Solar PV Module Market size was over USD 81.4 billion in 2025 and is estimated to reach USD 222.1 billion by the end of 2035, expanding at a CAGR of 11.8% during the forecast timeline, i.e., 2026-2035. In 2026, the industry size of solar PV module is evaluated at USD 91 billion.
The international solar PV module market is significantly entering into a transformative phase, readily shaped by evolving energy approaches, a shift in investment priorities, and technological breakthroughs. According to official statistics published by the IEA Organization in February 2025, there has been an increase in solar PV generation by a record, accounting for 320 TWh, denoting a rise by 25$ as of 2023 and reaching more than 1,600 TWh. This demonstrates the highest absolute generation growth of overall renewable technologies as of 2023. Besides, China is continuing to lead in solar PV capacity, with 260 GW added in 2023, and meanwhile, there has been a surge in PV additions by 70% and, reaching a record 32 GW. Therefore, solar PV technology is the fastest-growing share of electricity generation, which is positively impacting the market’s growth across different locations.
Renewable Electricity Generation Share Analysis by Technology (2020-2030)
Year
Share %
2020
3.1
2021
3.6
2022
4.4
2023
5.4
2024
6.8
2025
8.3
2026
9.8
2027
11.4
2028
12.9
2029
14.5
2030
16.1
Source: IEA Organization
Furthermore, the hybrid energy systems integration, expansion in floating solar, corporate renewable procurement, and artificial intelligence and digitalization in PV operations are trends that are also bolstering the solar PV module market globally. As per an article published by Energy Conversion and Management: X in January 2026, the international installed capacities of renewables, including hydropower, marine, geothermal, biogas, wind, and solar has reached nearly 4,448.1 GW. Of this, solar energy systems account for 1,600 GW, 1,021 GW for wind energy, and 150 GW to 363 GW for the worldwide cumulative battery energy storage capacity. This continuous growth in the renewable energy industry effectively reflects an international transition towards sustainable and renewable energy technologies, thereby enhancing the market’s exposure globally.
Key Players: LONGi Green Energy Technology Co., Ltd. (China), JinkoSolar Holding Co., Ltd. (China), Trina Solar Co., Ltd. (China), Canadian Solar Inc. (Canada), First Solar, Inc. (U.S.), SunPower Corporation (U.S.), Hanwha Q CELLS Co., Ltd. (South Korea), JA Solar Technology Co., Ltd. (China), Risen Energy Co., Ltd. (China), GCL System Integration Technology Co., Ltd. (China), REC Solar Holdings AS (Norway), Sharp Corporation (Japan), Panasonic Corporation (Japan), Kyocera Corporation (Japan), Tata Power Solar Systems Ltd. (India), Vikram Solar Limited (India), Waaree Energies Ltd. (India), Seraphim Solar System Co., Ltd. (China), Tindo Solar Pty Ltd. (Australia), Solarvest Holdings Berhad (Malaysia).
Last updated on : 6 February, 2026
Base Year
2025
Forecast Year
2026-2035
CAGR
11.8%
Base Year Market Size (2025)
USD 81.4 billion
Forecast Year Market Size (2035)
USD 222.1 billion
Regional Scope
- North America (U.S., and Canada)
- Asia Pacific (Japan, China, India, Indonesia, Malaysia, Australia, South Korea, Rest of Asia Pacific)
- Europe (UK, Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
- Latin America (Mexico, Argentina, Brazil, Rest of Latin America)
- Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
The ground-mounted segment, part of the mounting type, is projected to garner the largest share of 53.7% in the solar PV module market by the end of 2035. The segment’s upliftment is primarily attributed to its importance for increasing energy yield and ensuring efficient, flexible, and large-scale renewable energy generation. According to official statistics published by the SEIA Organization in January 2025, the U.S.-based solar sector has readily installed 10.8 GW of direct current as of 2025. Additionally, solar accounts for 69% of the latest electricity-generating capacity addition to the domestic grid in the same year. Besides, Texas has effectively installed the majority of the solar capacity, with 92% more than Florida, with utility-scale projects significantly dominating installations in both states, thereby making it suitable for boosting the segment globally.
