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Market Research Report
Product code
1040181
Solar PV Module Market by Technology, Product, Connectivity, Mounting, and End-Use : Global Opportunity Analysis and Industry Forecast, 2021-2030 |
Solar PV Module Market by Technology, Product, Connectivity, Mounting, and End-Use : Global Opportunity Analysis and Industry Forecast, 2021-2030 |
Published: September 22, 2021
Allied Market Research
Content info: 492 Pages
Delivery time: 2-3 business days
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The global solar PV module market was valued at $127.9 billion in 2020, and is projected to reach $260.2 billion by 2030, growing at a CAGR of 7.4% from 2021 to 2030.
Photovoltaic (PV) materials are devices, which convert sunlight into electrical energy. These are also known as solar cells and are made of several semiconductor materials. Single photovoltaic device is known as a cell, which is majorly small and produces about 1 to 2 watts of power. Moreover, these cells are connected in series to form larger units called modules to boost the power output of photovoltaic cells. Solar PV modules are utilized individually multiple modules can be connected to form arrays. One or more arrays are then connected to the electrical grid, which forms a complete PV system. Therefore, due to formation of this modular structure, these systems are built to meet small to big power requirements.
This report projects the trends and opportunities of the global solar (PV) modules market. This research study includes a qualitative and quantitative analysis with comprehensive research methodologies and reliable projections to understand the present overview and predict the market behavior during the forecast period.
The global solar PV module market gains demand owing to the availability of solar energy and increase in demand for electricity. Moreover, various encouraging steps taken by government to promote this mode of power generation and formation of multiple policies are expected to act as a motivating factor for market growth. In addition, increase in demand for solar energy from residential, utility-scale, and commercial sectors is another factor that boosts the market growth. Furthermore, affordability in installations of these panels has increased owing to high levels of market competition. Rise in property value, durability, and decrease in utility bills also contribute to the market growth in residential areas.
However, rise in grid connection issues and interconnection delays and insufficient grid capacity are posing hurdle for set up of new plants and 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.
The global solar PV module market size is segmented on the basis of technology, product, connectivity, mounting, end-use, and region. By technology, it is analyzed across thin film and crystalline silicon. By product, it is segmented into monocrystalline, polycrystalline, cadmium telluride, amorphous silicon, and copper indium gallium diselenide. By connectivity, it is divided into on-grid and off-grid. By mounting, it is analyzed across ground mounted and roof top. By end-use, it is segmented into residential, commercial, and utility. Region-wise, it is studied across North America, Europe, Asia-Pacific, and LAMEA.
The major key players operating in the global solar PV module market include Trina Solar, Canadian Solar, JA Solar, Jinko Solar, First Solar, REC Solar, GCL System Integration Technology Co. Ltd., Hanwha Q Cells, China Sunergy (Nanjing) Co., Ltd, and Solaria Corporation.
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