Global Solar PV Module Market Growth, Share, Size, Trends and Forecast (2025 - 2031)

The global solar PV module market is characterized by various technologies, including thin film and crystalline silicon modules. Thin film modules offer advantages such as flexibility, lightweight, and suitability for certain applications where traditional crystalline silicon modules may not be practical. Crystalline silicon modules, on the other hand, dominate the market due to their higher efficiency and reliability, making them the preferred choice for most solar PV installations. The market continues to witness advancements in both technologies, driving innovation and expanding the range of options available to consumers and businesses seeking solar energy solutions.

In terms of product types, the market offers a variety of solar PV modules, including monocrystalline, polycrystalline, cadmium telluride, amorphous silicon, and copper indium gallium diselenide modules. Monocrystalline modules are known for their high efficiency and sleek appearance, making them popular for residential and commercial installations where space is limited. Polycrystalline modules offer a cost-effective option with slightly lower efficiency but broader market availability. Emerging technologies such as cadmium telluride, amorphous silicon, and copper indium gallium diselenide modules hold promise for niche applications and specific market segments, contributing to market diversification and innovation.

Connectivity options play a crucial role in solar PV system design and operation, with on-grid and off-grid configurations catering to different energy needs and grid connectivity requirements. On-grid systems are connected to the utility grid, allowing for energy export and net metering arrangements, while off-grid systems operate independently from the grid, typically relying on battery storage for electricity storage and backup. The choice between on-grid and off-grid connectivity depends on factors such as location, energy demand, grid reliability, and regulatory considerations, influencing market demand and adoption trends.

Solar PV modules are deployed using various mounting options, including ground-mounted and rooftop installations. Ground-mounted systems are ideal for utility-scale projects and large commercial installations, offering flexibility in system design and orientation to maximize energy yield. Rooftop installations, on the other hand, are popular in residential and commercial settings, leveraging available rooftop space to generate clean energy onsite. The choice of mounting option depends on factors such as space availability, site characteristics, aesthetic preferences, and project economics, shaping market demand and installation trends across different geographies and end-use sectors.

Global Solar PV Module Segment Analysis

In this report, the Global Solar PV Module Market has been segmented by Technology, Product, Connectivity, Mounting, End Use and Geography.

Global Solar PV Module Market, Segmentation by Technology

The Global Solar PV Module Market has been segmented by Technology into Thin Film and Crystalline Silicon.

The global solar PV module market is characterized by two dominant technologies: thin film and crystalline silicon. Thin film technology represents a significant segment of the market, offering unique advantages such as flexibility, lightweight construction, and lower manufacturing costs compared to crystalline silicon modules. Thin film solar cells are typically made from materials like amorphous silicon, cadmium telluride, or copper indium gallium selenide (CIGS), allowing for greater design flexibility and integration into various applications such as building-integrated photovoltaics (BIPV), portable devices, and flexible solar panels. Despite their lower efficiency compared to crystalline silicon modules, thin film technologies continue to gain traction, particularly in niche markets where their unique properties offer distinct advantages.

In contrast, crystalline silicon technology remains the most widely deployed and mature technology in the solar PV module market. Crystalline silicon modules are manufactured using silicon wafers, either monocrystalline or multicrystalline, which offer higher efficiency and longer-term reliability compared to thin film alternatives. These modules are highly versatile and can be deployed in a wide range of applications, including utility-scale solar farms, commercial rooftop installations, and residential solar systems. With ongoing advancements in manufacturing processes and materials, crystalline silicon modules continue to improve in efficiency, durability, and cost-effectiveness, maintaining their dominant position in the solar PV market.

The choice between thin film and crystalline silicon technologies often depends on factors such as project requirements, site conditions, cost considerations, and application-specific needs. While thin film modules offer advantages in terms of flexibility and lower manufacturing costs, crystalline silicon modules are preferred for their higher efficiency, reliability, and proven track record in various applications. As solar PV technology continues to evolve and innovation drives improvements in both thin film and crystalline silicon modules, the market is expected to witness further competition and diversification, with each technology finding its niche and contributing to the overall growth of the solar PV industry.

Looking ahead, technological advancements, economies of scale, and continued research and development efforts are expected to drive further innovation and cost reductions in both thin film and crystalline silicon technologies. This will lead to increased adoption of solar PV modules across diverse applications and markets, contributing to the global transition toward renewable energy and sustainable development. As demand for clean energy solutions continues to rise, the solar PV module market is poised for continued growth and expansion, with thin film and crystalline silicon technologies playing complementary roles in meeting the world's energy needs.

