Global Photovoltaics Modules Supply, Demand and Key Producers, 2026-2032
Description
The global Photovoltaics Modules market size is expected to reach $ 1174770 million by 2032, rising at a market growth of 7.8% CAGR during the forecast period (2026-2032).
A photovoltaics module (commonly known as a solar panel) consists of several photovoltaic cells connected in a predetermined series and parallel circuit. These cells are encapsulated using materials such as busbars, cell interconnects, glass-EVA (or POE) encapsulant film, backsheet/glass, frame, and junction box, creating a standardized power generation unit with independent mechanical strength and electrical output. Its core function is to convert sunlight into DC power, which is then supplied through external terminals for grid connection or energy storage. Commercially available modules primarily include crystalline silicon (p-type PERC, n-type TOPCon, HJT, back-contact BC, etc.) and thin-film (CdTe, CIGS, a-Si). Based on the encapsulation structure, they are categorized as single-glass, double-glass, and flexible modules. Modules must meet international performance and safety standards such as IEC61215/IEC61730. Key performance indicators include peak power (W), conversion efficiency (%), bifaciality (if applicable), and linear degradation.
By 2024, global installed PV module capacity was approximately 600 GW, with a cumulative total of >2.2 TW. The average price of products is currently low at $0.10/W, and production capacity is currently mainstream at 0.5–1.0 GW/year/line. Complete production lines from established equipment manufacturers can scale from 150 MW/year to 1 GW/year.
The photovoltaics (PV) modules market is experiencing robust growth, fueled by a confluence of global energy transitions and technological advancements. A primary driver is the urgent shift toward renewable energy sources to mitigate climate change, with governments worldwide rolling out supportive policies—such as feed-in tariffs, tax incentives, and renewable energy targets—that boost demand for PV installations in both utility-scale projects and residential sectors. The declining cost of PV technology, driven by innovations in cell design (like PERC and TOPCon technologies) and economies of scale in manufacturing, further makes solar energy more competitive than fossil fuels in many regions, attracting investments from both public and private sectors.
Additionally, the growing need for energy security, especially amid geopolitical tensions disrupting traditional energy supplies, has prompted countries to expand their solar capacity. The integration of PV systems with energy storage solutions, which addresses intermittency issues, has also opened new application scenarios, from off-grid rural electrification to smart grid projects.
Yet the market faces notable challenges. Supply chain vulnerabilities pose a significant risk: critical raw materials like polysilicon, silver, and rare earth elements for inverters are subject to price volatility and supply disruptions due to geopolitical conflicts or regulatory changes in major producing countries. Intense competition among manufacturers, particularly in regions with high production capacity, leads to price pressures and margin squeezes, forcing smaller players out of the market.
Technical and operational hurdles persist too. The efficiency of PV modules is still limited by environmental factors such as dust accumulation, extreme weather conditions, and temperature fluctuations, which affect long-term performance. Moreover, the lack of standardized recycling infrastructure for end-of-life PV modules raises environmental concerns, as improper disposal may lead to waste-related issues.
Policy uncertainties also cast a shadow over the market. Shifts in government support—such as sudden cuts to subsidies or changes in import tariffs—can disrupt project planning and investor confidence. Additionally, grid integration challenges, including the need for upgraded transmission networks to accommodate large-scale solar input, delay the deployment of new PV projects in some regions.
While the push for clean energy and technological progress drives expansion, addressing supply chain resilience, technical limitations, and policy stability remains crucial for the PV modules market to sustain its growth trajectory.
This report studies the global Photovoltaics Modules production, demand, key manufacturers, and key regions.
This report is a detailed and comprehensive analysis of the world market for Photovoltaics Modules and provides market size (US$ million) and Year-over-Year (YoY) Growth, considering 2025 as the base year. This report explores demand trends and competition, as well as details the characteristics of Photovoltaics Modules that contribute to its increasing demand across many markets.
Highlights and key features of the study
Global Photovoltaics Modules total production and demand, 2021-2032, (MW)
Global Photovoltaics Modules total production value, 2021-2032, (USD Million)
Global Photovoltaics Modules production by region & country, production, value, CAGR, 2021-2032, (USD Million) & (MW), (based on production site)
Global Photovoltaics Modules consumption by region & country, CAGR, 2021-2032 & (MW)
U.S. VS China: Photovoltaics Modules domestic production, consumption, key domestic manufacturers and share
Global Photovoltaics Modules production by manufacturer, production, price, value and market share 2021-2026, (USD Million) & (MW)
Global Photovoltaics Modules production by Type, production, value, CAGR, 2021-2032, (USD Million) & (MW)
Global Photovoltaics Modules production by Application, production, value, CAGR, 2021-2032, (USD Million) & (MW)
This report profiles key players in the global Photovoltaics Modules market based on the following parameters - company overview, production, value, price, gross margin, product portfolio, geographical presence, and key developments. Key companies covered as a part of this study include Jinko Solar, JA Solar Technology, LONGi Green Energy Technology, Canadian Solar Inc., Trina Solar, Hengdian Group DMEGC Magnetics, Boviet Solar, Risen Energy, Qcells, Adani Solar, etc.
