SOLAR PV MODULE MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2025-2032)

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. The global solar PV module market has been witnessing significant growth over the past few years owing to the increasing awareness regarding the environmental hazards of conventional energy sources and focus of various governments towards cleaner sources of energy to fulfill the ever-growing need for electricity across the world. Most countries are promoting solar energy usage through subsidies, tax incentives, and renewable purchase obligations. This has spurred the demand for solar PV modules from residential, commercial, and utility-scale projects. Advancements in solar cell and module technology along with decreasing module prices have further boosted the prospects of solar PV over the forecast period.

Market Dynamics:

The major drivers boosting the global solar PV module market include supportive government policies and declining costs of solar modules. Many governments globally have introduced subsidy schemes, tax breaks, and net-metering policies to encourage the proliferation of renewable energy sources including solar. This has increased the adoption of solar PV across both off-grid decentralized applications and large utility-scale projects. This has improved the competitiveness of solar PV compared to fossil fuels. However, factors such as intermittency of solar power supply and high initial investment pose challenges to market growth. Furthermore, fluctuations in polysilicon price present opportunities for manufacturers to adopt cost-optimization strategies and reduce dependency on polysilicon imports.

Key Features of the Study:

- This report provides in-depth analysis of the global solar PV module market, and provides market size (USD Bn) and compound annual growth rate (CAGR%) for the forecast period (2025–2032), considering 2024 as the base year

- It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market

- This study also provides key insights about market drivers, restraints, opportunities, new product launches or approvals, market trends, regional outlook, and competitive strategies adopted by key players

- It profiles key players in the global solar PV module market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies

- Key companies covered as a part of this study include First Solar, Inc., Canadian Solar Inc., JinkoSolar Holding Co., Ltd., Trina Solar Limited, SunPower Corporation, LONGi Green Energy Technology Co., Ltd., Q CELLS (Hanwha Q CELLS), Silfab Solar Inc., JA Solar Technology Co., Ltd., Risen Energy Co., Ltd., REC Group, Yingli Green Energy Holding Company Limited, Adani Solar, GCL-Poly Energy Holdings Limited, and Solaria Energía y Medio Ambiente, S.A.

- Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics

- The global solar PV module market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts

- Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global solar PV module market

Market Segmentation

•  Technology Insights (Revenue, USD Bn, 2020 - 2032)
• • Monocrystalline
  • Polycrystalline
  • Thin-Film
  • Bifacial
•  Mounting Type Insights (Revenue, USD Bn, 2020 - 2032)
• • Rooftop Solar Panels
  • Ground-Mounted Solar Panels
•  Application Insights (Revenue, USD Bn, 2020 - 2032)
• • Residential
  • Commercial
  • Utility-Scale
  • Others
• Regional Insights (Revenue, USD Bn, 2020 - 2032)
• • North America
    • U.S.
    • Canada
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Rest of Latin America
  • Europe
    • Germany
    • U.K.
    • Spain
    • France
    • Italy
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia
    • South Korea
    • ASEAN
    • Rest of Asia Pacific
  • Middle East
    • GCC Countries
    • Israel
    • Rest of Middle East
  • Africa
    • South Africa
    • North Africa
    • Central Africa
• Key Players Insights
  • First Solar, Inc.
  • Canadian Solar Inc.
  • JinkoSolar Holding Co., Ltd.
  • Trina Solar Limited
  • SunPower Corporation
  • LONGi Green Energy Technology Co., Ltd.
  • Q CELLS (Hanwha Q CELLS)
  • Silfab Solar Inc.
  • JA Solar Technology Co., Ltd.
  • Risen Energy Co., Ltd.
  • REC Group
  • Yingli Green Energy Holding Company Limited
  • Adani Solar
  • GCL-Poly Energy Holdings Limited
  • Solaria Energía y Medio Ambiente, S.A.