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

Global 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 global photovoltaic (PV) modules market is driven by several factors, including the increasing demand for renewable energy, supportive government policies and regulations, declining prices of PV modules, and growing investments in solar power projects. For instance, the International Energy Agency (IEA) reported that renewable energy sources accounted for almost 90% of new power capacity additions globally in 2020, with solar power being the largest contributor. The market is not without its challenges, however. The main restraint is the initial high cost of setting up a solar power system, although the declining prices of PV modules and government incentives have made it more affordable. Another restraint is the intermittent nature of solar power, which requires energy storage systems to ensure a reliable power supply.

One key trend in the PV modules market is the development of new technologies that improve the efficiency and performance of solar panels, such as bifacial modules and floating solar panels. Another trend is the increasing adoption of solar power in emerging markets, where energy demand is growing rapidly and solar power can provide an affordable and sustainable solution. The market offers significant opportunities for growth and innovation. The increasing demand for solar power and declining prices of PV modules are expected to drive the market further. Moreover, the expansion of solar power into new applications, such as electric vehicles and smart grids, presents new opportunities for PV module manufacturers.

US Photovoltaic Modules Market is poised to grow at a sustainable CAGR for the next forecast year.