Crystalline Silicon Solar Photovoltaic (PV) Modules Market Analysis APAC, North America, Europe, South America, Middle East and Africa - US, Turkey, China, India, Japan - Size and Forecast 2023-2027

Crystalline Silicon Solar PV Modules Market Size 2023-2027

The crystalline silicon solar PV modules market size is estimated to grow by USD 56.06 billion at a CAGR of 18.17% between 2022 and 2027.  The market's growth depends on several factors, including favorable government regulations on fossil fuel use, increased investments in renewable energy, and the upsurge in solar PV installations. These factors highlight a shifting landscape toward sustainable energy sources and regulatory environments encouraging eco-friendly practices. The support from governments and the private sector is crucial for the market's expansion, driving innovation and adoption of renewable energy solutions. Additionally, the rise in solar PV installations signifies a broader trend toward renewable energy adoption, emphasizing the market's potential for growth and development. As these factors continue to evolve, they will shape the market's trajectory and drive further advancements in renewable energy technologies.

It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.

What will be the Size of the Market During the Forecast Period?

To learn more about this report, View Report Sample

Market Segmentation

This market report extensively covers market segmentation by product (monocrystalline and polycrystalline), end-user (commercial, residential, and utility sector), and geography (APAC, North America, Europe, South America, and Middle East and Africa).

By Product

The market share growth by the monocrystalline segment will be significant during the forecast period. The segment gained the highest share as they are the most widely used PV modules. These modules are also known as monocrystalline silicon photovoltaic modules. They are made by forming pure silicon rods and slicing them into wafers. The cell consists of single-crystal silicon for the flow of current generated by electrons. This makes monocrystalline silicon photovoltaic modules more efficient than polycrystalline silicon photovoltaic modules.

Get a glance at the market contribution of various segments View the PDF Sample

The monocrystalline segment was valued at USD 14.80 billion in 2017. According to the IEA, monocrystalline silicon photovoltaic modules have an efficiency of 14% to 20%, which is relatively higher than polycrystalline silicon photovoltaic modules, which have an efficiency range of 13% to 15%. Due to their high efficiency, monocrystalline silicon photovoltaic modules are more space efficient than their polycrystalline silicon counterparts. These modules are primarily used in large-scale applications such as commercial and residential systems. Furthermore, these modules perform better in low-light conditions than polycrystalline modules. Therefore, the expensive nature of these modules will influence the growth of the monocrystalline segment in the market during the forecast period. 

By Region

For more insights on the market share of various regions Download PDF Sample now!

APAC is estimated to contribute 60% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

The market in the Asia-Pacific region is expected to grow rapidly during the forecast period. The main markets in this region are China, India, Japan, Australia, and South Korea. Most of the growth in APAC is due to financial incentive programs in China, Japan, Thailand, and Vietnam. Rising greenhouse gas emissions in China and India are shifting the focus to renewable energy sources such as solar and wind. As for photovoltaic power generation,  the movement to replace fossil fuels with photovoltaic power generation is actively progressing. Additionally, China has announced a goal to become carbon neutral by 2060. Therefore, the above factors are expected to boost the demand during the forecast period. 

Market Dynamics and Customer Landscape

The market is driven by the widespread adoption of photovoltaic (PV) technology using crystalline silicon (c-Si) as the primary semiconductor material. These modules, comprising solar cells made from silicon wafers, convert solar energy into electrical energy. The market's growth is fueled by the increasing global population and the need to reduce carbon emissions. While amorphous silicon and other non-silicon solar cells offer alternatives, c-Si remains dominant due to its reliability and efficiency. Despite the high initial investment and requirements for high temperatures during manufacturing, technological advancements and government spending in renewable energy are driving market expansion. The market is segmented into multi-crystalline silicon PV and mono-crystalline PV, with a focus on utility-scale installations to increase solar cell installation capacity and electricity generation in various geographical regions. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.

