USD 147.52 billion
Solar PV Module Market Size, Share, Growth Analysis, By Technology(Thin Film, Crystalline Silicon), By Product(Monocrystalline, Polycrystalline, Cadmium Telluride, Amorphous Silicon), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG45O2034 |
Region:
Global |
Published Date: April, 2024
Pages:
197
|Tables:
64
|Figures:
75
Solar PV Module Market Insights
Global Solar PV Module Market size was valued at USD 147.52 billion in 2022 and is poised to grow from USD 158.44 billion in 2023 to USD 280.47 billion by 2031, growing at a CAGR of 7.4% in the forecast period (2024-2031).
The Solar photovoltaic (PV) module marketplace is a dynamic and swiftly growing zone in the renewable power industry. Solar PV modules, regularly called Solar panels, play an essential function in harnessing solar energy and converting it into electricity. These modules include interconnected solar cells manufactured from semiconductor substances, often crystalline silicon or skinny-movie technology.
Several elements drive the solarPV module marketplace's growth. Firstly, the increasing worldwide attention on smooth and sustainable electricity assets, coupled with worries about weather trade and environmental sustainability, has fueled the adoption of solar PV technology. Governments internationally are implementing supportive regulations, incentives, and subsidies to sell solar energy adoption, further stimulating the market.
Technological advancements, such as stepped forward performance and sturdiness of solar PV modules, have made solar power greater on hand and price-effective. Additionally, the reducing fee of PV modules, driven through economies of scale and production innovations, has made solar energy an economically feasible electricity solution.
The solar PV module market is also witnessing innovations in substances and designs, such as bifacial solar panels and constructing-incorporated photovoltaics (BIPV), increasing their programs in both residential and business sectors.
As the arena transitions toward a more sustainable energy destiny, the solar PV module market is predicted to keep its sturdy growth, contributing considerably to the worldwide shift towards easy and renewable electricity resources.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Crystalline Silicon
Fastest Growth
Crystalline Silicon
Growth Rate
7.4% CAGR
Global Solar PV Module Market ($ Bn)
Country Share for Asia Pacific Region (%)
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Solar PV Module Market Segmental Analysis
The solar PV module marketplace is segmented by technology, product, connectivity, mounting, stop-use, and area. Based on Technology, the marketplace is segmented as, Thin Film, and Crystalline Silicon. Based on Product the marketplace is segmented as, Monocrystalline, Polycrystalline, Cadmium Telluride, Amorphous Silicon, and Copper Indium Gallium Diselenide. Based on Connectivity the marketplace is segmented as, On-Grid, Off-Grid. Based on Mounting the market is segmented as, Ground Mounted, and RoofTop. Based on End-Use the marketplace is segmented as, Residential, Commercial, and Utility. Regional the marketplace is segmented as, North America, Europe, Asia-Pacific, and Latin America.
Analysis By Technology
In the solar PV module marketplace, the "Crystalline Silicon" technology segment currently dominates the marketplace. Crystalline silicon solar panels, specifically monocrystalline and polycrystalline modules, have held the lion's percentage of the marketplace for several years. These modules are famed for their excessive performance, reliability, and longevity, making them the desired preference for a huge range of solar installations, from residential rooftops to utility-scale solar farms. The properly-established supply chain and manufacturing infrastructure for crystalline silicon panels have further solidified their dominance.
On the other hand, the "Thin Film" generation phase represents the quickest-growing section in the solar PV module market. Thin-movie solar panels, inclusive of amorphous silicon, cadmium telluride (CdTe), and copper indium gallium selenide (CIGS) technology, offer benefits consisting of flexibility, light-weight design, and lower production fees. These features are mainly appropriate for packages like building-included photovoltaics (BIPV) and massive-scale solar projects. Technological advancements and improvements in thin-film performance have fueled their rapid growth, making them a compelling preference for unique solar installations.. As the demand for more flexible and cost-effective solar solutions grows, the thin-film segment is expected to continue its ascent within the market.
Analysis By Product
In the solar PV module market, the "Monocrystalline" segment currently dominates the market. Monocrystalline solar panels are highly regarded for their superior efficiency and space-saving design. They are fabricated from unmarried-crystal silicon, which ends up in higher power conversion fees as compared to different varieties of panels. Monocrystalline panels are mainly popular in residential and business installations wherein area is restrained, and maximum power manufacturing is desired.
On the other hand, the "Polycrystalline" phase is the fastest-growing within the solar PV module market. Polycrystalline panels are acknowledged for their price-effectiveness and feature gained recognition in diverse applications, mainly software-scale solar farms. Over the years, improvements in polycrystalline technology have progressed their efficiency, making them an attractive desire for both residential and commercial tasks. Additionally, their decreased manufacturing charges contribute to their boom, as they provide a compelling stability between performance and affordability for an extensive range of clients. As solar generation keeps to conform, the polycrystalline segment is expected to preserve its speedy growth.
Global Solar PV Module Market By Technology
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Solar PV Module Market Regional Insights
Asia-Pacific sticks out as the most important area inside the worldwide solar PV module market, with China leading the manner because the dominant usa inside the location. China's unwavering dedication to renewable power and its widespread production abilities have propelled it to the leading edge of the solar enterprise. The United States now not handiest boasts substantial domestic solar installation ability however additionally performs a pivotal function as a major exporter of solar PV modules worldwide. Other key players in the Asia-Pacific region, consisting of India and Japan, have also made sizeable investments in solar strength infrastructure, contributing to the vicinity's dominance.
