PV Module Market - Snapshot

The PV module is the basic building block of the solar electric power generation system. It is used in a dynamic range of applications in multiple end-use industries around the globe. The PV module market has witnessed significant growth during the last two decades due to various process-oriented industries. Rapidly declining prices of PV modules and the high rate of adoption is expected to help expand the PV module market significantly over the forecast period. The market for PV module is forecasted to reach US$ 15.13 Bn by 2026 from US$ 31.41 Bn in 2017, recording a CAGR of -7.7%. The negative CAGR is a result of the declining prices of PV modules.

pv module market

The PV module market has seen demand traction due to fall in prices of PV modules and because solar energy is a clean and pure form of energy. In addition, it is witnessing increasing consumption in the industrial segment which holds the largest market share in terms of end-use. In terms of end use industry, the residential segment has been expanding at the highest CAGR (negative) as compared to other segments. The commercial segment is adopting the trend of using solar PV modules due to increasing cost of electricity generation. PV module uses solar energy, which helps to bring down global warming. In terms of component, solar panels have the dominant market share, and are expected to continue the dominance during the forecast period. The battery segment is estimated to expand with the highest CAGR due to its replacement after every three to four years.

The crystalline type of silicon has long been in demand and amorphous silicon is already being accepted by residential, commercial, and industrial segments. A close study of PV modules shows that new technology in the designing of solar panels are ongoing which can achieve high efficiency as compared to the existing crystalline and amorphous silicon. By connectivity, the grid-tied segment holds the largest market share and is expected to dominate the market during the forecast period. This is due to the need for continuous connections toward the local mains electricity. Based on mounting type, the rooftop segment is expected to expand with the highest CAGR, while the ground-mounted segment is estimated to have the largest market share.

Factors such as solar power energy being the clean source of energy and the subsidies offered by governments for the use of solar PV module is seen as crucial factors influencing the market growth trends for the industry. The PV module market however still faces challenges such as high cost and dependence on atmospheric weather, which has negatively affected further large-scale proliferation of the technology. The existing technology integration offers possible opportunities such as increasing the efficiency of the solar panels by designing of sophisticated cell structures and improving the solar contact cells. Any further development and exploration of solar PV modules is expected to open new sets of unexplored opportunities, right from designing of solar panels to the other components required in the solar PV module, thereby supporting growth of the PV module market.

Attracted by this fast expanding market and underlying latent demand, many players are encouraged to invest in the market for solar PV module and services. Right from raw material suppliers to manufacturers, there is a rush of companies across industries trying to strengthen their foothold in the PV module market. Also, some countries and their respective governments are planning efficient policies for the use of solar power energy that supports the growth of the PV module market. However, due to competition from established players such as Jinko Solar and Trina Solar that already have a strong network in the market as well as technology expertise, new entrants may find it challenging to establish their market presence without a unique value proposition.

Some of the prominent players identified in the PV module market and profiled in the study include - Jinko Solar, GCL-Poly Energy Holdings Limited, Canadian Solar Inc., First Solar Inc., Renesola Ltd. Trina Solar Limited, Leonics Company Limited, AE Solar GmbH, Itek Energy, and Wuxi Suntech Power Co. Ltd.

PV Module Market: Overview

This comprehensive report by Transparency Market Research analyzes and forecasts the PV module market at the global and regional level. The report provides analysis over the period 2016–2026, wherein 2018 to 2026 is the forecast period and the base year is 2017. An in-depth and unbiased market assessment has been made to offer readers in-depth and accurate analysis. The report highlights all the major trends and services playing a key role in the growth of the PV module market during 2018 - 2026. It also focuses on market drivers, restraining factors, and opportunities of the PV module market during the said period. The study provides a complete perspective about the growth of the PV module market throughout the research study in terms of value (in US$ Bn) across various geographies, including Asia Pacific, South America, North America, Middle East & Africa (MEA), and Europe.

The report includes a detailed value chain analysis, which is focused on providing an extensive view of the global PV module market. Porter’s Five Forces analysis is also provided to understand the competitive scenario in the global PV module market. The study incorporates PV module market attractiveness analysis, wherein the market segments, for instance type, component, mounting type, connectivity, and significant end-use industries are benchmarked based on their market size, growth rate, and attractiveness in terms of opportunity. In order to give a complete analysis of the overall competitive scenario in the PV module market, every geographic region mentioned in the report is provided with attractiveness analysis.

