PUBLISHER: Global Industry Analysts, Inc. | PRODUCT CODE: 1796001
PUBLISHER: Global Industry Analysts, Inc. | PRODUCT CODE: 1796001
Global PV Modules Market to Reach US$316.4 Billion by 2030
The global market for PV Modules estimated at US$210.3 Billion in the year 2024, is expected to reach US$316.4 Billion by 2030, growing at a CAGR of 7.0% over the analysis period 2024-2030. Monocrystalline, one of the segments analyzed in the report, is expected to record a 8.4% CAGR and reach US$148.1 Billion by the end of the analysis period. Growth in the Polycrystalline segment is estimated at 4.7% CAGR over the analysis period.
The U.S. Market is Estimated at US$57.3 Billion While China is Forecast to Grow at 11.3% CAGR
The PV Modules market in the U.S. is estimated at US$57.3 Billion in the year 2024. China, the world's second largest economy, is forecast to reach a projected market size of US$67.0 Billion by the year 2030 trailing a CAGR of 11.3% over the analysis period 2024-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 3.4% and 6.9% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 4.7% CAGR.
Global PV Modules Market - Key Trends & Drivers Summarized
Why Are PV Modules Central to the Global Clean Energy Transition?
Photovoltaic (PV) modules, the core units of solar energy conversion systems, have become pivotal in global decarbonization and renewable energy strategies. As the world shifts away from fossil fuels toward sustainable sources, solar PV stands out for its scalability, modularity, and rapidly declining cost per watt. PV modules transform sunlight into direct current electricity using semiconducting materials, typically crystalline silicon (mono- and polycrystalline) or thin-film technologies such as cadmium telluride (CdTe) and copper indium gallium selenide (CIGS). Their versatility allows deployment in diverse settings-from residential rooftops and utility-scale solar farms to mobile off-grid installations and building-integrated photovoltaics (BIPV).
Solar PV's appeal is underpinned by multiple factors: the rising price of fossil fuels, increasingly stringent emission norms, and global commitments to net-zero targets. Technological maturity and a steadily improving manufacturing ecosystem have further enabled module price reductions, driving broader adoption across emerging economies. Governments are supporting this trend through tax credits, feed-in tariffs, auction mechanisms, and solar mandates. Whether powering remote agricultural pumps in India or smart grids in California, PV modules are now at the forefront of reshaping the global energy mix.
How Are Technology Advancements Revolutionizing Module Efficiency and Cost Performance?
PV module technology is undergoing rapid transformation aimed at increasing efficiency, lowering degradation rates, and enhancing lifecycle economics. One of the most significant innovations is the widespread adoption of Passivated Emitter and Rear Cell (PERC) technology in monocrystalline silicon modules, boosting efficiency beyond 22%. Even more advanced are TopCon and Heterojunction (HJT) cells, which deliver higher bifaciality and reduced thermal loss-key advantages for utility-scale projects in hot climates.
Bifacial modules, which absorb sunlight from both front and rear sides, are increasingly being paired with single-axis trackers, increasing energy yield by 10-30%. Glass-glass module architecture enhances durability and reduces microcracking. Transparent conductive back sheets and busbarless designs are improving light capture and reducing cell shading losses.
Thin-film technologies are also regaining attention, particularly CdTe modules produced by First Solar, which offer excellent performance in high-temperature, diffused light conditions. Furthermore, perovskite solar cells, while still in R&D and pilot stages, are showing promise for future commercialization due to their ultra-thin profiles and potential to exceed 30% efficiency in tandem configurations. These improvements in design, material science, and process optimization are continuously enhancing the price-performance ratio of PV modules, making them competitive even without subsidies.
Which Markets and Applications Are Catalyzing Large-Scale Deployment?
Utility-scale solar farms remain the largest and fastest-growing segment for PV module deployment. Large national and transnational projects-such as India's PM-KUSUM scheme or Saudi Arabia's NEOM-are driving demand for high-output, low-cost modules. These installations typically use mono PERC or bifacial modules, emphasizing efficiency, land utilization, and energy yield.
Rooftop solar is gaining traction across residential, commercial, and industrial buildings. The growth is especially visible in regions with high electricity tariffs and net metering policies. Commercial and industrial (C&I) solar is accelerating as corporates pledge carbon neutrality and seek to lock in long-term energy cost savings.
Emerging applications are also expanding the market footprint. Building-integrated photovoltaics (BIPV), agrivoltaics, and floating solar installations are being deployed to overcome space constraints and reduce land-use conflicts. Off-grid systems using portable PV modules are improving energy access in sub-Saharan Africa and Southeast Asia. Additionally, the integration of PV modules into electric vehicle charging stations, smart homes, and energy storage systems is reinforcing their role in distributed energy systems.
What Is Driving Growth in the Global PV Modules Market?
The growth in the global PV modules market is driven by aggressive climate policies, sustained declines in module pricing, and technological evolution improving energy yield and ROI. Countries are setting ambitious solar capacity targets in line with Paris Agreement commitments. For instance, the EU aims to install over 600 GW of solar by 2030, while China plans to reach over 1,200 GW by the same year. This provides a massive runway for PV module demand.
Economies of scale and innovation in manufacturing have pushed module costs below $0.25/W for leading players, unlocking parity with grid electricity in many regions. Trade liberalization, improved solar financing, and solar leasing models are removing barriers to access. Local manufacturing incentives and anti-dumping measures are also boosting domestic industries in India, the U.S., and Southeast Asia.
Furthermore, lifecycle costs are declining due to longer warranties, lower degradation rates, and better performance guarantees. This makes solar PV an attractive asset class for institutional investors and project developers. As innovation continues in materials, system design, and performance optimization, PV modules will remain a cornerstone technology in the transition to a cleaner, more resilient global energy future.
SCOPE OF STUDY:
The report analyzes the PV Modules market in terms of units by the following Segments, and Geographic Regions/Countries:
Segments:
Product (Monocrystalline, Polycrystalline, Cadmium Telluride, Amorphous Silicon, Copper Indium Gallium Diselenide); Technology (Thin Film Technology, Crystalline Silicon Technology); Connectivity (On-Grid Connectivity, Off-Grid Connectivity, Mounting Connectivity, Ground Mounted Connectivity, Roof Top Connectivity); End-Use (Residential End-Use, Commercial End-Use, Utility End-Use)
Geographic Regions/Countries:
World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; Spain; Russia; and Rest of Europe); Asia-Pacific (Australia; India; South Korea; and Rest of Asia-Pacific); Latin America (Argentina; Brazil; Mexico; and Rest of Latin America); Middle East (Iran; Israel; Saudi Arabia; United Arab Emirates; and Rest of Middle East); and Africa.
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