About Solar Modules
Solar modules or solar panels observe sun’s ray to produce electricity. Also known as photovoltaic (PV) cell, It is clean and renewable source of energy which reduces the dependency on fossil fuels. These panels are widely used to power various electronic devices, vehicles batteries and other gadgets. Also, the added benefit offered by their installation is that they are capable of decreasing carbon foot print. Installing a panel on standard house roof can eliminate up to 35,180 pounds of carbon dioxide in a year.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
CAGR | 9.4% |
The solar module market is experiencing rapid growth, driven by increasing demand for renewable energy and decreasing costs. This has led to a highly competitive landscape with a diverse range of players offering a variety of products. Analyst at AMA Research estimates that United States and Chinese Manufacturers will contribute the maximum growth to Global Solar Modules market throughout the forecasted period. Established and emerging Manufacturers should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Suntech (China), Sharp Solar (Japan), First Solar (United States), Trina Solar (China), Hanwha Solarone (China), Canadian Solar (Canada) and SunPower (United States) are some of the key players that are part of study coverage. Additionally, the Manufacturers which are also part of the research coverage are Yingli Solar (China), Photonix Solar Pvt. Ltd (India), Goal Zero (United States), SolarWorld (Germany) and Renewable Energy Corporation (Singapore).
Segmentation Overview
AMA Research has segmented the market of Global Solar Modules market by Type (Monocrystalline, Polycrystalline and Thin-film) and Region.
On the basis of geography, the market of Solar Modules has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Europe region held largest market share in the year 2023. If we see Market by End Users, the sub-segment i.e. Residential will boost the Solar Modules market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Installation type, the sub-segment i.e. Ground-Mount will boost the Solar Modules market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Rise in Demand for High Crystalline Silicon PV Panel and Advent of Frameless Solar Panels
Market Growth Drivers:
Growing Focus on Expansion of Renewable Energy Sources and Rising Commercial and Residential Installation of Solar Panels
Challenges:
Varying Climatic Condition and Cloudy Weather
Restraints:
Need for Storage Devices Leading to High Cost Initial Investment and Lack of Infrastructural Support in Emerging Countries
Opportunities:
Growing Investment in Renewable Energy Sources in Emerging Countries and Emergence of Distributed Generation to Narrow Down the Gap Between Supply and Demand
Market Leaders and their expansionary development strategies
In October 2023, JinkoSolar announces the acquisition of Malaysia-based module manufacturer, DNE Solar, to strengthen its Southeast Asian presence.
In December 2023, Hanwha Q CELLS announces its Q.HOME+ rooftop solar system with integrated battery storage and smart home features.
Key Target Audience
Solar Modules Manufactures, Suppliers/Distributors, System Integrators, Potential Investors, Government Agencies, Market and Research Firms and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.