IMARC Group's report titled "Solar Module Market Report by Technology (Crystalline Silicon, Thin Film), Connectivity (On-grid, Off-grid), Mounting (Ground Mounted, Roof Top), End User (Residential, Commercial, Utility), and Region 2024-2032". offers a comprehensive analysis of the industry, which comprises insights on the global solar module market report. The global market size reached US$ 166.9 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 274.2 Billion by 2032, exhibiting a growth rate (CAGR) of 5.67% during 2024-2032.

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Factors Affecting the Growth of the Solar Module Industry:

• Cost Reductions:

As the cost of solar modules is decreasing, they are becoming more affordable for individuals, businesses, and governments, leading to higher adoption rates. This affordability makes solar energy accessible to a broader range of consumers, driving the market growth. As the cost of solar energy is decreasing, it becomes increasingly competitive with conventional energy sources, such as coal, natural gas, and nuclear power. This competitiveness encourages utilities, businesses, and homeowners to choose solar energy over traditional options, further expanding the market.

• Environmental Concerns:

Solar energy is a clean and renewable energy source that generates electricity without emitting greenhouse gases or other pollutants. As concerns about climate change and air pollution are growing, there is increasing pressure to transition away from fossil fuels towards low-carbon alternatives like solar power. Solar energy relies on sunlight, which is abundant and inexhaustible compared to finite fossil fuel resources like coal, oil, and natural gas. By harnessing solar power, we can reduce our reliance on finite resources, promoting long-term sustainability and environmental conservation.

• Technological Advancements:

Innovations in solar cell technologies, such as passivated emitter and rear cell (PERC) and bifacial cells, are leading to higher conversion efficiencies, allowing solar modules to generate more electricity from the same amount of sunlight. Higher efficiency modules can produce more power in less space, making them attractive for a wide range of applications, including residential, commercial, and utility-scale installations. Thin-film solar technologies, such as cadmium telluride (CdTe) and copper indium gallium selenide (CIGS), offer advantages such as flexibility, lightweight, and low manufacturing costs.

Leading Companies Operating in the Global Solar Module Industry:

• Canadian Solar
• DelSolar Co. Ltd.
• First Solar Inc.
• GCL System Integration Technology Co. Ltd.
• Hanwha Group
• JinkoSolar Holding Co. Ltd.
• Kyocera Corporation
• REC Solar Holdings AS (Reliance New Energy Solar Limited)
• The Solaria Corporation
• Trina Solar Co. Ltd.

Solar Module Market Report Segmentation:

By Technology:

• Crystalline Silicon
  • Monocrystalline
  • Polycrystalline
• Thin Film
  • Cadmium Telluride (CdTe)
  • Amorphous Silicon (a-Si)
  • Copper Indium Gallium Diselenide (CIGS)

Crystalline silicon represents the largest segment due to its widespread use, high efficiency, and continuous advancements in manufacturing processes, making it the preferred choice for solar module production.

By Connectivity:

• On-Grid
• Off-Grid

On-grid accounts for the majority of the market share owing to the established grid infrastructure in many regions, which enables seamless integration of solar power into existing electricity networks, providing reliability and cost-effectiveness for consumers.

By Mounting:

• Ground Mounted
• Roof Top

Ground mounted exhibits a clear dominance in the market driven by its suitability for large-scale solar installations, offering ample space, optimal orientation, and easier access for maintenance and cleaning compared to rooftop or other mounting options.

By End User:

• Residential
• Commercial
• Utility

Utility holds the biggest market share as large utility-scale solar projects provide economies of scale, competitive pricing, and reliable power generation, appealing to utilities seeking to meet renewable energy targets and secure long-term power purchase agreements.

Regional Insights:

• North America (United States, Canada)
• Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa

Asia Pacific enjoys the leading position in the solar module market on account of its strong government support, abundant solar resources, robust manufacturing capabilities, and rapidly growing electricity demand, driving significant investments and deployment of solar energy technologies across the region.

Global Solar Module Market Trends:

There is a noticeable trend towards the adoption of monocrystalline silicon modules due to their higher efficiency and energy yield compared to polycrystalline modules, driven by advancements in manufacturing processes and cost reductions. The integration of energy storage solutions with solar modules is becoming increasingly common, driven by the need to enhance grid stability, increase self-consumption of solar energy, and provide backup power during grid outages, shaping the market towards hybrid solar systems. Floating solar photovoltaic (PV) installations on water bodies, such as lakes, reservoirs, and ponds, are gaining traction as a space-efficient and environment-friendly solar solution, especially in areas with land constraints, offering new opportunities for market expansion.

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