PUBLISHER: QYResearch | PRODUCT CODE: 1859895
PUBLISHER: QYResearch | PRODUCT CODE: 1859895
The global market for Photovoltaics Modules was estimated to be worth US$ 597600 million in 2024 and is forecast to a readjusted size of US$ 1076218 million by 2031 with a CAGR of 8.0% during the forecast period 2025-2031.
This report provides a comprehensive assessment of recent tariff adjustments and international strategic countermeasures on Photovoltaics Modules cross-border industrial footprints, capital allocation patterns, regional economic interdependencies, and supply chain reconfigurations.
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 >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.
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.
This report aims to provide a comprehensive presentation of the global market for Photovoltaics Modules, focusing on the total sales volume, sales revenue, price, key companies market share and ranking, together with an analysis of Photovoltaics Modules by region & country, by Type, and by Application.
The Photovoltaics Modules market size, estimations, and forecasts are provided in terms of sales volume (MW) and sales revenue ($ millions), considering 2024 as the base year, with history and forecast data for the period from 2020 to 2031. With both quantitative and qualitative analysis, to help readers develop business/growth strategies, assess the market competitive situation, analyze their position in the current marketplace, and make informed business decisions regarding Photovoltaics Modules.
Market Segmentation
By Company
Segment by Type
Segment by Application
By Region
Chapter Outline
Chapter 1: Introduces the report scope of the report, global total market size (value, volume and price). This chapter also provides the market dynamics, latest developments of the market, the driving factors and restrictive factors of the market, the challenges and risks faced by manufacturers in the industry, and the analysis of relevant policies in the industry.
Chapter 2: Detailed analysis of Photovoltaics Modules manufacturers competitive landscape, price, sales and revenue market share, latest development plan, merger, and acquisition information, etc.
Chapter 3: Provides the analysis of various market segments by Type, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different market segments.
Chapter 4: Provides the analysis of various market segments by Application, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different downstream markets.
Chapter 5: Sales, revenue of Photovoltaics Modules in regional level. It provides a quantitative analysis of the market size and development potential of each region and introduces the market development, future development prospects, market space, and market size of each country in the world.
Chapter 6: Sales, revenue of Photovoltaics Modules in country level. It provides sigmate data by Type, and by Application for each country/region.
Chapter 7: Provides profiles of key players, introducing the basic situation of the main companies in the market in detail, including product sales, revenue, price, gross margin, product introduction, recent development, etc.
Chapter 8: Analysis of industrial chain, including the upstream and downstream of the industry.
Chapter 9: Conclusion.