A solar PV module is an assembly of photo-voltaic cells mounted in a framework for installation. Solar panels use sunlight as a source of energy to generate direct current electricity. A collection of PV modules is called a PV panel, and a system of PV panels is called an array. Arrays of a photovoltaic system supply solar electricity to electrical equipment.
At present, the global solar
PV module market witnesses numerous opportunities, owing to a
rapid increase in the development of renewable power in Asia-Pacific and LAMEA
to cope with the increase in electricity demand. In addition, the market is
driven by domestic content laws and the rise in photovoltaic panel installation
projects owing to the expiration of the federal investment tax credit (ITC).
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Moreover, in developed economies such as the U.S., solar
photovoltaic has proved to be an economic alternative at the time of peak power
needs. In addition, the success of distributed solar and rapidly reducing cost
has led some U.S. utilities to establish their own solar installations such as
residential and community projects. However, the rise in grid connection issues
and interconnection delays, and insufficient grid capacity posing hurdles for
the set up of new plants are expected to hamper the growth of the solar PV
module market during the forecast period. Furthermore, an increase in the price
of fossil fuels is expected to provide growth opportunities for the solar PV
module market during the forecast period.
By technology, the global solar PV module market size is
studied across thin film and crystalline silicon. The crystalline silicon
segment accounted for the largest market share in 2020, owing to higher
conversion efficiency. The crystalline silicon segment dominated the global
market with nearly four-fifths of the total market share in 2020.
By product, the global solar PV module market is studied
across monocrystalline, polycrystalline, cadmium telluride, amorphous silicon,
and copper indium gallium diselenide. The monocrystalline segment accounted for
the largest market share in 2020, owing to longevity, efficiency, operational
cost, and embedded energy per panel. The monocrystalline segment dominated the
global market with nearly half of the total market share in 2020.
By connectivity, the global solar PV module market is
studied across on-grid and off-grid. The on-grid segment emerged as the leader
in 2020, owing to favorable government incentive schemes including feed-in
tariffs and net metering. The on-grid segment dominated the global market with
more than four-fifths of the total market share in 2020.
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By mounting, the global solar PV module market is studied
across ground-mounted and rooftops. The ground-mounted segment emerged as the
leader in 2020, owing to a surge in the installation of large-scale solar
utility plants across the globe. The ground-mounted segment dominated the
global market with three-fifths of the total market share in 2020.
By end-use, the global solar PV module market is studied
across residential, commercial, and utility. The residential segment emerged as
the leader in 2020, owing rise in the number of utility-scale projects owing to
the rising demand for clean electricity. The utility segment dominated the
global market with more than half of the total market share in 2020.
Region-wise, the global market is studied across North
America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific accounted for a major
solar PV module market share in 2020 and dominated the global market with more
than half of the total market share in 2020.
The major players studied and profiled in the global solar
PV module industry are BASF SE, Nan Ya Plastics Corporation, Exxon Mobil
Corporation, Asian Paints Ltd., C-Chem Co. Ltd., I.G. Petrochemicals Ltd.,
Koppers Inc., Mitsubishi Gas Chemicals Co. Ltd., Polynt Spa, Stepan Company,
Thirumalai Chemicals Ltd. and UPC Technology Corporation.
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Key findings of the study
- In
2020, Asia-Pacific dominated the global solar PV module market with around
57.5% share, in terms of revenue. In addition, it is also projected to
grow at the highest CAGR of 7.7% in terms of value.
- The
crystalline silicon segment dominated the global market with around 78.0%
of the share in terms of revenue. In addition, it is also projected to
grow at the highest CAGR of 7.7% in terms of value.
- The
monocrystalline segment dominated the global solar PV module market with
around 49.0% of the share in terms of revenue. In addition, it is also
projected to grow at the highest CAGR of 7.8% in terms of value.
- The
on-grid segment dominated the global market with around 87.6% of the share
in terms of revenue. In addition, it is also projected to grow at the
highest CAGR of 7.6% in terms of value.
- The
ground-mounted segment dominated the global solar PV module market with
around 60.0% of the share in terms of revenue.
- The
rooftop segment is projected to grow at the highest CAGR of 7.8% in terms
of value.
- The
utility segment dominated the global solar PV module market with around
57.6% of the share in terms of revenue.
- The
residential segment is projected to grow at the highest CAGR of 7.9% in
terms of value.
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