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 the end of 2025.
The residential segment is expected to represent 37.6% of the solar PV module market share by the end of 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 the 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.