Rising demand for clean and sustainable energy solutions and the cost efficiency of polycrystalline solar modules are expected to drive market expansion in the near future at a CAGR of 8.00% during the forecast period 2023 to 2032.

Market Research Future (MRFR) has published a cooked research report on the “Global Polycrystalline Solar Modules Market” that contains information from 2018 to 2032. The polycrystalline solar modules market is estimated to register a CAGR of 8.00% during the forecast period of 2023 to 2032.

MRFR recognizes the following companies as the key players in the global polycrystalline solar modules market— GCL System Integration Technology Co. Ltd., Rec Solar, First Solar, Trina Solar, Canadian Solar, Hanwha Q Cells, JA Solar, Solaria Corporation, Jinko Solar, China Sunergy (Nanjing) Co., Ltd, and Others.

Market Highlights

The global Polycrystalline Solar Modules market is expected to register a CAGR of 8.00% during the forecast period and is estimated to reach USD 71.56 billion by 2032.

The cost-effectiveness of polycrystalline solar modules mostly drives the market. Polycrystalline technology is appealing to residential and commercial end-users when considering solar technologies because of its comparatively reduced manufacturing cost compared to other solar technologies. Additionally, silicon is a resource-intensive material used to produce polycrystalline solar modules. Concerns over the sustainability and environmental effects of silicon manufacturing could serve as a market restraint as the demand for solar modules rises. Furthermore, polycrystalline solar modules have prospects due to the increasing number of electric vehicles (EVs) and the demand for environmentally friendly charging methods. To support the growing electric vehicle market, solar carports and charging stations using polycrystalline modules can help generate clean energy. Moreover, the monocrystalline solar modules frequently have greater conversion efficiencies and are a fierce rival to the polycrystalline solar modules. Adoption and market share may be impacted by this difficulty, especially for end-users where space is limited.

Browse In-depth Details [Table of Content, List of Figures, List of Tables] of Polycrystalline Solar Modules Market Trends

Segment Analysis

The global polycrystalline solar modules market has been segmented based on connectivity, mounting, and end-use.

Based on connectivity, the market is segmented into on-grid and off-grid. The on-grid segment was attributed to holding the largest market share in 2022. Solar installations that are connected to the grid usually include polycrystalline solar modules. When these systems are exposed to sunshine, the solar panels produce electricity, which is supplied straight into the current electrical grid.

The off-grid segment is expected to grow fastest during the forecast period. Off-grid polycrystalline solar systems give consumers energy autonomy so they may satisfy their own electricity needs. This is quite helpful in off-grid residences, cabins, isolated communities, and applications such as telecommunications infrastructure or agricultural operations.

The global polycrystalline solar modules market has been segmented based on ground-mounted and rooftop mounting. The ground-mounted segment was expected to hold the largest market share in 2022. Large solar farms frequently use ground-mounted installations to install many polycrystalline solar modules. Solar farms, which offer a centralized location for solar power generation, can range from a few to hundreds of acres.

The rooftop category is the fastest growth. Commercial and industrial buildings frequently use rooftop mounting to generate renewable energy on-site. Solar power installations can be installed on large roof areas of factories, warehouses, and office buildings.

Based on end-use, the global polycrystalline solar modules market has been segmented into commercial, industrial, and utility. In 2022, the utility segment was anticipated to have the highest market share. Utility-scale solar projects with polycrystalline solar modules offer a clean and renewable substitute for traditional fossil fuel-based power generation, which helps to reduce greenhouse gas emissions.

The category with the fastest growth is residential. Because solar power eliminates the need to buy electricity from the grid, residential customers enjoy reduced electricity bills. This can eventually lead to cost savings and a positive return on investment for homeowners.

Regional Analysis

Based on region, the global polycrystalline solar modules market has been divided into North America, Europe, Asia-Pacific, and the Rest of the World. North America consists of the US and Canada. The European polycrystalline solar modules market comprises Germany, France, the UK, Italy, Spain, and the rest of Europe. The polycrystalline solar modules market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The rest of the world's polycrystalline solar modules market comprises the Middle East, Africa, and Latin America.

The North American regional sector maintained the largest market share for polycrystalline solar modules. Solar system owners in North America can get credits for the surplus electricity they feed back into the grid thanks to net metering laws. Because of this, consumers in the residential, commercial, and industrial sectors find polycrystalline solar modules an appealing alternative for solar technology adoption.

Moreover, the European market has been persistently growing over the forecast period. Strong legislative support for renewable energy has been put in place by European countries, including feed-in tariffs and subsidies that encourage the installation of solar power plants. The market for polycrystalline solar modules is expected to increase due to these advantageous policies.

Additionally, Asia Pacific is anticipated to experience the quickest growth over the forecast period. Solar electricity is essential to the smart city efforts adopted by several Asian Pacific towns. The creation of sustainable and energy-efficient smart cities is facilitated by integrating polycrystalline solar modules into urban infrastructure.

Furthermore, the rest of the world's polycrystalline solar modules market is divided into the Middle East, Africa, and Latin America. This growth is attributed to the region's increasingly abundant solar resources, remote energy access, project finance and investments, and international collaborations, all contributing to the market expansion.

Key Findings of the Study

• The global polycrystalline solar modules market is expected to reach USD 71.56 billion by 2032, at a CAGR of 8.00% during the forecast period.


• The Asia-Pacific region accounted for the fastest-growing global market because it is perfect for producing solar energy due to its favorable climate and sunshine. Because polycrystalline solar modules effectively capture sunlight, they are suitable for utilizing the area's enormous solar potential.


• Based on mounting, the ground-mounted segment was attributed to holding the largest market in 2022.


• GCL System Integration Technology Co. Ltd., Rec Solar, First Solar, Trina Solar, Canadian Solar, Hanwha Q Cells, JA Solar, Solaria Corporation, Jinko Solar, China Sunergy (Nanjing) Co., Ltd, and Others