This report also provides key insights about market drivers, restraints, opportunities, new product launches or approvals.
Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the World Photovoltaics Modules market
Detailed Segmentation:
Each section contains quantitative market data including market by value (US$ Millions), volume (production, consumption) & (MW) and average price (USD/W) by manufacturer, by Type, and by Application. Data is given for the years 2021-2032 by year with 2025 as the base year, 2026 as the estimate year, and 2027-2032 as the forecast year.
Global Photovoltaics Modules Market, By Region:
United States
China
Europe
Japan
South Korea
ASEAN
India
Rest of World
Global Photovoltaics Modules Market, Segmentation by Type:
n‑TOPCon
p‑PERC
n‑PERC
HJT
xBC
CdTe
Others
Global Photovoltaics Modules Market, Segmentation by Application:
Public Utilities
Commercial and Industrial
Household
Other
Companies Profiled:
Jinko Solar
JA Solar Technology
LONGi Green Energy Technology
Canadian Solar Inc.
Trina Solar
Hengdian Group DMEGC Magnetics
Boviet Solar
Risen Energy
Qcells
Adani Solar
TCL
Tongwei Group
Astronergy
DAS Solar
GCL System Integration Technology
Runergy New Energy Technology
AIKO
Anhui Huasun Energy
YINGLI
First Solar
Talesun Solar Technologies
Seraphim
Waaree
ZNSHINE PV-TECH
Jolywood (Suzhou) Sunwatt
Haitai Solar
EGING PV Technology
SunovaSolar
RENEW Photovoltaics
Key Questions Answered:
1. How big is the global Photovoltaics Modules market?
2. What is the demand of the global Photovoltaics Modules market?
3. What is the year over year growth of the global Photovoltaics Modules market?
4. What is the production and production value of the global Photovoltaics Modules market?
5. Who are the key producers in the global Photovoltaics Modules market?
6. What are the growth factors driving the market demand?
A photovoltaics module (commonly known as a solar panel) consists of several photovoltaic cells connected in a predetermined series and parallel circuit. These cells are encapsulated using materials such as busbars, cell interconnects, glass-EVA (or POE) encapsulant film, backsheet/glass, frame, and junction box, creating a standardized power generation unit with independent mechanical strength and electrical output. Its core function is to convert sunlight into DC power, which is then supplied through external terminals for grid connection or energy storage. Commercially available modules primarily include crystalline silicon (p-type PERC, n-type TOPCon, HJT, back-contact BC, etc.) and thin-film (CdTe, CIGS, a-Si). Based on the encapsulation structure, they are categorized as single-glass, double-glass, and flexible modules. Modules must meet international performance and safety standards such as IEC61215/IEC61730. Key performance indicators include peak power (W), conversion efficiency (%), bifaciality (if applicable), and linear degradation.
By 2024, global installed PV module capacity was approximately 600 GW, with a cumulative total of >2.2 TW. The average price of products is currently low at $0.10/W, and production capacity is currently mainstream at 0.5–1.0 GW/year/line. Complete production lines from established equipment manufacturers can scale from 150 MW/year to 1 GW/year.
The photovoltaics (PV) modules market is experiencing robust growth, fueled by a confluence of global energy transitions and technological advancements. A primary driver is the urgent shift toward renewable energy sources to mitigate climate change, with governments worldwide rolling out supportive policies—such as feed-in tariffs, tax incentives, and renewable energy targets—that boost demand for PV installations in both utility-scale projects and residential sectors. The declining cost of PV technology, driven by innovations in cell design (like PERC and TOPCon technologies) and economies of scale in manufacturing, further makes solar energy more competitive than fossil fuels in many regions, attracting investments from both public and private sectors.
Additionally, the growing need for energy security, especially amid geopolitical tensions disrupting traditional energy supplies, has prompted countries to expand their solar capacity. The integration of PV systems with energy storage solutions, which addresses intermittency issues, has also opened new application scenarios, from off-grid rural electrification to smart grid projects.
Yet the market faces notable challenges. Supply chain vulnerabilities pose a significant risk: critical raw materials like polysilicon, silver, and rare earth elements for inverters are subject to price volatility and supply disruptions due to geopolitical conflicts or regulatory changes in major producing countries. Intense competition among manufacturers, particularly in regions with high production capacity, leads to price pressures and margin squeezes, forcing smaller players out of the market.
