Product Code: ETC13190920 | Publication Date: Apr 2025 | Updated Date: Jul 2025 | Product Type: Market Research Report | |
Publisher: 6Wresearch | Author: Vasudha | No. of Pages: 190 | No. of Figures: 80 | No. of Tables: 40 |
According to 6Wresearch internal database and industry insights, the Global Solar PV Module Market was valued at USD 72 Billion in 2024 and is expected to reach USD 120 Billion by 2031, growing at a compound annual growth rate of 7.70% during the forecast period (2025-2031).
The Global Solar PV Module Market is experiencing significant growth driven by increasing demand for clean energy solutions. Technological advancements, supportive government policies, and decreasing costs have contributed to the market expansion. Key players in the market are focusing on innovations to enhance efficiency and reduce manufacturing costs. Asia-Pacific dominates the market due to the large-scale adoption of solar energy in countries like China and India. North America and Europe also hold substantial market share due to investments in renewable energy projects. The market is expected to continue growing as more countries prioritize renewable energy sources to reduce carbon emissions and combat climate change, presenting opportunities for new entrants and existing players to capitalize on the expanding market.
The Global Solar PV Module Market is experiencing significant growth driven by increasing government initiatives towards renewable energy adoption, declining solar module costs, and growing environmental concerns. One of the key trends in the market is the rising demand for bifacial solar modules that offer higher efficiency and performance. Another emerging opportunity lies in the integration of solar PV modules with energy storage solutions to enhance grid stability and reliability. Additionally, technological advancements such as floating solar PV systems and transparent solar panels are gaining traction, expanding the potential applications of solar energy. The market is also witnessing a shift towards larger, utility-scale solar projects, driven by economies of scale and improved project economics. Overall, the Global Solar PV Module Market presents promising opportunities for growth and innovation in the renewable energy sector.
The Global Solar PV Module Market faces several challenges, including intense competition leading to price pressures, fluctuations in government policies and regulations impacting investment incentives, and the dependency on subsidies and incentives for market growth. Additionally, issues such as supply chain disruptions, raw material price volatility, and the need for continuous technological advancements to improve efficiency and reduce costs pose challenges for market players. Moreover, the intermittent nature of solar power generation and the need for energy storage solutions to address grid integration challenges further add complexity to the market landscape. Navigating these challenges requires industry players to adapt quickly to market dynamics, innovate sustainable business models, and collaborate with stakeholders to drive growth and overcome barriers in the Global Solar PV Module Market.
The Global Solar PV Module Market is primarily driven by the increasing focus on renewable energy sources to reduce carbon emissions and combat climate change. Government initiatives and policies promoting the use of solar energy, along with declining costs of solar PV modules, have also played a significant role in driving market growth. Additionally, the growing demand for clean and sustainable energy solutions, coupled with advancements in technology leading to improved efficiency and performance of solar PV modules, are key drivers shaping the market landscape. The rising awareness among consumers regarding the environmental benefits and long-term cost savings associated with solar energy further contributes to the expansion of the Global Solar PV Module Market.
Government policies around the world play a significant role in shaping the Global Solar PV Module Market. Many countries have implemented policies such as feed-in tariffs, tax incentives, renewable portfolio standards, and subsidies to promote the adoption of solar photovoltaic technology. Additionally, regulations mandating the use of renewable energy sources and setting targets for renewable energy capacity expansion have further driven the growth of the solar PV module market. Some countries have also imposed import tariffs on solar PV modules to protect domestic manufacturers. Overall, government policies are crucial in influencing the demand for solar PV modules and driving investment in the renewable energy sector.
The Global Solar PV Module Market is poised for significant growth in the coming years as the demand for clean energy sources continues to rise. Factors such as decreasing costs of solar technology, government initiatives promoting renewable energy adoption, and increasing environmental concerns are driving the market expansion. Technological advancements, such as the development of more efficient and durable solar panels, are also anticipated to fuel market growth. Emerging markets in Asia and Africa are expected to play a key role in the expansion of the solar PV module market. Overall, the future outlook for the Global Solar PV Module Market looks optimistic, with projections indicating steady growth and a shift towards greater reliance on solar energy in the global energy mix.
