Solar PV Module Market to Witness an Outstanding Growth during 2021 - 2030

Solar PV Module Market is Expected to Reach $260.2 Billion by 2030

PORTLAND, OREGON, UNITED STATES, September 6, 2023/EINPresswire.com/ -- 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. 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.

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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 a rise in photovoltaic panel installation projects owing to the expiration of the federal investment tax credit (ITC). Moreover, in the 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 interconnection delays, and insufficient grid capacity posing hurdles for the setup 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.

COVID-19 analysis:

The solar PV module market is expected to decline in 2020, mainly due to the impact of COVID-19. Governments of several major economies have enforced lockdowns to curb the spread of COVID-19. With the lockdown in place, manufacturing activities have been affected significantly. For instance, in January 2020, the Chinese government announced a lockdown of more than 30 days to tackle COVID-19. As the majority of the PV modules are manufactured in China, the production and supply chain has taken a significant hit. For instance, India imports ~80% of its solar value chain supplies from China. The lockdown drastically affected the manufacturing capacity of China, as all major ship container companies had also stopped functioning out of Chinese ports and transporting goods from China to other countries. This resulted in supply chain disruptions in March and April 2020. Also, lockdowns implemented in other countries caused supply chain disruptions and labor shortages in the PV module industry. Companies were not able to source the required labor for their operations due to travel restrictions. Though the market is expected to be impacted in 2020, recovery is expected to commence in 2021, with full recovery by 2022.

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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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