Global PV Module Market – Industry Analysis and Forecast (2020-2027)

Global PV Module Market revenue was valued US$ 32.9bn in 2019 and is expected to decline at CAGR of xx% to reach at xx Bn in forecast period.
Global PV Module Market

Global PV Module Market Overview:

Photovoltaic (PV) Cells are used for the conversion of light into electricity using semiconducting materials that exhibits the photovoltaic effect. A photovoltaic system uses solar modules, which consists of a number of solar cells. Solar panels play major role in global transition to sustainable energy, which is required to reduce the global warming effect by decaying CO2 emission. After hydro and wind power, PV has emerged as a third largest renewable energy source in terms of capacity.

The report study has analyzed revenue impact of COVID -19 pandemic on the sales revenue of market leaders, market followers and market disrupters in the report and same is reflected in our analysis.

Global PV Module Market Dynamics:

Increasing government concern towards greenhouse gas (GHG) emissions and Favorable regulatory schemes, net metering and subsidies to enhance the adoption of solar energy will complement the market growth in forecast period. Advancements in the R&D activities to improve the operational performance, and rising prices of fossil fuels are some of the key drivers for the PV module market. Increasing energy demand due to the rising population, and need for sustainable energy resources are anticipated to provide lucrative opportunities for the market.

With the growing application of PV modules across the globe, reduction targets of carbon footprint, and low cost energy generation are going to push the market upward in all the regions.

However high cost of installation, need of power conversion devices and energy storage devices, low efficiency of PV module are expected to hinder the market growth, which are analyzed in the report in detail.

Global PV Module Market, Segmentation Analysis:

Solar energy is a clean and pure form of energy and falling prices of PV modules is witnessing increasing consumption in industrial and residential applications.
Depending on application, the industrial segment held major photovoltaic market share in 2019, which is attributed to the fact that telecommunication and aerospace & defense industries are using photovoltaic technology for power generation in the military satellite using solar panel.

Investment in R&D of satellites for civil & military purpose in countries across China, India, UK, U.S., and France, continuous development in telecommunication technologies such as 4G and 5G and set up of new towers to increase the bandwidth of mobile services are anticipated to drive the growth of the photovoltaic market. All these factors are analyzed with number in the report.

Thin film segment is expected to witness significant growth of CAGR of 20% over the forecast period. Thin film panels are made with solar cells that have light absorbing layers about 350 times smaller than that of a silicon panel. The key drivers for the market is its light weight and durability. Thin film PV panels are easy to install and requires labor resulting in to cost difference with other types of panels.

The Asia-Pacific accounted for the major market share in 2019 in the global market. The rapid industrialization and urbanization across the countries of Asia-Pacific region like India, China, and Thailand has led to increase in demand for electricity. In addition, strict government regulations over carbon emission and policies to reduce the reliability on conventional energy sources like crude oil and coal lead to increase the investments in PV market for the production of electricity. Asia-Pacific is likely to drive the growth of photovoltaic market, though the solar PV market in India witnessed an unexpected slowdown in 2018, irrespective of huge solar tenders and huge demand in the country due to currency depreciation, re-negotiation of power purchase agreements, anti-dumping duties, and GST ambiguity, etc.

The objective of the report is to present a comprehensive analysis of Global PV Module Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated study of key players that includes market leaders, followers and new entrants by region. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors by region on the market are presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps in understanding Global PV Module Market dynamics, structure by analyzing the market segments and project the Global PV Module Market size. Clear representation of competitive analysis of key players by Type, price, financial position, product portfolio, growth strategies, and regional presence in the Global PV Module Market make the report investor’s guide.

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The Scope of Global PV Module Market

Global PV Module Market, By Type

• Crystalline Silicon
o Single Crystalline,
o Poly Crystalline
• Amorphous Silicon
• Thin film
• Others
Global PV Module Market, By Application

• Residential
• Commercial
• Industrial
Global PV Module Market, By Mounting Type

• Ground Mounted
• Pole Mounted
• Rooftop
Global PV Module Market, By Product

• Solar Panel
• Inverters, Batteries
• Solar Charge Controllers
Global PV Module Market, by Region

• North America
• Europe
• Asia Pacific
• Middle East & Africa
• South America
Global PV Module Market, key players

• Canadian Solar
• First Solar
• JA Solar Co
• Jinko Solar
• Renesola
• Sharp Corporation
• Tata Power Solar Systems Ltd.
• Trina Solar
• Wuxi Suntech Power Co.Ltd.
• Abengoa
• Acciona
• Kaneka Corporation
• Kyocera Corporation
• Mitsubishi Electric Corporation
• Panasonic Corporation.

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