Solar PV Module Market Size, By Technology (Thin Film, Crystalline Silicon), By Product (Monocrystalline, Polycrystalline, Cadmium Telluride (CdTe), Amorphous Silicon (A-Si), Copper Indium Gallium Di-Selenide (CIGS)), By Connectivity (On-Grid, Off-Grid),

Solar PV Module Market Size, By Technology (Thin Film, Crystalline Silicon), By Product (Monocrystalline, Polycrystalline, Cadmium Telluride (CdTe), Amorphous Silicon (A-Si), Copper Indium Gallium Di-Selenide (CIGS)), By Connectivity (On-Grid, Off-Grid), By Mounting (Ground Mounted, Roof-Top), By End-Use (Residential, Commercial & Industrial, Utility), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2022 - 2028

The solar PV module market is anticipated to witness robust growth by 2028 due to favorable schemes and incentives, such as auction, tariff, and tax exemptions. Additionally, notable technology advancements, coupled with shifting consumer inclination towards clean energy sources, are primed to further bolster market growth through the forecast timeline.

Prevalent trends, such as abundant resource availability and cost-competitiveness, have significantly augmented consumer interest in leading regions. Notably, implementation of different regulatory measures, such as subsidies, asset and financial leverage, and other financial methods, has enhanced market dynamics. Moreover, the implementation of many solar installation targets, as well as a change in strategy to reduce carbon emissions has propelled business growth. In addition, low solar energy prices on account of increasing financial support has propelled product uptake.

The solar PV module market has been categorized on the basis of technology, product, connectivity, mounting, end use, and region. Based on product, the market has further been segmented into cadmium telluride, polycrystalline, amorphous silicon, monocrystalline, and copper indium gallium diselenide.

The cadmium telluride solar PV module market surpassed a valuation of USD 2 billion in 2021 and is expected to witness robust growth over the forecast period. In 2021, the amorphous silicon sub-segment recorded an annual installation of over USD 1 billion and is estimated to expand significantly over 2021-2028. The copper indium gallium diselenide sub-segment is speculated to register notable gains at approximately 11% by 2028.

Based on mounting, the market has been segregated into ground mounted and roof top. The ground mounted sub-segment is poised to reach a valuation of more than USD 57 billion by 2028.

In terms of end use, the solar PV module market has further been bifurcated into residential, commercial & industrial, and utility. The commercial & industrial sub-segment is projected to record an annual installation of above 58 MW by 2028. The utility sub-segment is slated to exceed a valuation of USD 48 billion by 2028.

From the regional point of view, the Middle East solar PV module market is projected to grow at a CAGR of around 4% through the study timeframe. In terms of PV installation and ambitious renewable targets, the UAE has been in the forefront of the Gulf region's clean energy transformation, which is foreseen to contribute to regional market growth in the future.

The Africa solar PV module industry exceeded USD 1 billion in revenue in 2021 and is estimated to amass considerable gains by 2028. With recent cost reductions, solar PV modules have gained popularity as a quick and cost-effective solution for providing utility-scale electricity for the grid as well as modern energy services, which is likely to promote product adoption in the region in the coming years. Meanwhile, the Latin America solar PV module market is speculated to be valued at nearly USD 9 billion by 2028.