Global Solar PV Module Market, Segmentation by Product

The Global Solar PV Module Market has been segmented by Product into Monocrystalline, Polycrystalline, Cadmium Telluride, Amorphous Silicon and Copper Indium Gallium Diselenide.

The global solar PV module market is characterized by various types of solar photovoltaic (PV) technologies, each offering distinct advantages and applications. Monocrystalline solar PV modules are known for their high efficiency and space-saving design, making them suitable for residential, commercial, and utility-scale solar installations where space constraints or higher energy yields are crucial factors. Polycrystalline solar PV modules, while slightly less efficient than monocrystalline modules, offer a cost-effective alternative with good performance in a wide range of applications. Their lower production costs make them a popular choice for large-scale solar projects and distributed generation systems.

Cadmium Telluride (CdTe) solar PV modules are known for their high efficiency and excellent performance in low-light conditions, making them suitable for utility-scale solar farms and installations in regions with variable sunlight. Amorphous Silicon (a-Si) solar PV modules offer flexibility, lightweight design, and low production costs, making them ideal for building-integrated photovoltaics (BIPV), portable applications, and off-grid solar systems. Their thin-film technology enables easy integration into various surfaces and substrates, providing architects, designers, and manufacturers with versatile solar solutions.

Copper Indium Gallium Diselenide (CIGS) solar PV modules offer high efficiency, excellent performance in low-light conditions, and enhanced temperature tolerance compared to other thin-film technologies. Their lightweight and flexible design make them suitable for a wide range of applications, including BIPV, portable electronics, and off-grid solar installations. As advancements in solar PV technologies continue to drive innovation and efficiency improvements, the market for solar PV modules is expected to diversify further, offering a broader range of options to meet the evolving needs of solar energy stakeholders worldwide.

Global Solar PV Module Market, Segmentation by Connectivity

The Global Solar PV Module Market has been segmented by Connectivity into On Grid and Off Grid.

In the global solar PV module market, the segmentation by connectivity into on-grid and off-grid systems reflects the diverse applications and operational modes of solar photovoltaic installations. On-grid solar PV systems, also known as grid-tied or grid-connected systems, are connected to the utility grid and supply electricity directly to the grid while also drawing power from it when needed. These systems are prevalent in urban and suburban areas where reliable grid infrastructure exists. They allow users to offset their electricity consumption with solar-generated power, reduce energy bills, and potentially earn revenue through net metering or feed-in tariff programs.

Off-grid solar PV systems operate independently of the utility grid and are commonly deployed in remote or rural areas where grid access is limited or unavailable. Off-grid systems incorporate energy storage solutions such as batteries to store excess solar power for use during periods of low sunlight or at night when solar generation is not sufficient. These systems provide electricity to off-grid households, remote communities, and industrial facilities, offering a reliable and sustainable energy source where traditional grid connections are impractical or cost-prohibitive.

The choice between on-grid and off-grid solar PV systems depends on various factors such as location, energy requirements, grid availability, and economic considerations. In regions with reliable grid infrastructure and favorable regulatory frameworks, on-grid systems are preferred for their ability to leverage grid services and incentives. On the other hand, off-grid systems are well-suited for remote locations or areas prone to power outages, where energy independence and reliability are paramount. Off-grid systems play a crucial role in electrifying underserved communities and powering critical infrastructure in remote regions, contributing to energy access and socio-economic development.

The market for both on-grid and off-grid solar PV modules is driven by factors such as declining module costs, technological advancements, supportive policies, and increasing environmental awareness. As solar energy continues to gain momentum as a clean and renewable energy source, the demand for both on-grid and off-grid installations is expected to grow, providing opportunities for module manufacturers, project developers, and system integrators to meet the diverse needs of customers across different market segments and geographic regions.

Global Solar PV Module Market, Segmentation by Mounting

The Global Solar PV Module Market has been segmented by Mounting into Ground Mounted and Roof Top.

In the global solar PV module market, the segmentation by mounting type includes ground-mounted and rooftop installations, each catering to distinct needs and applications. Ground-mounted solar PV systems are typically deployed in open spaces such as fields, meadows, or solar farms. These installations offer advantages in terms of scalability, as larger land areas can accommodate more PV modules, leading to higher overall energy production. Ground-mounted systems are commonly utilized in utility-scale solar projects, where economies of scale can be realized, driving down the cost of electricity generation. Ground-mounted installations often incorporate tracking systems that allow PV modules to follow the sun's path, optimizing energy capture throughout the day and maximizing system efficiency.