Key Market Driver

Favorable government regulations regarding the use of fossil fuels are notably driving the market growth. Fossil fuels are the most common source of power generation because they occur naturally. However, greenhouse gas emissions from fossil fuels pose a significant challenge to environmental sustainability. Reducing emissions requires the use of alternative energy sources and hydropower. Governments around the world are supporting the adoption of these systems through subsidies, tax breaks, and incentives for consumers and producers. In the United States, the Solar Investment Tax Credit (ITC) is an important federal policy mechanism that supports the use of renewable energy in the country. The ITC allows residential and commercial users to deduct 30% of the cost of installing this system from their federal taxes. Since the introduction of the ITC in 2006, US annual solar installations have increased more than 16-fold. Continuing with this policy will allow manufacturers to invest in research and development to develop cheaper and more reliable technologies to reduce the cost of photovoltaic systems. 

Many other countries around the world are developing policies to encourage the development of these energy technologies. A notable example is the Feed-in Tariff (FiT) policy designed to encourage investment in renewable energy-related technologies. This policy covers various aspects of the energy industry, including reduced sun exposure, eligibility criteria, bonuses, and various other subsidies.  Globally, several countries, including the United States, China, the United Kingdom, and Germany, are acknowledging the depletion of fossil fuel resources and concomitant CO2 emission restrictions. Many end-users are beginning to adopt alternative energy sources and are gradually abandoning fossil fuel-based power generation. Renewable energies are growing in popularity among all categories of electricity consumers. This will attract more investors to invest in photovoltaic projects, which is expected to boost the growth of the market growth.

Significant Market Trends

Increased adoption of microgrids is a key trend influencing the market growth. A microgrid is a small power grid with its own generation and storage resources. Microgrids can operate independently or in conjunction with other small power grids. When a microgrid is integrated into the main power grid, it is called a hybrid microgrid. A microgrid can connect and disconnect from the power grid and operate in both grid-connected and island modes. Microgrids can enter island mode if the main power grid fails or if the system is intentionally disconnected from the main grid. Power grids are not always stable. In some areas where blackouts are frequent, microgrids play an important role in preventing blackouts. This is because the power grid is relatively unstable. Microgrids are deployed in villages where grid-connected power is not available or is only available to a limited extent. It can function autonomously or operate in parallel with traditional networks. They are more reliable as they are not affected by mains power failures. It also reduces the cost of extending the network in remote areas. Microgrids can generate power from renewable sources such as solar and wind.

Governments around the world are supporting the adoption of microgrids that are highly resilient to natural disasters. This has helped many communities to deploy microgrids to overcome power outages during disasters. Therefore, increasing adoption of microgrids will drive the market during the forecast period. 

Major Market Challenge

The rise in alternative sources of energy is challenging the market growth. Power generation is still dominated by fossil fuels. According to the IEA, China, the United States, and India are the growing wind energy markets for energy generation. Many countries prefer the use of fossil fuels to renewable energy. This is due to the abundance of fossil fuels available to meet their needs and generate electricity. The cost of setting up a renewable energy farm to generate electricity is very high. The amount of electricity generated from renewable energy sources also cannot match the amount of electricity generated from fossil fuels. Therefore, the market prefers non-renewable energy sources.

Among renewable energies, solar energy competes with wind and hydropower. According to the Global Wind Energy Council (GWEC), wind power generation has increased recently.  Reducing the cost of natural gas will help increase the amount of electricity generated from natural gas, which is a challenge for solar power. U.S. shale gas exploration is on the rise and hits a record high. The growth of alternative energy sources will, therefore, affect the demand and will affect the market during the forecast period. 

Key Market Customer Landscape

The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.

Global Market Customer Landscape

Who are the Major Market Companies?

Companies are implementing various strategies, such as strategic alliances, partnership, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.

Canadian Solar Inc: The company offers different crystalline silicon solar PV module solutions. Along with this it also provides solar system kits, solar modules, and battery energy storage solutions.

