Market Snapshot:
Photovoltaic (PV) cells or solar cells are connected to form solar PV modules. Semiconductor materials like as crystalline silicon are used to make them. The light energy absorbed from the sun is converted into electric energy by solar modules. The generated electric energy is used to light residential and business buildings. A single PV cell provides only 1 or 2 watts of power and is often manufactured in 12.5 cm and 15 cm square sizes. Solar PV modules are used to connect PV cells to increase their power production. The energy contained in photons of light is transferred to the semiconductor material when PV cells (found in solar modules) absorb sunlight. The electrons are made to flow as the electric current through the semiconductor material. Each solar PV module is typically rated between 50 and 350 watts. To complete the solar PV system, these modules may or may not be connected to the electrical grid.
Highlights from Solar PV Module Market Study
Attributes | Details |
---|
Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
CAGR | 7.7% |
The key Manufacturers profiled in the report are Trina Solar (China), Canadian Solar (Canada), Jinko Solar (China), JA Solar (China), Hanwha Q CELLS (South Korea), First Solar (United States), Yingli Green (China), SFCE (China), ReneSola (China) and SunPower Corp (United States). Additionally, other players that are part of this comprehensive study are LONGi Solar (China), Trina Solar (China), First Solar (United States), REC Group Solar (Singapore) and Q Cells (South Korea).
Geographic Breakdown and Segment Analysis
The Global Solar PV Module market presents a comprehensive analysis of the Solar PV Module market by product type (Monocrystalline, Polycrystalline, Cadmium telluride and Other), by end-user/application (Residential and Commercial), and by geography (North America, South America, Europe, Asia-Pacific and MEA) along with country level break-up. This section of our report presents a realistic picture of the Global Solar PV Module industry. Investors and Manufacturers can easily understand the inherent opportunities and challenges for their products in geographical region of interest.
For instance, while the holds majority of market share of the Solar PV Module market
Analyst at AMA have segmented the market study of Global Solar PV Module market by Type, Application and Region.
Influencing Trend:
Government Regulations and Subsidies towards Renewable Energy Sources are Latest Trend to Contribute towards Solar PV Module Market Growth.
Market Growth Drivers:
Rapid Urbanization and Technological Advancement Have Driven the Growth of Solar Pv Module Market. and Large Scale Industries Have Preferred Renewable Energy Souces Due to Lower Maintenance Cost Which Has also contributed to Market Growth of Solar PV Module.
Challenges:
High Initial Cost of Investment.
Restraints:
Not Much Technological Advancement to Fulfil the Complete Industry Demand.
Opportunities:
The increase in Climate Change Due to GHG emissions and Carbon Emissions is shifting the Industries toward Renewable Energy Sources.
Market Developments Activities:
In October 2023, JinkoSolar and LONGi Solar join forces with other leading manufacturers to establish the "Solar Module Alliance" to promote industry standards and sustainability practices.
In November 2023, Trina Solar launches its Vertex N series modules, incorporating N-type silicon technology for improved efficiency and lower temperature coefficients.
Regulatory Insights:
The solar system and its components, both on the quality aspects and the system performance and output. These must be in line with European standards and certification procedures. The quality of the installation work carried out by qualified (trained, experienced, and certified) installers Clear description and information to the user on installation/commissioning checks, system operating conditions, and system + installation guarantees.
The market has seen a good amount of technological advancement which makes it convenient for new entrances to achieve a better position in the market whereas the market is growing at a steady rate and with the rising adoption of strategies by key players. The existing players hold a sufficient market share to drive the market well and thus are also exploring mergers and acquisitions and investments, also are launching new and better services.
Key Target Audience
Solar PV manufacturers, New Entrants and Investors, Legalized Cannabis Distributors and Suppliers, Venture Capitalists, Government Bodies, Corporate Entities, Government and Private Research Organizations and Others