On the other hand, rooftop solar PV installations are mounted on the rooftops of residential, commercial, industrial, and institutional buildings. Rooftop systems offer several advantages, including space efficiency, as they utilize otherwise unused rooftop areas, and proximity to energy demand centers, reducing transmission losses and enhancing grid stability. Rooftop solar also enables distributed generation, allowing electricity to be generated close to the point of consumption, thereby reducing strain on the grid and enhancing energy resilience. Rooftop installations can benefit from net metering programs, enabling building owners to offset their electricity consumption with solar-generated power and potentially earn credits for excess energy fed back into the grid.

The choice between ground-mounted and rooftop installations depends on various factors, including available space, site characteristics, regulatory constraints, and project economics. Ground-mounted systems are favored for large-scale utility projects where land availability is not a limiting factor, while rooftop installations are preferred for distributed generation applications, where space constraints and proximity to energy demand are critical considerations. The type of mounting solution impacts system design, installation costs, and maintenance requirements. Ground-mounted systems typically require more extensive civil works and structural support infrastructure, whereas rooftop installations involve integration with existing building structures and electrical systems, influencing installation complexity and costs.

Both ground-mounted and rooftop solar PV installations play essential roles in the global transition to renewable energy and the decarbonization of the electricity sector. While ground-mounted systems offer scalability and cost-effectiveness for utility-scale projects, rooftop installations provide opportunities for distributed generation, energy independence, and grid resilience. The continued growth of the solar PV module market relies on leveraging the strengths of both mounting types to maximize energy generation potential, address diverse energy needs, and accelerate the transition to a sustainable energy future.

Global Solar PV Module Market, Segmentation by End Use

The Global Solar PV Module Market has been segmented by End Use into Residential, Commercial and Utility.

The global solar PV module market exhibits diverse end-use segments, including residential, commercial, and utility sectors, each contributing significantly to the market's growth and dynamics. In the residential segment, solar PV modules are increasingly adopted by homeowners seeking to reduce electricity bills, gain energy independence, and contribute to environmental sustainability. As residential solar installations become more accessible and affordable due to declining module costs and favorable incentive programs, the demand for solar PV modules in this segment continues to rise steadily, driving market expansion.

The commercial sector represents a significant market for solar PV modules, with businesses, institutions, and commercial property owners installing solar arrays to offset energy costs, enhance corporate sustainability profiles, and demonstrate environmental stewardship. Commercial-scale solar PV installations offer a compelling value proposition, providing long-term energy savings, potential revenue streams through solar incentives or power purchase agreements (PPAs), and branding opportunities as environmentally responsible organizations. As businesses prioritize sustainability goals and seek ways to reduce operational expenses, the adoption of solar PV modules in the commercial sector is expected to grow robustly.

In the utility segment, solar PV modules play a central role in large-scale solar power plants developed by utility companies, independent power producers (IPPs), and energy developers. Utility-scale solar projects contribute significantly to the expansion of renewable energy capacity, grid decarbonization, and the transition toward clean energy sources. With advancements in solar technology, economies of scale, and favorable regulatory policies supporting renewable energy deployment, utility-scale solar PV installations continue to proliferate globally, driving substantial demand for solar PV modules and fostering market growth.

The residential, commercial, and utility segments collectively drive the global solar PV module market's growth trajectory, each with distinct drivers, challenges, and opportunities. While residential installations cater to individual homeowners and small-scale applications, commercial projects target businesses and institutions, and utility-scale developments focus on large-scale electricity generation and grid integration. As solar energy adoption expands across these end-use sectors, driven by factors such as cost competitiveness, policy support, and environmental consciousness, the demand for solar PV modules is expected to continue rising, shaping the future of the global solar energy landscape.

Global Solar PV Module Market, Segmentation by Geography

In this report, the Global Solar PV Module Market has been segmented by Geography into five regions; North America, Europe, Asia Pacific, Middle East and Africa and Latin America.

Global Solar PV Module Market Share (%), by Geographical Region, 2024

The global solar PV module market exhibits geographical variations across different regions, each influenced by unique factors shaping solar energy adoption and market dynamics. In North America, the market for solar PV modules is driven by a combination of favorable government policies, declining installation costs, and growing environmental consciousness. In particular, the United States leads the region in solar PV deployment, supported by federal tax incentives, state-level renewable energy targets, and increasing corporate demand for clean energy solutions. Technological advancements and innovations in solar PV technology continue to drive market growth in North America, making solar energy increasingly competitive with traditional energy sources.

