Photovoltaics Modules Market to Reach US$ 1,153.71 Billion by 2032, Growing at 8.0% CAGR

Market Overview

QY Research Inc., A global market research and consulting firm, has announced the release of its latest 2025 report titled "Photovoltaics Modules - Global Market Share and Ranking, Overall Sales and Demand Forecast 2026-2032." The report provides a data-driven analysis of the global Photovoltaics Modules market, integrating historical insights from 2020-2024 with forward-looking forecasts through 2032. It covers market size, competitive landscape, demand trends, and industry development, offering strategic insights for stakeholders navigating this rapidly evolving sector.

The global Photovoltaics Modules market was valued at US$ 678.20 billion in 2025 and is anticipated to reach US$ 1153.71 billion by 2032, witnessing a CAGR of 8.0% during the forecast period 2026-2032.

The report analyzes historical market performance alongside detailed forecasts, offering clarity on competitive intensity, growth catalysts, structural challenges, and emerging trends. With extensive coverage of market segmentation, regional developments, and leading company profiles, the study serves as a dependable strategic reference for organizations seeking to strengthen their position in the global Photovoltaics Modules market.

Get Full PDF Sample Copy of the Report: (Including Full TOC, Tables & Charts): https://qyresearch.in/request-sample/energy-power-global-photovoltaics-modules-market-insights-industry-share-sales-projections-and-demand-outlook-2026-2032

A photovoltaics module (commonly known as a solar panel) consists of several photovoltaic cells connected in a predetermined series and parallel circuit. These cells are encapsulated using materials such as busbars, cell interconnects, glass-EVA (or POE) encapsulant film, backsheet/glass, frame, and junction box, creating a standardized power generation unit with independent mechanical strength and electrical output. Its core function is to convert sunlight into DC power, which is then supplied through external terminals for grid connection or energy storage. Commercially available modules primarily include crystalline silicon (p-type PERC, n-type TOPCon, HJT, back-contact BC, etc.) and thin-film (CdTe, CIGS, a-Si). Based on the encapsulation structure, they are categorized as single-glass, double-glass, and flexible modules. Modules must meet international performance and safety standards such as IEC61215/IEC61730. Key performance indicators include peak power (W), conversion efficiency (%), bifaciality (if applicable), and linear degradation.

By 2024, global installed PV module capacity was approximately 600 GW, with a cumulative total of less than 2.2 TW. The average price of products is currently low at $0.10/W, and production capacity is currently mainstream at 0.5-1.0 GW/year/line. Complete production lines from established equipment manufacturers can scale from 150 MW/year to 1 GW/year.

Competitive Landscape Analysis -

The report provides an in-depth evaluation of the competitive environment within the global Photovoltaics Modules market, focusing on recent developments, expansion strategies, and long-term growth initiatives adopted by key market participants. It profiles nearly all major companies operating in the industry and examines critical business parameters such as production capacity, geographic footprint, product offerings, and strategic direction.

Each company is assessed using key performance indicators including market share, growth rate, revenue, production volume, earnings, and overall company scale. This competitive benchmarking enables stakeholders to understand relative market positioning, identify strategic gaps, and uncover opportunities for differentiation and expansion.

Jinko Solar
JA Solar Technology
LONGi Green Energy Technology
Canadian Solar Inc.
Trina Solar
Hengdian Group DMEGC Magnetics
Boviet Solar
Risen Energy
Qcells
Adani Solar
TCL
Tongwei Group
Astronergy
DAS Solar
GCL System Integration Technology
Runergy New Energy Technology
AIKO
Anhui Huasun Energy
YINGLI
First Solar
Talesun Solar Technologies
Seraphim
Waaree
ZNSHINE PV-TECH
Jolywood (Suzhou) Sunwatt
Haitai Solar
EGING PV Technology
SunovaSolar
RENEW Photovoltaics

Regional Insights -

This research study covers key geographic regions including North America, Europe, Asia Pacific, Central and South America, and the Middle East & Africa. The analysis includes regional growth opportunity mapping and comprehensive SWOT assessments, considering political and legal, economic, and technological factors. Readers are provided with regional and country-level sales and revenue forecasts for the period starting in 2026. Additionally, this section presents key regional sales statistics segmented by type and application through 2032.

Why Purchase This Report?

This report delivers a comprehensive, evidence-based overview of the Photovoltaics Modules market to support informed strategic planning and investment decisions. It includes free customization options, such as country-level analysis for up to five selected countries and a detailed segment-wise competitive revenue assessment of leading players.

By offering deep insights into market trends, growth drivers, challenges, competitive dynamics, and emerging opportunities, the report equips manufacturers, investors, and decision-makers with actionable intelligence to identify high-growth segments, optimize operations, and maintain a sustainable competitive advantage.

Recent Industry Developments -

The study highlights recent strategic activities undertaken by major players in the global Photovoltaics Modules market. It covers mergers and acquisitions, partnerships, joint ventures, product launches, technological innovations, and ongoing research and development initiatives. This analysis provides a clear view of how leading companies are strengthening their market presence, accelerating innovation, and responding to evolving industry demands.

