Owing to numerous process-oriented industries emerging in various regions of the world, the global PV module market is anticipated to witness a noticeable growth in the years to come. PV modules are the basic building blocks of electricity produced with the help of solar power generation. PV modules are made for multipurpose use in both applications and end-use industries.
There is a rise in demand and escalating consumption of solar power energy is presumed to contribute more revenue to the overall market of PV module in the future years. Most of the leading players are strengthening their research and development expertise in order to design advanced PV module systems that are required for industrial, commercial as well as residential sectors.
Subsidies offered by the government is also resulting in prominent growth of the PV module all over the world. In emerging nations, there has been significant growth noticed because of the increasing crystalline silicon type manufacturing so that higher productivity is achieved along with higher efficiency as well.
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The PV module market is anticipated to be boosted by the fast decline in expenses of the PV module because of which there has been rise in the rate of adoption of the PV modules. Therefore the overall market is expected to accelerate in the years to come.
The global PV Module market is estimated to be worth US$ 15.13 Bn by 2026 with a CAGR of -7.7%. As per the previous records, the market was worth US$ 31.41 Bn in 2017. The reason behind the negative CAGR is the decline in the pricing of PV modules.
Grid Tied Segment Holding Larger Market Share Owing to Connectivity Need for Electrical Mains
The global PV module market is segmented on the basis of type, and the categories are amorphous silicon, crystalline silicon which is further classified into poly crystalline and single crystalline. Amorphous silicon is seen to be gaining more popularity among the rest and is thus, pulling more revenue.
On the basis of components, the market is categorized into rooftop, pole mounted and ground mounted. Here, the segment with more CAGR rate of growth is the rooftop segment, while ground-mounted segment is anticipated to be contributing larger shares to the market.
Based on connectivity, PV module market is segmented into off grid and grid tied. The grid tied segment is estimated to hold the larger share among the two. This is because of the continuous connectivity need for the local mains electricity.
On the basis of end use industries, the market for PV module is classified into industrial, commercial and residential PV modules.
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Asia Pacific to Remain Most Remunerative Region Due to Residential Segment Demand in Developing Nations
The global PV module market is studied on the basis of key geographies North America, Europe, Asia Pacific, South America, Middle East and Africa and Latin America. Major contributions of North America is seen to be drawn from the U.S. and Canada, thus making it the leading region in the global market.
Asia Pacific, on the other hand is anticipated to be collecting larger marker revenue share. This is because of the rise in investment by players and the increasing demand for solar PV modules. Major shares of revenue of the Asia Pacific region is seen to be coming from developing nations of China, and Japan. India is also estimated to grow at a healthy CAGR during the forecast period. Due to the growing application of PV modules for especially residential segment, the Pv module market is foreseen to be having an overall advantage in the market.
Some of the key players in the PV Module market are First Solar Inc., Jinko Solar, Leonics Company Limited, Itek Energy, and Canadian Solar Inc.
Increasing Demand for Solar Power Energy to Boost Global PV Module Market
A photovoltaic (PV) module, also known as a solar PV module, is a set of photovoltaic (PV) cells. It is usually referred to as solar cells. A set of PV modules, also known as PV panels, are connected together into a wide assortment called a PV array to achieve the necessary current and voltage. A PV module is a critical component of any PV device that transforms sunlight straight into direct current electricity. PV modules are connected in a parallel or series configuration to produce current and voltage in a given device. Growing prominence of these cells are likely to work in favor of the global PV module market in the near future.
In addition, due to several process-oriented industries emerging in different parts of the world, the global PV module market is forecasted to experience a remarkable growth in the forthcoming years.
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