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
GCL System Integration Technology Co., Ltd.(China)
First Solar, Inc.(USA)
Hanwha Q CELLS Co., Ltd.(South Korea)
SunPower Corporation(USA)
Yingli Green Energy Holding Company Limited(China)
Seraphim Solar System Co., Ltd.(China)
Suntech Power Holdings Co., Ltd.(China)
Astronergy(China)
Talesun Solar(China)
LG Electronics Inc.(South Korea)
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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.
Table of Contents
Introduction
Objectives of the Study
Scope of the Report
Definitions
Research Methodology
Information Procurement
Secondary & Primary Data Methods
Market Size Estimation
Market Assumptions & Limitations
Executive Summary
Global Market Outlook
Supply & Demand Trend Analysis
Segmental Opportunity Analysis
Market Dynamics & Outlook
Market Overview
Market Size
Market Dynamics
Drivers & Opportunities
Restraints & Challenges
Porters Analysis
Competitive rivalry
Threat of substitute
Bargaining power of buyers
Threat of new entrants
Bargaining power of suppliers
Key Market Insights
Key Success Factors
Degree of Competition
Top Investment Pockets
Market Ecosystem
Market Attractiveness Index, 2024
PESTEL Analysis
Macro-Economic Indicators
Value Chain Analysis
Pricing Analysis
Case Studies
Regulatory Landscape
Patent Analysis
Global Photovoltaic Modules Market Size by Technology & CAGR (2025-2032)
Market Overview
Monocrystalline Solar Cells
Polycrystalline Solar Cells
Thin-film Solar Cells
Perovskite Solar Cells
Global Photovoltaic Modules Market Size by Mounting Type & CAGR (2025-2032)
Market Overview
Rooftop Solar Panels
Ground-Mounted Solar Panels
Global Photovoltaic Modules Market Size by Efficiency & CAGR (2025-2032)
Market Overview
15-20%
20-25%
Above 25%
Global Photovoltaic Modules Market Size by Size & CAGR (2025-2032)
Market Overview
Small (<100 W)
Medium (100-500 W)
Large (>500 W)
Global Photovoltaic Modules Market Size by Grid Type & CAGR (2025-2032)
Market Overview
On Grid
Off Grid
Global Photovoltaic Modules Market Size by Application & CAGR (2025-2032)
Market Overview
Residential
Commercial
Industrial
Utility-Scale Solar Power Plants
Global Photovoltaic Modules Market Size & CAGR (2025-2032)
North America (Technology, Mounting Type, Efficiency, Size, Grid Type, Application)
US
Canada
Europe (Technology, Mounting Type, Efficiency, Size, Grid Type, Application)
Germany
Spain
France
UK
Italy
Rest of Europe
Asia Pacific (Technology, Mounting Type, Efficiency, Size, Grid Type, Application)
China
India
Japan
South Korea
Rest of Asia-Pacific
Latin America (Technology, Mounting Type, Efficiency, Size, Grid Type, Application)
Brazil
Rest of Latin America
Middle East & Africa (Technology, Mounting Type, Efficiency, Size, Grid Type, Application)
GCC Countries
South Africa
Rest of Middle East & Africa
Competitive Intelligence
Top 5 Player Comparison
Market Positioning of Key Players, 2024
Strategies Adopted by Key Market Players
Recent Developments in the Market
Company Market Share Analysis, 2024
Company Profiles of All Key Players
Company Details
Product Portfolio Analysis
Company's Segmental Share Analysis
Revenue Y-O-Y Comparison (2022-2024)
Key Company Profiles
LONGi Green Energy Technology Co., Ltd. (China)
Company Overview
Business Segment Overview
Financial Updates
Key Developments
JinkoSolar Holding Co., Ltd. (China)
Company Overview
Business Segment Overview
Financial Updates
Key Developments
Trina Solar Limited (China)
Company Overview
Business Segment Overview
Financial Updates
Key Developments
JA Solar Technology Co., Ltd. (China)
Company Overview
Business Segment Overview
Financial Updates
Key Developments
Canadian Solar Inc. (Canada)
Company Overview
Business Segment Overview
Financial Updates
Key Developments
Risen Energy Co., Ltd. (China)
Company Overview
Business Segment Overview
Financial Updates
Key Developments
Chint Solar (China)
Company Overview
Business Segment Overview
Financial Updates
Key Developments
Tongwei Co., Ltd. (China)
Company Overview
Business Segment Overview
Financial Updates
Key Developments
DAS Solar (China)
Company Overview
Business Segment Overview
Financial Updates
Key Developments
GCL System Integration Technology Co., Ltd. (China)
Company Overview
Business Segment Overview
Financial Updates
Key Developments
First Solar, Inc. (USA)
Company Overview
Business Segment Overview
Financial Updates
Key Developments
Hanwha Q CELLS Co., Ltd. (South Korea)
Company Overview
Business Segment Overview
Financial Updates
Key Developments
SunPower Corporation (USA)
Company Overview
Business Segment Overview
Financial Updates
Key Developments
Yingli Green Energy Holding Company Limited (China)