SOLAR PV MODULE MARKET regional analysis

Regional Analysis

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Asia Pacific Solar PV Module Market Trends

The Asia Pacific region is expected to lead the solar PV module market, capturing a 34.2% share by 2025. This dominance is driven by robust government initiatives supporting renewable energy adoption and a strong manufacturing base. Countries such as China and India provide production-linked incentives and have set ambitious renewable energy targets to lower emissions. Additionally, the region is home to major global solar manufacturers such as LONGi Solar with large-scale production facilities, meeting both domestic and international demand.

North America Solar PV Module Market Trends

North America is expected to capture 20.5% of the solar PV module market share in 2025, with the region showing the highest growth rate. This growth is primarily driven by ongoing investments in renewable energy integration, where governments are providing long-term power purchase agreements and tax incentives to encourage private sector involvement.

Solar PV Module Market Outlook for Key Countries

China Solar PV Module Market Trends

China holds its position as the largest market for solar PV modules, contributing nearly 60% of global installations, according to Statista data published in 2023. The nation’s strong focus on renewable energy stems from ambitious government policies aimed at reaching carbon neutrality by 2060. In 2023, China was projected to install more solar capacity than all other countries combined, supported by substantial investments in manufacturing capabilities and technological innovations.

U.S. Solar PV Module Market Trends

The U.S. solar PV market is experiencing robust growth, primarily due to the Inflation Reduction Act, which incentivizes renewable energy investments. In 2023, the market was projected to expand as residential and commercial sectors increasingly adopt solar solutions to reduce energy costs. Major companies such as First Solar are also ramping up production capabilities to meet rising demand.

India Solar PV Module Market Trends

India's solar photovoltaic (PV) module market is experiencing significant growth, driven by government initiatives, increasing domestic manufacturing capacity, and substantial investments in renewable energy projects. In April 2021, the Ministry of New and Renewable Energy (MNRE) approved the 'National Programme on High-Efficiency Solar PV Modules,' investing US$ 520.2 Mn to support the establishment of integrated manufacturing units for high-efficiency solar PV modules. This initiative aims to enhance domestic manufacturing capabilities and reduce reliance on imports.

Germany Solar PV Module Market Trends

Germany's solar photovoltaic (PV) module market has experienced significant developments, marked by substantial growth in installations, evolving market dynamics, and emerging challenges. In 2024, Germany added approximately 16.2 gigawatts (GW) of new solar capacity, reinforcing its position as a leader in renewable energy within Europe. German industries are increasingly investing in solar power to mitigate rising energy costs and reduce carbon footprints. For instance, Tridelta, a metal products factory in Thuringia, installed a solar power system capable of supplying energy to 900 households, highlighting the economic and environmental benefits for businesses.

Japan Solar PV Module Market Trends

Japan's solar PV market is undergoing a recovery following adjustments to the Feed-in Tariff (FIT) system, with a renewed emphasis on efficiency and innovation. This market is expected to expand as companies focus on advanced solar technologies and integrated energy storage solutions. Government policies supporting renewable energy adoption continue to play a pivotal role in driving growth.