In the Global Solar PV Module Market, Asia is a key region driving growth, with countries like China and India leading in both production and consumption of solar PV modules. North America is experiencing significant growth due to supportive government policies and increasing adoption of renewable energy sources. Europe remains a mature market with a focus on sustainability and energy efficiency, while the Middle East and Africa are emerging as attractive markets for solar PV due to abundant sunlight and increasing investments in renewable energy infrastructure. Latin America is also witnessing growth, driven by countries like Brazil and Mexico investing in solar energy projects to reduce carbon emissions and boost energy security. Overall, these regional insights highlight the diverse opportunities and challenges shaping the global solar PV module market.
Global Solar PV Module Market |
1 Executive Summary |
2 Introduction |
2.1 Key Highlights of the Report |
2.2 Report Description |
2.3 Market Scope & Segmentation |
2.4 Research Methodology |
2.5 Assumptions |
3 Global Solar PV Module Market Overview |
3.1 Global Regional Macro Economic Indicators |
3.2 Global Solar PV Module Market Revenues & Volume, 2021 & 2031F |
3.3 Global Solar PV Module Market - Industry Life Cycle |
3.4 Global Solar PV Module Market - Porter's Five Forces |
3.5 Global Solar PV Module Market Revenues & Volume Share, By Regions, 2021 & 2031F |
3.6 Global Solar PV Module Market Revenues & Volume Share, By Technology, 2021 & 2031F |
3.7 Global Solar PV Module Market Revenues & Volume Share, By Product Type, 2021 & 2031F |
3.8 Global Solar PV Module Market Revenues & Volume Share, By Connectivity, 2021 & 2031F |
3.9 Global Solar PV Module Market Revenues & Volume Share, By Mounting, 2021 & 2031F |
3.10 Global Solar PV Module Market Revenues & Volume Share, By End Use, 2021 & 2031F |
4 Global Solar PV Module Market Dynamics |
4.1 Impact Analysis |
4.2 Market Drivers |
4.3 Market Restraints |
5 Global Solar PV Module Market Trends |
6 Global Solar PV Module Market, 2021 - 2031 |
6.1 Global Solar PV Module Market, Revenues & Volume, By Technology, 2021 - 2031 |
6.1.1 Overview & Analysis |
6.1.2 Global Solar PV Module Market, Revenues & Volume, By Thin Film, 2021 - 2031 |
6.1.3 Global Solar PV Module Market, Revenues & Volume, By Crystalline Silicon, 2021 - 2031 |
6.1.4 Global Solar PV Module Market, Revenues & Volume, By Others, 2021 - 2031 |
6.2 Global Solar PV Module Market, Revenues & Volume, By Product Type, 2021 - 2031 |
6.2.1 Overview & Analysis |
6.2.2 Global Solar PV Module Market, Revenues & Volume, By Monocrystalline, 2021 - 2031 |
6.2.3 Global Solar PV Module Market, Revenues & Volume, By Polycrystalline, 2021 - 2031 |
6.2.4 Global Solar PV Module Market, Revenues & Volume, By Cadmium Telluride, 2021 - 2031 |
6.2.5 Global Solar PV Module Market, Revenues & Volume, By Amorphous Silicon, 2021 - 2031 |
6.2.6 Global Solar PV Module Market, Revenues & Volume, By Others, 2021 - 2031 |
6.3 Global Solar PV Module Market, Revenues & Volume, By Connectivity, 2021 - 2031 |
6.3.1 Overview & Analysis |
6.3.2 Global Solar PV Module Market, Revenues & Volume, By On-Grid, 2021 - 2031 |
6.3.3 Global Solar PV Module Market, Revenues & Volume, By Off-Grid, 2021 - 2031 |
6.4 Global Solar PV Module Market, Revenues & Volume, By Mounting, 2021 - 2031 |
6.4.1 Overview & Analysis |
6.4.2 Global Solar PV Module Market, Revenues & Volume, By Ground Mounted, 2021 - 2031 |
