Global PV Module Market: Snapshot
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.
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.
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.
Decreasing Cost of PV Modules Triggers Growth of the Market
There has been a rise in demand and escalation in the consumption of solar power energy in the last few years. It is presumed to contribute more and more revenue to the global PV module market in the years. Most of the leading market players are focusing on their research and development expertise to design advanced PV module systems. Those advanced modules are needed for residential, commercial, and industrial sectors.
Subsidies offered by the government are also leading to prominent expansion of the global PV module market. In emerging nations, there has been substantial growth due to the growing crystalline silicon type manufacturing so as to achieve higher productivity together with increased efficiency as well.
Furthermore, the global PV module market is expected to be triggered by the rapid decline in cost of the PV module due to which there has been a rise in the adoption rate of the PV modules. As such, the overall market is expected to accelerate in the forthcoming years.
In terms of revenue, Asia Pacific region held the largest market share of the global PV module market in 2017 and the region is estimated to grow at a rapid pace during the forecast period. Augmented investment by the companies and the growing demand for solar PV modules is forecasted to drive the PV module market across the Asia Pacific region.
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
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By Mounting Type |
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