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Solar Module Market Overview:
The Solar Module Market size was valued at $ 127.9 billion in 2022, and is projected to reach $ 260.2 billion by 2030, growing at a CAGR of $ 7.4% from 2023 to 2030.
The solar module market has experienced significant growth and transformation in recent years. As of 2021, it was a dynamic and rapidly evolving sector within the renewable energy industry. Solar modules, also known as photovoltaic (PV) panels, are essential components of solar power systems, converting sunlight into electricity.
The market's growth has been driven by several factors, including declining costs of solar technology, increased awareness of environmental sustainability, and supportive government policies promoting renewable energy adoption. Technological advancements have led to improvements in the efficiency and durability of solar modules, making them more attractive and cost-effective for both residential and commercial applications.
The market has also witnessed a shift towards more innovative designs and integration with building materials, enabling solar panels to be seamlessly incorporated into architectural structures. This integration has opened up new avenues for solar adoption in urban environments.
In addition to traditional silicon-based solar panels, there has been a rise in demand for newer technologies like thin-film solar panels and bifacial modules, offering increased flexibility and efficiency. As the global focus on clean energy intensifies, the solar module market is expected to continue its growth trajectory, contributing significantly to the expansion of renewable energy capacity worldwide. However, market dynamics, government incentives, and advancements in energy storage will continue to influence the trajectory of the solar module market in the coming years.
Market Snapshot:
Solar Module Market- Report Coverage:
The “Solar Module Market Report - Forecast (2023-2030)” by IndustryARC, covers an in-depth analysis of the following segments in the Solar Module Market.
| Attribute | Segment |
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By Technology |
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By Product |
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By Connectivity |
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By Mounting |
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By End-Use |
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By Geography |
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Solar Module Market- Top Trends:
Increased Efficiency: Ongoing research and development have led to improvements in solar cell efficiency, allowing modules to generate more electricity from the same amount of sunlight. This trend enables higher energy production and better returns on investment for solar system owners.
Bifacial Modules: Bifacial solar modules capture sunlight from both sides of the panel, increasing energy output. They are particularly effective in reflective environments and can be integrated into various installations, from ground-mounted arrays to building-integrated designs.
Energy Storage Integration: Solar modules are increasingly being paired with energy storage solutions like batteries. This combination allows excess energy generated during the day to be stored and used during the night or during peak demand periods, enhancing grid stability and energy self-sufficiency.
Floating Solar Farms: Solar panels installed on water bodies, such as lakes and reservoirs, are gaining traction due to their land-saving potential and increased efficiency (due to cooling effects from the water). This trend is especially relevant in regions with limited available land for traditional solar installations.
Smart and Integrated Systems: Solar modules are being integrated with smart technologies like IoT (Internet of Things) sensors and data analytics. This enables real-time monitoring, performance optimization, and predictive maintenance of solar systems, improving overall efficiency.
Thin-Film and Flexible Modules: Thin-film solar technology offers flexibility and adaptability, allowing solar panels to be integrated into curved or irregular surfaces. This trend is useful for applications such as solar-integrated roofing and portable solar devices.
The Solar Module Market- Company Analysis
First Solar: Known for its thin-film solar technology, First Solar is a prominent player in the industry. Its cadmium telluride (CdTe) solar modules have gained attention for their efficiency and environmental advantages. The company focuses on utility-scale solar projects and has a strong commitment to sustainability.
JinkoSolar: JinkoSolar is a leading global solar module manufacturer with a diverse product portfolio, including both monocrystalline and polycrystalline silicon-based panels. The company has a strong international presence and is recognized for its emphasis on research and development to improve solar cell efficiency.
Canadian Solar: Canadian Solar is a vertically integrated manufacturer of solar modules and offers a wide range of products, including monocrystalline, polycrystalline, and bifacial panels. The company is involved in various aspects of the solar value chain, from module production to project development.
Trina Solar: Trina Solar is another major player with a global footprint. The company produces high-quality solar modules and has been consistently ranked among the top module manufacturers worldwide. Trina Solar focuses on innovation and has developed advanced solar cell technologies.
SunPower: SunPower is known for its high-efficiency solar panels and has a strong presence in the residential and commercial markets. The company offers monocrystalline panels with impressive conversion efficiencies and provides complete solar solutions, including energy storage and smart energy management.
Hanwha Q Cells: Hanwha Q Cells is a notable manufacturer of solar cells and modules, known for its advanced technology and quality products. The company offers both monocrystalline and polycrystalline panels and has a significant market share in various regions.
