PV Module Market was valued at USD 82 Billion in 2022 and is projected to reach USD 114 Billion by 2030, growing at a CAGR of 4.5% from 2024 to 2030.
The PV module market from 2023 to 2033 is expected to face both new opportunities and challenges. As the cost of PV modules continues to decrease, advancements in technology and increased efficiency are expected to drive the market growth further. The shift towards larger-scale projects, particularly in utility and industrial segments, will continue to be a primary driver. However, issues like raw material shortages and supply chain disruptions could slow down the pace of growth. The next decade will witness significant investments in green energy, with governments and organizations aiming to achieve net-zero emissions targets.
The growing demand for residential solar installations, commercial projects, and off-grid energy systems will also shape the market. Emerging economies in Africa and Southeast Asia are poised for exponential growth in their PV module demand, given their high solar potential and growing electricity needs. The key drivers for the 2023-2033 market will include policy incentives, solar power demand across diverse sectors, and innovations in module efficiency.
As we move into 2023 and beyond, PV module manufacturers are focused on integrating more advanced materials such as bifacial panels, which can capture sunlight on both sides, increasing the overall energy yield. Additionally, the industry is witnessing the rise of sustainable and circular manufacturing practices to address environmental concerns related to module disposal and recycling. By 2033, it’s estimated that the global market will reach an unprecedented scale, with PV modules playing a pivotal role in global energy transitions.
Get an In-Depth Research Analysis of the Global PV Module Market Size And Forecast [2025-2032]
The global PV (Photovoltaic) module market has experienced significant growth from 2018 to 2022, driven by a combination of declining costs, improved efficiency, and favorable government policies promoting renewable energy adoption. During this period, the market saw a steady increase in demand for solar energy, which was propelled by technological advancements in module manufacturing and the global shift towards sustainable energy sources. According to market reports, the overall demand for PV modules grew by over 20% annually during this time, with China, India, and the United States being the primary contributors to the market’s expansion.
Jinko Solar
GCL-Poly Energy Holdings
Canadian Solar
First Solar
Renesola
Trina Solar
Leonics Company
AE Solar GmbH
Itek Energy
Wuxi Suntech Power
By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the Global PV Module Market
Residential
Commercial
Industrial
Based on Types the Market is categorized into Below types that held the largest PV Module market share In 2023.
Ground Mounted
Pole Mounted
Rooftop
Global (United States, Global and Mexico)
Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia, etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
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1. Introduction of the Global PV Module Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. Global PV Module Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. Global PV Module Market, By Type
6. Global PV Module Market, By Application
7. Global PV Module Market, By Geography
Global
Europe
Asia Pacific
Rest of the World
8. Global PV Module Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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