The global PV module market continues to gain traction as technological innovations, rapid cost declines, and government-backed renewable energy initiatives reshape the global energy landscape. Valued at US$ 162.4 billion in 2024, the market is projected to reach US$ 371.6 billion by 2035, expanding at a strong CAGR of 7.7% between 2025 and 2035. The shift toward carbon neutrality, increasing solar installations across residential and utility-scale sectors, and the achievement of grid parity in several countries are critical elements fueling this growth.
Market Overview and Key Highlights
The PV module industry has transitioned from a niche renewable technology to a mainstream power-generation solution over the past decade. The following highlights depict the market’s robust performance and future potential:
- Market Size in 2024: US$ 162.4 Billion
- Forecast by 2035: US$ 371.6 Billion
- CAGR (2025–2035): 7.7%
- Leading Region (2024): Asia Pacific with 38% market share
- Dominant Product Type: Single Crystalline modules with 49% share in 2024
- Key Players: Canadian Solar, Jinko Solar, JA Solar Technology, LONGi Green Energy Technology
The continued decline in PV module prices, supported by large-scale manufacturing efficiencies and advanced production techniques, has positioned solar energy among the most economical sources of power generation.
PV Module Market Introduction
A photovoltaic (PV) module converts sunlight directly into electricity and serves as the foundation of solar power systems across residential, commercial, and utility sectors. Over the last 10 years, the market has been transformed by declining production costs, increasing manufacturing automation, advances in wafer technology, and supportive policy frameworks around the world.
Governments are offering incentives such as:
- Tax credits
- Subsidies and grants
- Renewable purchase obligations
- Net-metering policies
These initiatives have significantly accelerated solar adoption worldwide. Additionally, innovations in module materials and designs are supporting the shift toward higher-efficiency solar technologies such as monocrystalline, thin-film, and PERC modules.
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Key Market Drivers
1. Grid Parity Achievement
One of the most transformative forces behind PV adoption is the achievement of grid parity. In many regions, the cost of electricity generated from solar panels is equal to or lower than electricity from fossil-fuel-based sources. This milestone has fundamentally reshaped energy strategies worldwide.
As module prices fall and efficiencies rise, consumers and utilities increasingly embrace solar power due to its cost-effectiveness, not just its environmental benefits. Grid parity has accelerated solar installations in homes, factories, commercial buildings, and utility-scale solar plants globally.
2. Continued Decline in PV Module and System Costs
PV module manufacturing costs have dropped by more than 80% between 2010 and 2024, driven by:
- Highly automated production processes
- Lower material usage
- Economies of scale in China, India, and Southeast Asia
- Improved silicon wafer technology
- Advances in PERC and bifacial cell designs
These innovations have made solar energy more financially accessible. For homeowners, rooftop PV installations now offer faster payback periods. For governments and utility operators, large solar parks have become a viable alternative to fossil-fuel-based power infrastructure.
