The global solar module and inverter markets are on course to reach a combined $115.8 billion by 2030, according to forecasts made by UK-based data analytics and consulting company GlobalData.
The analysts’ latest report projects the global market for solar modules to reach $80.7 billion by the end of the decade, while the solar inverter market is set to reach $38.8 billion.
GlobalData says the increase will be largely driven by strong policy initiatives in the Asia Pacific (APAC) region, with the APAC solar module market expected to reach $46.2 billion in 2030, up from $38.8 billion in 2024.
Other contributing factors include declining technology costs, national renewable energy targets and net-zero emission goals and the expansion of solar manufacturing and innovation across major economies, according to GlobalData’s analysis.
The company adds that recent changes in trade policy, such as US tariffs, are reshaping supply chains and accelerating localization efforts across the APAC region.
Bhavana Sri Pullagura, senior power analyst for GlobalData, explained that tariff adjustments and anti-dumping/countervailing duties on modules and cells from some Southeast Asian countries have significantly altered supply chains and increased module prices in the US market. “The anticipated decline in the value of solar modules in the Americas, despite ongoing installation growth, is primarily due to significant price erosion driven by oversupply and decreasing production costs,” Pullagura added.
GlobalData also found the rapid evolution of the global solar inverter market is fueled by increasing demand for utility-scale projects and hybrid solar-plus-storage systems, as well as stricter grid compliance and cybersecurity regulations, particularly in Europe and the US.
While the APAC region remains the leading production hub for solar inverters, GlobalData says the Middle East and Africa are emerging as growth areas that require high-capacity and storage-ready inverters for large-scale projects.
Pullagura observed that while the APAC region is expanding capacity and local manufacturing of solar modules and inverters, Europe, the Middle East and Africa are concentrating on quality, domestic production, and strategic procurement. “These developments will continue to impact supply chains, technology adoption, and investment flows throughout the solar PV sector,” Pullagura added.
Earlier this year, GlobalData forecast the world’s cumulative solar capacity will exceed 4.8 TW by the end of 2030, ahead of surpassing 7.5 TW by 2035.
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