Burlingame, CA, June 10, 2025 (GLOBE NEWSWIRE) — Coherent Market Insights published a report, titled, the global Solar PV Module Market size is calculated at USD 55.45 billion in 2025 and is forecasted to reach around USD 97.56 billion by 2032, accelerating at a CAGR of 8.4% from 2025 to 2032. The market has experienced consistent growth in recent years, primarily driven by supportive government policies and the decreasing cost of solar technology. Numerous countries have implemented renewable energy targets and introduced initiatives that promote the installation of solar panels on residential properties and public infrastructure. These efforts are contributing significantly to the expansion of the market.
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Global Solar PV Module Market Key Takeaways
According to Coherent Market Insights (CMI), the global solar PV module market size is estimated to be valued at USD 55.4 Bn in 2025 and USD 97.56 Bn by 2032, exhibiting a CAGR of 8.4%.
Based on technology, monocrystalline segment is projected to account for 37.4% of the global solar PV module market share in 2025.
By mounting type, rooftop solar panels segment is set to dominate the industry, generating a revenue of around USD 31.49 Bn by 2025.
In terms of application, residential segment is anticipated to account for about USD 20.84 Bn of the total solar PV module market revenue share in 2025.
As per Coherent Market Insights’ latest solar PV module market research, Asia Pacific is expected to retain its monopoly, accounting for nearly one-third of the global market share in 2025. This can be attributed to increasing acceptance of renewable energy and supportive government policies.
North America solar PV module market is poised to exhibit strong growth during the assessment period. This is due to increasing investments in renewable energy projects as well as growing demand for clean energy and advancements in solar panel technologies.
Renewable Energy Boom Spurring Market Growth
Coherent Market Insights’ latest solar PV module market analysis outlines key factors driving the industry’s growth. Rapid transition towards renewable energy sources, especially solar energy, is one such prominent growth driver.
In recent years, factors such as depletion of fossil fuels, rising energy prices, and increasing carbon emissions have put the renewable energy sector into the limelight. As a result, technologies like solar PV modules are gaining immense popularity as a means of generating cost-efficient electricity.
Residential adoption is also increasing, with more homeowners installing rooftop solar panels to produce their own electricity as well as reduce reliance on the grid. This growing trend is significantly boosting demand for solar PV modules.
According to the International Energy Agency (IEA), the world is set to add over 5,500 gigawatts (GW) of new renewable energy capacity between 2024 and 2030. Solar PV alone is projected to account for approximately 80% of that increase in global renewable capacity.
This remarkable surge in solar PV deployment will be fueled by construction of large-scale solar power plants as well as growing adoption of rooftop solar installations by companies and households. Consequently, the solar PV module market is poised for substantial expansion throughout the decade.
Also Read: Impact of Renewable Energy Boom on the Solar PV Panels Market Size and Share (2025 to 2032)
High Costs and Intermittency Issues Restraining Market Growth
The future solar PV module market outlook looks promising. However, factors like high initial investment costs and intermittent nature of solar energy are expected …