Global Solar PV Module Market Size to surpass $30bn by 2024

Solar PV Module Market size will surpass USD 30 Billion by 2024; as reported in the latest study by Global Market Insights, Inc.

Rising penetration of solar energy owing to introduction of large utility scale projects along with increasing roof top installations will proliferate the solar PV module market outlook. Strict government measures to meet renewable energy targets along with positive regulatory efforts to mitigate demand supply mismatch owing to growing electricity demand will complement the business dynamics.


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Monocrystalline solar PV module market is expected to observe significant growth on account of shifting focus toward optimum resource utilization and energy efficiency. Furthermore, declining component price in line with technological advancement to enhance operational life will further complement the industry landscape.

Solar PV Module Market

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Asia Pacific solar PV module market will witness growth owing to rising energy demand across developing countries coupled with effective implementation of renewable power generation policies. In addition, low manufacturing cost, bulk manufacturing capacities, and favorable government norms to promote integration of the technology will complement the industry dynamics over the forecast timeframe.

Residential end-use segment is projected to grow at a rate of over 7% by 2024. Ongoing incentives and tax rebates along with introduction of net metering will encourage the adoption of PV systems across residential applications. In addition, surging awareness about environmental degradation from fossil fuel-based generation technologies along with rising fuel cost will complement the industry dynamics.

Browse key industry insights spread across 400 pages with 838 market data tables & 12 figures & charts from the report, 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 (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),Price Trends, Competitive Market Share & Forecast, 2017 – 2024” in detail along with the table of contents:

Positive industry efforts toward reducing the solar component cost along with introduction of stringent policies to reduce carbon footprint will stimulate the business dynamics. For instance, in June 2019, solar panel cost declined to USD 2.98/W from USD 8.5/W in 2009. Furthermore, rising integration of smart technologies comprising big data and IoT to enhance operational performance coupled with increasing adoption of digital monitor and control technology will further strengthen the market landscape.

Favorable regulatory initiatives including low import duty, investment tax credit, and financial assistance will positively influence the on-grid industry share. In addition, growing dependency on uninterruptable electricity along with government efforts to maintain grid stability will further drive the business outlook in the coming years.

Latin America solar PV module market is anticipated to witness significant upsurge on account of growing energy demand coupled with positive regulatory outlook toward replacement of conventional power systems from renewable electricity generation technologies. Furthermore, positive economic performance among developing countries in line with improving living standards and rising disposable income will further propel the product deployment.

Leading industry players across the market include Jinko, Canadian Solar, Trina, JA Solar, Yingli, Hanwha Q-Cell, Vikram Solar, SFCE, Shine Solar, Motech Solar, SunPower, ReneSola, Lanco, Moser Baer, Su Kam, GCL, First Solar, Hareon and, Moser Baer among others.

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The solar PV module market research report includes in-depth coverage of the industry with estimates & forecast in terms of MW and USD Million from 2013 to 2024, for the following segments:

By Technology

  • Crystalline Silicon
  • Thin Film

By Product

  • Monocrystalline
  • Polycrystalline
  • Cadmium Telluride
  • Amorphous Silicon
  • Copper Indium Gallium Di-selenide

By Connectivity

  • On-Grid
  • Off-Grid

By Mounting

  • Ground Mounted
  • Roof-top
  • By End-Use
  • Residential
  • Commercial
  • Utility

The above information is provided on a country basis for the following:

  • North America
    • US
    • Canada
    • Mexico
  • Europe
    • UK
    • France
    • Netherland
    • Italy
    • Germany
    • Sweden
    • Russia
    • Spain
    • Austria
  • Asia Pacific
    • China
    • Australia
    • India
    • Japan
    • South Korea
  • Middle East
    • Israel
    • Saudi Arabia
    • UAE
    • Jordan
    • Africa
  • South Africa
    • Egypt
    • Algeria
    • Nigeria
  • Latin America
    • Brazil
    • Chile

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