Solar photovoltaic (PV) modules attract immense investments by proponents of renewable energy producers and utility companies. Solar PV panels are a key system for harnessing solar energy, and are gathering steam among commercial as well as residential users. The net benefit of low carbon footprint is one of the primary business propositions in the PV modules market. Rise in crystalline silicon type PV modules, along with the general decline in cost of adoption or installation, in emerging economies has expanded the value proposition. Advancements in PV module technologies have been increasingly boosting the energy efficiency and have made them modular, spurring the adoption rate in industrial and commercial environments.
The global PV modules market stood at US$ 31.41 Bn in 2017, and is projected to reach worth of US$ 15.13 Bn by the end of 2026. The loss in valuation can be ascribed to the considerable reduction in the prices of PV modules.
Key Findings of PV Module Market Study
Rising Demand for Clean Power Drives Opportunities
PV modules have formed as a key technology for end users to shift to solar energy. The trend has caught on momentum on the back of the constantly increasing business worldwide propositions for clean power, both among producers and end users in various economies. The proposition for clean energy for next generations is another aspect underpinning the adoption of PV modules. Crystalline silicon and amorphous silicon are both expected to gain popularity. The focus of PV manufacturers on increasing the efficiency of the latter will boost the popularity at remarkable rate. Moreover, amorphous silicon PV modules are viewed as meeting a wide range of applications since they can be made in various shapes. Constant innovations will continue to keep PV modules an attractive technology for clean power adoption.
Reliance on Fossil Fuels Boost Use of Grid-Tie Solar System
Over the years, grid-tie electrical systems have gathered attention as inexpensive and reliable grid energy storage system for end users, particularly for residential users. The high return on investment (ROI) has fueled new market propositions for the use of grid-tie solar systems. Even for small businesses, the high security and predictability are the key advantages, propelling the PV module market.
Increasing Governments’ Subsidies Impart Momentum to Adoption
Over the years, governments in numerous countries have been offering financial incentives and other subsidies to make PV modules affordable to public at large. Thus, favorable policies have been a key force in increasing the adoption rate particularly among households in both developed as well developing countries. Also, such policy support for solar energy will continue to add momentum to the demand for PV modules, especially in emerging economies such as India, China, and Japan.
Analyze Global PV Module Market growth in 30+ countries including US, Canada, Germany, United Kingdom, France, Italy, Russia, Poland, Benelux, Nordic, China, Japan, India, and South Korea.
PV Module Market: Key Driving Factors and Avenues
- Ever-rising demand for electricity in industrial facilities spur business proposition of PV modules
- Growing adoption rate of renewable energy for household consumption spurs popularity of PV modules
- Tax credits and subsidies in developed nations have bolstered the adoption rate among various end users, notably in developing economies notably in Asia Pacific