Solar PV Module Market Size By Technology (Thin Film, Crystalline Silicon), By Product (Monocrystalline, Polycrystalline, Cadmium Telluride (CdTe), Amorphous Silicon (A-Si), Copper Indium Gallium Di-selenide (CIGS)), By Connectivity (On-Grid, Off-Grid), By Mounting (Ground Mounted, Roof-Top), By End-Use (Residential, Commercial, Utility), Industry Analysis Report, Regional Outlook, Price Trends, Competitive Market Share & Forecast, 2017 – 2024

Published Date: May 2017  |  Report ID: GMI1563  |  Authors: Ankit Gupta, Aditya Singh Bais

Report Format: PDF   |   Pages: 400   |   Base Year: 2016

Summary Table of Contents Industry Coverage Methodology

Industry Trends

Solar PV Module Market size surpassed USD 20 billion in 2016 and is anticipated to grow at a rate of over 4% from 2017 to 2024. 

Solar PV Module Market

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Government concern toward greenhouse gas (GHG) emissions along with paradigm shift toward adoption of renewable power generation sources will positively influence the solar PV module market landscape. In addition, increasing electricity consumption in line with growing electrification index will complement the business dynamics in the coming years.

Favorable regulatory schemes comprising of feed in tariff, net metering and subsidy to enhance the adoption of solar energy among end users coupled with rising research and development activities to enhance the operational performance will boost the product adoption. For instance, in 2019, researchers in the U.S. developed a prototype for solar cell comprising 44.5% efficiency.

Solar PV Module Market Report Coverage
Report Coverage Details
Base Year: 2016 Market Size in 2016: 20 Billion (USD)
Historical Data for: 2013 to 2016 Forecast Period: 2017 to 2024
Forecast Period 2017 to 2024 CAGR: 4% 2024 Value Projection: 30 Billion (USD)
Pages: 400 Tables, Charts & Figures: 850
Geographies covered (27): U.S., Canada, Mexico, UK, France, Netherland, Italy, Germany, Sweden, Russia, Spain, Austria, China, Australia, India, Japan, South Korea, Brazil, Chile, Israel, Saudi Arabia, UAE, Jordan, South Africa, Egypt, Algeria, Nigeria
Segments covered: Technology, Product, Connectivity, Mounting, End-Use and Region
Companies covered (23): Trina Solar, Canadian Solar Inc., JA Solar Holding Co., Jinko Solar, First Solar, Yingli Solar, SFCE, ReneSola, SunPower Corp, Vikram Solar Pvt, Ltd., Risen Solar, Lanco Solar, IndoSolar, Su Kam Power System Ltd., GCL, Hanwha Q-Cells, Moser Baer Solar, E-Ton Solar, EMMVEE Solar, Shine Solar, Motech Solar, Solar Frontier, Hareon Solar,
Growth Drivers:
  • Favorable government initiatives
  • Rising clean energy demand
  • Cost competitive
  • Declining prices of solar component
Pitfalls & Challenges:
  • Lack of grid infrastructure

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 By Technology

Thin film solar industry is anticipated to witness significant upsurge owing to installation of utility scale power projects coupled with rising industry efforts toward integration of automated solar technology. Furthermore, ease of manufacturing, high conversion efficiency, and low production cost are few prime factors making its deployment favorable when compared to other technologies.

Crystalline silicon based solar PV module market is projected to surpass 6% by 2024. Growing government measures toward adoption of solar technology in line with shifting focus on research and development (R&D) expenditure to improve efficiency will positively drive the product adoption in the coming years.

By Product

Amorphous Silicon module industry size in 2016 was valued above USD 2 Billion. Capability to integrate several film layers along with high light sensitivity, lightweight, durability, are few of the indispensable parameters positively driving the business landscape over the forecast timeframe.

Increasing demand for optimum resource utilization in line with growing emphasis on sustainable power generation will positively influence the Copper Indium Gallium Di-selenide (CIGS) panel industry growth. Furthermore, product flexibility, and heat resistance are some of the key parameter making its adoption favorable in comparison to other technologies.

 By Connectivity

Off grid solar PV module market is projected to grow at rate of over 8% by 2024. Positive regulatory reforms toward decentralized power generation coupled with growing energy demand from remote locations will stimulate the industry growth over the forecast timeline.

On gird PV industry is anticipated to witness considerable upsurge owing to initiatives aimed to grid integrate utility scale projects along with increasing technical and financial assistance from regulatory bodies to enhance the penetration of clean power generation sources. Rising government efforts to provide reliable and uninterruptible electricity supply coupled with growing concern toward limited availability of fossil fuel will boost the product adoption.

 By Mounting

Ongoing infrastructure expansion along with increasing research and innovation (R&I) activities to enhance operational life will stimulate the ground mounted PV module industry share. Positive regulatory schemes comprising of net metering, subsidies, and FITs will complement the business outlook.

Rooftop segment will witness robust growth over the forecast period. Shifting focus of regulators to integrate roof top solar system across residential and commercial establishment will drive the business growth. In addition, rising concerns to reduce GHG emissions in line with rising awareness about climate change among consumers will further drive the industry dynamics.

By End-Use

Surging electricity demand from data centers, & communication base stations along with rapid installation of solar panels across hotels, hospitals, & corporate offices will dive the product demand. Module level monitoring, higher energy yield and improved panel efficiency are few of the prime features making its adoption preferable among commercial users.

Utility integrated solar PV module market will witness considerable upsurge owing to growing demand for clean electricity coupled with ambitious plan to limit carbon emissions. Rising government efforts to achieve renewable energy targets along with introduction of favorable schemes comprising FiT, and tax credit will boost the product deployment.

 By Region

Africa solar PV module industry size in 2016 was valued above USD 280 million. Abundant solar energy potential in line with growing electrification index across the region will strengthen the industry outlook. Rising fund flow from international financial institutions along with large land availability will proliferate the business dynamics. For instance, in 2019, World Bank and IFC announced to support Scaling Solar Program in Zambia for a 48 MW solar PV project.

Competitive Market Share

Major industry participants across the solar PV module market comprise of Canadian Solar, Trina, Jinko, JA Solar, First Solar, Hanwha Q-Cell, Yingli, SFCE, SunPower, ReneSola, Vikram Solar, Su Kam, Lanco, Moser Baer, GCL, Moser Baer, Shine Solar, Motech Solar, and Hareon amongst others.

Rigorous research and development activities along with enhanced turnkey solutions have established a competitive business scenario. Furthermore, industry efforts to increase panel efficiency along with improving its operational life will further propel the industry dynamics in the coming years.

Industry Background

Solar PV modules absorb sunlight to produce electricity. An array of modules combinedly generate electricity to feed power to the facility. These panels are majorly deployed across industries, utilities, and residential consumers to cater rising energy demand.

Frequently Asked Questions (FAQ) :

Upsurge in the demand for clean energy, along with favorable government initiatives is set to fuel the demand for solar PV modules.
Africa is likely to emerge as a favorable investment destination for solar PV module industry in the wake of substantial capability of solar energy and uptick in inflow of funds from international financial institutions.
A marked rise in research and innovation (R&I) activities and current infrastructure expansion have made ground mounted PV modules immensely popular among end-users.
Sustained demand for clean energy electricity and audacious plan to curb carbon emissions have made solar PV modules highly sought-after in utility sector.

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