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Allied Market Research

Solar PV Module Market Size by Technology (Thin Film, and Crystalline Silicon), Product (Monocrystalline, Polycrystalline, Cadmium Telluride (CdTe), Amorphous Silicon (A-Si), and Copper Indium Gallium Di-selenide (CIGS)), Connectivity (On-Grid, and Off-Grid), Mounting (Ground Mounted, and Rooftop), and End Use (Residential, Commercial, and Utility): Global Opportunity Analysis and Industry Forecast 2021–2030

A11702
Pages: NA
Aug 2021 | 138 Views
   
Author(s) : Eswara Prasad
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COVID-19

Pandemic disrupted the entire world and affected many industries.

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A solar panel is a piece of equipment that absorbs the sun's rays and uses them to generate power and heat. By feeding the operations with clean, renewable energy from the sun, it decreases the quantity of power derived from fossil fuels. Solar panels, also known as photovoltaic or PV modules, convert sunlight directly into energy. Photovoltaic (PV) technology uses semiconductor materials to convert light energy into electricity. Solar panels, each of which contains solar cells, create electrical energy in a photovoltaic system. Rooftop and ground-mount PV module installations are both possible. The sun generates enough energy on a daily basis to meet 10,000 times the world's electrical requirements. Solar photovoltaic panels are a packed, linked arrangement of solar cells, generally 6x10 that generates and supplies solar energy in commercial and residential applications. Solar panels are extensively utilised for purposes such as powering electrical devices, individual gadgets, and car batteries, in addition to residential rooftop uses. Solar panels installed on a home's roof can help to reduce a family's carbon footprint.

 Market Scope and Structure Analysis

Report Metric

Details

  Base Year Considered

  2020

  Forecast Period

  2021–2030

  Forecast Unit

  Value (USD)

  Segments Covered

Technology, Product, Connectivity, Mounting, End Use, and Region

  Regions Covered

North America, Europe, Asia-pacific, and LAMEA

  Companies Covered

First Solar Inc., Sharp Corporation, Trina Solar Limited, Yingli Solar, RGS Energy, Verengo Inc, JA Solar, Hanwha Q Cells, ReneSola, GT Advantage Technologies, and Motech Industries Inc.

 

COVID-19 Impact analysis

During the continuing COVID-19 epidemic, the solar PV module sector is experiencing a decreased development. To stop the virus from spreading, governments and regulatory agencies have put in place social distancing measures. Imports of solar PV modules have been made easier due to labour shortages and trade restrictions imposed by various nations. As a result, the building of different solar projects has come to a standstill, lowering total market demand. However, if the coronavirus spreads less in the next months, the sector is anticipated to experience rapid development as projects resume throughout the world. Due to COVID-19, the solar sector is anticipated to face a number of immediate problems, including a scarcity of labour, adherence to social distancing, a lack of components and equipment, and discerning spending by users. It is expected that social distance will be the norm for a few months, and that public transportation, particularly trains and buses, would take time to get up and running. This is anticipated to result in a labour shortage, as the labour market is now in a state of chaos.

Top Impacting Factors

The shift in customer preferences is one of the major factors driving the rise of PV modules in the solar energy industry. Concerns about greenhouse gas emissions connected with fossil fuels help to propel the growth of the solar energy sector. The large capital expenditure required for PV modules in the solar energy sector is a key obstacle. In recent years, solar power generation and, as a result, solar PV inverters have seen rapid growth in the commercial and industrial sectors. The cost of solar energy and the reliability of the power supply are two of the most important factors. The market for solar PV inverters is expected to benefit from rise in concerns about the environmental impact of energy generation from conventional sources such as coal and natural gas.

Market Trends

  • Higher investments in R&D, stringent government regulations, and support programs that make PV module installation more cost competitive are the factors that boost the growth of the PV module in the solar energy market. The introduction of net metering and power purchase agreements is projected to energize the business environment.
  • Industry has started relying on renewable energy sources for their power needs, with solar energy accounting for the majority. This has been a major driving factor for the solar PV inverters market. This gradual shift can be attributed to a number of factors, including increase in pressure on industries to reduce their environmental impacts, as well as economic considerations.
  • Industrialization and urbanization around the world have resulted in a constant demand for energy, resulting in the overuse of coal, natural gas, and oil for energy generation. Many countries have established a renewable energy development and promotion plan to ensure a long-term plan for a country's efficient, effective, and sufficient energy supply. ​
  • PV modules for solar energy are sold throughout Europe, North America, Asia-Pacific, South America, and the Middle East and Africa. The worldwide solar energy industry, which includes PV modules, is likely to be dominated by Europe. As this area has a high adoption of solar energy equipment, Asia-Pacific is expected to experience strong market expansion.
  • Because India is a price-sensitive industry, multicrystalline solar panels and modules continue to lead the industry. Developers, on the other hand, have begun seriously considering monocrystalline solar PV panels for projects due to the additional benefits they provide.
  • Mono crystalline solar panels are becoming increasingly popular in solar markets across the world. Monocrystalline solar PV panels have seen a substantial gain in market share in the Indian solar sector recently.
  • Due to powerful governmental programs such as the solar investment tax credit, growing demand for green power across the public and private sectors, and falling panel costs, the industry in the U.S. is anticipated to develop at a rapid pace.
  • First Solar Inc., Sharp Corporation, Trina Solar Limited, Yingli Solar, RGS Energy, Verengo Inc, JA Solar, Hanwha Q Cells, ReneSola, GT Advantage Technologies, and Motech Industries Inc. are the key competitors in the solar sensor market in PV modules.
  • These businesses are actively engaging in organic and inorganic growth methods to obtain a competitive advantage in the market. Collaborations, partnerships, agreements, and the launch of new products are just a few of the important strategies they employ.

Key Segments Covered

Segment

Sub-segment

  Technology

 

  • Thin Film
  • Crystalline Silicon
  • Others

  Product

  • Monocrystalline
  • Polycrystalline
  • Cadmium Telluride (CdTe)
  • Amorphous Silicon (A-Si)
  • Copper Indium Gallium Di-selenide (CIGS)
  • Others

  Connectivity

  • On-Grid
  • Off-Grid
  • Others

  Mounting

  • Ground Mounted
  • Rooftop

  End Use

  • Residential
  • Commercial
  • Utility

  Region

  • North America
  • U.S.
  • Canada
  • Mexico
  • Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Rest of Europe

 

  • Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia-Pacific
  • LAMEA
  • Brazil
  • Saudi Arabia
  • South Africa
  • Rest of LAMEA

 

 

Key Benefits of the Report

  • This study presents the analytical depiction of the solar PV module along with the current trends and future estimations to determine the imminent investment pockets.
  • The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the solar PV module market share.
  • The current market is quantitatively analyzed from 2020 to 2030 to highlight the solar PV module market growth scenario.
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
  • The report provides a detailed solar PV module  market analysis based on competitive intensity and how the competition will take shape in coming years                                                                                                    
 
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We refer a broad array of industry sources for our secondary, which typically include; however, not limited to: Company SEC filings, annual reports, company websites, broker & financial reports and investor presentations for competitive scenario and shape of the industry

  • Patent and regulatory databases for understanding of technical & legal developments
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