Photovoltaic Modules Market Size, Share, Growth Analysis, By Type(Monocrystalline PV modules, polycrystalline PV modules, thin-film PV modules, and others), By End Use(Residential, commercial, industrial, and utilities), By Region - Industry Forecast 2024-2031

Photovoltaic Modules Market size was valued at USD 40.55 Billion in 2022 and is poised to grow from USD 45.29 Billion in 2023 to USD 109.77 Billion by 2031, at a CAGR of 11.7% during the forecast period (2024-2031).

The Photovoltaic Modules Market is highly competitive, with several large players dominating the market. Some of the leading companies are actively engaged in research and development to enhance the efficiency and performance of their products and gain a competitive edge in the market. They are also adopting various strategies, such as mergers and acquisitions, collaborations, and partnerships, to expand their market presence and increase their customer base. Moreover, these companies are also investing heavily in expanding their production capacity and increasing their geographic footprint to cater to the growing demand for photovoltaic modules worldwide. 'JinkoSolar Holding Co., Ltd. (China)', 'Trina Solar Co., Ltd. (China)', 'Canadian Solar Inc. (Canada)', 'Hanwha Q CELLS Co., Ltd. (South Korea)', 'JA Solar Holdings Co., Ltd. (China)', 'First Solar, Inc. (US)', 'Yingli Green Energy Holding Company Limited (China)', 'LONGi Green Energy Technology Co., Ltd. (China)', 'Suntech Power Holdings Co., Ltd. (China)', 'Shunfeng International Clean Energy Limited (China)', 'Renesola Ltd. (China)', 'GCL System Integration Technology Co., Ltd. (China)', 'LG Electronics Inc. (South Korea)', 'Mitsubishi Electric Corporation (Japan)', 'Sharp Corporation (Japan)', 'Kyocera Corporation (Japan)', 'SolarWorld AG (Germany)', 'SunPower Corporation (US)', 'REC Group (Norway)', 'AU Optronics Corporation (Taiwan)'

One of the primary drivers of the photovoltaic modules market is favorable government initiatives and policies promoting the adoption of renewable energy sources. For instance, in 2020, the European Union announced its goal to become carbon neutral by 2050, and the European Green Deal aims to increase the share of renewable energy in the EU's energy mix to 32% by 2030. Similarly, the Indian government announced the National Solar Mission, which aims to achieve 100 GW of solar power capacity by 2022. Such government initiatives are expected to drive the adoption of photovoltaic modules, thereby fueling the growth of the market.

Energy Storage: The integration of energy storage systems with photovoltaic modules is a growing trend in the market. The energy storage systems enable the storage of excess energy generated by the modules during the day and use it during the night or during peak demand hours, thereby reducing the reliance on the grid. For instance, Tesla's Powerwall is a home battery storage system that stores excess energy generated by photovoltaic modules and provides backup power during outages.

Asia Pacific dominated the market. The growth of this region is attributed to the increasing demand for clean energy and the favorable government policies and initiatives to promote the adoption of solar energy in countries such as China, India, and Japan. For instance, China's National Energy Administration aims to install 60 GW of solar power by 2024, and India plans to achieve a target of 100 GW of solar power by 2024. Additionally, the declining cost of solar energy and the growing investment in renewable energy projects are further driving the growth of the photovoltaic modules market in the region.