Global Solar Pv Modules Market Size & Outlook, 2023-2030
Global solar pv modules market, 2018-2030 (US$M)
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Global solar pv modules market highlights
- The global solar pv modules market generated a revenue of USD 170,246.8 million in 2023 and is expected to reach USD 287,130.6 million by 2030.
- The market is expected to grow at a CAGR (2024 - 2030) of 7.8% by 2030.
- In terms of segment, industrial accounted for a revenue of USD 69,054.5 million in 2023.
- Residential is the most lucrative application segment registering the fastest growth during the forecast period.
- In terms of region, Asia Pacific was the largest revenue generating market in 2023.
- Country-wise, Saudi Arabia is expected to register the highest CAGR from 2024 to 2030.
Global data book summary
| Market revenue in 2023 | USD 170,246.8 million |
| Market revenue in 2030 | USD 287,130.6 million |
| Growth rate | 7.8% (CAGR from 2023 to 2030) |
| Largest segment | Industrial |
| Fastest growing segment | Residential |
| Historical data covered | 2018 - 2022 |
| Base year for estimation | 2023 |
| Forecast period covered | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Residential, Commercial, Industrial |
Other key industry trends
- In terms of revenue, the North America accounted for 15.9% of the global solar pv modules market in 2023.
- By country, the China is projected to lead the global market in terms of revenue in 2030.
- By country, Saudi Arabia is the fastest growing regional market and is projected to reach USD 1,123.1 million by 2030.
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Solar PV Modules Market Scope
Solar PV Modules Market Companies
| Name | Profile | # Employees | HQ | Website |
|---|
Global solar pv modules market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to solar pv modules market will help companies and investors design strategic landscapes.
Industrial was the largest segment with a revenue share of 40.56% in 2023. Horizon Databook has segmented the Global solar pv modules market based on residential, commercial, industrial covering the revenue growth of each sub-segment from 2018 to 2030.
- Global Solar PV Modules Application Outlook (Revenue, USD Million, 2018-2030)
- Residential
- Commercial
- Industrial
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Horizon Databook provides a detailed overview of global-level data and insights on the Global solar pv modules market , including forecasts for subscribers. This global databook contains high-level insights into Global solar pv modules market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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Global solar pv modules market size, by regions, 2018-2030 (US$M)
Top 10 countries: Solar pv modules market size, 2023 (US$M)
Global solar pv modules market share, by application, 2023 & 2030 (%, US$M)
Solar pv modules market: Opportunity assessment by country
Global solar pv modules market, by region, 2023 (US$M)
| Application | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | 2029 | 2030 | CAGR |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| North America | 22,860.7 | 24,939.7 | 21,466.6 | 23,246.9 | 25,126.0 | 27,139.3 | 29,327.5 | 31,619.3 | 34,118.9 | 36,778.1 | 39,677.8 | 42,818.0 | 46,285.5 | 7.9% |
| Europe | 31,942.1 | 34,755.7 | 29,837.2 | 32,226.9 | 34,740.5 | 37,425.8 | 40,273.8 | 43,290.3 | 46,542.8 | 50,050.5 | 53,834.3 | 57,919.1 | 62,343.2 | 7.6% |
| Asia Pacific | 77,467.8 | 84,645.5 | 72,972.9 | 79,146.8 | 85,676.5 | 92,684.7 | 100,154.7 | 108,106.3 | 116,714.3 | 126,035.1 | 136,129.8 | 147,071.9 | 158,966.8 | 8.0% |
| Latin America | 7,273.3 | 7,896.5 | 6,764.0 | 7,289.4 | 7,840.3 | 8,427.2 | 9,047.8 | 9,703.2 | 10,408.1 | 11,166.4 | 11,982.4 | 12,861.4 | 13,811.0 | 7.3% |
| MEA | 4,482.2 | 4,751.2 | 3,969.3 | 4,170.8 | 4,369.6 | 4,569.8 | 4,722.3 | 4,901.8 | 5,060.0 | 5,259.6 | 5,435.3 | 5,610.5 | 5,724.2 | 3.3% |
| Overall | 144,026.1 | 156,988.4 | 135,010.0 | 146,080.9 | 157,752.8 | 170,246.8 | 183,526.0 | 197,620.8 | 212,844.1 | 229,289.7 | 247,059.6 | 266,280.8 | 287,130.6 | 7.8% |
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