Based on the installation segment, the utility-scale ground-mounted sub-segment is anticipated to grab the second-largest share in the solar PV module market during the forecast period. The sub-segment’s growth is highly driven by the aspect of comprising large solar farms connected directly to national grids, delivering electricity at scale. Their dominance stems from economies of scale, which reduce the levelized cost of electricity (LCOE) compared to smaller installations. Governments across regions, including the U.S., China, and India, have prioritized utility-scale solar farms to meet renewable energy targets, often supported by subsidies, tax incentives, and long-term power purchase agreements (PPAs). Technological advancements such as bifacial modules, single-axis trackers, and AI-driven monitoring systems have further enhanced the efficiency and reliability of ground-mounted projects.
By the end of the stipulated timeline, the large (>500 W) modules segment as part of the size is expected to hold the third-largest share in the solar PV module market. The segment’s development is highly propelled by the demand for higher efficiency and reduced balance-of-system costs. These modules, often based on advanced monocrystalline or bifacial technologies, deliver greater power output per panel, enabling developers to maximize energy yield while minimizing land and installation requirements. Utility-scale projects are the primary adopters, as large modules significantly lower installation costs by reducing the number of panels, wiring, and mounting structures needed. Manufacturers such as LONGi, JinkoSolar, and Trina Solar are leading innovation in this segment, thereby bolstering the segment’s exposure globally.
Segment
Subsegments
Mounting Type
Installation
Size
Technology
Efficiency
Application
Vishnu Nair
Customize this report to your requirements — connect with our consultant for personalized insights and options.
The Asia Pacific solar PV module market is anticipated to garner the highest share of 47.3% by the end of 2035. The market’s upliftment in the region is highly attributed to a rise in the need for high-efficiency energy, chemical industry advancements, and strong government expenditure. According to official statistics published by the UNDP Organization in March 2025, the overall region is home to 60% of the global population and heavily relies on fossil fuels for 85% of its energy demands, accounting for almost half of the international carbon dioxide emissions. Besides, the ambitious dual carbon objectives in China have the potential to shift not only the nation, but the total region. Besides, as per the June 2025 World Economic Forum article, the energy transition has gained speed, with renewable energy sources are home to 75% of the international coal power, thus stimulating the solar PV module market in the overall region.
The presence of massive government spending, industrial adoption, the carbon neutrality goal by 2050, and domestic organizations integrating sustainable energy processes are responsible for boosting the solar PV module market in China. Based on government estimates published by the ITA in September 2025, the deployment of battery energy storage systems is rapidly growing, with an overall storage capacity quadrupling to 31.4 GW as of 2023. Besides, in terms of pumped hydro storage, the deployed energy storage in the country has successfully reached 58.6 million kW by the end of 2024. Besides, as per the September 2025 Ember Energy Organization data report, 84% of clean generation growth has been led by solar and wind due to the country’s electricity demand growth in 2024, thereby denoting an optimistic outlook for the market’s growth in the overall country.
The solar PV module market in India is significantly growing, owing to governmental investment in water-specific PV technology, large and small-scale businesses implementing green energy processes, and the presence of strong funding programs. As per an article published by the PIB Government in December 2025, the country’s solar capacity has surged to 129 GW as of 2025, with non-fossil power crossing 50% of the nation’s 500 GW capacity. Besides, almost 24 lakh households have integrated rooftop solar in December 2025 under the government, with an installation capacity of 7 GW of clean energy, as well as ₹ 13,464.6 crore subsidy. Moreover, the PM-KUSUM facilitated almost 9.2 lakh standalone solar pumps, suitable for bolstering clean energy utilization in agriculture, thus denoting a positive impact for the market’s expansion in the country.