In Europe, the solar PV module market is characterized by a strong emphasis on sustainability, climate action, and renewable energy targets set by the European Union (EU) member states. The region is witnessing robust growth in solar PV installations, driven by supportive policies, feed-in tariffs, and ambitious decarbonization goals outlined in initiatives such as the European Green Deal. Countries like Germany, Spain, and Italy have historically been leaders in solar PV deployment, while emerging markets in Eastern Europe are also experiencing rapid growth. Advancements in solar PV technology, energy storage solutions, and grid integration capabilities contribute to the resilience and reliability of solar energy systems in Europe.

In the Asia Pacific region, the solar PV module market is driven by rapid industrialization, urbanization, and increasing energy demand from emerging economies such as China, India, and Southeast Asian countries. Government initiatives, such as feed-in tariffs, auctions, and renewable energy targets, drive significant investments in solar PV infrastructure to meet growing electricity demand and reduce reliance on fossil fuels. China remains the largest market for solar PV modules globally, supported by ambitious renewable energy goals and extensive manufacturing capacity. Technological innovations and cost reductions in solar PV manufacturing contribute to market competitiveness and growth in the Asia Pacific region.

In the Middle East, Africa, and Latin America, the solar PV module market is characterized by expanding access to electricity, off-grid applications, and energy diversification efforts. These regions offer vast solar resources and untapped potential for solar PV deployment, driven by the need to electrify remote areas, reduce energy poverty, and achieve energy independence. Governments in these regions are increasingly implementing supportive policies, regulatory frameworks, and investment incentives to accelerate solar PV adoption and attract private sector investments. Partnerships with international development organizations and multilateral institutions contribute to the development of solar PV projects and infrastructure in these regions, driving market expansion and unlocking economic opportunities.

This report provides an in depth analysis of various factors that impact the dynamics of Global Solar PV Module Market. These factors include; Market Drivers, Restraints and Opportunities.

Drivers, Restraints and Opportunity

Driver:

• Increasing Adoption of Solar Energy
• Declining Costs and Technological Advancements
• Supportive Government Policies and Incentives

• Energy Security and Grid Independence:Energy security and grid independence are paramount considerations driving the demand for solar PV modules in the global market. As concerns about the reliability of centralized power grids and the vulnerability to disruptions grow, solar power systems offer a decentralized and resilient alternative. By harnessing solar energy, businesses and homeowners can reduce their dependence on traditional grid infrastructure, ensuring a reliable source of electricity even during power outages or emergencies. This aspect of grid independence is especially crucial in regions prone to natural disasters, geopolitical instability, or aging grid infrastructure, where solar PV modules serve as a reliable backup power solution.

  Solar PV modules provide a pathway to energy security by offering businesses and individuals the ability to generate their electricity onsite. This self-sufficiency not only reduces reliance on external energy sources but also mitigates the risk of supply disruptions and price volatility associated with conventional fossil fuels. By investing in solar PV installations, organizations can secure their energy supply and stabilize long-term energy costs, thereby enhancing their energy security and resilience against external shocks. Solar power systems contribute to energy diversification strategies, reducing reliance on imported fossil fuels and enhancing national energy sovereignty.

  The demand for solar PV modules for off-grid applications is driven by the need for reliable electricity access in remote or underserved areas. In regions with limited or unreliable grid infrastructure, solar power systems offer a cost-effective and sustainable solution to meet basic energy needs. Off-grid solar installations power essential services such as lighting, telecommunications, healthcare, and education, improving quality of life and driving socio-economic development in rural communities. Off-grid solar PV modules play a crucial role in disaster response and humanitarian aid efforts, providing immediate access to electricity in crisis situations.

  The trend towards energy security and grid independence is expected to accelerate the adoption of solar PV modules globally. As governments, businesses, and individuals prioritize resilience and sustainability in their energy strategies, the demand for solar power systems will continue to grow. This presents significant opportunities for solar PV module manufacturers to expand their market reach, innovate new products, and contribute to building a more resilient and sustainable energy future.

