Solar PV Module Market to Witness Steady Growth Driven by Renewable Energy Expansion by 2030

According to a new report published by Allied Market Research, the global Solar PV Module Market was valued at $127.9 billion in 2020 and is projected to reach $260.2 billion by 2030, growing at a CAGR of 7.4% from 2021 to 2030. The consistent rise in renewable energy adoption, rapid urbanization, and increasing electricity demand are key factors fueling the growth of the Solar PV Module Market across the globe.

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A solar PV module is an assembly of photovoltaic cells mounted within a framework to convert sunlight into direct current electricity. These modules form solar panels, and multiple panels together create photovoltaic arrays that supply clean electricity to residential, commercial, and utility-scale applications. As governments and industries shift toward sustainable energy sources, the Solar PV Module Market is gaining significant traction worldwide.

Rising Renewable Energy Demand Driving Solar PV Module Market Growth

The rapid expansion of renewable power generation, particularly in Asia-Pacific and LAMEA, is creating strong growth opportunities for the Solar PV Module Market. Increasing electricity consumption and the need to reduce dependence on fossil fuels are pushing countries to invest heavily in solar infrastructure. Additionally, favorable domestic content laws and the growing number of photovoltaic installation projects are further accelerating market expansion.

In developed economies such as the U.S., solar photovoltaic systems have emerged as a cost-effective alternative for meeting peak power demand. The declining cost of solar technology and the success of distributed solar projects have encouraged utilities to invest in residential and community solar installations, positively influencing the Solar PV Module Market outlook.

Furthermore, rising fossil fuel prices and growing awareness regarding environmental sustainability are expected to create lucrative opportunities for market players during the forecast period. However, challenges such as grid connection issues, interconnection delays, and insufficient grid capacity may hinder the growth of the Solar PV Module Market to some extent.

Technology Insights: Crystalline Silicon Segment Dominates the Market

Based on technology, the Solar PV Module Market is segmented into thin film and crystalline silicon. The crystalline silicon segment accounted for the largest market share in 2020, capturing nearly four-fifths of the total revenue. This dominance is attributed to higher conversion efficiency, durability, and improved performance under various environmental conditions.

Crystalline silicon modules are widely adopted across residential, commercial, and utility applications due to their reliability and long operational lifespan. As technological advancements continue to enhance efficiency and reduce manufacturing costs, the crystalline silicon segment is expected to maintain its leading position in the Solar PV Module Market throughout the forecast period.

Product Analysis: Monocrystalline Modules Lead Market Share

By product type, the Solar PV Module Market includes monocrystalline, polycrystalline, cadmium telluride, amorphous silicon, and copper indium gallium diselenide. Among these, the monocrystalline segment dominated the market in 2020, accounting for nearly half of the total share.

The growth of monocrystalline modules is driven by their superior efficiency, longevity, and lower operational costs compared to other product types. Increasing adoption of high-efficiency solar panels in residential and commercial installations is further boosting the demand within the Solar PV Module Market.

Connectivity and Mounting Trends Shaping the Solar PV Module Market

On the basis of connectivity, the Solar PV Module Market is categorized into on-grid and off-grid systems. The on-grid segment emerged as the dominant segment in 2020, accounting for more than four-fifths of the global market share. Favorable government incentive schemes such as feed-in tariffs, tax credits, and net metering policies are encouraging on-grid solar installations worldwide.

In terms of mounting, the market is segmented into ground-mounted and rooftop installations. The ground-mounted segment held the largest share in 2020, driven by the surge in large-scale solar utility plants across various regions. Large utility-scale solar farms require extensive land areas, making ground-mounted systems the preferred choice in the Solar PV Module Market.

However, rooftop solar installations are projected to grow at a significant pace during the forecast period due to increasing residential and commercial adoption of decentralized solar energy systems.

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End-Use Insights: Utility Segment Leads Global Adoption

By end-use, the Solar PV Module Market is segmented into residential, commercial, and utility sectors. The utility segment dominated the market in 2020, accounting for more than half of the global share. This growth is primarily driven by large-scale solar power projects aimed at meeting rising energy demands and achieving renewable energy targets.

Meanwhile, the residential segment is expected to witness the highest growth rate due to increasing consumer awareness, supportive government subsidies, and declining solar installation costs. The growing adoption of rooftop solar systems in urban households is significantly contributing to the expansion of the Solar PV Module Market.

Regional Analysis: Asia-Pacific Dominates the Solar PV Module Market

Region-wise, the Solar PV Module Market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific dominated the global market in 2020, accounting for around 57.5% of the total market share. The region's dominance is attributed to large-scale solar installations, supportive government policies, and strong manufacturing capabilities in countries such as China, India, and Japan.

Asia-Pacific is also projected to register the highest CAGR during the forecast period, supported by increasing investments in renewable energy infrastructure and rising electricity demand. Meanwhile, North America and Europe are witnessing steady growth due to favorable regulatory frameworks and the increasing adoption of clean energy solutions.

Impact of COVID-19 on the Solar PV Module Market

The COVID-19 pandemic negatively impacted the Solar PV Module Market in 2020 due to lockdowns and disruptions in global supply chains. As China accounts for a significant share of PV module manufacturing, production and logistics were severely affected during the initial phase of the pandemic.

India, which imports a large portion of its solar value chain supplies from China, also faced major installation delays. Labor shortages, transportation restrictions, and halted construction activities further disrupted market growth. However, the market began recovering in 2021 with the easing of restrictions, reopening of manufacturing units, and resumption of solar projects worldwide.

Key Players and Competitive Landscape

The global Solar PV Module Market features the presence of several key players focusing on technological innovation, product development, and strategic partnerships to strengthen their market position. Companies are increasingly investing in advanced photovoltaic technologies to enhance efficiency and reduce costs, thereby gaining a competitive edge in the rapidly evolving renewable energy sector.

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Conclusion

The Solar PV Module Market is expected to witness steady and sustained growth through 2030, driven by rising renewable energy adoption, supportive government policies, and declining solar technology costs. Increasing investments in solar infrastructure, rapid urbanization, and the global transition toward clean energy are further accelerating market expansion. Despite challenges such as grid integration issues and supply chain disruptions, continuous technological advancements and favorable policy support will create significant growth opportunities. As countries focus on achieving carbon neutrality and energy sustainability goals, the Solar PV Module Market is set to play a crucial role in shaping the future of the global energy landscape.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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