Photovoltaic Modules Market
Report ID: SQMIG10B2059
Report ID: SQMIG10B2059
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Report ID:
SQMIG10B2059 |
Region:
Global |
Published Date: December, 2025
Pages:
178
|Tables:
65
|Figures:
75
Photovoltaic Modules Market size was valued at USD 196.14 Billion in 2024 and is poised to grow from USD 210.07 Billion in 2025 to USD 363.64 Billion by 2033, growing at a CAGR of 7.1% during the forecast period (2026–2033).
The global photovoltaic (PV) modules market is driven by several factors, including the increasing demand for renewable energy, supportive government policies and regulations, declining prices of PV modules, and growing investments in solar power projects. For instance, the International Energy Agency (IEA) reported that renewable energy sources accounted for almost 90% of new power capacity additions globally in 2020, with solar power being the largest contributor. The market is not without its challenges, however. The main restraint is the initial high cost of setting up a solar power system, although the declining prices of PV modules and government incentives have made it more affordable. Another restraint is the intermittent nature of solar power, which requires energy storage systems to ensure a reliable power supply.
One key trend in the PV modules market is the development of new technologies that improve the efficiency and performance of solar panels, such as bifacial modules and floating solar panels. Another trend is the increasing adoption of solar power in emerging markets, where energy demand is growing rapidly and solar power can provide an affordable and sustainable solution. The market offers significant opportunities for growth and innovation. The increasing demand for solar power and declining prices of PV modules are expected to drive the market further. Moreover, the expansion of solar power into new applications, such as electric vehicles and smart grids, presents new opportunities for PV module manufacturers.
US Photovoltaic Modules Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2026-2033
Global Market Size
USD 183.14 billion
Largest Segment
Utilities
Fastest Growth
Residential
Growth Rate
7.1% CAGR
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Global Photovoltaic Modules Market is segmented by Technology, Mounting Type, Efficiency, Size, Grid Type, Application and region. Based on Technology, the market is segmented into Monocrystalline Solar Cells, Polycrystalline Solar Cells, Thin-film Solar Cells and Perovskite Solar Cells. Based on Mounting Type, the market is segmented into Rooftop Solar Panels and Ground-Mounted Solar Panels. Based on Efficiency, the market is segmented into 15-20%, 20-25% and Above 25%. Based on Size, the market is segmented into Small (<100 W), Medium (100-500 W) and Large (>500 W). Based on Grid Type, the market is segmented into On Grid and Off Grid. Based on Application, the market is segmented into Residential, Commercial, Industrial and Utility-Scale Solar Power Plants. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
The polycrystalline PV modules segment dominated the global market. This is due to their lower cost compared to monocrystalline PV modules and their ability to provide higher efficiency than thin-film PV modules. Additionally, the rising demand for solar energy in emerging economies, such as China and India, is driving the growth of the polycrystalline PV modules market.
The thin-film PV modules segment is the fastest-growing segment in the market. The growth of this segment is attributed to their unique properties, such as flexibility and lightweight, which make them ideal for use in various applications, including building-integrated photovoltaics (BIPV), portable devices, and transportation. Moreover, the growing focus on reducing the carbon footprint and the increasing demand for clean energy is driving the adoption of thin-film PV modules in various industries.
The utility segment is the largest segment in the global market, which includes power generation facilities that provide electricity to the grid. This is due to the increasing demand for clean energy and the growing investment in large-scale solar power projects by various governments and private entities worldwide.
The residential segment is the fastest-growing segment in the market. The growth of this segment is attributed to the rising adoption of solar energy systems by homeowners, driven by factors such as increasing electricity prices and growing awareness about environmental sustainability. Additionally, supportive government policies and incentives, such as tax credits and rebates, are also fueling the demand for photovoltaic modules in the residential sector.
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Asia Pacific dominated the global market. The growth of this region is attributed to the increasing demand for clean energy and the favorable government policies and initiatives to promote the adoption of solar energy in countries such as China, India, and Japan. For instance, China's National Energy Administration aims to install 60 GW of solar power by 2024, and India plans to achieve a target of 100 GW of solar power by 2024. Additionally, the declining cost of solar energy and the growing investment in renewable energy projects are further driving the growth of the photovoltaic modules market in the region.
The fastest-growing region in the global market is the Middle East and Africa. The growth of this region is attributed to the rising demand for energy and the increasing focus on diversifying the energy mix towards renewable sources. For instance, in 2019, the UAE launched the Emirates Water and Electricity Company (EWEC) tender for a 2 GW solar photovoltaic project, which is one of the largest solar projects in the world. Additionally, the governments in countries such as Saudi Arabia and Egypt are also investing heavily in solar energy projects to reduce their dependence on fossil fuels and promote sustainable development.
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Government Initiatives and Policies
Declining Costs of Solar Energy
High Initial Costs
Dependence on Weather Conditions
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The Global Photovoltaic Modules Market is highly competitive, with several large players dominating the market. Some of the leading companies are actively engaged in research and development to enhance the efficiency and performance of their products and gain a competitive edge in the market. They are also adopting various strategies, such as mergers and acquisitions, collaborations, and partnerships, to expand their market presence and increase their customer base. Moreover, these companies are also investing heavily in expanding their production capacity and increasing their geographic footprint to cater to the growing demand for photovoltaic modules worldwide.
SkyQuest's ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our Global Photovoltaic Modules Market analysis, the market is expected to witness significant growth during the forecast period due to increasing demand for renewable energy sources, favourable government policies and initiatives, and the declining cost of solar energy. The market is witnessing a shift towards the adoption of advanced technologies such as bifacial solar panels and floating solar photovoltaic (PV) systems. Furthermore, the increasing investment in renewable energy projects and the development of innovative solutions to enhance the efficiency of photovoltaic modules are expected to provide numerous opportunities for market players to expand their business and drive the growth of the market.
| Report Metric | Details |
|---|---|
| Market size value in 2024 | USD 196.14 Billion |
| Market size value in 2033 | USD 363.64 Billion |
| Growth Rate | 7.1% |
| Base year | 2024 |
| Forecast period | 2026-2033 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
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| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
Methodology
For the Photovoltaic Modules Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Photovoltaic Modules Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Photovoltaic Modules Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Photovoltaic Modules Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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