
    2035 Market Size 236.88 (USD Billion)
    CAGR (2025-2035) 11.37%

    Major Players

    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 Trends

    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.

     

     

    The global transition towards renewable energy sources, particularly solar photovoltaic technology, appears to be accelerating as nations increasingly prioritize sustainability and energy independence.

    U.S. Department of Energy

    Solar Pv Module Market Drivers

    Increasing Demand for Renewable Energy

    The Global Solar Pv Module Market Industry is experiencing a surge in demand for renewable energy sources, driven by global initiatives to reduce carbon emissions and combat climate change. Governments worldwide are implementing policies that promote the adoption of solar energy, leading to an increased installation of solar photovoltaic systems. For instance, countries like Germany and China have set ambitious targets for renewable energy generation, which significantly contributes to the growth of the solar PV market. This trend is expected to propel the market value to approximately 72.4 USD Billion in 2024, indicating a robust shift towards sustainable energy solutions.

    Market Segment Insights

    Solar Pv Module Market Segment Insights:

    Solar Pv Module Market Segment Insights:

    Solar Pv Module Market Technology 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.

    Solar Pv Module Market Application Insights

    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

    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

    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.

    Solar Pv Module Market Size Insights

    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

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    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.

    Solar Pv Module Market Regional Insights

    Source: Primary Research, Secondary Research, Market Research Future Database and Analyst Review

    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 market include

    Industry Developments

    The Solar Pv Module Market is projected to grow from USD 80.68 billion in 2025 to USD 212.69 billion by 2034, 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.

     

    Future Outlook

    Solar Pv Module Market Future Outlook

    The Solar PV Module Market is projected to grow at an 11.37% CAGR from 2025 to 2035, driven by technological advancements, increasing demand for renewable energy, and supportive government policies.

    New opportunities lie in:

    • Invest in advanced solar technologies to enhance efficiency and reduce costs. Explore emerging markets with untapped solar potential for expansion. Develop integrated energy solutions combining solar modules with storage systems.

    By 2035, the Solar PV Module Market is expected to be robust, reflecting substantial growth and innovation.

    Market Segmentation

    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

    Solar Pv Module Market Efficiency Outlook

    • 15-20%
    • 20-25%
    • Above 25%

    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

    Report Scope

    Report Attribute/MetricDetails
    Market Size 2024  72.44 (USD Billion)
    Market Size 2025  80.68 (USD Billion)
    Market Size 2035236.88 (USD Billion)
    Compound Annual Growth Rate (CAGR)11.37% (2025 - 2035)
    Report CoverageRevenue Forecast, Competitive Landscape, Growth Factors, and Trends
    Base Year2024
    Market Forecast Period2025 - 2035
    Historical Data2019 - 2023
    Market Forecast UnitsUSD Billion
    Key Companies ProfiledJA 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
    Segments CoveredTechnology, Application, Mounting Type, Efficiency, Size, Regional
    Key Market OpportunitiesGrowing demand for renewable energy Technological advancements Government initiatives and subsidies Expansion of distributed solar systems Integration with energy storage systems
    Key Market DynamicsRising energy demands government incentives, technological advancements, increasing environmental concerns, grid modernization
    Countries CoveredNorth America, Europe, APAC, South America, MEA

    FAQs

    What is the expected CAGR of the Solar PV Module Market?

    The Solar PV Module Market is projected to grow at a CAGR of 11.37% from 2025 to 2034.

    What is the expected valuation of the Solar PV Module Market in 2034?

    The Solar PV Module Market is expected to reach a valuation of USD 212.69 billion by 2034.

    What is the expected valuation of the Solar PV Module Market in 2025?

    The Solar PV Module Market is expected to be valued at USD 80.68 billion in 2025.

    Which region is expected to dominate the Solar PV Module Market?

    North America is expected to dominate the Solar PV Module Market throughout the forecast period.

    What are the key applications of Solar PV Modules?

    Solar PV Modules are primarily used in residential, commercial, and industrial applications.

    Who are the key competitors in the Solar PV Module Market?

    Some of the key competitors in the Solar PV Module Market include JinkoSolar, LONGi Solar, Trina Solar, Canadian Solar, and First Solar.

    What factors are driving the growth of the Solar PV Module Market?

    The rising demand for renewable energy, government incentives, and technological advancements are driving the growth of the Solar PV Module Market.

    What challenges is the Solar PV Module Market facing?

    The challenges faced by the Solar PV Module Market include high upfront costs, intermittency issues, and geopolitical uncertainties.

    What are the key trends in the Solar PV Module Market?

    The key trends in the Solar PV Module Market include the increasing adoption of bifacial modules, the development of high-efficiency modules, and the integration of storage systems.

    What is the impact of the Russia-Ukraine war on the Solar PV Module Market?

    The Russia-Ukraine war has disrupted the supply chain of raw materials and increased the cost of production, which has impacted the Solar PV Module Market.

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