Global Solar PV Module Market – Analysis and Forecast (2018-2024)

Industry Insights by Grid Type (Off-Grid and Grid Connected (Centralized and Decentralized)), by Technology (Crystalline Silicon (Multicrystalline and Monocrystalline), Thin Film and Others), by Application (Utility-Scale, Commercial and Residential)

Status : Upcoming
Report Code : VRSME9026
Available Format : PDF
Industry : Semiconductor & Electronics

Industry Overview

Solar PV Module is an association of photovoltaic cells, also known as solar cells. A solar PV module is considered to be an essential component for any PV system that helps the user to convert sunlight directly into direct current electricity. Moreover, solar PV systems help to deliver affordable, clean and safe electricity to people. The volatile fuel prices and environmental concerns are the key factors pertaining to towards the growth of solar PV modules across the globe.

Market Segmentation

Insight by Grid Type

There are two types of grid type in solar PV module market such as off-grid and grid connected. Further grid connected is further sub-segmented into decentralized and centralized. Among these two segments, grid connected is expected to generate larger revenue by 2024. Grid connected system helps the small business enterprises and home to receive power with the help of renewable energy during seasonal periods. Moreover, it has been observed that grid connected is extremely beneficial at the time of unavailability of renewable resources grid connected supplies required power thereby abolishing electricity expense devices such as batteries. This segment is thus driving the growh of solar PV module market at an extensive rate.

Insight by Technology

Based upon technology, global solar PV module is categorized into crystalline silicon, thin film and others. Furthermore, crystalline silicon segment is further sub divided into multicrystalline and monocrystalline. Among all these segments, crystalline silicon is anticipated to witness the fastest growth during the forecast period due to its increasing popularity among various users in both developed as well as developing economies. These devices are considered to be quiet flexible, transparent and lightweight that helps the business organization’s to develop large scale production. Moreover, this system helps the organization in attaining efficiencies in business operations thereby increasing the demand of solar PV module market across the globe.

Insight by Application

On the basis of application, the solar PV module market is segmented utility-scale, commercial and residential. Among all these segments, utility-scale segment is anticipated to witness the fastest growth during the forecast period. In order to minimize electricity cost utility, interactive PV systems are extensively being utilized in various commercial as well as residential buildings.

Furthermore, this system ensures continuous supply of electricity a backup system is installed in the building. Moreover, a well-organized solar PV system along with effective storage facility helps in supplying power on a continuous basis. Furthermore, the increasing demand for utility scale segment is thereby strengthening the growth of solar PV module market.

Industry Dynamics

Growth Drivers

The increasing awareness of environmental concerns and increasing awareness for saving the natural resources is driving more customers towards the adoption of solar PV modules. Being cost efficient and effective, it is the most popular way to generate electricity other than using the limited natural resources. Moreover, being cost efficient and effective is the important factor that is pertaining towards increasing demand of solar PV modules at an accelerating rate.

According to a recent study, it has been observed that there has been a decline in the cost of producing solar PV modules by 75% globally that is further associated with the declining cost of generating electricity that makes the total cost of production lower for business enterprises. Moreover, this makes solar PV module system more efficient since it utilizes sunlight as a resource to generate electricity and the chances of power cuts decreases to a minimum extent along with affordability which makes it more effective alternative for adoption. These factors are extensively uplifting the demand for solar PV module market across the globe. 


This industry needs to look out for the transmission and distribution losses, as there is almost 40% loss of electricity in T&D. This amount of loss makes the source unfeasible thereby restraining the growth of solar PV module market globally. This aspect brings more R&D to be done which increases the cost and hence creates another challenge for the solar PV module market worldwide.

Furthermore, land scarcity is another major challenge for the growth of solar PV module market as there are many countries in Asia-Pacific wherein there is scarcity of land. Land being a scarce resource, its dedication for exclusive installation of solar panels may have to compete with other necessities that require land.

Industry Ecosystem

Globally industry players of solar PV modules are providing improved offerings to its customers that help them in making the installation of the solar panels easy and less time taking. Furthermore, key players are providing advisory for installing the modules in such a way that it occupies less space to its customers. 

Geographic Overview

Geographically, solar PV module market in Asia-Pacific is expected to generate largest by 2024 and is further anticipated to witness the fastest growth during the forecast period. China and Japan was estimated to contribute the largest revenue by 2017 and China is expected to dominate both the use and manufacturing of solar PV Module by 2024. According to a recent study, it has been observed that India has also given significant preference to the solar energy, since in 2014 the Indian government started providing subsidiaries to high capacity roof top grid. Moreover, it has been observed that China brought the technology which plunged the prices of the solar PV modules by almost 80%, this made China the leader of solar PV module market.

Furthermore, North America and Europe are also considered to be promising markets in solar PV module systems. It has been observed that the U.S. brought the solar technology such as solar PV module market and has gained first mover advantage thereby observing increased demand from this region. Moreover, after the introduction of Chinese technology, it has been observed that the prices of solar PV modules in the U.S. also plunged that resulted in the growth of demand for solar PV module in North America. 

Competitive Insight

Key players in the solar PV module industry are taking advantage of the situation of volatile fuel prices and the increasing adoption of environment friendly offerings across the globe. These players in the market are collaborating with automobile companies to start the production of solar powered vehicles. For instance, Suzuki motor corp. and Toyota Motor Corporation have stated to collaborate with such firms to invest their resources in solar driven vehicles. Trina Solar Ltd, Yingli Solar, Acciona Energy, Canadian Solar Inc., SunPower Corporation, First Solar Inc., Suntech Power Co., Sharp Corporation, Hanwha Q Cells Co Ltd and JA Solar Holdings Co. Ltd are the key players operating in solar PV module market across the globe.

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