The market overview chapter in the PV module market report explains the market trends and dynamics, which includes the drivers, restraining factors, and opportunities for the current and future PV module market. A market outlook analysis has also been provided globally in the report. Additionally, the report provides analysis of different business strategies adopted by leaders of the PV module market. Market introduction chapter assists in gaining an idea of different trends and services related to PV modules along with their types and end-use industries.

Global PV Module Market: Scope of the Report

The study provides a decisive view of the global PV module market, by segmenting the market based on type into crystalline silicon, amorphous silicon, and others. Based on components, the market has been classified into solar panel, inverters, batteries, solar charge controllers, and others. By mounting type, the PV module market is classified into ground mounted, pole mounted, and rooftop. Based on connectivity, the market is segmented into grid-tied and off grid. By end-use industry, the market has been classified into residential, commercial, and industrial. The report provides a detailed breakdown of the PV module market region-wise and categorizes it at various levels, thus providing valuable insights at micro and macro levels.

The report highlights the competitive scenario within the PV module market, thus ranking all the major players according to their key recent developments and geographic presence. The insights for the PV module market are the result of our extensive primary interviews, secondary research, and in-house expert panel reviews. These market estimates have been analyzed by considering the impact of different economic, political, social, legal, and technological factors.

Based on country, the North America market is bifurcated into Canada, the U.S., and Rest of North America. Furthermore, the Europe market is analyzed across Germany, U.K., France and Rest of Europe. The APAC PV module market is segmented as China, Japan, India, Australia, and Rest of Asia Pacific. Middle East & Africa region covers the G.C.C. countries, South Africa, and Rest of Middle East & Africa. Similarly, South America region includes Brazil and Rest of South America. This report provides all the strategic information required to understand the PV module market in terms of its type, component, mounting type, connectivity, and end-use industry. The report also provides insights related to type, component, mounting type, connectivity, and different end-use industries according to the various geographical regions mentioned above.

Global PV Module Control Market: Research Methodology

The research methodology is a perfect combination of primary research, secondary research and expert panel reviews. Secondary sources such as annual reports, company websites, SEC filings and investor presentations, national government documents, internal and external proprietary databases, statistical databases, relevant patent and regulatory databases, market reports, government publications, statistical databases, World Bank database, and industry white papers are usually referred.

Primary research involves telephonic interviews, e-mail interactions, and face-to-face interviews for detailed and unbiased reviews on the PV module market, across geographies. Primary interviews are usually conducted on an ongoing basis with industry experts and participants in order to get latest market insights and validate the existing data and analysis. Primary interviews offer new and fresh information on important factors such as market trends, market size, competitive landscape, growth trends, etc. These factors help to validate and strengthen secondary research findings. Moreover, the data collected and analyzed from secondary and primary research is again discussed and examined by our expert panel.

Global PV Module Market: Competitive Dynamics

The research study includes profiles of leading companies operating in the global PV module market. Market players have been profiled in terms of attributes such as company overview, financial overview, business strategies, and recent developments. Parameters such as PV module investment & spending and developments by major players of the market are tracked. Some of the key players in the PV module market are Jinko Solar, GCL-Poly Energy Holdings Limited, Canadian Solar Inc., First Solar Inc., Renesola Ltd. Trina Solar Limited, Leonics Company Limited, AE Solar GmbH, Itek Energy, and Wuxi Suntech Power Co. Ltd. among others.

The PV module market has been segmented as follows:

Global PV Module Market

By Type

  • Crystalline Silicon
    • Single Crystalline
    • Poly Crystalline
  • Amorphous Silicon
  • Others

By Component

  • Solar Panel
  • Inverters
  • Batteries
  • Solar Charge Controllers
  • Others

By Mounting Type

  • Ground Mounted
  • Pole Mounted
  • Rooftop

By Connectivity

  • Grid-Tied
  • Off Grid

By End-use Industry

  • Residential
  • Commercial
  • Industrial

By Geography

  • North America
    • U.S.
    • Canada
    • Rest of North America
  • Europe
    • Germany
    • U.K.
    • France
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • Australia
    • Rest of Asia Pacific
  • Middle East & Africa (MEA)
    • GCC Countries
    • South Africa
    • Rest of MEA
  • South America
    • Brazil
    • Rest of South America