Solar PV Module Market Report 2024 (Global Edition)

Global Solar PV Module Market Report 2024 Market Size Split by Technology (Thin Film, Crystalline Silicon), by Product (Monocrystalline, Polycrystalline, Cadmium Telluride, Amorphous Silicon, Copper I...

Solar PV Module Market Report Description

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Solar PV Module Market Insights Video

Competitive Landscape of the Solar PV Module Market

The competitive landscape of the Solar PV Module Market is characterized by a few dominant players primarily from China and the United States. Companies like JinkoSolar, JA Solar, and Trina Solar lead in global market share, leveraging extensive manufacturing capabilities and technological innovation. Other key players include Canadian Solar, First Solar, and SunPower, known for their high-efficiency modules and integrated solar solutions. The market is driven by cost competitiveness, advancements in module efficiency, and strategic expansions into emerging solar markets worldwide.

May 2023: European Energy, a Denmark-based developer specializing in solar parks, announced plans to construct a 128.5 MW solar park near Helsingborg in southern Sweden. The facility aims to generate 175 GWh of electricity each year, with operations slated to commence in 2024 following project completion scheduled for 2023. (Source: https://europeanenergy.com/2024/04/18/european-energy-starts-construction-of-swedens-first-large-scale-hybrid-wind-and-solar-farm/)

Top Companies Market Share in Solar PV Module Industry: (In no particular order of Rank)

• JinkoSolar (China)
• JA Solar (China)
• Trina Solar (China)
• Canadian Solar (Canada)
• Hanwha Q Cells (South Korea)
• LONGi Solar (China)
• Risen Energy (China)
• First Solar (United States)
• SunPower (United States)
• GCL-Poly Energy Holdings (China)
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*List of Second Tier Companies, List of Third Tier/ Start-up Companies (Inquire with sales executive) Request Any Company Profile for Preview Purpose OR Data Validation!

If any Company(ies) of your interest has/have not been disclosed in the above list then please let us know the same so that we will check the data availability in our database and provide you the confirmation or include it in the final deliverables.

Regional Analysis of the Solar PV Module Market

Which Region Dominates the Solar PV Module Market in 2024?

According to Cognitive Market Research, North America dominated the market in 2024. It accounted for around 40% of the global revenue because of the area's supportive government policies at federal and state levels promoting renewable energy, including solar power. The region benefits from a mature market infrastructure, robust financing mechanisms, and significant investments in utility-scale solar projects. Moreover, technological advancements and growing consumer awareness of environmental sustainability drive the adoption of solar PV modules across residential, commercial, and industrial sectors, further boosting market growth in North America.

Which Region is Expanding at the Fastest CAGR?

The Asia Pacific region is experiencing the fastest growth in the Solar PV Module Market due to several key factors. These include rising energy demand, supportive government policies and incentives promoting renewable energy, and abundant solar resources across countries like China, India, and Japan. Technological advancements in solar PV technology, coupled with economies of scale in manufacturing, contribute to lower module costs and increased adoption. Additionally, increasing investments in solar projects and infrastructure further drive the rapid growth of the market in Asia Pacific.

 

The current report Scope analyzes Solar PV Module Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com

• North America (United States, Canada, Mexico)
• Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Netherlands, Switzerland, Belgium)
• Asia-Pacific (China, Japan, Korea, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest of APAC)
• South America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America)
• Middle East and Africa (Saudi Arabia, Turkey, Nigeria, UAE, Egypt, South Africa, GCC Countries, Rest of MEA)

The above graph is for illustrative purposes only. To learn more about geographical trends request the free sample pages. Contact US!

North America Solar PV Module

According to Cognitive Market Research, the global Solar PV Module market size was estimated at USD 129485.2 Million, out of which North America held the major market of more than 40% of the global revenue with a market size of USD 51794.08 million in 2024 and will grow at a compound annual growth rate (CAGR) of 6.2% from 2024 to 2031.

