Solar Photovoltaic Module Market Expected to Reach USD 341.8 Billion by 2031

Solar Photovoltaic Module Market Expected to Reach USD 341.8 Billion by 2031

The PV modules market was worth US$ 72.0 billion in 2022 according to Transparency Market Research. report offering. A CAGR of 19.0% is projected from 2023 to 2031, resulting in US$ 341.8 billion by 2031. Solar power is becoming increasingly popular among countries due to concerns about energy security and volatile fossil fuel prices.

In addition to diversifying the energy mix, PV modules also reduce reliance on conventional energy sources. Globally, PV module sales are increasing as people transition towards cleaner, more sustainable energy sources.

A significant driver of solar power adoption is the concept of grid parity, in which solar electricity becomes as affordable as conventional grid electricity. Market growth is driven by solar becoming financially feasible without subsidies as it reaches grid parity across a wider range of regions.

In the solar industry, continuing research and development leads to technological advancements that improve PV module performance and efficiency. Solar power adoption increases with the addition of improved technology.

Many businesses are reducing their carbon footprint by adopting sustainability goals. Companies can achieve these objectives and demonstrate environmental responsibility by investing in solar power facilitated by PV modules. Financing options such as loans and investment assistance make it easier to deploy solar modules. Investing in solar power is recognized by financial institutions and investors as a long-term investment.

Key Findings of the Market Report

  • The demand for PV modules is expected to be driven by crystalline silicon.
  • PV modules made from solar panels are expected to lead the market in the next few years.
  • Ground-mounted PV modules are expected to be in high demand in the market.
  • PV modules in grid-tied systems are expected to create a market in the PV industry.
  • The Asia Pacific region held the largest share of the market in 2022.

Global PV Module Market: Growth Drivers

  • Governments provide financial incentives for integrating solar energy solutions, such as tax credits, feed-in tariffs, and subsidies. Individuals, businesses, and utilities can benefit economically from these policies.
  • Many countries have set ambitious targets for renewable energy to reduce fossil fuel dependence and mitigate climate change. As a result, solar power projects receive more investments, increasing PV module sales.
  • The production of PV modules has been reduced considerably due to advances in PV technology, manufacturing processes, and economies of scale. In order to compete with traditional methods of energy generation, solar power's costs are decreasing, enabling it to become more competitive.
  • Individuals, businesses, and governments have prioritized renewable and clean energy sources due to growing awareness of environmental concerns. In this trend, PV modules reap the benefits of being a sustainable and clean technology.

Global PV Module Market: Regional Landscape

  • PV modules are expected to be the most popular in Asia Pacific. The Asia Pacific region has largely driven global demand for solar energy. Solar power investments have increased due to ambitious renewable energy targets in India, China, Japan, and Australia. As a result, PV modules have become more popular.
  • Solar energy demand is shaped largely by government initiatives and policies. The government's subsidies and feed-in tariffs for solar power have resulted in high demand for PV modules.
  • Investing in solar power projects has become more affordable as the prices of solar photovoltaic technology have decreased over the years. As a result of these cost reductions, PV modules have become increasingly popular in Asia Pacific.
  • With environmental concerns and the need to find sustainable energy sources increasing, solar energy has become a more important energy source. As a result, PV modules have become more popular in Asia Pacific.

Global PV Module Market: Key Players
 Major vendors' PV module market revenue is also increasing through research and development. Globally, key PV module manufacturers are expanding their production capacities in response to their increasing demand. They are investing heavily in emerging materials to develop robust solar photovoltaic modules.

  • First Solar Inc.
  • Jinko Solar
  • Leonics Company Limited
  • ITEK Green Technologies
  • Canadian Solar Inc.
  • Trina Solar
  • Wuxi Suntech Power Co. Ltd.

Key Developments

  • In October 2023, JinkoSolar Holding Co., Ltd., a leading manufacturer of solar modules in the world, announced it had signed a major supply agreement with ACWA Power to supply 2.5GW of N-type Tiger Neo modules for their projects in Saudi Arabia, 1,581MWp Al KAHFAH and 2,257MWp AR RASS 2.
  • In January 2024, First Solar, Inc. completed the purchase of a 1.2 million square foot facility in Troy Township, Ohio. As a result of its renaming as Peloton Output Park, First Solar plans to construct a new distribution center that will serve the Ohio manufacturing footprint of the company. By the end of 2023, First Solar will have three factories with an aggregate capacity of approximately six gigawatts (GW).

The global PV module market is segmented based on several factors. By type, it includes crystalline silicon (single-crystalline, polycrystalline), amorphous silicon, and others like cadmium telluride, copper indium gallium (di) selenide, etc. The components segment comprises solar panels, inverters, batteries, solar charge controllers, and other accessories like cables, connectors, and lightning protection. The market is also segmented by mounting type into ground-mounted, pole-mounted, and rooftop installations. Connectivity options include grid-tied and off-grid systems. Furthermore, the market is segmented by end-use industry into residential, commercial, and industrial sectors. Geographically, the market is divided into regions such as North America, Europe, Asia Pacific, Middle East & Africa, and South America.