Technavio forecasts the global crystalline silicon solar PV modules market to post a CAGR of over 21% by 2022
The global crystalline silicon solar PV modules market is expected to post a CAGR of over 21% during the period 2018-2022, according to the latest market research report by Technavio. However, the growth momentum of the market is expected to decelerate due to a decline in the year-over-year growth.
A key factor driving the growth of the market is favorable government regulations. Fossil fuels are the most widely sources of power generation due to their natural abundance. However, GHG emissions from fossil fuels are significant challenges for environmental sustainability. The use of alternative energy sources, such as solar PV, wind power, and hydropower, is necessary to reduce emissions. Governments across the world support the adoption of solar PV systems through subsidies, tax benefits, and incentives to consumers and producers.
This market research report on the global crystalline silicon solar PV modules market 2018-2022 also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.