Key Market Players:
Product/Service launches, approvals, patents and events, acquisitions, partnerships, and collaborations are key strategies adopted by players in the Solar Module Market Report. The top 10 companies in this industry are listed below:
Trina Solar
Canadian Solar
JA SOLAR Technology Co., Ltd
JinkoSolar
First Solar
REC Solar Holdings AS
GCL-SI
Hanwha Group
CsunSolarTech
The Solaria Corporation
Scope of Report:
| Report Metric | Details |
|---|---|
Base Year Considered | 2022 |
Forecast Period | 2023 – 2030 |
CAGR | $ 7.4% |
Market Size in 2030 | $260.2 billion |
Segments Covered | By Technology, By Product, By Connectivity, By Mounting, By End-Use, By Geography |
Geographies Covered |
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Key Market Players |
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1. Solar Module Market- Overview
1.1. Definitions and Scope
2. Solar Module Market- Executive Summary
3. Solar Module Market- Comparative Analysis
3.1. Company Benchmarking - Key Companies
3.2. Global Financial Analysis - Key Companies
3.3. Market Share Analysis - Key Companies
3.4. Patent Analysis
3.5. Pricing Analysis
4. Solar Module Market- Start-up Companies Scenario (Premium)
4.1. Key Start-up Company Analysis by
4.2. Investment
4.3. Revenue
4.4. Venture Capital and Funding Scenario
5. Solar Module Market– Market Entry Scenario Premium
5.1. Regulatory Framework Overview
5.2. New Business and Ease of Doing Business Index
5.3. Case Studies of Successful Ventures
6. Solar Module Market- Forces
6.1.Market Drivers
6.2. Market Constraints
6.3. Market Challenges
6.4. Porter's Five Force Model
6.5. Bargaining Power of Suppliers
6.6. Bargaining Powers of Customers
6.7. Threat of New Entrants
6.8. Rivalry Among Existing Players
6.9. Threat of Substitutes
7. Solar Module Market– Strategic Analysis
7.1. Value Chain Analysis
7.2. Opportunities Analysis
7.3. Market Life Cycle
8. Solar Module Market– By Technology (Market Size – $Million/$Billion)
8.1. Thin film
8.1.1. Market Trends by Region
8.1.2. Market Share & Forecast by Region
8.2. Crystalline silicon
8.2.1. Market Trends by Region
8.2.2. Market Share & Forecast by Region
9. Solar Module Market– By Product (Market Size – $Million/$Billion)
9.1. Monocrystalline
9.1.1. Market Trends by Region
9.1.2. Market Share & Forecast by Region
9.2. Polycrystalline
9.2.1. Market Trends by Region
9.2.2. Market Share & Forecast by Region
9.3. Cadmium Telluride (CdTe)
9.3.1. Market Trends by Region
9.3.2. Market Share & Forecast by Region
9.4. Amorphous Silicon (A-Si)
9.4.1. Market Trends by Region
9.4.2. Market Share & Forecast by Region
9.5. Copper Indium Gallium Di-Selenide (CIGS)
9.5.1. Market Trends by Region
9.5.2. Market Share & Forecast by Region
10. Solar Module Market– By Connectivity (Market Size – $Million/$Billion)
10.1. On-Grid
10.1.1. Market Trends by Region
10.1.2. Market Share & Forecast by Region
10.2. Energy Power
10.2.1. Market Trends by Region
10.2.2. Market Share & Forecast by Region
10.3. Off-Grid
10.3.1. Market Trends by Region
10.3.2. Market Share & Forecast by Region
11. Solar Module Market– By Mounting (Market Size – $Million/$Billion)
11.1. Ground Mounted
11.1.1. Market Trends by Region
11.1.2. Market Share & Forecast by Region
11.2. Roof-Top
11.2.1. Market Trends by Region
11.2.2. Market Share & Forecast by Region
12. Solar Module Market– By End-Use (Market Size – $Million/$Billion)
12.1. Residential
12.1.1. Market Trends by Region
12.1.2. Market Share & Forecast by Region
12.2. Commercial & Industrial
12.2.1. Market Trends by Region
12.2.2. Market Share & Forecast by Region
12.3. Utility
12.3.1. Market Trends by Region
12.3.2. Market Share & Forecast by Region
13. Solar Module Market– By Geography (Market Size – $Million/$Billion)
13.1. North America
13.1.1. The U.S.
13.1.2. Canada
13.1.3. Mexico
13.2. Europe
13.2.1. UK
13.2.2. Germany
13.2.3. France
13.2.4. Italy
13.2.5. Spain
13.2.6. Russia
13.2.7. Rest of Europe
13.3. Asia-Pacific
13.3.1. China
13.3.2. India
13.3.3. Japan
13.3.4. South Korea
13.3.5. Australia & New Zealand
13.3.6. Rest of Asia-Pacific
13.4. South America
13.4.1. Brazil
13.4.2. Argentina
13.4.3. Chile
13.4.4. Colombia
13.4.5. Rest of South America
13.5. Rest of the World
13.5.1. Middle East
13.5.2. Africa
14.Solar Module Market– Entropy
14.1.1.New product launches
14.1.2.M&A’s, collaborations, JVs and partnerships
15. Solar Module Market– Industry/Segment Competition Landscape Premium
15.1. Market Share Analysis
15.1.1. Market Share by Product Type – Key Companies
15.1.2. Market Share by Region – Key Companies
15.1.3. Market Share by Country – Key Companies
15.2. Competition Matrix
15.3. Best Practices for Companies
16. Solar Module Market– Key Company List by Country Premium
17. Solar Module Market- Company Analysis
17.1. Trina Solar
17.2. Canadian Solar
17.3. JA SOLAR Technology Co., Ltd
17.4. JinkoSolar
17.5. First Solar
17.6. REC Solar Holdings AS
17.7. GCL-SI
17.8. Hanwha Group
17.9. CsunSolarTech
17.10. The Solaria Corporation
17.11. LG Electronics
17.12. Yingli Solar
17.13. Shunfeng International Clean Energy Co., Ltd
17.14. RENESOLA
17.15. EMMVEE SOLAR
17.16. SHENZHEN SHINE SOLAR CO.,LTD
17.17. Motech Industries Inc.
17.18. SOLAR FRONTIER K.K.
17.19. SunPower Corporation
17.20. RISEN ENERGY Co., LTD
17.21. Indosolar
17.22. VIKRAM SOLAR LTD
17.23. Su-vastika Systems Private Limited
17.24. LONGi
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The Solar Module Market is projected to grow at $7.4%CAGR during the forecast period 2023-2030.
Solar Module Markets is projected to reach $260.2 billion by 2030
The leading players in the Solar Module Market are Trina Solar, Canadian Solar, JA SOLAR Technology Co., Ltd , JinkoSolar, First Solar, REC Solar Holdings AS, GCL-SI, Hanwha Group, CsunSolarTech, The Solaria Corporation