Market Drivers, Challenges, and Restraints -

The photovoltaics (PV) modules market is experiencing robust growth, fueled by a confluence of global energy transitions and technological advancements. A primary driver is the urgent shift toward renewable energy sources to mitigate climate change, with governments worldwide rolling out supportive policies-such as feed-in tariffs, tax incentives, and renewable energy targets-that boost demand for PV installations in both utility-scale projects and residential sectors. The declining cost of PV technology, driven by innovations in cell design (like PERC and TOPCon technologies) and economies of scale in manufacturing, further makes solar energy more competitive than fossil fuels in many regions, attracting investments from both public and private sectors.​

Additionally, the growing need for energy security, especially amid geopolitical tensions disrupting traditional energy supplies, has prompted countries to expand their solar capacity. The integration of PV systems with energy storage solutions, which addresses intermittency issues, has also opened new application scenarios, from off-grid rural electrification to smart grid projects.​

Yet the market faces notable challenges. Supply chain vulnerabilities pose a significant risk: critical raw materials like polysilicon, silver, and rare earth elements for inverters are subject to price volatility and supply disruptions due to geopolitical conflicts or regulatory changes in major producing countries. Intense competition among manufacturers, particularly in regions with high production capacity, leads to price pressures and margin squeezes, forcing smaller players out of the market.​

Technical and operational hurdles persist too. The efficiency of PV modules is still limited by environmental factors such as dust accumulation, extreme weather conditions, and temperature fluctuations, which affect long-term performance. Moreover, the lack of standardized recycling infrastructure for end-of-life PV modules raises environmental concerns, as improper disposal may lead to waste-related issues.​

Policy uncertainties also cast a shadow over the market. Shifts in government support-such as sudden cuts to subsidies or changes in import tariffs-can disrupt project planning and investor confidence. Additionally, grid integration challenges, including the need for upgraded transmission networks to accommodate large-scale solar input, delay the deployment of new PV projects in some regions.​

While the push for clean energy and technological progress drives expansion, addressing supply chain resilience, technical limitations, and policy stability remains crucial for the PV modules market to sustain its growth trajectory.​

Market Segmentation -

By Type

n‐TOPCon
p‐PERC
n‐PERC
HJT
xBC
CdTe
Others

By Application

Public Utilities
Commercial and Industrial
Household
Other

The report provides valuable insights into the key segments of the global Photovoltaics Modules market, with a strong focus on CAGR, market size, market share, and future growth potential. The market is comprehensively segmented by product type, application, and region, with each segment thoroughly analyzed to identify growth prospects, demand patterns, and emerging trends. This detailed segmental analysis plays a crucial role in uncovering high-growth and high-return opportunities across the market. By offering precise data on product- and application-level demand, the report enables businesses to prioritize profitable segments and develop targeted strategies within the global Photovoltaics Modules market.

Key Benefits for Stakeholders -

✔ Enables executives, policymakers, product managers, and sales leaders to make informed strategic decisions

✔ Provides global, regional, and country-level revenue analysis to assess market share and identify new growth markets

✔ Offers detailed segmentation by type, application, technology, and end-use to support product and financial planning

✔ Helps investors evaluate market scope, risks, and expansion opportunities

✔ Supports competitive benchmarking through in-depth analysis of key players and their strategies

Key Questions Addressed in the Report -

✔ What is the current size and future growth rate of the global Photovoltaics Modules market?

✔ Which key trends are shaping market development during the forecast period?

✔ What are the major outcomes of SWOT analysis for leading market players?

✔ What growth opportunities and risks exist for manufacturers and vendors?

✔ How will regional markets evolve through 2032?

Request for Pre-Order / Enquiry Link: https://qyresearch.in/pre-order-inquiry/energy-power-global-photovoltaics-modules-market-insights-industry-share-sales-projections-and-demand-outlook-2026-2032

Benefits of purchasing QYResearch report:

Competitive Analysis:

QYResearch provides in-depth Photovoltaics Modules analysis, including information on key company profiles, new entrants, acquisitions, mergers, large market shear, opportunities, and challenges. These analyses provide clients with a comprehensive understanding of market conditions and competitive dynamics, enabling them to develop effective market strategies and maintain their competitive edge.

Industry Analysis:

QYResearch provides Photovoltaics Modules comprehensive industry data and trend analysis, including raw material analysis, market application analysis, product type analysis, market demand analysis, market supply analysis, downstream market analysis, and supply chain analysis and trend analysis. These analyses help clients understand the direction of industry development and make informed business decisions.

Market Size:

QYResearch provides Photovoltaics Modules market size analysis, including capacity, production, sales, production value, price, cost, and profit analysis. This data helps clients understand market size and development potential, and is an important reference for business development.

Table of Contents - Major Key Points:

1. Study Coverage

2. Executive Summary

3. Research Methodology

4. Global Production Analysis

5. Value Chain and Supply-Chain Analysis

6. Photovoltaics Modules Market Dynamics

7. Competition by Manufacturers

8. Photovoltaics Modules Market Segmentation, By Type

9. Photovoltaics Modules Market Segmentation, By Application

10. Regional Analysis

11. Corporate Profile

12. Conclusion...

About Us:

QYResearch established as a research firm in 2007 and have since grown into a trusted brand amongst many industries. Over the years, we have consistently worked toward delivering high-quality customized solutions for wide range of clients ranging from ICT to healthcare industries. With over 50,000 satisfied clients, spread over 80 countries, we have sincerely strived to deliver the best analytics through exhaustive research methodologies.

Contact Us:

Arshad Shaha | Marketing Executive

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