Technical and operational hurdles persist too. The efficiency of PV modules is still limited by environmental factors such as dust accumulation, extreme weather conditions, and temperature fluctuations, which affect long-term performance. Moreover, the lack of standardized recycling infrastructure for end-of-life PV modules raises environmental concerns, as improper disposal may lead to waste-related issues.
Policy uncertainties also cast a shadow over the market. Shifts in government support—such as sudden cuts to subsidies or changes in import tariffs—can disrupt project planning and investor confidence. Additionally, grid integration challenges, including the need for upgraded transmission networks to accommodate large-scale solar input, delay the deployment of new PV projects in some regions.
While the push for clean energy and technological progress drives expansion, addressing supply chain resilience, technical limitations, and policy stability remains crucial for the PV modules market to sustain its growth trajectory.
This report studies the global Photovoltaics Modules production, demand, key manufacturers, and key regions.
This report is a detailed and comprehensive analysis of the world market for Photovoltaics Modules and provides market size (US$ million) and Year-over-Year (YoY) Growth, considering 2025 as the base year. This report explores demand trends and competition, as well as details the characteristics of Photovoltaics Modules that contribute to its increasing demand across many markets.
Highlights and key features of the study
Global Photovoltaics Modules total production and demand, 2021-2032, (MW)
Global Photovoltaics Modules total production value, 2021-2032, (USD Million)
Global Photovoltaics Modules production by region & country, production, value, CAGR, 2021-2032, (USD Million) & (MW), (based on production site)
Global Photovoltaics Modules consumption by region & country, CAGR, 2021-2032 & (MW)
U.S. VS China: Photovoltaics Modules domestic production, consumption, key domestic manufacturers and share
Global Photovoltaics Modules production by manufacturer, production, price, value and market share 2021-2026, (USD Million) & (MW)
Global Photovoltaics Modules production by Type, production, value, CAGR, 2021-2032, (USD Million) & (MW)
Global Photovoltaics Modules production by Application, production, value, CAGR, 2021-2032, (USD Million) & (MW)
This report profiles key players in the global Photovoltaics Modules market based on the following parameters - company overview, production, value, price, gross margin, product portfolio, geographical presence, and key developments. Key companies covered as a part of this study include Jinko Solar, JA Solar Technology, LONGi Green Energy Technology, Canadian Solar Inc., Trina Solar, Hengdian Group DMEGC Magnetics, Boviet Solar, Risen Energy, Qcells, Adani Solar, etc.
This report also provides key insights about market drivers, restraints, opportunities, new product launches or approvals.
Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the World Photovoltaics Modules market
Detailed Segmentation:
Each section contains quantitative market data including market by value (US$ Millions), volume (production, consumption) & (MW) and average price (USD/W) by manufacturer, by Type, and by Application. Data is given for the years 2021-2032 by year with 2025 as the base year, 2026 as the estimate year, and 2027-2032 as the forecast year.
Global Photovoltaics Modules Market, By Region:
United States
China
Europe
Japan
South Korea
ASEAN
India
Rest of World
Global Photovoltaics Modules Market, Segmentation by Type:
n‑TOPCon
p‑PERC
n‑PERC
HJT
xBC
CdTe
Others
Global Photovoltaics Modules Market, Segmentation by Application:
Public Utilities
Commercial and Industrial
Household
Other
Companies Profiled:
Jinko Solar
JA Solar Technology
LONGi Green Energy Technology
Canadian Solar Inc.
Trina Solar
Hengdian Group DMEGC Magnetics
Boviet Solar
Risen Energy
Qcells
Adani Solar
TCL
Tongwei Group
Astronergy
DAS Solar
GCL System Integration Technology
Runergy New Energy Technology
AIKO
Anhui Huasun Energy
YINGLI
First Solar
Talesun Solar Technologies
Seraphim
Waaree
ZNSHINE PV-TECH
Jolywood (Suzhou) Sunwatt
Haitai Solar
EGING PV Technology
SunovaSolar
RENEW Photovoltaics
Key Questions Answered:
1. How big is the global Photovoltaics Modules market?
2. What is the demand of the global Photovoltaics Modules market?
3. What is the year over year growth of the global Photovoltaics Modules market?
4. What is the production and production value of the global Photovoltaics Modules market?
5. Who are the key producers in the global Photovoltaics Modules market?
6. What are the growth factors driving the market demand?
Table of Contents
190 Pages
- 1 Supply Summary
- 2 Demand Summary
- 3 World Manufacturers Competitive Analysis
- 4 United States VS China VS Rest of the World
- 5 Market Analysis by Type
- 6 Market Analysis by Application
- 7 Company Profiles
- 8 Industry Chain Analysis
- 9 Research Findings and Conclusion
- 10 Appendix
Pricing
Currency Rates
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