• According to Cognitive Market Research, the US had a major share in the Solar PV Module market with a market size of USD 40865.53 million in 2024 and is projected to grow at a CAGR of 6.0% during the forecast period. The demand is amplified by the nation's supportive government policies promoting renewable energy.
• The Canada Solar PV Module market had a market share of USD 6215.29 million in 2024 and is projected to grow at a CAGR of 7.0% during the forecast period. Canada's robust consumer demand and a diverse range of applications to increased usage of Solar PV Module.
• The Mexico Solar PV Module market is projected to witness growth at a CAGR of 6.7% during the forecast period, with a market size of USD 4713.26 million in 2024.

Europe Solar PV Module

According to Cognitive Market Research, the global Solar PV Module market size was estimated at USD 129485.2 Million out of which Europe held the market of more than 30% of the global revenue with a market size of USD 38845.56 million in 2024 and will grow at a compound annual growth rate (CAGR) of 2.5% from 2024 to 2031.

• The United Kingdom Solar PV Module market had a market share of USD 6526.05 million in 2024 and is projected to grow at a CAGR of 7.3% during the forecast period. In the UK, Solar PV Module sales witness an upswing due to the nation's supportive policies.
• The France Solar PV Module market is projected to witness growth at a CAGR of 5.7% during the forecast period, with a market size of USD 3573.79 million in 2024.
• According to Cognitive Market Research, the Germany Solar PV Module market size was valued at USD 7691.42 million in 2024 and is projected to grow at a CAGR of 6.7% during the forecast period. In Germany, Solar PV Module sales surged due to increasing corporate and consumer awareness of climate change.
• The Italy Solar PV Module market is projected to witness growth at a CAGR of 5.9% during the forecast period, with a market size of USD 3340.72 million in 2024.
• The Russia Solar PV Module market is projected to witness growth at a CAGR of 5.5% during the forecast period, with a market size of USD 6021.06 million in 2024.
• The Spain Solar PV Module market is projected to witness growth at a CAGR of 5.6% during the forecast period with a market size of USD 3185.34 million in 2024
• The Luxembourg Solar PV Module market is projected to witness growth at a CAGR of 6.6% during the forecast period, with a market size of USD 1204.21 million in 2024.
• The Portugal Solar PV Module market is projected to witness growth at a CAGR of 6.3% during the forecast period, with a market size of USD 815.76 million in 2024.
• The Greece Solar PV Module market is projected to witness growth at a CAGR of 6.8% during the forecast period, with a market size of USD 466.15 million in 2024.
• Rest of Europe's Solar PV Module market is projected to witness growth at a CAGR of 5.2% during the forecast period, with a market size of USD 6021.06 million in 2024.

Asia Pacific Solar PV Module

According to Cognitive Market Research, the global Solar PV Module market size was estimated at USD 129485.2 Million, out of which Asia Pacific held the market of around 23% of the global revenue with a market size of USD 29781.60 million in 2024 and will grow at a compound annual growth rate (CAGR) of 10.0% from 2024 to 2031.

• According to Cognitive Market Research, the China Solar PV Module market size was valued at USD 13401.72 million in 2024 and is projected to grow at a CAGR of 9.5% during the forecast period. Solar PV Module sales surge in China due to increasing energy demand, supportive government policies promoting renewable energy deployment, and declining costs of solar PV technology.
• The Japan Solar PV Module market is projected to witness growth at a CAGR of 8.5% during the forecast period, with a market size of USD 4109.86 million in 2024.
• The India Solar PV Module market had a market share of USD 3573.79 million in 2024 and is projected to grow at a CAGR of 11.8% during the forecast period. India's government initiatives augment the demand encourage adoption of solar technologies.
• The South Korea Solar PV Module market is projected to witness growth at a CAGR of 9.1% during the forecast period, with a market size of USD 2978.16 million in 2024.
• The Australia Solar PV Module market is projected to witness growth at a CAGR of 9.7% during the forecast period, with a market size of USD 1548.64 million in 2024.
• The South East Asia Solar PV Module market is projected to witness growth at a CAGR of 11.0% during the forecast period, with a market size of USD 2054.93 million in 2024.
• The Rest of Asia Pacific Solar PV Module market is projected to witness growth at a CAGR of 9.8% during the forecast period, with a market size of USD 2114.49 million in 2024.

