Solar PV Module Market Opportunities - 2030
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. A solar PV module is a silicon-based layered semiconductor module that can produce electricity from sunlight. This photovoltaic effect is created by the flow of electrons inside the module, which can be maximized by the increased hours of exposure to sunlight. In recent years, solar PV modules have been dominating the renewable energy market, due to solar power’s ability to reach grid parity as conventional energy resources and technological development use sunlight as a source of energy in order to generate direct current electricity through photovoltaic cells.
The continued advancement toward a decarbonized economy reinforced by legislative energy policies and incentives constitutes the key shaping factor for the market growth trends. Favorable government measures including incentives have also been introduced to promote the adoption of various renewable technologies including solar PV. For instance, in 2019, the U.S. government introduced solar tax credit with an objective to reduce cost of installing a solar energy system by 30%. In addition, declining prices, improvements in conversion efficiencies, and growing efforts to optimize LCOE will further augment the industry demand.
However, rise in grid connection issues and interconnection delays and insufficient grid capacity posing hurdle for set up of new plants are expected to hamper the growth of the solar PV module market during the forecast period. Furthermore, increase in the price of fossil fuels is expected to provide growth opportunities for the solar PV module market during the forecast period.
The global solar PV module market size is segmented on the basis of technology, product, connectivity, mounting, end-use, and region. By technology, it is analyzed across thin film and crystalline silicon. By product, it is segmented into monocrystalline, polycrystalline, cadmium telluride, amorphous silicon, and copper indium gallium diselenide. By connectivity, it is divided into on-grid and off-grid. By mounting, it is analyzed across ground mounted and roof top. By end-use, it is segmented into residential, commercial, and utility. Region-wise, it is studied across North America, Europe, Asia-Pacific, and LAMEA.
The major key players operating in the global solar PV module industry include Trina Solar, Canadian Solar, JA Solar, Jinko Solar, First Solar, REC Solar, GCL System Integration Technology Co. Ltd., Hanwha Q Cells, China Sunergy (Nanjing) Co., Ltd, and Solaria Corporation. Other players operating in this market include LG Solar, Yingli Green Energy Holding Company Limited, Shunfeng International Clean Energy (SFCE), ReneSola, and Motech Industries Inc.
Global Solar Pv Module Market, By Region
Asia-Pacific accounted for a major market share in 2020. The regional industry in the recent years has witnessed considerable turnaround on account of large-scale adoption of sustainable energy technologies. Grid integration of renewable energy sources to sustain the energy mix protocol and favorable government norms to fortify the deployment of these units will positively influence the industry landscape. In addition, growing environmental concerns along with the national renewable integration targets abided by nations will further embellish the business outlook.
Asia-Pacific would exhibit an CAGR of 7.7% during 2021-2030
Supportive norms and regulations for the development of renewable infrastructure will accelerate the development of clean energy across China. Moreover, stringent government regulations pertaining to the reduction of carbon footprints and growing concern toward depletion of fossil fuel will impel the demand for clean energy technologies across the country.
Global Solar Pv Module Market, By Technology
The crystalline silicon segment accounted for a major share in the solar PV module market in 2020. These modules are manufactured using crystalline silicon solar cells (c-Si) and can provide higher conversion efficiency, which will complement their demand. According to the U.S. Department of Energy, industrially produced crystalline silicon PV cells can achieve energy conversion efficiencies ranging from 18% to 24% under standard test conditions. The technology is expected to witness an elevated demand across the residential and commercial sectors on account of their reliable & safe operations and competitive pricing.
Crystalline Silicon is projected as the most lucrative segment.
Global Solar Pv Module Market, By Product
The monocrystalline segment accounted for a major share in the solar PV module market in 2020. The monocrystalline are formed with the wafers manufactured using a single crystal growth method and can offer commercial efficiencies ranging from 20% to 24%. In addition, this technology has been among the most primeval, efficient and dependable mode of electricity generation. Longevity, efficiency, operational cost, and embedded energy per panel are few indispensable parameters will drive the demand for monocrystalline solar PV modules in the forthcoming years.
