Middle East crystalline silicon photovoltaic module panels

How big is the Middle East & Africa solar photovoltaic (PV) market?

The Middle East & Africa solar photovoltaic (PV) market size was valued at USD 5.00 billion in 2022. The market is projected to grow from USD 6.93 billion in 2023 to USD 37.71 billion by 2030, exhibiting a CAGR of 27.4% during the forecast period. Solar panels form the heart of any solar energy system.

Does China still dominate the global solar PV module market?

China continues its dominance of the global solar PV module market. Declining costs of PV module production have made solar installations more affordable globally. Source: abriendomundo/Shutterstock.com.

Which country has the most solar installations in the Middle East?

Amongst all the countries in the Middle East region, the United Arab Emirates holds the maximum installations and PV projects in the pipeline for solar PV installation. Rapidly growing renewable deployment coupled with encouraging initiatives by the national administration is set to boost the setup of new solar units in the country.

How much is the solar PV module market worth in 2023?

According to GlobalData’s Solar PV Modules and Inverters Market Trends and Analysis report, the global solar PV module market was valued at $102.76bn in 2023. The Asia-Pacific (APAC) region led the charge in 2023, registering $60.15bn.

What is the most viable PV module technology?

Crystalline and thin-film are currently considered the most viable module technologies. First generation crystalline silicon (c-Si) modules, which consist of materials such as monocrystalline and polycrystalline, remain the dominant technology in the PV module market.

Is crystalline the 'workhorse' of the solar module industry?

Crystalline is the “workhorse” of the solar module industry, says Manav Mittal, senior engineering, procurement and construction project manager at Ampirical, making up the majority of the module market.