South America Solar PV Module

According to Cognitive Market Research, the global Solar PV Module market size was estimated at USD 129485.2 Million out of which Latin America market of more than 5% of the global revenue with a market size of USD 6474.26 million in 2024 and will grow at a compound annual growth rate (CAGR) of 7.4% from 2024 to 2031.

• According to Cognitive Market Research, the Brazil Solar PV Module market size was valued at USD 2770.98 million in 2024 and is projected to grow at a CAGR of 8.0% during the forecast period. Solar PV Module sales flourish in Brazil due to abundant solar resources across the region, supportive regulatory frameworks promoting renewable energy investments.
• Argentina Solar PV Module market had a market share of USD 1087.68 million in 2024 and is projected to grow at a CAGR of 8.3% during the forecast period. Argentina's increasing electricity demand augment the demand to drive innovation in the solar industry.
• Colombia Solar PV Module market is projected to witness growth at a CAGR of 7.2% during the forecast period with a market size of USD 561.21 million in 2024.
• Peru Solar PV Module market is projected to witness growth at a CAGR of 7.6% during the forecast period with a market size of USD 530.89 million in 2024.
• Chile Solar PV Module market is projected to witness growth at a CAGR of 7.8% during the forecast period with a market size of USD 466.15 million in 2024.
• The Rest of Latin America Solar PV Module market is projected to witness growth at a CAGR of 6.5% during the forecast period, with a market size of USD 1042.36 million in 2024.

Middle East and Africa Solar PV Module

According to Cognitive Market Research, the global Solar PV Module market size was estimated at USD 129485.2 Million, out of which the Middle East and Africa held the major market of around 2% of the global revenue with a market size of USD 2589.7 million in 2024 and will grow at a compound annual growth rate (CAGR) of 7.7% from 2024 to 2031.

• The GCC Countries Solar PV Module market is projected to witness growth at a CAGR of 8.5% during the forecast period with a market size of USD 1108.39 million in 2024. Solar PV Module sales flourish due to abundant solar resources, increasing energy demand, and a shift towards diversifying energy sources away from traditional fossil fuels.
• The Egypt Solar PV Module market is projected to witness growth at a CAGR of 8.1% during the forecast period, with a market size of USD 271.92 million in 2024.
• The South Africa Solar PV Module market is projected to witness growth at a CAGR of 8.7% during the forecast period, with a market size of USD 409.17 million in 2024. Solar PV Module sales flourish in South Africa due to technological advancements in solar PV technology.
• The Turkey Solar PV Module market is projected to witness growth at a CAGR of 7.2% during the forecast period, with a market size of USD 222.71 million in 2024.
• The Nigeria Solar PV Module market is projected to witness growth at a CAGR of 6.8% during the forecast period, with a market size of USD 271.92 million in 2024.
• The Rest of MEA Solar PV Module market is projected to witness growth at a CAGR of 6.7% during the forecast period, with a market size of USD 305.59 million in 2024.

Solar PV Module Market Analysis

Solar PV Module Market Technology Segment Analysis

According to Cognitive Market Research, Thin Film stands out as the dominating category. Thin film technology has captured a notable market share in the Solar PV Module Market due to its distinct advantages. These include lower manufacturing costs, lighter weight, and flexibility in application, making it suitable for diverse settings such as building-integrated photovoltaics (BIPV) and large-scale solar farms. Additionally, thin film modules are less sensitive to high temperatures and shading compared to traditional crystalline silicon modules, enhancing their efficiency in varying environmental conditions and driving their adoption in the market.

Crystalline silicon technology is experiencing the highest CAGR in the Solar PV Module Market due to several factors. These include continuous advancements in efficiency and manufacturing processes, resulting in improved performance and reduced costs. Crystalline silicon modules offer high reliability and stability, making them a preferred choice for utility-scale solar projects and residential installations alike. Moreover, established supply chains and widespread adoption of crystalline silicon technology globally contribute to its rapid growth, driven by increasing demand for reliable and efficient solar PV solutions.

