Global PV Module Market to Surge Beyond US$ 370 Billion by 2035, Growing at 7.7% CAGR

The global PV module market was valued at USD 162.4 billion in 2024 and is projected to reach USD 371.6 billion by 2035, growing at a CAGR of 7.7% from 2025 to 2035. This growth is driven by the rising adoption of solar energy, government incentives promoting renewable power generation, and ongoing advancements in photovoltaic technology aimed at improving efficiency and reducing costs.

The PV module market is witnessing momentum owing to the compounded effect of supportive government policies, reduced module prices, and increasing worldwide demand for clean energy. As nations are attempting to meet their carbon-neutrality targets, solar energy, led by PV technology, has become the backbone of green power generation. The efforts in the direction of grid modernization and the move toward decentralized energy systems also accelerate demand for effective PV modules from off-grid regions and emerging economies.

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The photovoltaic (PV) module category is one of the fastest-growing sectors in the renewable energy sector, and is vital in enabling to maintain clean and renewable power generation system. PV modules are light-to-electricity converters, and are the most important aspect of solar power systems used in residential, commercial, and utility applications.

Market Segmentation

The PV module market is segmented across various dimensions, reflecting the diverse applications and technological landscape:

Segmentation Category

Leading/Key Segments

Key Insights

By Technology/Product

Monocrystalline-Si (Dominant), Polycrystalline-Si, Thin-Film (Cadmium Telluride, CIGS, Amorphous Silicon), Tandem/Perovskite (Fastest-growing)

Monocrystalline-Si leads due to high efficiency, while Perovskite and Tandem cells are the fastest-growing due to potential for higher power output.

By Application/End-User

Utility-Scale (Largest), Residential, Commercial & Industrial (C&I)

Utility-scale projects hold the majority revenue share, but Residential and C&I segments are showing high growth rates, driven by decentralization and cost savings.

By Mounting/Deployment

Ground-Mounted, Rooftop Solar Panels, Building-Integrated Photovoltaics (BIPV), Floating PV

Rooftop installations dominate in residential/commercial due to leveraging existing structures. Ground-mounted arrays are preferred for utility-scale projects. Floating PV and BIPV are emerging as niche growth areas.

By Connectivity

On-Grid, Off-Grid

On-grid systems are the standard, but off-grid and hybrid systems offer opportunities in remote areas and for energy security.

By Service Type

Not explicitly segmented in core data, but implied services include: Installation, Operation & Maintenance (O&M), Financing/Leasing

Increasing complexity of systems drives demand for specialized O&M and integrated financing solutions.

By Sourcing Type

Implied sourcing includes: Domestic Manufacturing (e.g., IRA-driven US manufacturing), Global Imports (Heavily dominated by Asia-Pacific/China)

Trade policies and government incentives are driving a shift toward domestic and diversified sourcing to strengthen supply chain security.

By Industry Vertical

Energy & Utilities, Residential, Manufacturing, IT & Telecom, Agriculture (Agrivoltaics)

Energy and Utilities remain the core consumers, but applications like Agrivoltaics and C&I are expanding rapidly.

By Region

Asia-Pacific (Largest), North America, Europe, Middle East & Africa (Fastest-growing)

Asia-Pacific, led by China, is the largest market in terms of both manufacturing and installation. Middle East & Africa is a key emerging market.

🗺️ Regional Analysis

Asia-Pacific remains the undisputed market leader, accounting for the largest share of global installations, primarily driven by China's dominant manufacturing capacity and massive domestic solar deployment.

North America (especially the US) is poised for substantial growth, fueled by strong government incentives like the Inflation Reduction Act (IRA), which promotes domestic manufacturing and clean energy adoption.

Europe is focused on rapid solar deployment, supported by targets like REPowerEU, and is a leader in integrating smart grid and storage-integrated solutions.

Middle East & Africa is projected to be the fastest-growing region, buoyed by ambitious national renewable energy targets and green-hydrogen initiatives.

Market Drivers and Challenges

Drivers

Declining Costs of Solar Technology: Significant cost reductions in PV modules and Balance of System (BOS) components, largely due to advancements in manufacturing processes and economies of scale
Supportive Government Policies: Favorable policies like feed-in tariffs, tax credits (e.g., the US IRA), and subsidies that accelerate the adoption of solar energy.

