The global solar PV module market size is projected to witness significant growth over the forecast spell, owing to rising investments towards renewable energy and a decarbonized economy. Recent years have seen a rapid rise in favorable regulatory policies towards the deployment of solar panels, in the form of tax rebates and incentives.
Furthermore, the escalating demand for solar power from remote locations, alongside strict mandates for the generation of decentralized power will impel solar PV module industry outlook over the coming years. Market trends will also be influenced by the surging green energy demand across the private and public sectors, as well as reducing solar panel costs.
Major entities operating in the solar PV module market share include Sun Power Corporation, Motech Industries, Trina Solar, GCL System Integration, JA Solar, Su-Kam Power System Ltd., Canadian Solar, Longi Solar Technology Ltd., Jinko Solar, Sharp Corporation, Suntech Power Holding Ltd., Risen Solar, First Solar, Schott Solar, Yingli Solar, Hanwha Q CELLS, Solar Frontier K.K., and Solar World. These players are invested in several lucrative design, development, and research strategies, in order to deliver advanced solar products, designed to meet evolving customer needs.
Rising potential of crystalline silicon solar PV modules across commercial applications
The solar PV module industry from the crystalline silicon segment is poised to gain considerable traction over the coming years, given the mounting demand for green electricity from the public and private sectors.
The product demonstrates strong applicability in utility-scale and commercial projects, such as educational institutions, data centers, and hotels, which will add impetus to industry expansion. This is due to the myriad beneficial effects of crystalline silicon such as extended solar panel life cycle, safer and more dependable operations, and lower weight volume ratio.
Rapid integration of renewable sources and shift towards a decarbonized economy
Escalating demand for cost-effective electricity from developing economies, alongside the integration of renewable power technologies on a large scale will stimulate solar PV module market dynamics from the monocrystalline segment. These products deliver multiple advantages such as economical operation costs, embedded energy per panel as well as high efficiency. Moreover, propitious government schemes and incentives pertaining to net metering and feed-in tariff will impel solar PV module industry growth in the segment.
The cadmium telluride segment will also witness a positive growth trajectory, as a result of a strong focus on decarbonizing the economy, as well as the development of advanced renewable energy sources. Favorable regulatory initiatives such as power purchase agreements and net metering will enhance product demand. Also, growing environmental concerns regarding GHG emissions and persistent efforts towards fossil fuel reduction will foster solar PV module market expansion from the segment.
Rapid expansion of utility-scale grid networks
Based on connectivity, the on-grid solar PV module systems segment is anticipated to gain rapid momentum over the forecast period, due to the expansion of utility-scale grid networks and the availability of electricity at more economical price points. Stringent regulatory norms pertaining to the adoption of renewable power technologies, as well as the replacement of existing power generation systems with renewable sources, in order to accommodate growing clean energy targets, will further boost industry dynamics.
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