Solar PV Module Market worth $97.56 billion by 2032, booming at 8.4% CAGR, Coherent Market Insights
Burlingame, CA, June 10, 2025 (GLOBE NEWSWIRE) -- Coherent Market Insights published a report, titled, the global Solar PV Module Market size is calculated at USD 55.45 billion in 2025 and is forecasted to reach around USD 97.56 billion by 2032, accelerating at a CAGR of 8.4% from 2025 to 2032. The market has experienced consistent growth in recent years, primarily driven by supportive government policies and the decreasing cost of solar technology. Numerous countries have implemented renewable energy targets and introduced initiatives that promote the installation of solar panels on residential properties and public infrastructure. These efforts are contributing significantly to the expansion of the market.
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Global Solar PV Module Market Key Takeaways
According to Coherent Market Insights (CMI), the global solar PV module market size is estimated to be valued at USD 55.4 Bn in 2025 and USD 97.56 Bn by 2032, exhibiting a CAGR of 8.4%.
Based on technology, monocrystalline segment is projected to account for 37.4% of the global solar PV module market share in 2025.
By mounting type, rooftop solar panels segment is set to dominate the industry, generating a revenue of around USD 31.49 Bn by 2025.
In terms of application, residential segment is anticipated to account for about USD 20.84 Bn of the total solar PV module market revenue share in 2025.
As per Coherent Market Insights’ latest solar PV module market research, Asia Pacific is expected to retain its monopoly, accounting for nearly one-third of the global market share in 2025. This can be attributed to increasing acceptance of renewable energy and supportive government policies.
North America solar PV module market is poised to exhibit strong growth during the assessment period. This is due to increasing investments in renewable energy projects as well as growing demand for clean energy and advancements in solar panel technologies.
Renewable Energy Boom Spurring Market Growth
Coherent Market Insights’ latest solar PV module market analysis outlines key factors driving the industry’s growth. Rapid transition towards renewable energy sources, especially solar energy, is one such prominent growth driver.
In recent years, factors such as depletion of fossil fuels, rising energy prices, and increasing carbon emissions have put the renewable energy sector into the limelight. As a result, technologies like solar PV modules are gaining immense popularity as a means of generating cost-efficient electricity.
Residential adoption is also increasing, with more homeowners installing rooftop solar panels to produce their own electricity as well as reduce reliance on the grid. This growing trend is significantly boosting demand for solar PV modules.
According to the International Energy Agency (IEA), the world is set to add over 5,500 gigawatts (GW) of new renewable energy capacity between 2024 and 2030. Solar PV alone is projected to account for approximately 80% of that increase in global renewable capacity.
This remarkable surge in solar PV deployment will be fueled by construction of large-scale solar power plants as well as growing adoption of rooftop solar installations by companies and households. Consequently, the solar PV module market is poised for substantial expansion throughout the decade.
Also Read: Impact of Renewable Energy Boom on the Solar PV Panels Market Size and Share (2025 to 2032)
High Costs and Intermittency Issues Restraining Market Growth
The future solar PV module market outlook looks promising. However, factors like high initial investment costs and intermittent nature of solar energy are expected to limit market growth to some extent.
The overall cost of solar PV systems, including solar panels, inverters, and energy storage remains relatively high. This deters some end users, especially in developing nations, from adopting these renewable energy solutions, thereby reducing overall solar PV module market demand.
Intermittent nature of solar energy is negatively impacting the market. Similarly, competition from alternative renewable energy technologies like wind power may also limit solar PV module market growth in the coming years.
Government Initiatives Creating Growth Opportunities for Industry Players
Governments across the globe are increasingly promoting the adoption of renewable energy sources like solar and wind power through supportive regulations and financial incentives. For instance, in March 2025, the UK government announced an investment of $260 million in solar panels for schools & hospitals.
Similarly, in February 2024, the Government of India launched PM-Surya Ghar: Muft Bijli Yojana, a scheme designed to boost rooftop solar capacity as well as empower residential households to produce their own electricity. These initiatives are expected to unlock new revenue opportunities for solar PV module manufacturers.
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Impact of AI on the Solar PV Module Market
Artificial intelligence (AI) is significantly impacting the solar PV module market by driving improvements in efficiency, manufacturing, and maintenance. Its advanced capabilities enhance system performance, streamline production, and enable predictive upkeep.
