Solar PV Module Market is anticipated to surpass USD 85 billion by 2028, as reported in the latest study by Global Market Insights Inc.
Rising energy demand along with rapid investments in unconventional energy resources is likely to drive the Solar PV Module industry growth. Growing concerns to curb carbon emissions coupled with government policies on renewable solutions adoption will complement the business outlook. For instance, in 2020, the solar mandate policy was introduced, according to which all single and multi-family homes up to three stories will be equipped with solar PV installations. Additionally, extensive resource availability and cost-competitiveness combined with increasing market potential will boost the demand.
Expansion of microgrid networks for large-scale renewable integration
The rapid expansion of utility-based grid networks and growing electricity demand will augment on-grid solar module installations. Expanding sustainable microgrid networks and advanced distributed generation technologies will institute a favorable business scenario. Moreover, favorable government incentives including net metering and other similar reforms will positively influence the solar PV module market dynamics.
Rising investments to establish a sustainable energy mix across various industries
Growing investments in technology integration and grid expansion of rooftop systems followed by favorable economies associated with utility-scale installation is poised to propel the market revenue. Associated cost benefits with the availability of green loans for ground-mounted systems will further stimulate product deployment. However, the integration of smart monitoring & control technologies coupled with favorable consumer tendencies will spur industry statistics.
Browse key industry insights spread across 500 pages with 1100 market data tables & 38 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 & Industrial, Utility), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2022 – 2028”, in detail along with the table of contents:
Shifting focus toward distributed solar PV projects in line with promising reforms & policies across Europe
The increasing number of corporate post-purchase agreements, owing to the competitiveness of solar PV, increasing wholesale electricity prices, and shifting focus of private players to achieve sustainability goals will fuel the business landscape. Enhanced solar PV deployments on account of government support schemes have instituted a favorable industry outlook. For instance, the Stimulation of Sustainable Energy Production (SDE+) and Sustainable Energy Transition Incentive Scheme (SDE++) encourage the adoption of renewables to reduce CO2 and associated emissions.
Initiatives by regulatory bodies to increase renewable capacity
The pandemic has impacted the solar PV module market due to increased solar PV component prices and large-scale supply chain disruptions. In addition, the closure of various manufacturing units by the closing down of industries and lockdown impositions resulted in the delay of deployment & installation projects. However, government guidelines and safety measures in line with resuming of industrial operations will support the industry dynamics.
New product launches along with ongoing joint ventures and partnerships among eminent players
Strategic implications including agreements, partnerships, and innovations among leading players to provide sustainable and efficient solutions will accelerate the industry spectrum. For instance, in March 2021, JA Solar launched the DeepBlue 3.0 Light module tailored for residential and commercial rooftop solar systems. The product provides the benefits of the previously launched DeepBlue 3.0 including practical characteristics across rooftop PV projects.
Prominent players operating in the solar PV module market include Canadian Solar, Trina Solar, First Solar, JA SOLAR Technology, Jinko Solar, GCL-SI, REC Solar Holdings AS, CsunSolarTech, Hanwha Q Cells, LG Solar, The Solaria Corporation, Shunfeng International Clean Energy, Yingli Solar, SHENZHEN SHINE SOLAR, ReneSola, EMMVEE SOLAR, Solar Frontier K.K., Motech Industries, Risen Energy, SunPower Corporation, Vikram Solar, Indosolar, Longi Solar Technology, and Su-vastika Solar.