Europe solar PV module market is expected to emerge as the fastest-growing region during the projected timeline. The market’s development in the region is highly propelled by regional decarbonization targets, integration of solar with hydrogen production, and subsidies for rooftop solar. According to official statistics published by Europe Commission in January 2026, rooftop solar photovoltaics can tend to supply nearly 40% of regional electricity by the end of 2050. This provides an open accessibility, along with high resolution basis for targeted and precise energy planning. Besides, the rooftops in the region’s 271 million buildings can host almost 2.3 TWp of solar PV capacity and also generate an estimated 2,750 TWh of electricity every year with present PV technology. Moreover, the PV technology has witnessed energy communication efficiency from 18% to 22% as of 2025, which is positively impacting the solar PV module market in the region.
The adoption of robust renewable energy, the provision of feed-in tariffs and subsidies for utility-scale and rooftop solar, as well as an increase in the demand for green energy solutions, are responsible for bolstering the solar PV module market in Germany. As per an article published by the Europe Investment Bank (EIB) in February 2024, the regional Climate Bank Group has increased its financing signed for projects in the country to €8.6 billion. Additionally, 65% of overall domestic financing as of 2023 has been committed for projects deliberately contributing to climate, while 30% are readily dedicated to advanced technologies. Therefore, with this, the EIB Group significantly remained on its growth path for its domestic operations, along with an additional investment, amounting to €5.5 billion, thus proliferating the market’s development in the country.
The solar PV module market in Spain is gaining increased traction, owing to abundant solar resources, solar-based utility programs, rooftop adoption in urban centers, and the integration with battery storage systems. As per an article published by the Global Solar Council Organization in February 2023, the majority of solar energy associations in the country already comprises 770 organizations, and in 2022, there were 2,507 MW of solar energy for self-consumption. This denotes a 108% rise over the previous year, readily accounting for 1,203 MW capacity. Besides, the country already comprises 5,249 MW of cumulative installed power for self-consumption. Meanwhile, in terms of distribution by sectors, the majority of this particular new power, 47%, has been successfully installed in the industrial sector. This is followed by 32% in the residential sector, 20% in commercial, and the remaining 1% in isolated self-consumption.
North America solar PV module market is projected to witness considerable growth by the end of the stipulated duration. The market’s growth in the region is highly fueled by the presence of large-scale utility projects, corporate ESG commitments, and federal clean energy programs. According to official statistics published by the Department of Energy in May 2023, an increase in the decarbonization of the power industry is a severe strategy for meeting the U.S.’s climate objectives of diminishing economic greenhouse gases by 50% to 52% by the end of 2030. Therefore, identifying the notable role of the industry in total decarbonization and other suitable advantages, the U.S. constitutes an objective of 100% carbon pollution-free electricity by the end of 2035. Thus, based on these futuristic goals, there is a huge growth opportunity for the market in the overall region.
The presence of federal clean energy mandates, advanced manufacturing support, EPA green chemistry strategies, and corporate ESG commitments are factors driving the solar PV module market in the U.S. As per an article published by the SEIA Organization in December 2025, the solar industry in the country installed 11.7 GW of direct current of capacity in 2025, denoting a 20% surge from 2024, along with a 49% surge from the third quarter of 2025. Besides, the industry also accounted for 58% of all the latest electricity-generating capacity in addition to the country’s grid throughout 2025, with over 30 GW installed. Additionally, the country also added 4.7 GW of solar module manufacturing capacity, thereby bringing the overall capacity to 60.1 GW. Therefore, with all these capacity developments, the market is continuously growing in the country.
State-Based Solar PV Installation Ranking Analysis in the U.S. (2025)
State
Rank
Installations (mwdc)
2023
2024
Q1 to Q3 2025
2023
2024
Q1 to Q3 2025
Texas
1
1
1
11,993
10,842
7,414
California
2
2
2
6,567
4,869
3,764
Indiana
15
10
3
679
1,631
2,273
Source: SEIA Organization
The solar PV module market in Canada is also growing significantly, owing to the provision of federal funding for clean energy, provincial and net-metering incentives, climate policy and sustainability alignment, and cross-border collaboration. As stated in an article published by Invest Canada in 2025, there are 215 clean technology, energy, and forestry projects in the country, totaling USD 194.2 billion in investment. Besides, USD 60 billion in federal clean electricity support has been allocated in the Government of Canada’s Powering a Domestic Future strategy. The government’s action means that domestic green energy projects are estimated to increase in valuation by over 50% in the total lifetime. Moreover, the electricity industry is 80% non-emitting, with the power deriving from sources, including nuclear, wind, solar, and hydro, thus suitable for the market’s growth.
