Solar PV Module Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Technology (Thin Film, Crystalline Silicon), By Product (Monocrystalline, Polycrystalline, Cadmium Telluride, Amorphous Silicon, Copper Indium Gallium Diselenide), By Connectivity (On-Grid and Off-Grid), By Mounting (Ground Mounted, Roof Top), By End-Use (Residential, Commercial, Utility), By Region, By Competition 2021-2031F

Forecast Period	2027-2031
Market Size (2025)	USD 188.53 Billion
CAGR (2026-2031)	6.78%
Fastest Growing Segment	On-Grid
Largest Market	Asia Pacific
Market Size (2031)	USD 279.46 Billion

Market Overview

The Global Solar PV Module Market will grow from USD 188.53 Billion in 2025 to USD 279.46 Billion by 2031 at a 6.78% CAGR. Solar Photovoltaic modules are assemblies of interconnected solar cells that convert sunlight directly into electricity through the photovoltaic effect. The market is primarily propelled by stringent global decarbonization mandates as nations strive to meet net zero targets and the strategic necessity of enhancing energy security. Furthermore, the sustained reduction in the levelized cost of electricity has made solar energy economically competitive with conventional fossil fuels, thereby incentivizing widespread investment across utility and distributed sectors. According to SolarPower Europe, in 2024, the global solar sector installed a record 597 GW of capacity which represented a substantial 33 percent increase over the previous year.

Despite this robust growth trajectory, the industry faces a critical challenge regarding grid infrastructure integration. Existing transmission networks in many major markets are struggling to accommodate the rapid influx of variable renewable energy, leading to significant interconnection delays and generation curtailment. Consequently, the inability to modernize and expand grid capacity at a pace that matches solar deployment remains a formidable obstacle that could impede the future expansion of the global market.

Key Market Drivers

Supportive government policies and financial incentives serve as the primary catalyst for the market, effectively de-risking projects and encouraging capital inflow. Nations are actively implementing tax credits, feed-in tariffs, and direct subsidies to meet climate goals, which directly accelerates the financial viability of large-scale solar farms and residential installations. This regulatory support has triggered a massive surge in funding allocated to the sector, enabling rapid infrastructure development. According to the International Energy Agency, June 2024, in the 'World Energy Investment 2024' report, investment in solar PV is projected to grow to USD 500 billion in 2024, surpassing all other power generation technologies combined. Such robust financial backing allows developers to expand operations and upgrade infrastructure, ensuring the technology remains the cornerstone of global renewable strategies.

Simultaneously, declining manufacturing costs and economies of scale are dramatically lowering the barrier to entry for new capacity deployment. The expansion of production lines, particularly in dominant manufacturing regions, has created a supply surplus that has driven unit prices down to historical lows, making solar the cheapest electricity source in many jurisdictions. According to the International Energy Agency, January 2024, in the 'Renewables 2023' report, spot prices for solar PV modules declined by almost 50 percent in 2023 compared to the previous year due to increased manufacturing capacity. This price reduction stimulates demand not just in established markets but also in price-sensitive emerging economies, fostering a cycle of continuous growth. To support this expanding market, the industrial base has grown substantially to prevent supply bottlenecks. According to the International Energy Agency, in 2024, global manufacturing capacity for solar PV modules reached nearly 1.2 terawatts in 2023, ensuring supply chains can comfortably meet future installation requirements.

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Key Market Challenges

The limitations of existing grid infrastructure present a substantial barrier to the growth of the global solar PV module market. Transmission networks in key regions are often unable to handle the variable nature of solar generation, leading to severe congestion. This physical constraint results in interconnection delays and forced curtailment, where functional solar installations are prevented from exporting power. Consequently, project developers face increased financial risks and uncertain timelines, which discourages the procurement of new PV modules and slows the pipeline of future installations.

This bottleneck effectively caps the market potential by preventing deployed capacity from becoming operational. The backlog of projects awaiting grid access indicates a significant disparity between solar development ambition and transmission readiness. According to the International Energy Agency, in 2024, roughly 3,000 GW of renewable power projects were waiting in grid connection queues worldwide, with solar PV constituting a major portion of this volume. This accumulation of stalled projects directly restricts the immediate demand for solar modules, as installation rates are forced to align with the slower pace of grid modernization rather than the availability of solar technology.

Key Market Trends

The Global Solar PV Module Market is undergoing a fundamental technological transition characterized by the accelerated shift from P-type PERC cells to N-type TOPCon and Heterojunction (HJT) architectures. Manufacturers are rapidly retooling production lines as PERC technology approaches its theoretical efficiency limits, necessitating a move to N-type structures that offer higher power output, lower degradation rates, and improved bifaciality. This pivot is no longer experimental but has become the new industrial standard to maximize energy yield per square meter. According to IEA PVPS, November 2024, in the 'Trends in Photovoltaic Applications 2024' report, the market share of n-type crystalline silicon products is projected to surge to approximately 63 percent in 2024, a significant rise from 30 percent in the previous year.

Simultaneously, the industry is witnessing a distinct trend toward the regionalization of manufacturing supply chains to reduce import reliance and mitigate geopolitical risks. Major demand centers are actively fostering domestic industrial bases to insulate downstream projects from global disruptions and ensure long-term energy security. This localization strategy is driving established manufacturers to commission significant new factory capacities within key import markets rather than relying solely on centralized export hubs. According to First Solar, February 2024, in the 'Annual Report 2023', the company expanded its total nameplate manufacturing capacity to 16.6 GW, substantially driven by the addition of 3.2 GW of new Series 7 capacity specifically in the United States.