AI-powered technologies improve the accuracy of energy output predictions by analyzing weather patterns and system performance. Similarly, AI enhances quality control through automated defect detection, reducing costs and improving module reliability in manufacturing.
AI-based predictive maintenance minimizes downtime by identifying potential faults before they escalate. Growing adoption of AI to make solar energy more affordable, reliable, and sustainable will play a key role in boosting solar PV module market value during the forecast period.
Solar module manufacturers like LONGI Green Energy Technology lead from the forefront when it comes to AI adoption. The company (LONGI) recently deployed an advanced AI-driven visual inspection system in its production lines to detect microcracks and surface defects more accurately.
Emerging Solar PV Module Market Trends
Increasing investments in utility-scale solar projects is a key growth-shaping trend globally. Nations are constructing new large-scale solar farms to reduce their dependence on fossil fuels as well as meet growing electricity demand.
Declining cost of solar modules is acting as a catalyst triggering sales growth. The cost of manufacturing solar PV modules has significantly dropped, which encourages their adoption across low- and middle-income regions.
Innovations in photovoltaic technologies, such as bifacial modules, PERC cells, and tandem perovskite-silicon cells, are improving efficiency and reducing overall costs. This will play a key role in boosting growth of the solar PV module industry during the assessment period.
Companies are increasingly pairing solar PV systems with energy storage solutions like lithium-ion and emerging solid-state batteries to overcome intermittency challenges. Integration of AI, IoT, and smart grid technologies is enhancing real-time monitoring, predictive maintenance, and overall system optimization.
Read Also: Portable Solar Panel Market Size, Share & Trend Analysis Report (2025-2032)
Analyst’s View
“The global solar PV module market is poised to experience robust growth, owing to rapid transition towards renewable energy sources, favorable government support, and advancements in solar PV technologies,” said senior analyst Sakshi Suryawanshi. “Declining cost of solar PV modules will also create growth prospects for the industry in the coming years”
Current Events and Their Impact on the Solar PV Module Market
| Event | Description and Impact |
| Extension of U.S. Solar ITC (2024) |
|
| Advances in Perovskite Solar Cells |
|
| EU ‘Fit for 55’ Climate Policy |
|
Competitor Insights
Key companies in the solar PV module market report include:
- Canadian Solar Inc.
- First Solar, Inc.
- Trina Solar Limited
- JinkoSolar Holding Co., Ltd.
- Q CELLS (Hanwha Q CELLS)
- SunPower Corporation
- LONGi Green Energy Technology Co., Ltd.
- Adani Solar
- Risen Energy Co., Ltd.
- Silfab Solar Inc.
- REC Group
- JA Solar Technology Co., Ltd.
- Yingli Green Energy Holding Company Limited
- Solaria Energía y Medio Ambiente, S.A.
- GCL-Poly Energy Holdings Limited
Key Developments
In May 2025, LONGi introduced a 25% efficient heterojunction back contact (HBC) module and new residential solar brand “EcoLife”. The new module combines heterojunction (HJT) and back contact (BC) technologies. It can achieve a cell efficiency of 27.3% and a module efficiency of up to 25%, setting a new benchmark in the photovoltaic industry.
In January 2024, Trina Solar Co., Ltd unveiled its new Vertex S+ n-type dual-glass modules for industrial and commercial rooftops.
In October 2024, JinkoSolar introduced the Tiger Neo 3.0 series, its next-generation solar panels utilizing advanced N-type TOPCon technology.
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Market Segmentation
Technology Insights (Revenue, USD Bn, 2020 - 2032)
Monocrystalline
- Polycrystalline
- Thin-Film
- Bifacial
Mounting Type Insights (Revenue, USD Bn, 2020 - 2032)
- Rooftop Solar Panels
- Ground-Mounted Solar Panels
Application Insights (Revenue, USD Bn, 2020 - 2032)
- Residential
- Commercial
- Utility-Scale
- Others
Regional Insights
- North America
- U.S.
- Canada
- Latin America
- Brazil
- Argentina
- Mexico
- Rest of Latin America
- Europe
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
- Middle East
- GCC Countries
- Israel
- Rest of Middle East
- Africa
- South Africa
- North Africa
- Central Africa
Also Read: Perovskite Solar Cell Market Size, Share & Trend Analysis Report (2025-2032)
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