Here is a list of key players operating in the global solar PV module market:
The international solar PV module market is highly competitive, dominated by China-specific manufacturers such as LONGi, JinkoSolar, and Trina Solar, which collectively hold over the majority of global share. U.S. players, such as First Solar and SunPower, focus on advanced technologies, while Europe and Japan-based firms emphasize quality and innovation. Indian companies, including Tata Power Solar and Vikram Solar, are expanding rapidly with government-backed initiatives. Besides, in January 2025, Waaree Energies Ltd announced that it has received an order for a major renewable power project of 150 MW for supplying solar modules from a well-known customer engaged in operating, owning, and developing renewable power projects in India, thereby denoting a huge growth opportunity for the solar PV module industry globally.
Corporate Landscape of the Solar PV Module Market:
Free Sample includes current and historical market size, growth trends, regional charts & tables, company profiles, segment-wise forecasts, and more.
Connect with our Expert
Shweta Singh
“We have received your ToC request for the research report. Our research representative will contact you shortly.”
“We have received your sample request for the research report. Our research representative will contact you shortly.”
“We have received your inquiry for the customized research report. Our research representative will contact you shortly.”
Vishnu Nair is the Head, Business Development handling Global Sales at Research Nester. With a decade of sales and business development experience, he excels in identifying client needs, tailoring solutions and driving revenue through strategic client partnerships and is responsible for Business Expansion and Strategic Growth. Passionate about understanding the ever-evolving market landscape, Vishnu’s focus is on identifying opportunities for both clients and Research Nester.
A growth-oriented business professional with vast experience in market research and project management across verticals in Asia Pacific, Europe, Middle East & Africa, and Americas, his understanding of the industry landscape, ability to make the complex, simple and the challenging attainable has resulted in remarkable ROI for businesses across various sectors. His expertise extends to developing and implementing business development strategies that align with corporate goals, optimizing market positioning and enhancing revenue streams. He remains committed to staying abreast of industry trends and leveraging innovative strategies to achieve business goals.
“We have received your inquiry for the customized research report. Our research representative will contact you shortly.”
Sector Specialist – Energy & Power
Shweta Singh is an accomplished Research Analyst at Research Nester Private Limited, with over six years of specialized experience in delivering high-value market research and consulting solutions exclusively within the Energy & Power sector. Her expertise covers a wide array of segments, including renewable energy (solar, wind, hydro, bioenergy), power generation (thermal, nuclear, combined cycle), smart grid technologies, battery energy storage systems (BESS), hydrogen economy, and energy efficiency solutions.
Renowned for her ability to transform complex market data into strategic insights, Shweta plays a pivotal role in supporting energy & power sector stakeholders worldwide with data-driven recommendations. She leads the development of syndicated studies, bespoke consulting projects, and customized market intelligence reports tailored to strategic client goals—ranging from product commercialization and market access planning to regulatory analysis and competitive intelligence.
Shweta holds a Master’s degree in Business Analytics from University of Petroleum and Energy Studies (UPES), providing a strong foundation to her analytical work. Her career is marked by a sharp focus on accuracy, insight generation, and client-centric delivery. She is also highly skilled in project management and team leadership, ensuring timely, high-quality outcomes across research engagements.
“We have received your sample request for the research report. Our research representative will contact you shortly.”
Access your free data-backed sample report and discover latest trends shaping the industry.
“We have received your inquiry for the research report. Our research representative will contact you shortly.”
“We have received your inquiry for the customized research report. Our research representative will contact you shortly.”
“We have received your inquiry for the research report. Our research representative will contact you shortly.”
Copyright @ 2026 Research Nester. All Rights Reserved.