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Solar PV Module Market Product Segment Analysis

According to Cognitive Market Research, the dominating category is Monocrystalline. Monocrystalline products have captured the largest market share in the Solar PV Module Market due to their superior efficiency and performance characteristics. Monocrystalline silicon cells are known for their higher efficiency rates compared to polycrystalline silicon cells, which translates to better power output per square meter of module area. This efficiency advantage makes monocrystalline modules particularly attractive for rooftop installations where space is limited and maximizing energy production is crucial, thus driving their widespread adoption in the market.

Polycrystalline products are growing at the highest CAGR in the Solar PV Module Market due to advancements in manufacturing processes that have enhanced their efficiency and reduced production costs. These modules offer a cost-effective alternative to monocrystalline products while maintaining competitive efficiency levels. Polycrystalline modules appeal to a broad range of applications, from residential to utility-scale projects, due to their balance of performance, affordability, and reliability. This makes them increasingly popular in markets seeking cost-efficient solar PV solutions without compromising on quality.

The above Graph is for representation purposes only. This chart does not depict actual Market share. Please purchase the Solar PV Module market report 2024 Edition by contacting our team.

Solar PV Module Connectivity Segment Analysis

According to Cognitive Market Research, the dominating category is On-Grid. On-grid connectivity has captured the largest market share in the Solar PV Module Market due to several reasons. Firstly, it allows solar PV systems to feed electricity directly into the grid, enabling users to benefit from net metering and feed-in tariffs, thus reducing electricity bills and providing a return on investment. Secondly, on-grid systems require less initial investment compared to off-grid setups, making them more accessible and widely adopted, especially in urban and grid-connected areas where infrastructure supports such installations.

Off-grid connectivity in the Solar PV Module Market is experiencing the highest CAGR primarily due to increasing demand from remote and rural areas lacking access to reliable grid infrastructure. Off-grid solar PV systems provide autonomous electricity generation, crucial for powering remote homes, agricultural operations, and community facilities. Advances in battery storage technology and decreasing costs of solar PV modules have made off-grid solutions more affordable and practical, driving their rapid adoption in regions where grid connectivity is unreliable or non-existent.

• On-Grid
• Off-Grid

Solar PV Module Mounting Segment Analysis

According to Cognitive Market Research, the dominating category is Ground Mounted. Ground-mounted mounting systems have captured the largest market share in the Solar PV Module Market due to their suitability for utility-scale solar projects. These systems offer scalability, allowing for large arrays of solar PV modules to be installed efficiently on open land. Ground-mounted systems benefit from easier access for maintenance and cleaning, optimal orientation for sunlight exposure, and lower installation costs compared to rooftop systems. They are particularly favored in regions with ample available land and favorable solar irradiance conditions for maximizing energy production.

Roof-top mounting is growing at the highest CAGR in the Solar PV Module Market due to several key factors. Firstly, increasing urbanization and limited land availability make roof-top installations attractive for residential, commercial, and industrial buildings. Secondly, advancements in mounting technologies and integration solutions have improved efficiency and reduced installation costs. Thirdly, rising awareness of energy independence and sustainability drives demand for on-site solar PV systems, enhancing their adoption and contributing to their rapid growth in the market.

• Ground Mounted
• Roof Top

Solar PV Module EndUse Segment Analysis

According to Cognitive Market Research, the dominating category is Commercial. Commercial end use has captured the largest market share in the Solar PV Module Market due to several reasons. Firstly, commercial entities benefit from cost savings on electricity bills through on-site solar PV installations, leveraging economies of scale for larger systems. Secondly, corporate sustainability initiatives and environmental commitments drive demand for renewable energy sources like solar PV. Thirdly, favorable policies, incentives, and financing options support commercial adoption, encouraging businesses to invest in solar PV to enhance energy efficiency and reduce carbon footprints.

Residential end use is growing at the highest CAGR in the Solar PV Module Market due to increasing consumer awareness, favorable government incentives, and declining installation costs. Homeowners are increasingly opting for rooftop solar PV systems to reduce electricity bills, gain energy independence, and contribute to environmental sustainability. Technological advancements in solar PV modules and inverters tailored for residential applications, along with streamlined permitting processes, further facilitate adoption. These factors collectively drive the rapid growth of residential solar PV installations globally.

• Residential
• Commercial
• Utility

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Vinayak Bali

Senior Research Analyst at Cognitive Market Research

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