Global PV Module Market Forecast: Industry to Surge to US$ 341.8 Bn by 2031

 

The Global PV Module Market, valued at US$ 72.0 Bn in 2022, is poised for remarkable growth, projected to advance at a compound annual growth rate (CAGR) of 19.0% from 2023 to 2031. This rapid expansion is expected to propel the market to a staggering US$ 341.8 Bn by the end of the forecast period, reflecting the increasing importance of solar energy in the global energy landscape.

 

Photovoltaic (PV) modules have become a critical component in the global transition towards renewable energy. With the world moving toward achieving net-zero emissions by 2050, the demand for efficient and cost-effective solar energy solutions has never been higher. Technological advancements in photovoltaics, coupled with the rising adoption of solar energy, are key drivers propelling the growth of the PV module market.

As solar technology becomes more efficient and affordable, it is opening up new opportunities for market players. Leading companies are not only expanding their production capacities to meet growing demand but are also investing heavily in research and development (R&D) to innovate next-generation PV modules that are more robust, efficient, and sustainable.

 

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Market Introduction

Solar photovoltaic (PV) modules, composed of interconnected photovoltaic cells, are increasingly recognized for their reliability, durability, and low-maintenance characteristics. These modules are pivotal in converting sunlight into electricity, offering a clean and renewable energy source that is essential for remote and rural areas lacking access to traditional power grids.

One of the significant advantages of PV modules is their high recyclability at the end of their lifecycle, further enhancing their sustainability credentials. With an efficiency rate of around 15%, these modules can convert approximately one-sixth of solar energy into electricity without producing noise, moving parts, or environmental pollutants.

 

Key Market Drivers

1. Rise in Adoption of Solar Energy

The conversion of solar energy into electrical energy through PV installations has emerged as the most recognized and sustainable method of harnessing solar power. As countries worldwide push towards reducing carbon emissions, the adoption of solar energy has seen a significant uptick.

For instance, the UK has witnessed a steady rise in solar power installations. According to provisional data from the Department for Business, Energy & Industrial Strategy (BEIS), by May 2023, the UK had achieved a total solar capacity of 15.1 GW across over 1.3 million installations, marking a 6.4% increase from the previous year.

 

2. Technological Advancements in Photovoltaics

The PV module market is also being driven by continuous advancements in solar cell technologies. Monocrystalline, polycrystalline, and thin-film technologies are leading the way, with vendors focusing on the development of more efficient and cost-effective solutions. The introduction of dye-sensitized solar cells (DSSCs), which offer a less complicated production process and have achieved efficiency rates exceeding 11%, represents a significant leap forward in the industry.

In addition to these advancements, government subsidies and incentives are playing a crucial role in promoting the adoption of solar energy. For example, the UK government announced a 60% increase in subsidies for residential rooftop solar installations in February 2024, highlighting the ongoing support for clean energy initiatives.

 

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Regional Insights

Asia Pacific is leading the charge in the global PV module market, having held the largest market share in 2022. The region is home to some of the fastest-growing solar energy markets, particularly in China and India, where the deployment of renewable energy sources like wind and solar has been accelerating.

A report by Zero Carbon Analytics underscores this trend, noting that Asia Pacific has achieved the fastest growth rate in wind and solar capacity globally, averaging 35% per year since 2015. This rapid expansion is expected to continue driving market dynamics in the region.

 

Competitive Landscape

The competitive landscape of the PV module market is characterized by significant investments in R&D and production capacity expansion by key players. In January 2024, First Solar, Inc. inaugurated its new manufacturing facility in Tamil Nadu, India. This facility, which has an annual capacity of 3.3 gigawatts (GW), is the country’s first fully vertically integrated solar manufacturing plant, producing First Solar’s Series 7 PV solar modules.

Other major players like JinkoSolar Holding Co., Ltd. are also making headlines with their technological breakthroughs. In October 2023, JinkoSolar announced a new record for solar conversion efficiency with its 182 mm high-efficiency N-type monocrystalline silicon solar cell, achieving a maximum efficiency of 26.89%.

 

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