North America, specifically the USA, serves as the second one-biggest place within the solar PV module marketplace. The United States has experienced a surge in solar installations, driven via federal tax incentives, state-stage renewable energy goals, and developing environmental cognizance. As one of the global's largest solar markets, the US has a sizable urge for food for solar PV modules. In addition to the U.S., Canada plays an extremely good function in North America's solar industry, with a developing attention on renewable electricity adoption. These two regions retain to shape the global solar PV module marketplace landscape, with ongoing trends and investments in solar energy infrastructure.
Global Solar PV Module Market By Region
- Largest
- Fastest
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Solar PV Module Market Dynamics
Drivers
Environmental Concerns and Climate Change:
- Growing issues about climate change and the need to reduce greenhouse gasoline emissions have led to improved investments in renewable energy assets like solar strength. Solar PV modules provide a smooth and sustainable power solution, riding their adoption.
Falling Solar Panel Costs:
- The fee of manufacturing solar PV modules has progressively declined because of technological improvements, economies of scale, and improved opposition. Lower charges have made solar energy more low priced and appealing to clients and businesses.
Restraints
Initial Capital Costs:
- While the price of solar panels has decreased, the preliminary set up price stays a barrier for a few clients and groups. Financing options and incentives can help mitigate this undertaking.
Intermittency and Energy Storage Challenges:
- Solar energy manufacturing is dependent on sunlight, making it intermittent. Energy storage answers are hard to cope with this issue correctly, however those solutions can upload to the general value.
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Solar PV Module Market Competitive Landscape
The aggressive panorama of the solar PV module marketplace is characterized with the aid of the presence of each nicely-established players and emerging producers. Leading global corporations such as JinkoSolar, Trina Solar, Canadian Solar, and LONGi Solar keep a robust market presence through their considerable manufacturing capacities, various product portfolios, and global distribution networks. These enterprise giants are continually innovating to improve the performance and durability of their solar modules at the same time as lowering manufacturing prices. Furthermore, emerging players and regional producers are gaining prominence, driven by means of technological improvements and growing government aid for renewable strength. Collaboration and partnerships among solar businesses and energy utilities are also shaping the competitive dynamics of the marketplace, as solar PV modules keep to play a vital function inside the transition toward purifier and more sustainable electricity sources.
Top Player’s Company Profile
- Canadian Solar Inc.
- JA Solar Technology Co., Ltd.
- Hanwha Q CELLS Co., Ltd.
- First Solar, Inc.
- SunPower Corporation
- Risen Energy Co., Ltd.
- GCL System Integration Technology Co., Ltd.
- Yingli Solar
- Talesun Solar
- Seraphim Solar System Co., Ltd.
- LG Electronics Inc.
- REC Group
- Sharp Corporation
- Kyocera Corporation
- Mitsubishi Electric Corporation
- Suntech Power Holdings Co., Ltd.
- SolarWorld AG
Recent Developments
- In April 2024, the Queensland Government announced a multi-million dollar investment aimed at bolstering Queensland’s renewable energy sector, specifically in solar panel recycling.
- In April 2024, one of the world’s largest PV module manufacturers, Chinese giant JinkoSolar, sais that the first of its Neo Green panels – made in “Zero Carbon Factory” certified facilities – have rolled off the production line.
- In April 2024, Repsol completed construction of its Frye Solar project located in Swisher County, Texas, with a total installed capacity of 637 MW and 570 MW currently in operation.
Solar PV Module Key Market Trends
- Bifacial Solar Panels: Bifacial solar panels are gaining reputation because of their capability to seize sunlight from each facet of the module, growing power technology. This trend is mainly outstanding in software-scale installations and commercial tasks.
- Energy Storage Integration: The integration of strength garage solutions, along with batteries, with solar PV structures is turning into increasingly more common. This allows homeowners and groups to keep extra strength for use for the duration of durations of low sunlight or height call for, improving electricity self-sufficiency.
Solar PV Module Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Component type’s team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global solar PV module market evaluation, the marketplace is a dynamic and rapidly expanding area in the renewable energy enterprise, spanning diverse areas global, which includes Asia-Pacific, North America, Europe, and others. It is segmented based totally on product kinds, which includes monocrystalline, polycrystalline, cadmium telluride, amorphous silicon, and copper indium gallium diselenide (CIGS) panels, every imparting wonderful capabilities and performance ranges. Several key drivers underpin the growth of the solar PV module marketplace. First and essential is the growing global emphasis on clean and sustainable power sources to combat climate alternate and decrease carbon emissions.
Government incentives, subsidies, and favorable regulations in many countries sell solar power adoption, spurring marketplace increase. Technological improvements, stepped forward panel efficiency, and declining production prices have made solar power economically feasible and attractive for a broader variety of customers. Moreover, environmental attention and the desire for electricity independence make a contribution to the marketplace's enlargement. As renewable energy turns into an imperative part of the worldwide energy panorama, the solar PV module market is poised for persisted growth, revolutionizing the way we harness and devour electricity.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 147.52 billion |
| Market size value in 2031 | USD 280.47 billion |
| Growth Rate | 7.4% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Solar PV Module Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Solar PV Module Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Solar PV Module Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Solar PV Module Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Solar PV Module Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Solar PV Module Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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