PV Module Market was valued at US$ 61 Bn. is expected to reach US$ 77.6 Bn. by 2027, at a CAGR of 4.1 % during a forecast period A silicon-based, stacked semiconductor module known as a PV module can produce electricity using solar energy. Photovoltaic (PV) modules use semiconducting materials that exhibit the photovoltaic effect to turn light into electricity. In photovoltaic systems, solar modules comprised of several solar cells are employed. Solar panels are a crucial component of the global shift to sustainable energy, which is required to reduce CO2 emissions and combat global warming. This photovoltaic effect is caused by the movement of electrons inside the module and can be strengthened by increasing the amount of time exposed to sunshine. Solar PV modules have dominated the renewable energy market in recent years because of the potential for solar power to achieve grid parity with conventional energy supplies and technological advancement.
PV panels is expected to increase due to rising demand for environmentally friendly solar energy and strong regulations aimed at preventing climate change. Solar PV panel usage is accelerating in the commercial, utility, and residential markets, which is a major market driver. Due to the significant price difference between retail electricity and electricity produced by solar energy, demand for solar photovoltaic panels is increasing throughout various industries. Solar electricity is less expensive than retail power in European nations like Italy, Germany, and Spain, which have gained grid parity.The demand for crystalline solar PV modules will increase as a result of an increase in the rate of solar deployment and favourable government renewable energy targets. The business environment will be further influenced by a paradigm shift toward successful new product developments, optimization, manufacturing accuracy, and standardised product processes for power production, environmental compatibility, and cheap installation costs. Along with rising investments from public & private funding institutions, a number of initiatives, such as tax rebates, asset, financial leveraging, and Feed-in-Tariff (FiT) schemes, will promote the industry’s expansion.
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PV Module Market: Segment Analysis
Global PV Module Market: Major Players
GCL-Poly Energy Holdings
Leonics Company
Trina Solar
Renesola
Canadian Solar
Jinko Solar
AE Solar GmbH
Itek Energy
First Solar
Wuxi Suntech Power
Global PV Module Market: By Types
Ground Mounted
Pole Mounted
Rooftop
Global PV Module Market: By Applications
Commercial
Residential
Industrial
Drivers
There are several elements that are driving up solar panel energy production. The reason driving its industrial expansion is the rise in public awareness of the need for a pollutant-free environment and the expanding industry potential that finally results in cost-competitiveness. It is a helpful replacement for fossil fuels, which take more than a thousand years to develop into a resource. A key element in the adoption of the solar PV system in the residential, commercial, and industrial sectors is the photovoltaic (PV) system’s guarantee of low-carbon-intensive technologies. The majority of the PV system’s components are silicon cells. Since it is an inexpensive and sturdy substance, silicone is best utilised in this system in large numbers. Solar panel investments can last for a long time because silicone
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Opportunities
In response to technological improvements and the rising needs of sophisticated consumers, the government is implementing a number of programmes and incentives, including tariffs, auctions, and tax exemptions. The massive industrial expansion for solar PV panels is attributed to environmentally driven causes, including the decrease in the use of pollutants, increased industrial competition, and lower prices.