The report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:

• Emeren
• First Solar Inc.
• Hanwha Corp.
• JA Solar Technology Co. Ltd.
• Jiangsu Shunfeng Photovoltaic Technology Co. Ltd.
• JinkoSolar Holding Co. Ltd.
• Longi green energy technology Co. Ltd
• Moser Solar
• Motech Industries Inc.
• Novergy Energy Solutions Pvt. Ltd.
• Risen Energy Co. Ltd.
• Sharp Corp.
• SolarEdge Technologies Inc.
• Su kam Power
• SunPower Corp.

Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

Segment Overview

The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2023 to 2027, as well as historical data from 2017 to 2022 for the following segments

• Product Outlook 
  • Monocrystalline
  • Polycrystalline

• End-user Outlook 
  • Commercial
  • Residential
  • Utility sector

• Region Outlook 
  • North America
    • The U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
    • France
    • Rest of Europe
  • APAC
    • China
    • India
  • South America
    • Chile
    • Brazil
  • Middle East & Africa
    • Saudi Arabia
    • South Africa
    • Rest of the Middle East & Africa

Market Analyst Overview

The market continues to grow, driven by factors such as increasing PV market revenue and the need to reduce carbon emissions by utilizing solar energy sources. The market is segmented by type, with LAMEA (Latin America, Middle East, and Africa) showing substantial growth potential. Energy efficiency and long lifespan are key advantages of these modules. Leading solar module manufacturers like Hanwha Q CELLS Co, SolarWorld AG, and JA Solar Holdings are investing in research to improve collection efficiency and crystalline structure. The market also sees a growing demand for c-Si PV installation, even as alternatives using non-silicon materials gain traction. Major market players such as Yingli Solar, Sharp Corporation, Jinko Solar, China Sunergy, Trina Solar Limited, and SunPower Corporation are driving innovation through new product launches and strategic partnerships.

Market Scope
Report Coverage	Details
Page number	166
Base year	2022
Historic period	2017-2021
Forecast period	2023-2027
Growth momentum & CAGR	Accelerate at a CAGR of 18.17%
Market growth 2023-2027	USD 56.06 billion
Market structure	Fragmented
YoY growth 2022-2023(%)	17.79
Regional analysis	APAC, North America, Europe, South America, and Middle East and Africa
Performing market contribution	APAC at 60%
Key countries	US, Turkey, China, India, and Japan
Competitive landscape	Leading companies, Market Positioning of companies, Competitive Strategies, and Industry Risks
Key companies profiled	Canadian Solar Inc., Emeren, First Solar Inc., Hanwha Corp., JA Solar Technology Co. Ltd., Jiangsu Shunfeng Photovoltaic Technology Co. Ltd., JinkoSolar Holding Co. Ltd., Longi green energy technology Co. Ltd, Moser Solar, Motech Industries Inc., Novergy Energy Solutions Pvt. Ltd., Risen Energy Co. Ltd., Sharp Corp., SolarEdge Technologies Inc., Su kam Power, SunPower Corp., Sunrun Inc., Trina Solar Co. Ltd., Vikram Solar Ltd., and Zhejiang CHINT Electrics Co. Ltd.
Market dynamics	Parent market analysis, Market Forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for market forecast period
Customization purview	If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

View the PDF sample

What are the Key Data Covered in this Market Research Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the market growth and forecasting of the market between 2023 and 2027
• Precise estimation of the size of the market size and its contribution to the parent market
• Accurate predictions about upcoming market trends and analysis and changes in consumer behavior
• Growth of the market industry across Europe, North America, APAC, South America, and Middle East and Africa
• Thorough market growth analysis of the market’s competitive landscape and detailed information about companies
• Comprehensive market analysis and report on the factors that will challenge the market research and growth of market companies

We can help! Our analysts can customize this market research report to meet your requirements. Get in touch