The Solar PV Module Market size is expected to surpassed USD 33.2 billion by 2027 and market is anticipated to grow at a rate of over 4.5% from 2020 to 2027.
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.
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.
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.
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 p
Off grid solar PV module market is projected to grow at rate of over 10% by 2027. Positive regulatory reforms toward decentralized power generation coupled with growing energy demand from remote locations will stimulate the industry growth over the forecast timeline.
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.
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.
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.
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.
The above information is provided on a country basis for the following:
The Solar PV Module market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Solar PV Module market for the base year 2019 and the forecast between 2020 and 2027. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Solar PV Module market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Solar PV Module market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Solar PV Module market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Solar PV Module capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Solar PV Module by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Solar PV Module market. These figures have been provided in terms of both revenue and volume for the period 2016 to 2027. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Solar PV Module market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Solar PV Module market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Solar PV Module industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
Solar PV Module market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Solar PV Module market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Solar PV Module market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Solar PV Module market. These factors have benefited the growth of the global market for Solar PV Module. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Solar PV Module. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Solar PV Module are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
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