The solar PV module market was expanded at USD 128 billion in 2021 and is expected to hit USD 260 billion by 2030, poised to grow at a CAGR of 7.4% from 2021 to 2030.
A solar PV module is a silicon-based layered semiconductor module that can produce electricity from sunlight. This photovoltaic effect is created by the flow of electrons inside the module, which can be maximized by the increased hours of exposure to sunlight. In recent years, solar PV modules have been dominating the renewable energy market, due to solar power’s ability to reach grid parity as conventional energy resources and technological development use sunlight as a source of energy in order to generate direct current electricity through photovoltaic cells.
The continued advancement toward a decarbonized economy reinforced by legislative energy policies and incentives constitutes the key shaping factor for the market growth trends. Favorable government measures including incentives have also been introduced to promote the adoption of various renewable technologies including solar PV. For instance, in 2019, the U.S. government introduced solar tax credit with an objective to reduce cost of installing a solar energy system by 30%. In addition, declining prices, improvements in conversion efficiencies, and growing efforts to optimize LCOE will further augment the industry demand.
Growth Factors
Increase in the number of solar PV module installations, use of solar PV panels as an economical alternative in the U.S., and the swift reduction in the cost of solar PV panels are the factors that drive the global solar PV module market. On the other hand, increase in grid connection issues, interconnection delays, and insufficient grid capacity hinder the market growth. However, surge in the price of fossil fuels is anticipated to offer many growth opportunities for market players.
However, rise in grid connection issues and interconnection delays and insufficient grid capacity posing hurdle for set up of new plants are expected to hamper the growth of the solar PV module market during the forecast period. Furthermore, increase in the price of fossil fuels is expected to provide growth opportunities for the solar PV module market during the forecast period.
COVID-19 analysis:
The solar PV module market is expected to decline in 2020, mainly due to the impact of COVID-19. Governments of several major economies have enforced lockdowns to curb the spread of COVID-19. With lockdown in place, manufacturing activities have been affected significantly. For instance, in January 2020, the Chinese government announced a lockdown of more than 30 days to tackle COVID-19. As the majority of the PV modules are manufactured in China, the production and supply chain has taken a significant hit. For instance, India imports ~80% of its solar value chain supplies from China. The lockdown drastically affected the manufacturing capacity of China, as all major ship container companies also stopped functioning out of Chinese ports and transporting goods from China to other countries. This resulted in supply chain disruptions in March and April 2020. Also, lockdown implemented in other countries caused supply chain disruptions and labor shortages in the PV module industry. Companies were not able to source the required labor for their operations due to travel restrictions. Though the market is expected to be impacted in 2020, recovery is expected to commence in 2021, with full recovery by 2022.
Report Highlights
Based on product, the monocrystalline segment accounted for the largest market share in 2020, contributing to nearly half of the total share, and is anticipated to maintain the lead during the forecast period. Moreover, this segment is anticipated to manifest the fastest CAGR of 7.8% from 2021 to 2030. The report has also covers other segments based on product namely, polycrystalline, cadmium telluride, amorphous silicon, and copper indium gallium diselenide.
Based on technology, the crystaline silicon segment contributed to the largest share in 2020, accounting for more than three-fourths of the global solar PV module market. The same segment is expected to lead throughout the forecast period, exhibiting the highest CAGR of 7.7% from 2021 to 2030. The report also talks about the thin film segment.
Based on End-use, the utility segment accounted for a major solar PV module market share in 2020. Growing number of utility-scale projects owing to rising demand for clean electricity are expected to drive the solar PV panels market across the industrial sector. According to Solar Energy Industries Association, utility-scale projects of more than 37 GW capacity are operating in the U.S. with another 112 GW in development stage. This is likely to surge the demand for solar PV module during the forecast period.
Based on Mounting, the ground mounted segment accounted for a major solar PV module market share in 2020. The growing electricity demand across the globe has compelled the authorities to install large scale solar utility plants. These utility scale projects are ground mounted and has capability to provide electricity at a competitive cost. In addition, rising investments to establish a sustainable energy mix across industries will drive the ground mounted solar PV module market growth. Furthermore, supportive regulatory policies and initiatives including feed in tariff program, long term power purchase agreements and other regulatory policies will boost the market revenue.
Based on Connectivity, The on-grid segment accounted for a major solar PV module market share in 2020. The expanding utility scale grid networks cater to the soaring electricity requirement across developing regions coupled with large scale deployment of renewable technology will positively influence the growth of on-grid connectivity segment. Moreover, favorable government incentive schemes including feed in tariffs and net metering and will further escalate the market demand for grid integrated solar PV module systems.
Based on region, Asia-Pacific, followed by North America and Europe, contributed to the highest share in 2020 holding nearly three-fifths of the total share, and is expected to maintain dominance throughout the forecast period. The Asia-Pacific region is expected to manifest the fastest CAGR of 7.7% during the forecast period. The report also talks about LAMEA region.
Key Players
Leading players of the global solar PV module market analyzed in the research include Thirumalai Chemicals Ltd., Nan Ya Plastics Corporation, Asian Paints Ltd., C-Chem Co. Ltd., Exxon Mobil Corporation, I.G. Petrochemicals Ltd., Mitsubishi Gas Chemicals Co. Ltd., Koppers Inc., Polynt Spa, Stepan Company, BASF SE, and UPC Technology Corporation.
Segmentation
By Technology
By Product
By Connectivity
By Mounting
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 2021 and the forecast between 2021 and 2030. 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 2030. 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
Research Methodology:
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
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.
Primary Sources
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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