Solar PV Modules Market size to exceed $54 Bn by 2026
Published Date: July 14, 2020 Authors: Ankit Gupta, Aditya Singh Bais
Solar PV Modules Market revenue is expected to surpass USD 54 Billion by 2026, as reported in the latest study by Global Market Insights, Inc.
The solar PV module industry is anticipated to witness a substantial growth on account of shifting focus from conventional energy sources to renewable energy generation sources. Cost efficiency, safe operations and high energy storage capacity are some of the prominent factors which will drive the market demand. In addition, favorable regulatory policies with the rising investments towards the development of renewable sources along with the rising global electricity consumption and increasing electrification index will further boost the industry expansion.
Growing R&D activities to develop effective solar PV modules
The thin film cells are manufactured by depositing extremely thin layers of solar PV semiconductor material on a supporting material which includes stainless steel, plastic or glass. The production cost of these modules is considerably less when compared its counterparts owing to simple manufacturing process. Rigorous R&D investments from manufacturers across the globe to integrate thin film technologies with existing electrical set-up has positively influenced the technological growth.
For instance, the development and implementation of First Solar’s Series 6 CdTe modules with large form factor of 430 W+ will drive the solar PV modules market demand. Thin film solar PV modules are expected to register a growth of over 5% between 2020 & 2026.
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Browse key industry insights spread across 510 pages with 1103 market data tables & 56 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, Price Trends, Competitive Market Share & Forecast, 2020 – 2026”in detail along with the table of contents:
Growing adoption of clean energy technologies across residential households will proliferate the roof-top segment growth
Shifting focus of residential energy consumers toward clean energy sources coupled with favorable regulatory norms pertaining to solar installations will fuel the roof-top solar PV modules market demand. The rising space constraints and unavailability of land to establish large ground mounted systems have hampered solar installations in the recent past. Rooftop mounted solar systems has overcome these constraints and now possess immense growth potential in the solar industry. In addition, favorable regulatory norms and incentive schemes including feed-in-tariffs, net metering amongst others will drive the market demand across residential and commercial establishments.
Rising investments toward the development of Solar PV Modules Market size to exceed $54 Bn by 2026commercial establishments will spur the industry statistics
Commercial sector is expected to witness a growth of over 11% through 2026 on account of rising requirement of continuous and sustainable power across shopping malls, schools, and hospitals. It provides additional profits in terms of enhanced energy security, green energy credits along with enhanced Capacity Utilization Factor (CUF). The solar industry is expected to witness robust market growth owing to growing investments for the development of commercial establishments along with various regulatory norms and efficiency standards. In addition, declining technology costs and high commercial electricity tariff will positively influence the market demand across commercial applications.
Introduction of favorable policies and schemes to support solar energy adoption will drive the North America solar PV modules market growth
North America is anticipated to account for more than 15% market share in 2019. Stringent government mandates to effectively utilize the clean energy resources will continue to complement the solar PV module industry in the region. Fiscal incentives, renewable energy grid policies and investment tax credits are some of the major indispensable factors fueling the market revenue. According to Solar Energy Industries Association (SEIA), in 2019, the solar industry witnessed investment of USD 18 billion across the U.S. Moreover, rising voluntary procurement of solar system by utilities along with growing solar PV module installation across corporate offices, offsite commercial and industrial sector have further stimulated the market share.
Eminent players operating in the solar PV modules market includes Trina Solar, JA Solar, Canadian Solar, First Solar, Jinko Solar, Shunfeng International Clean Energy (SFCE), Hanwha Q CELLS, Longi Solar Technology Co. Ltd., and GCL System Intigration amongst others. New product development and strategic mergers are among the key strategies followed by the market players operating across the industry to sustain a competitive edge over other industry participants.
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