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Solar PV module market Share 2021, Size Estimation, Industry Demand, Latest Trend Analysis, Top Players, Revenue Expectation, Forthcoming Status and Forecast to 2027


Report Ocean published a new report on the solar PV module market. The study includes an in-depth analysis of regional trends and market growth in North America, Europe, Asia-Pacific, and Middle East Africa. This study report also examines the challenges that are negatively impacting the industry’s growth and outlines a strategy adopted by companies during 2021 to 2027.

The solar PV module market was evaluated at $126.9 billion in 2020 and is forecasted to increase at a CAGR of 7.1% in the forecast period from 2021 to 2027.

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A solar PV module is used to generate a photovoltaic effect directed by the electrons flowing in the inside section. The electrons are further augmented due to the heat of sunlight hitting the surface of the module. PV cells present in the solar modules use sunlight for the photons that are then transferred to the semiconductor material.

Solar PV modules are Silicon-based semiconductor modules, highly preferred to produce electricity through natural sunlight. For years, solar PV modules have been acing in the renewable energy market, due to their robust use of solar power to generate electricity for technological development.

Factors Affecting

Legislative energy policies have enforced continuous improvements to lessen the use of carbonized material and develop a decarbonized economy which is driving the growth of the global solar PV module market.

Several government measures and incentives have been proposed to obstruct the use of non-renewable energy and adopt renewable technologies like solar PV. The U.S. government launched solar tax credit to promote solar energy systems by reducing the cost of installing by 30%.

Various measures have been taken to expand the use of solar energy but growing grid connection problems and obstacles in interconnection are obstructing the settlement of new plants which can halt the growth of the solar PV module market during the forecast period.

The steep growth in the price of fossil fuels is expected to develop the chances of growth in the solar PV module market during the forecast period.

Global Solar PV Module Market, By Region

Asia-Pacific held the dominance by occupying the major share in the market in 2020. The region, in the last few years, has observed a growth in the adoption of technologies developed on sustainable energy systems. Grid integration of renewable energy sources to maintain the energy mix system and approving government norms will positively influence the industry landscape. Furthermore, environmental concerns and national renewable integration targets obeyed by the countries further enhance the growth of the market.

The measures taken by the government and laws to promote the expansion of renewable infrastructure will accelerate the growth of renewable energy in China. Moreover, severe rules for the decline of carbon use and continuous exhaustion of nonrenewable resources like fossil fuel will increase the demand for natural energy resources and the technologies built on them across the country.

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COVID-19 analysis:

The COVID-19 had a negative impact on the solar PV module market in 2020. Due to disastrous effects on people’s health, several countries announced a nationwide lockdown that directly halted manufacturing activities. Several countries started lifting restrictions from the industries by the end of 2021. A complete recovery is expected in the global solar PV module market by 2022

Key market segments

By Technology

Thin Film

Crystalline Silicon

By Product



Cadmium Telluride

Amorphous Silicon

Copper Indium Gallium Diselenide

By Connectivity



By Mounting

Ground Mounted

Roof Top

By End-Use




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By Region

North America

The U.S.




Western Europe

The UK





Rest of Western Europe

Eastern Europe



Rest of Eastern Europe

Asia Pacific




Australia & New Zealand


Rest of Asia Pacific

Middle East & Africa (MEA)


Saudi Arabia

South Africa

Rest of MEA

South America



Rest of South America

Key Players

Trina solar

Canadian solar

Ja solar

Jinko solar

First solar

Rec solar

Gcl system integration technology co. Ltd.

Hanwha q cells

China sunergy (nanjing) co., ltd.

Solaria corporation

Aim of the Report

This study aims to determine the market size of various segments and countries with forecast values for next ten years.

Within the regions and countries studied, the report covers both qualitative and quantitative aspects of the industry.

It also provides detailed information about the crucial aspects such as drivers & challenges that will influence the market’s future growth.

The report will also include investment opportunities in micro markets for stakeholders. In addition, an in-depth analysis of key players’ products and the competitive landscape.

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Updated : 2022-05-17 20:02 GMT+08:00