Photovoltaic Module Global Market Insights 2025, Analysis and Forecast to 2030, by Manufacturers, Regions, Technology, Application

Photovoltaic Module Market Summary
to the Photovoltaic Module Industry
Photovoltaic (PV) modules convert sunlight into electricity, serving as the backbone of solar energy, which reached 1,865 GW globally in 2024, per IRENA, with 451.9 GW added. China dominates production, accounting for 84.6% of global PV module output (588 GW) in 2024, per CPIA, driven by scale and cost efficiencies. PV modules serve industrial, commercial, and residential sectors, benefiting from declining costs, high-efficiency technologies like monocrystalline silicon, and policy support. The industry faces challenges from raw material shortages, grid integration, and trade barriers, necessitating advancements in bifacial modules and recycling.

Market Size and Growth Forecast
The global photovoltaic module market is projected to reach USD 150 billion to USD 180 billion by 2025, with an estimated CAGR of 7% to 9% through 2030, driven by solar capacity growth and technological advancements.

Regional Analysis
Asia Pacific expects a growth rate of 8% to 10%. China added 278 GW in 2024, with India (24.5 GW) and South Korea (3.1 GW) scaling solar through subsidies and rooftop programs.
North America anticipates a growth rate of 6% to 8%. The U.S. added 38.3 GW in 2024, supported by tax credits and utility-scale projects.
Europe projects a growth rate of 6% to 8%. Germany (15.1 GW) and Spain lead, driven by EU’s renewable targets and commercial solar adoption.
South America expects a growth rate of 5% to 7%. Brazil added 15.2 GW, though grid constraints limit growth.
Middle East and Africa anticipate a growth rate of 4% to 6%. The UAE and South Africa expand solar, but funding gaps hinder scalability.

Application Analysis
Industrial: Projected at 7% to 9%, driven by utility-scale solar farms for cost savings and emissions compliance.
Commercial: Expected at 6% to 8%, used in offices and retail for green certifications, with rooftop systems trending.
Residential: Anticipated at 5% to 7%, supported by home solar and community projects, with affordability driving adoption.

Key Market Players
LONGi Green Energy: A Chinese leader, LONGi excels in monocrystalline modules.
JinkoSolar: A Chinese firm, Jinko focuses on high-efficiency PV solutions.
Trina Solar: A Chinese company, Trina drives global solar deployments.
JA Solar: A Chinese player, JA specializes in cost-effective modules.
Canadian Solar: A Canadian firm, it serves global markets with versatile modules.
Risen Energy: A Chinese company, Risen focuses on innovative PV designs.
Astronergy: A Chinese player, Astronergy targets commercial solar.
First Solar: A U.S. firm, First Solar excels in thin-film modules.
Hanwha Solutions: A South Korean company, Hanwha drives solar integration.
DMEGC Solar: A Chinese firm, DMEGC supports residential solar.
TW Solar: A Chinese player, TW Solar focuses on utility-scale projects.
DAS Solar: A Chinese company, DAS innovates in bifacial modules.
Suntech: A Chinese firm, Suntech serves diverse solar applications.

Porter’s Five Forces Analysis
Threat of New Entrants: Low to Moderate. High capital costs and Chinese dominance create barriers, but declining module prices enable new players like DAS Solar. Established firms like LONGi leverage scale, limiting entrants’ impact.
Threat of Substitutes: Moderate. Wind, hydropower, and green hydrogen compete, but solar’s cost declines and versatility maintain its edge. Hybrid systems challenge standalone PV, pushing JinkoSolar to integrate storage.
Bargaining Power of Buyers: High. Utilities and commercial buyers negotiate due to abundant suppliers and trade tariffs. Residential customers have less leverage, but firms like Trina Solar face pressure to lower costs.
Bargaining Power of Suppliers: Moderate to High. Silicon and glass suppliers influence costs, with shortages impacting JA Solar. Diversified sourcing by Canadian Solar mitigates risks, but specialized components grant supplier power.
Competitive Rivalry: High. LONGi, JinkoSolar, and Trina Solar compete on efficiency, cost, and scale, with Chinese firms dominating. Western players like First Solar focus on niche technologies, intensifying rivalry.

Market Opportunities and Challenges
Opportunities
Solar Capacity Surge: The 451.9 GW added in 2024 drives demand, benefiting LONGi’s utility-scale projects.
Policy Support: U.S. tax credits and EU’s 2030 goals favor JinkoSolar’s global expansion.
Cost Declines: Falling module prices enhance affordability, supporting Trina Solar’s residential growth.
Bifacial Modules: High-efficiency designs boost yields, creating niches for JA Solar.
Emerging Markets: India’s 24.5 GW addition offers export potential for Canadian Solar.
Storage Integration: Solar-plus-storage systems enhance reliability, favoring Risen Energy.
Recycling Initiatives: Circular economy trends support Astronergy’s sustainable modules.
Challenges
Raw Material Shortages: Silicon supply constraints disrupt DMEGC Solar’s production.
Trade Barriers: U.S. tariffs on Chinese modules impact LONGi’s exports.
Grid Integration: Intermittency strains grids, pressuring TW Solar to invest in storage.
Land Use Conflicts: Solar farms face opposition, challenging DAS Solar’s projects.
High Initial Costs: Capital-intensive projects deter investment, impacting Suntech in developing regions.
Policy Shifts: Subsidy reductions in Asia hinder Hanwha Solutions’ planning.
Supply Chain Risks: Glass and frame shortages pressure First Solar’s scalability.