6.4.3 Global Solar PV Module Market, Revenues & Volume, By Roof-Top, 2021 - 2031 |
6.5 Global Solar PV Module Market, Revenues & Volume, By End Use, 2021 - 2031 |
6.5.1 Overview & Analysis |
6.5.2 Global Solar PV Module Market, Revenues & Volume, By Residential, 2021 - 2031 |
6.5.3 Global Solar PV Module Market, Revenues & Volume, By Commercial, 2021 - 2031 |
6.5.4 Global Solar PV Module Market, Revenues & Volume, By Industrial, 2021 - 2031 |
7 North America Solar PV Module Market, Overview & Analysis |
7.1 North America Solar PV Module Market Revenues & Volume, 2021 - 2031 |
7.2 North America Solar PV Module Market, Revenues & Volume, By Countries, 2021 - 2031 |
7.2.1 United States (US) Solar PV Module Market, Revenues & Volume, 2021 - 2031 |
7.2.2 Canada Solar PV Module Market, Revenues & Volume, 2021 - 2031 |
7.2.3 Rest of North America Solar PV Module Market, Revenues & Volume, 2021 - 2031 |
7.3 North America Solar PV Module Market, Revenues & Volume, By Technology, 2021 - 2031 |
7.4 North America Solar PV Module Market, Revenues & Volume, By Product Type, 2021 - 2031 |
7.5 North America Solar PV Module Market, Revenues & Volume, By Connectivity, 2021 - 2031 |
7.6 North America Solar PV Module Market, Revenues & Volume, By Mounting, 2021 - 2031 |
7.7 North America Solar PV Module Market, Revenues & Volume, By End Use, 2021 - 2031 |
8 Latin America (LATAM) Solar PV Module Market, Overview & Analysis |
8.1 Latin America (LATAM) Solar PV Module Market Revenues & Volume, 2021 - 2031 |
8.2 Latin America (LATAM) Solar PV Module Market, Revenues & Volume, By Countries, 2021 - 2031 |
8.2.1 Brazil Solar PV Module Market, Revenues & Volume, 2021 - 2031 |
8.2.2 Mexico Solar PV Module Market, Revenues & Volume, 2021 - 2031 |
8.2.3 Argentina Solar PV Module Market, Revenues & Volume, 2021 - 2031 |
8.2.4 Rest of LATAM Solar PV Module Market, Revenues & Volume, 2021 - 2031 |
8.3 Latin America (LATAM) Solar PV Module Market, Revenues & Volume, By Technology, 2021 - 2031 |
8.4 Latin America (LATAM) Solar PV Module Market, Revenues & Volume, By Product Type, 2021 - 2031 |
8.5 Latin America (LATAM) Solar PV Module Market, Revenues & Volume, By Connectivity, 2021 - 2031 |
8.6 Latin America (LATAM) Solar PV Module Market, Revenues & Volume, By Mounting, 2021 - 2031 |
8.7 Latin America (LATAM) Solar PV Module Market, Revenues & Volume, By End Use, 2021 - 2031 |
9 Asia Solar PV Module Market, Overview & Analysis |
9.1 Asia Solar PV Module Market Revenues & Volume, 2021 - 2031 |
9.2 Asia Solar PV Module Market, Revenues & Volume, By Countries, 2021 - 2031 |
9.2.1 India Solar PV Module Market, Revenues & Volume, 2021 - 2031 |
9.2.2 China Solar PV Module Market, Revenues & Volume, 2021 - 2031 |
9.2.3 Japan Solar PV Module Market, Revenues & Volume, 2021 - 2031 |
9.2.4 Rest of Asia Solar PV Module Market, Revenues & Volume, 2021 - 2031 |
9.3 Asia Solar PV Module Market, Revenues & Volume, By Technology, 2021 - 2031 |
9.4 Asia Solar PV Module Market, Revenues & Volume, By Product Type, 2021 - 2031 |
9.5 Asia Solar PV Module Market, Revenues & Volume, By Connectivity, 2021 - 2031 |
9.6 Asia Solar PV Module Market, Revenues & Volume, By Mounting, 2021 - 2031 |
9.7 Asia Solar PV Module Market, Revenues & Volume, By End Use, 2021 - 2031 |
10 Africa Solar PV Module Market, Overview & Analysis |
10.1 Africa Solar PV Module Market Revenues & Volume, 2021 - 2031 |
10.2 Africa Solar PV Module Market, Revenues & Volume, By Countries, 2021 - 2031 |
10.2.1 South Africa Solar PV Module Market, Revenues & Volume, 2021 - 2031 |