Restraints:

• Policy and Regulatory Uncertainty
• Supply Chain Disruptions
• Competition from Other Energy Sources

• Financing and Investment Risks:Financing and investment risks pose significant challenges to the global solar PV module market. While the costs of solar PV technology have decreased over time, the initial capital investment required for solar projects remains considerable, particularly for large-scale utility projects. Access to affordable financing options, investment capital, and project financing mechanisms is crucial for scaling up solar installations and driving market growth. Uncertainty surrounding future revenue streams, project performance, and return on investment can deter investors and lenders from committing funds to solar PV projects, thereby constraining market expansion efforts.

  The uncertainty associated with financing and investment in solar PV projects stems from various factors, including regulatory policies, market conditions, and technological advancements. Changes in government incentives, subsidies, or tariff structures can impact the financial viability of solar projects, influencing investor confidence and project economics. Fluctuations in energy markets, interest rates, and currency exchange rates introduce additional risks for investors, making it challenging to assess the long-term profitability and financial stability of solar PV investments. These uncertainties can create barriers to project financing and impede the development of solar projects across different market segments and geographies.

  Another key challenge related to financing and investment in the solar PV module market is the lack of standardized financial models and risk assessment methodologies. Each solar project presents unique characteristics, such as location, resource availability, technology specifications, and off-take agreements, which require customized financial analysis and risk evaluation. This complexity can complicate the due diligence process for investors and lenders, leading to delays in project financing and higher transaction costs. The absence of universally accepted performance metrics and benchmarking standards makes it challenging to compare investment opportunities and evaluate project risks consistently.

  Addressing financing and investment risks in the solar PV module market requires collaboration between policymakers, financial institutions, project developers, and other stakeholders. Governments can play a crucial role in providing supportive regulatory frameworks, stable policy incentives, and risk mitigation measures to attract investment in solar energy projects. Financial institutions can develop innovative financing solutions, such as green bonds, asset-backed securities, and project finance structures tailored to the needs of the solar sector. Transparency, data sharing, and knowledge dissemination efforts can enhance investor confidence and facilitate informed decision-making, ultimately accelerating the deployment of solar PV modules worldwide.

Opportunities:

• Supportive Government Policies and Incentives
• Technological Innovation and Advancements
• Emerging Markets and Off-Grid Applications

• Energy Transition and Sustainability Goals:The global energy transition toward renewable sources and sustainability goals represents a significant opportunity for the solar PV module market. With increasing recognition of the need to reduce carbon emissions and mitigate climate change, governments, businesses, and communities worldwide are prioritizing the adoption of clean energy technologies. Solar PV modules play a crucial role in this transition by providing a renewable and sustainable source of electricity generation. As countries set ambitious targets for renewable energy deployment and carbon neutrality, the demand for solar PV installations is expected to surge, driving market growth and expansion.

  Corporate renewable energy procurement initiatives are driving significant demand for solar PV modules as companies seek to decarbonize their operations and meet sustainability commitments. Major corporations across various industries are investing in solar energy projects to power their facilities, reduce their carbon footprint, and demonstrate environmental leadership. Green building standards and certifications encourage the integration of solar PV systems into commercial and residential buildings, further bolstering market demand. As more businesses and property owners prioritize sustainability, the solar PV module market stands to benefit from the growing adoption of renewable energy solutions.

  Government policies and incentives aimed at promoting renewable energy adoption are creating favorable market conditions for solar PV module deployment. Subsidies, feed-in tariffs, tax credits, and renewable energy targets incentivize investments in solar PV projects, driving market growth and stimulating industry innovation. Regulatory frameworks mandating the use of renewable energy sources in electricity generation, such as renewable portfolio standards and net metering policies, contribute to market expansion by increasing the attractiveness of solar PV installations for both utility-scale and distributed generation applications.

  The integration of solar PV modules into energy systems contributes to greater energy independence, resilience, and security. By diversifying the energy mix and reducing reliance on fossil fuels, solar PV installations enhance energy security and mitigate risks associated with fuel price volatility, supply disruptions, and geopolitical tensions. As communities and countries prioritize energy sovereignty and resilience in the face of climate-related challenges, the role of solar PV modules in achieving these objectives becomes increasingly significant, driving sustained market growth and development.

Key players in Global Solar PV Module Market include:

• Trina Solar
• Canadian Solar
• JA Solar
• Jinko Solar
• First Solar
• Shunfeng International Clean Energy
• Longi Solar Technology Co. Ltd
• Hanwha Q CELLS
• GCL System Intigration
• others

In this report, the profile of each market player provides following information:

• Company Overview and Product Portfolio
• Key Developments
• Financial Overview
• Strategies
• Company SWOT Analysis