The global solar PV module market size was valued at USD 280.5 billion in 2023 and is set to grow at a CAGR of over 8.2% between 2024 and 2032. It is a system that converts sunlight into electricity using photovoltaic cells.How big is the solar PV module market?The solar PV module market size exceeded USD 280.5 billion in 2023 and is set to expand at more than 8.2% CAGR from 2024 to 2032, owing to rising need to capture sunlight and convert it into direct current (DC) electricity.
What is the global solar PV panels market size?The global solar PV panels market size was estimated at USD 170.25 billion in 2023 and is projected to reach USD 287.13 billion by 2030, growing at a compound annual growth rate (CAGR) of 7.7% from 2024 to 2030.
How much is the solar PV module market worth in 2023?According to GlobalData’s Solar PV Modules and Inverters Market Trends and Analysis report, the global solar PV module market was valued at $102.76bn in 2023. The Asia-Pacific (APAC) region led the charge in 2023, registering $60.15bn.
How big is the Asia Pacific solar PV module market?Asia Pacific solar PV module market is projected to surpass USD 354.6 billion by 2032. Rapid economic growth and urbanization along with increasing energy demand, particularly in countries such as China, India, and Southeast Asian nations are driving the business growth.
What factors determine the global PV module market's growth?GlobalData highlights that economic growth, rising electricity demand, social development and the energy transition are among the contributing factors that determine the global PV module market’s growth in the coming years.
Will the global solar PV market grow in 2025?Despite these headwinds, the global solar PV market is still expected to grow by 10% in 2025, reaching 655 GW under the Medium Scenario (see Fig. 4). This would mark a continuation of the deceleration trend following the extraordinary 85% growth in 2023 and the more moderate 33% in 20
Solar PV Global Industry Report 2025: Growth Opportunities in Repowering of Solar PV Assets, Advanced Servicing Propositions, and Floating Solar PV - Forecasts to 2035
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GlobalData highlights that economic growth, rising electricity demand, social development and the energy transition are among the contributing factors that determine the
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The solar PV module market size was evaluated at $113.26 billion in 2022 and is slated to hit $184.79 billion by the end of 2030 with a CAGR of nearly 6.25%
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Solar module capacity is set to hit 1.8 TW by 2025, driven by global demand and major expansions. Explore key trends and growth forecasts—read the full report now!
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Increasing demand for renewable energy sources and government incentives and subsidies for solar energy adoption are the major factors driving the growth of the global solar
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InfoLink''s customs data shows that China exported about 21.39 GW of PV modules in April 2025, down nearly 9% MoM but up 2% YoY from 20.93 GW. As of the end of
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The solar PV market maintained its record-breaking streak, with new capacity installations totalling to approximately 191 GW in 2022 (IRENA, 2023). This was the largest annual
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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
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China''s solar PV module exports hit 236 GW in 2024, with growth in all regions except Europe China exported 16.63 GW of modules in December 2024, up 9% MoM from
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Solar supply chain in China increased by 29% in 2024. Image: Avaada Group. Australian thinktank Climate Energy Finance (CEF) has
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Increasing demand for renewable energy sources and government incentives and subsidies for solar energy adoption are the major factors
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GlobalData highlights that economic growth, rising electricity demand, social development and the energy transition are among the
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The global solar PV panels market size was estimated at USD 170.25 billion in 2023 and is projected to reach USD 287.13 billion by 2030, growing at a compound annual growth rate
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U.S. Solar PV Market Size & Trends The U.S. solar PV market size was estimated at USD 29.68 billion in 2022 and is projected to grow at a
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India Solar PV Panels Market Size & Trends The India solar PV panels market size was estimated to be USD 7.31 billion in 2023 and is projected to grow at
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Product development in the Solar Photovoltaic Modules Market is experiencing dynamic growth, particularly in high-efficiency modules and smart technologies. Over 36% of
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The Global Solar PV Panels Market is valued at USD 183.1 million and is projected to grow at a compound annual growth rate (CAGR) of 7.3% over the forecast period, reaching
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Solar Pv Modules are becoming more affordable and more efficient, which is making them a more attractive option for businesses and consumers. The growth of the market is also being driven
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Domestic module manufacturing capacity grew an unprecedented 190% year-over-year, from just 14.5 GW at the end of 2023 to 42.1 GW at the end of 2024 and surpassed 50
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Each quarter, the National Renewable Energy Laboratory conducts the Quarterly Solar Industry Update, a presentation of technical
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Discover the latest global solar panel statistics, facts, and trends of 2024. Stay informed about the rise of solar power worldwide.
