Solar PV module market forecast for 2025: new trends and top companies
The solar photovoltaic (PV) module market is on an upward trajectory, projected to reach a market value of $133.12bn by 2028. GlobalData anticipates significant growth in the solar industry, with installed capacity expected to exceed 6.3TW in the next decade. Marc Jiggins, managing director at Pyramid Eco, highlights the increasing momentum of solar power as the world shifts towards greener energy solutions.
The expansion of the solar industry has directly impacted the market for essential components like PV modules, which are a crucial part of solar panels used for residential and commercial applications. GlobalData’s Solar PV Modules and Inverters Market Trends and Analysis report reveals that the global solar PV module market was valued at $102.76bn in 2023. The Asia-Pacific (APAC) region led this growth in 2023 with a market value of $60.15bn.
China is poised to maintain its dominance in the solar PV module market, with an expected increase in PV module capacity to 157.85GW by 2028. Factors such as strong demand for clean energy, supportive policies, and robust manufacturing capabilities contribute to China’s market leadership. The APAC region leads the global market, followed by Europe, Middle East, Africa, and the Americas. The economic growth, rising electricity demand, social development, and energy transition are key drivers of the global PV module market’s anticipated growth in the coming years.
The decreasing production costs of PV modules have made solar installations more affordable worldwide, fueling the industry’s expansion. Improvements in solar cell efficiency are enhancing module performance, positioning solar energy as a viable option to achieve ambitious renewable energy targets set by governments globally.
The two predominant module technologies in use today are crystalline and thin-film. Crystalline silicon (c-Si) modules, including monocrystalline and polycrystalline materials, dominate the market. These first-generation modules are referred to as the “workhorse” of the solar module industry, making up the majority of the market. GlobalData forecasts continued widespread adoption of crystalline modules, with an estimated global installed capacity of 363.95GW by 2028.
The market for crystalline technology is primarily concentrated in Asia, particularly China, which leads in c-Si module production. Chinese manufacturers have heavily invested in expanding the capacity for c-Si modules, solidifying their market position. Despite the dominance of crystalline technology, thin-film modules have emerged as a promising alternative. GlobalData projects that global thin-film module capacity will reach 26.69GW and a market value of $102.76bn in 2023.
As second-generation solar cells, thin-film technology offers advantages in low-light and extreme temperature conditions. The evolving landscape of PV module technologies reflects the industry’s continuous innovation and quest for more efficient and sustainable solutions for solar energy generation.