Rising Energy Demand & Environmental Concerns: The global push to reduce carbon emissions, coupled with increasing energy consumption, makes solar PV a compelling, sustainable solution.

Technological Innovations: The emergence of higher-efficiency cells like bifacial modules and next-generation technologies such as Perovskite and Tandem cells.

Challenges

Supply Chain Volatility and Competition: Intense global competition and reliance on a few regions for key raw materials (like polysilicon) can lead to price volatility and supply chain fragmentation due to trade tensions.

Grid Integration and Intermittency: The need for substantial investment in grid modernization and transmission expansion to handle fluctuating solar power inputs and mitigate curtailment risks.

High Upfront Investment: Despite declining module costs, the initial capital expenditure for large-scale projects and even residential installations remains a significant barrier for some investors and consumers.

Shortage of Skilled Workforce: A lack of sufficiently trained personnel for installation, maintenance, and advanced system integration in a rapidly expanding market.

💡 Market Trends

Rise of High-Efficiency Modules: Continuous innovation is focused on larger format and higher-power modules (e.g., over 800W) using advanced materials and cell designs (e.g., TOPCon, HJT).

Solar-Plus-Storage Integration: The development and increasing deployment of integrated solar-plus-storage systems to enhance grid stability and energy reliability, addressing the intermittency challenge.

Diversification of Applications: Expansion into niche and dual-use markets such as Floating PV (on water bodies), Agrivoltaics (solar and agriculture co-location), and Building-Integrated Photovoltaics (BIPV).

Reshoring and Regionalization of Supply Chains: Government-led efforts, particularly in the US and Europe, to build domestic manufacturing capacity across the PV value chain (polysilicon, wafer, cell, and module) to reduce dependence on foreign supply.

Digitalization and AI: Increased use of AI for solar forecasting, predictive maintenance, and optimized energy management in smart grid applications.

Future Outlook

The PV Module Market's future is exceptionally bright. As the world aims for net-zero targets, solar power will continue to be the dominant source of new electricity generation capacity. The key to sustained success lies in the successful commercialization of next-generation cell technologies (Perovskites), further integration with energy storage, and the development of a more resilient, diversified global supply chain. Long-term growth will be heavily dependent on emerging markets establishing robust solar infrastructures and economies transitioning to fully sustainable energy solutions.

Key Market Study Points

Technology Leap: The transition from traditional Crystalline Silicon (c-Si) to more efficient formats, and the commercial readiness of Tandem and Perovskite cells, will redefine module performance.

Supply Chain Dynamics: Tracking the geopolitical and policy-driven shifts in manufacturing concentration, particularly the outcomes of the US IRA and similar European initiatives.

Cost-Competitiveness: Monitoring the Levelized Cost of Electricity (LCOE) for solar PV against fossil fuels, as falling costs continue to widen grid-parity zones globally.

Hybrid Systems: The rapid growth trajectory of solar-plus-storage solutions as a new market standard for reliable, dispatchable power.

🤝 Competitive Landscape

The PV module market is highly competitive and dominated by a few global players, primarily from the Asia-Pacific region, who control a significant portion of the global manufacturing capacity.20

Key Market Players include:

LONGi
JinkoSolar
Trina Solar
First Solar (Leading in thin-film technology)
Canadian Solar
JA Solar

Competition is focused on achieving the highest module efficiency, scaling up production to maintain cost leadership, and developing integrated solutions (modules, inverters, storage).27 While c-Si technology remains fragmented among many players, the thin-film segment, for niche applications, is more consolidated.

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📰 Recent Developments (Mid-2025 Context)

Perovskite/Silicon Tandem Breakthroughs: Trinasolar announced the development of an industrial-standard PV module delivering over 800W of maximum power using perovskite/silicon tandem cells, signaling a major step toward the industrialization of next-generation technology.

US Manufacturing Boom: Prompted by the IRA, significant domestic module manufacturing capacity has been added in the US, with companies like Waaree Engines signing major supply agreements with US-based power producers for domestically produced modules.

Policy Uncertainty: In some major markets like the US, new policy actions and high interest rates have created near-term uncertainty, impacting segment growth (e.g., a temporary slowdown in residential and utility-scale installations in mid-2025).

Quality and Safety Standards: Regulatory bodies released new draft guidelines for the series approval of solar PV modules, aiming to ensure consistency, safety, and quality standards for a rapidly growing market.

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