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In our most realistic scenario, we anticipate a 10% increase in installations to 655 GW in 2025, with annual growth rates remaining in the low double digits between 2027-2029,
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Executive Summary India''s nameplate manufacturing capacity for solar photovoltaic (PV) modules will likely reach 110 gigawatts (GW) by 2026. Upon reaching that mark, the
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The solar PV module market size was evaluated at $113.26 billion in 2022 and is slated to hit $184.79 billion by the end of 2030 with a CAGR of nearly 6.25% between 2023 and 2030.
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After years of record-breaking installation totals and double-digit growth, .growth in the U.S. solar industry is expected to be relatively flat over
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Solar module capacity is set to hit 1.8 TW by 2025, driven by global demand and major expansions. Explore key trends and growth forecasts—read the full report now!
Get Price
The global solar PV panels market size was estimated at USD 170.25 billion in 2023 and is projected to reach USD 287.13 billion by 2030, growing at a
Get Price
The solar PV module market size crossed USD 280.5 billion in 2023 and is estimated to grow at a CAGR of more than 8.2% from 2024 to 2032, owing to rising need to capture sunlight and
Get Price
The solar PV module market size exceeded USD 280.5 billion in 2023 and is set to expand at more than 8.2% CAGR from 2024 to 2032, owing to rising need to capture sunlight and convert it into direct current (DC) electricity.
The global solar PV panels market size was estimated at USD 170.25 billion in 2023 and is projected to reach USD 287.13 billion by 2030, growing at a compound annual growth rate (CAGR) of 7.7% from 2024 to 2030.
According to GlobalData’s Solar PV Modules and Inverters Market Trends and Analysis report, the global solar PV module market was valued at $102.76bn in 2023. The Asia-Pacific (APAC) region led the charge in 2023, registering $60.15bn.
Asia Pacific solar PV module market is projected to surpass USD 354.6 billion by 2032. Rapid economic growth and urbanization along with increasing energy demand, particularly in countries such as China, India, and Southeast Asian nations are driving the business growth.
GlobalData highlights that economic growth, rising electricity demand, social development and the energy transition are among the contributing factors that determine the global PV module market’s growth in the coming years.
Despite these headwinds, the global solar PV market is still expected to grow by 10% in 2025, reaching 655 GW under the Medium Scenario (see Fig. 4). This would mark a continuation of the deceleration trend following the extraordinary 85% growth in 2023 and the more moderate 33% in 2024.
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The global commercial and industrial solar energy storage battery market is experiencing unprecedented growth, with demand increasing by over 400% in the past three years. Large-scale battery storage solutions now account for approximately 45% of all new commercial solar installations worldwide. North America leads with a 42% market share, driven by corporate sustainability goals and federal investment tax credits that reduce total system costs by 30-35%. Europe follows with a 35% market share, where standardized industrial storage designs have cut installation timelines by 60% compared to custom solutions. Asia-Pacific represents the fastest-growing region at a 50% CAGR, with manufacturing innovations reducing system prices by 20% annually. Emerging markets are adopting commercial storage for peak shaving and energy cost reduction, with typical payback periods of 3-6 years. Modern industrial installations now feature integrated systems with 50kWh to multi-megawatt capacity at costs below $500/kWh for complete energy solutions.
Technological advancements are dramatically improving solar energy storage battery performance while reducing costs for commercial applications. Next-generation battery management systems maintain optimal performance with 50% less energy loss, extending battery lifespan to 20+ years. Standardized plug-and-play designs have reduced installation costs from $1,000/kW to $550/kW since 2022. Smart integration features now allow industrial systems to operate as virtual power plants, increasing business savings by 40% through time-of-use optimization and grid services. Safety innovations including multi-stage protection and thermal management systems have reduced insurance premiums by 30% for commercial storage installations. New modular designs enable capacity expansion through simple battery additions at just $450/kWh for incremental storage. These innovations have significantly improved ROI, with commercial projects typically achieving payback in 4-7 years depending on local electricity rates and incentive programs. Recent pricing trends show standard industrial systems (50-100kWh) starting at $25,000 and premium systems (200-500kWh) from $100,000, with flexible financing options available for businesses.