Segmental Insights

The On-Grid segment represents the fastest growing category within the Global Solar PV Module Market due to distinctive cost efficiencies and extensive regulatory support. This expansion is driven by the global adoption of utility-scale projects and favorable mechanisms like net metering that facilitate power export to public infrastructure. Unlike off-grid alternatives, these systems eliminate the need for expensive battery storage, thereby reducing upfront capital requirements. Additionally, strategic frameworks promoted by the International Energy Agency emphasize grid integration to enhance energy security, further accelerating the demand for on-grid photovoltaic solutions.

Regional Insights

Asia Pacific holds the dominant position in the Global Solar PV Module Market, driven primarily by substantial manufacturing output and aggressive energy transition goals in China and India. Regulatory authorities like China's National Energy Administration enforce mandates that prioritize renewable infrastructure, creating consistent demand for photovoltaic modules. Additionally, the presence of an integrated regional supply chain allows for cost-effective production that supports widespread adoption. Consequently, strong governmental policy combined with established industrial capacity solidifies the region's status as the central market for solar technology.

Recent Developments

• In June 2025, the manufacturer confirmed that its mass-produced ABC solar modules had achieved a commercial efficiency of 24.4%, a record verified by international rankings. This milestone was highlighted during the SNEC 2025 exhibition, where the company demonstrated its leadership in Back Contact (BC) technology. Unlike lab-based prototypes, these modules are manufactured at scale and deployed in real-world commercial and utility projects. The achievement underscores the maturity of the company’s proprietary architecture, which improves temperature coefficients and aesthetics while maximizing energy conversion, solidifying its position at the forefront of the high-efficiency solar module market.
• In June 2025, the company achieved a new world record for N-type TOPCon solar cell efficiency, reaching 27.02%. This breakthrough was independently certified by the National Photovoltaic Industry Measurement and Testing Center. The 182-millimeter cell, developed by the manufacturer's subsidiary, incorporates advanced processing techniques such as laser-assisted metallization and premium emitter passivation to minimize optical losses. This record-breaking performance represents a significant step forward in the evolution of crystalline silicon technology, with the company aiming to surpass the 28% efficiency mark in mass production by 2028 through continuous research and innovation.
• In December 2024, the manufacturer unveiled its new i-TOPCon Ultra solar module series during the Annual Conference of the China Photovoltaic Industry Association. Designed for utility-scale projects, the module delivers a maximum power output of 760 watts and achieves a power conversion efficiency of 24.5%. The product features a bifaciality factor of 90% and a low temperature coefficient, ensuring reliable performance in varying conditions. The company announced plans to commence mass production of these high-efficiency modules in the second quarter of 2025, positioning the new series as a significant advancement in the era of next-generation TOPCon technology.
• In May 2024, the company launched its flagship Hi-MO 9 solar module at a global event in Madrid, Spain. This new product features the second-generation Hybrid Passivated Back Contact (HPBC) cell technology and utilizes the proprietary TaiRay wafer. Designed specifically for utility-scale applications, the module boasts a power conversion efficiency of up to 24.43% and a maximum power output of 660 watts. The manufacturer emphasized that the module provides enhanced reliability and superior power generation capabilities in harsh environments, such as deserts and mountains, setting a new benchmark for efficiency in the global solar PV market.

Key Market Players

• Jinko Solar Holding Co., Ltd.
• Trina Solar Limited
• Canadian Solar Inc.
• First Solar, Inc.
• Hanwha Q CELLS Co., Ltd.
• JA Solar Holdings Co., Ltd.
• LONGi Green Energy Technology Co., Ltd.
• Risen Energy Co., Ltd.
• SunPower Corporation
• REC Group

By Technology	By Product	By Connectivity	By Mounting	By End-Use	By Region
Thin Film Crystalline Silicon	Monocrystalline Polycrystalline Cadmium Telluride Amorphous Silicon Copper Indium Gallium Diselenide	On-Grid and Off-Grid	Ground Mounted Roof Top	Residential Commercial Utility	North America Europe Asia Pacific South America Middle East & Africa

Report Scope:

In this report, the Global Solar PV Module Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

• Solar PV Module Market, By Technology:

• Thin Film
• Crystalline Silicon

• Solar PV Module Market, By Product:

• Monocrystalline
• Polycrystalline
• Cadmium Telluride
• Amorphous Silicon
• Copper Indium Gallium Diselenide

• Solar PV Module Market, By Connectivity:

• On-Grid and Off-Grid

• Solar PV Module Market, By Mounting:

• Ground Mounted
• Roof Top

• Solar PV Module Market, By End-Use:

• Residential
• Commercial
• Utility

• Solar PV Module Market, By Region:

• North America
• United States
• Canada
• Mexico
• Europe
• France
• United Kingdom
• Italy
• Germany
• Spain
• Asia Pacific
• China
• India
• Japan
• Australia
• South Korea
• South America
• Brazil
• Argentina
• Colombia
• Middle East & Africa
• South Africa
• Saudi Arabia
• UAE