Monocrystalline is projected as the most lucrative segment.
Global Solar Pv Module Market, By Connectivity
The on-grid segment accounted for a major solar PV module market share in 2020. The expanding utility scale grid networks cater to the soaring electricity requirement across developing regions coupled with large scale deployment of renewable technology will positively influence the growth of on-grid connectivity segment. Moreover, favorable government incentive schemes including feed in tariffs and net metering and will further escalate the market demand for grid integrated solar PV module systems.
On-Grid is projected as the most lucrative segment.
Global Solar Pv Module Market, By Mounting
The ground mounted segment accounted for a major solar PV module market share in 2020. The growing electricity demand across the globe has compelled the authorities to install large scale solar utility plants. These utility scale projects are ground mounted and has capability to provide electricity at a competitive cost. In addition, rising investments to establish a sustainable energy mix across industries will drive the ground mounted solar PV module market growth. Furthermore, supportive regulatory policies and initiatives including feed in tariff program, long term power purchase agreements and other regulatory policies will boost the market revenue.
Ground Mounted is projected as the most lucrative segment.
Global Solar Pv Module Market, By End-use
The utility segment accounted for a major solar PV module market share in 2020. Growing number of utility-scale projects owing to rising demand for clean electricity are expected to drive the solar PV panels market across the industrial sector. According to Solar Energy Industries Association, utility-scale projects of more than 37 GW capacity are operating in the U.S. with another 112 GW in development stage. This is likely to surge the demand for solar PV module during the forecast period.
Utility is projected as the most lucrative segment.
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 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 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, lockdown 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.
Key benefits for stakeholders
- The global solar PV module market analysis covers in-depth information of major industry participants.
- Porter’s five forces analysis help analyze potential of buyers & suppliers and the competitive scenario of the industry for strategy building.
- Major countries have been mapped according to their individual revenue contribution to the regional market.
- The report provides in-depth analysis of the global solar PV module market forecast for the period 2021–2030.
- The report outlines the current global solar PV module market trends and future scenario of the global solar PV module market from 2020 to 2030 to understand the prevailing opportunities and potential investment pockets.
- Key drivers, restraints, & opportunities and their detailed impact analysis are explained in the global solar PV module market study.
Key market segments
- Thin Film
- Crystalline Silicon
- Cadmium Telluride
- Amorphous Silicon
- Copper Indium Gallium Diselenide
- Ground Mounted
- Roof Top
- North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- South Africa
- Rest of LAMEA
Solar PV Module Market Report Highlights
Key Market Players
CHINA SUNERGY (NANJING) CO., LTD., JINKO SOLAR, HANWHA Q CELLS, .JA SOLAR, GCL System Integration Technology Co. Ltd., FIRST SOLAR, SOLARIA CORPORATION, CANADIAN SOLAR, REC SOLAR, TRINA SOLAR
According to the analyst, the global solar PV module market is anticipated to witness growth during the forecast period. Solar photovoltaic panels are preferred over other sources of electricity generation, as they require minimum maintenance and are pollution free. The solar photovoltaic panels market is expected to grow at a rapid pace during the forecast period, owing to increase in demand for electricity and rise in initiatives and support extended by government to reduce CO2 emissions. Solar photovoltaic panels have gained popularity in the recent years, owing to rise in importance of renewable sources of energy. In addition, grid-connected solar photovoltaic panels are widely utilized due to low material and manufacturing costs. Moreover, grid-connected panels have witnessed considerable demand not only for the residential and commercial applications but also for off-grid repeater stations for mobile phones and radio beacons. The Asia-Pacific solar photovoltaic panels market offers lucrative opportunities for key manufacturers, owing to rapid installation capacity of solar photovoltaic panels to increase renewable generation. In addition, China actively enhances its solar power to cope up with its pollution problems and boost its domestic manufacturing industry.