Solar PV Module Market Analysis

Solar PV Module Market Analysis

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Based on connectivity, the on grid is anticipated to reach USD 545 billion by 2032, on account of continuous improvements in PV module efficiency, such as the development of monocrystalline and bifacial panels, are enhancing the performance of on-grid solar systems. Various governments offer subsidies, tax credits, and rebates to promote the adoption of solar energy. Examples include the Investment Tax Credit (ITC) in the United States and various feed-in tariffs in Europe and Asia are contributing to the business scenario.

Based on mounting, the ground mounted segment is set to grow at a CAGR of over 8% through 2032. The development of high-efficiency PV modules, such as monocrystalline and bifacial panels, allows for greater energy production per square meter, making ground-mounted installations more efficient and cost-effective. Further, advances in thin-film solar technology, which offers flexibility and lower weight, are becoming more popular for large-scale ground-mounted projects.

Rising C&I sector concern about electricity cost reduction by generating their own power, mitigating the impact of rising utility rates, and achieving long-term energy cost stability are accelerating the product demand. Growing adoption of solar energy by eminent players to align with corporate social responsibility initiatives and environmental sustainability goals is uplifting business statistics. Furthermore, increasing regulatory pressure to reduce greenhouse gas emissions and comply with environmental standards drives businesses to adopt renewable energy solutions thereby improving industry landscape.

Asia Pacific solar PV module market is projected to surpass USD 354.6 billion by 2032. Rapid economic growth and urbanization along with increasing energy demand, particularly in countries such as China, India, and Southeast Asian nations are driving the business growth. Declining product costs coupled with rising shift towards renewable energy sources due to increasing air pollution concerns are enhancing the product demand. Growing government supportive policies and incentives to promote solar energy adoption including China’s Feed-in Tariffs (FiTs), India’s solar subsidies under the National Solar Mission are additional factors complementing the industry growth.