SOLAR PV MODULE MARKET Size and trends

Solar Pv Module Market Size and Trends

The global solar PV module market is estimated to be valued at USD 55.45 Bn in 2025 and is expected to reach USD 97.56 Bn by 2032, exhibiting a compound annual growth rate (CAGR) of 8.4% from 2025 to 2032.

Key Takeaways of the Solar PV Module Market:

• The monocrystalline segment is expected to account for 37.4% of the market share in 2025.
• The rooftop solar panels segment is projected to hold 56.8% of the market share by 2025.
• The residential segment is expected to represent 37.6% of the solar PV module market share by 2025.
• Asia Pacific is projected to lead the global market with a 34.2% share in 2025 followed by the North America region, which is expected to hold a 20.5% share in 2025.

Market Overview:

The market has seen steady rise over last few years driven by supportive government policies and declining solar technology costs. Many countries have introduced renewable energy targets and policies supporting installations of solar panels on residential buildings and public infrastructure. This is positively impacting the market growth. This market is expected to witness significant growth during forecast period supported by factors like growing concerns about the environment and initiative towards adopting clean energy. Many governments such as the U.S. are focusing on achieving a sustainable future by transitioning from fossil fuels to solar and other renewable sources of energy. There is a visible shift in consumption patterns as a greater number of commercial and industrial facilities are installing solar panels to meet their electricity needs.

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Key Developments:

• In December 2024, India's Tata Power inaugurated a 4.3 GW solar module and cell manufacturing facility in Tamil Nadu, primarily focused on serving the domestic market. The facility's output over the next 12 to 16 months is already committed to ongoing projects within India.
• In October 2024, Transition Equity Partners led an investment of up to US$ 54 million in Canadian solar-module manufacturer, Heliene, supporting the construction of a new factory in Minnesota, U.S. This investment was bolstered by government incentives and the Inflation Reduction Act, which provide tax credits and support for clean-energy manufacturing. Transition Equity Partners (TEP) is a private equity firm specializing in investments that facilitate the transition to cleaner, more efficient, and sustainable energy infrastructure across North America.
• In 2022, Gstar Solar, a Singapore-based PV product manufacturer, acquired the U.S. -based EPOCH Green Energy, expanding its presence in the U.S. solar PV module market

Top Strategies Followed by Global Solar PV Module Market Players

• Established Players: Leading manufacturers such as LONGi Green Energy Technology Co., Ltd., Trina Solar Co., Ltd., and JinkoSolar Holding Co., Ltd. focus on large-scale production and technological innovation
  • For instance, LONGi achieved a module supply of 66.44 GW in 2023, marking a 42% year-on-year increase. These companies invest heavily in research and development to improve module efficiency and reduce costs, maintaining their leadership in the market.
• Strategic partnerships are another important strategy adopted by major players. Companies often form partnerships or collaborations with other players to gain manufacturing expertise, explore new geographical markets together, or bundle products and services. For instance, Canadian Solar tied up with several global EPC companies and contractors to undertake large scale projects worldwide.
• Mid-Level Players: Companies like Canadian Solar Inc. and Risen Energy Co., Ltd. balance expansion and specialization. Canadian Solar, for example, has been expanding its manufacturing capacities and entering new markets, aiming to increase its global footprint. These mid-level players often adopt flexible business models, including both manufacturing and project development, to adapt to market demands and mitigate risks.
• Small-Scale Players: Smaller manufacturers, such as India's Solex Energy, focus on niche markets or specific regions. Solex plans to invest approximately US$ 1 billion by 2030 to expand its production capacities and enter the solar cell manufacturing market, aligning with India's goal to add 500 GW of clean energy capacity by 2030.

Emerging Startups - Solar PV Module Industry Ecosystem

• Innovative Technologies: Emerging startups in the global solar PV module market are pioneering innovative technologies and sustainable solutions, significantly contributing to the industry's evolution. For instance, GraphEnergyTech, a Cambridge spin-out, has developed conductive graphene ink to replace traditional silver electrodes in solar panels, offering a cost-effective and resource-efficient alternative.
• Sustainable Solutions: Startups focusing on sustainability include modules made from recycled wood waste by Enkat Solar or tracker systems made from recycled aluminum by Array Technologies. These eco-friendly innovations, developed by Transition Equity Partners (TEP) and their portfolio companies, aim to reduce solar's carbon footprint and advance sustainable energy practices. Other startups are developing all-glass or flexible thin-film modules to enable reuse and recycling at the end-of-life. Such circular business models from startups would significantly contribute to sustainability in the long run.