Global Photovoltaic Modules Market Size, Share, Growth Analysis, By Type(Monocrystalline PV modules, polycrystalline PV modules), By End Use(Residential, commercial) - Industry Forecast 2024-2031

Global Photovoltaic Modules Market size was valued at USD 40.55 billion in 2022 and is poised to grow from USD 45.29 billion in 2023 to USD 109.77 billion by 2031, growing at a CAGR of 11.7% during the forecast period (2024-2031).

The industry that manufactures solar panels and other parts used in the production of solar power is the fast expanding worldwide photovoltaic (PV) module market. The goal of this market is to supply a sustainable alternative energy source to lessen reliance on fossil fuels and meet the growing global demand for electricity. The market is influenced by a number of variables, such as the rising demand for renewable energy, the government's supportive policies and regulations, the falling cost of PV modules, and the rising amount of money invested in solar power projects. As an example, the International Energy Agency (IEA) stated that in 2020, about 90% of new power capacity additions worldwide came from renewable energy sources, with solar power making up the majority of this total. But the market is not without its difficulties. The primary barrier is the initial high cost of installing a solar power system, albeit this has become less expensive due to government subsidies and falling PV module prices. The erratic nature of solar energy is another limitation, necessitating the use of energy storage devices to provide a steady supply of electricity. The development of new technologies, such as bifacial modules and floating solar panels, that increase the efficiency and performance of solar panels is a significant trend in the PV modules market. Another trend is the expanding use of solar energy in developing nations, where there is a growing need for energy and where solar energy can offer a sustainable and cost-effective alternative. The market for PV modules presents numerous chances for expansion and innovation. It is anticipated that the market would continue to grow because to the rising demand for solar energy and the falling cost of PV modules. Furthermore, PV module producers have additional prospects as solar power expands into new applications like electric vehicles and smart grids.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Photovoltaic Modules Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Photovoltaic Modules Market Segmental Analysis

The type, end use, and geographic segments of the global photovoltaic modules market are used for segmentation. The market is divided into thin-film, polycrystalline, and monocrystalline photovoltaic modules, among other types. The market is divided into residential, commercial, industrial, and utility segments based on the end user. The market is divided into Latin America, Middle East and Africa, Asia Pacific, North America, and Europe.

Drivers of the Global Photovoltaic Modules Market

The market for photovoltaic modules is primarily driven by supportive government policies and programs that encourage the use of renewable energy sources. The European Union, for example, said in 2020 that it would become carbon neutral by 2050, and the European Green Deal intends to raise the proportion of renewable energy to 32% of the EU's energy mix by 2030. Comparably, the National Solar Mission was unveiled by the Indian government with the goal of achieving 100 GW of solar generating capacity by 2022. The market is anticipated to increase as a result of these government measures encouraging the use of solar modules.

Restraints in the Global Photovoltaic Modules Market

One of the main barriers to the market is the high upfront expenses of installing solar modules. Photovoltaic modules are expensive for residential and small-scale installations since the size of the system and the quality of the materials utilized determine their cost. Further impeding the market's expansion are the dearth of financing options and the general lack of customer knowledge on the long-term advantages of solar energy.

Market Trends of the Global Photovoltaic Modules Market

One emerging trend in the market is the combination of solar modules and energy storage devices. Reducing dependency on the grid is made possible by the energy storage systems, which allow surplus energy produced by the modules during the day to be stored and used at night or during periods of high demand. One example of a home battery storage system that stores surplus energy produced by photovoltaic modules and serves as a backup power source during blackouts is Tesla's Powerwall.