10.2.2 Egypt Solar PV Module Market, Revenues & Volume, 2021 - 2031 |
10.2.3 Nigeria Solar PV Module Market, Revenues & Volume, 2021 - 2031 |
10.2.4 Rest of Africa Solar PV Module Market, Revenues & Volume, 2021 - 2031 |
10.3 Africa Solar PV Module Market, Revenues & Volume, By Technology, 2021 - 2031 |
10.4 Africa Solar PV Module Market, Revenues & Volume, By Product Type, 2021 - 2031 |
10.5 Africa Solar PV Module Market, Revenues & Volume, By Connectivity, 2021 - 2031 |
10.6 Africa Solar PV Module Market, Revenues & Volume, By Mounting, 2021 - 2031 |
10.7 Africa Solar PV Module Market, Revenues & Volume, By End Use, 2021 - 2031 |
11 Europe Solar PV Module Market, Overview & Analysis |
11.1 Europe Solar PV Module Market Revenues & Volume, 2021 - 2031 |
11.2 Europe Solar PV Module Market, Revenues & Volume, By Countries, 2021 - 2031 |
11.2.1 United Kingdom Solar PV Module Market, Revenues & Volume, 2021 - 2031 |
11.2.2 Germany Solar PV Module Market, Revenues & Volume, 2021 - 2031 |
11.2.3 France Solar PV Module Market, Revenues & Volume, 2021 - 2031 |
11.2.4 Rest of Europe Solar PV Module Market, Revenues & Volume, 2021 - 2031 |
11.3 Europe Solar PV Module Market, Revenues & Volume, By Technology, 2021 - 2031 |
11.4 Europe Solar PV Module Market, Revenues & Volume, By Product Type, 2021 - 2031 |
11.5 Europe Solar PV Module Market, Revenues & Volume, By Connectivity, 2021 - 2031 |
11.6 Europe Solar PV Module Market, Revenues & Volume, By Mounting, 2021 - 2031 |
11.7 Europe Solar PV Module Market, Revenues & Volume, By End Use, 2021 - 2031 |
12 Middle East Solar PV Module Market, Overview & Analysis |
12.1 Middle East Solar PV Module Market Revenues & Volume, 2021 - 2031 |
12.2 Middle East Solar PV Module Market, Revenues & Volume, By Countries, 2021 - 2031 |
12.2.1 Saudi Arabia Solar PV Module Market, Revenues & Volume, 2021 - 2031 |
12.2.2 UAE Solar PV Module Market, Revenues & Volume, 2021 - 2031 |
12.2.3 Turkey Solar PV Module Market, Revenues & Volume, 2021 - 2031 |
12.3 Middle East Solar PV Module Market, Revenues & Volume, By Technology, 2021 - 2031 |
12.4 Middle East Solar PV Module Market, Revenues & Volume, By Product Type, 2021 - 2031 |
12.5 Middle East Solar PV Module Market, Revenues & Volume, By Connectivity, 2021 - 2031 |
12.6 Middle East Solar PV Module Market, Revenues & Volume, By Mounting, 2021 - 2031 |
12.7 Middle East Solar PV Module Market, Revenues & Volume, By End Use, 2021 - 2031 |
13 Global Solar PV Module Market Key Performance Indicators |
14 Global Solar PV Module Market - Export/Import By Countries Assessment |
15 Global Solar PV Module Market - Opportunity Assessment |
15.1 Global Solar PV Module Market Opportunity Assessment, By Countries, 2021 & 2031F |
15.2 Global Solar PV Module Market Opportunity Assessment, By Technology, 2021 & 2031F |
15.3 Global Solar PV Module Market Opportunity Assessment, By Product Type, 2021 & 2031F |
15.4 Global Solar PV Module Market Opportunity Assessment, By Connectivity, 2021 & 2031F |
15.5 Global Solar PV Module Market Opportunity Assessment, By Mounting, 2021 & 2031F |
15.6 Global Solar PV Module Market Opportunity Assessment, By End Use, 2021 & 2031F |
16 Global Solar PV Module Market - Competitive Landscape |
16.1 Global Solar PV Module Market Revenue Share, By Companies, 2024 |
16.2 Global Solar PV Module Market Competitive Benchmarking, By Operating and Technical Parameters |
17 Top 10 Company Profiles |
18 Recommendations |
19 Disclaimer |