PV Module Market - Grid Tied Segment Holding Larger Market Share Owing to Connectivity Need for Electrical Mains

According to a new market report on the PV module market, published by Transparency Market Research, the global PV module market is expected to reach US$ 15.13 Bn by 2026, expanding at a CAGR of -7.7% from 2018 to 2026. According to the report, the global PV module market will continue to be influenced by a range of macroeconomic and industry-specific factors. Asia Pacific will continue to be at the forefront of global demand, with the market in the region growing at about -6.6% through 2026. Increasing residential use of PV module is anticipated to significantly drive the global PV module market across Middle East & Africa.

Rising cost of electricity generation and government subsidies driving the global PV module market

In the global PV module market, the rising cost of electricity generation and the subsidies offered by governments is leading to noteworthy growth in the market around the globe. Further, the global PV module market is showing significant growth in emerging regions due to increase in the crystalline silicon type manufacturing to achieve high productivity and efficiency. The rising demand and increasing consumption of solar power energy is estimated to contribute to the growth of the PV module market in the coming years. Key players in the market are continuously enhancing their research and development expertise to design advanced PV module systems required in residential, commercial, and industrial sectors.

PV module Market: Scope of the Report

The global PV module market is broadly segmented by type, component, mounting type, connectivity, and end-use industry. According to the research study, based on type, the crystalline silicon segment held the maximum market share and is anticipated to expand at a moderate CAGR of -7.4% through 2026. The negative CAGR is due to the fall in the prices of PV modules.

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Crystalline silicon revenue contribution is primarily due to its extensive use in various industrial applications. Crystalline silicon segment is anticipated to remain dominant over the forecast period.

Based on component, the solar panel segment of the PV module market held maximum market share of about 42.6% in 2017, followed by batteries. Solar charge controllers segment is projected to grow at a healthy CAGR. By mounting type, the ground-mounted segment is expected to have the largest market share of 65.5% in 2026. This is due to rising industrial applications. In terms of connectivity, the grid tied solar PV segment is expected to capture maximum market share. Based on end-use industry, the industrial segment showed significant market share in 2017 due to increasing applications, and a similar trend is anticipated to be seen over the forecast period. The residential segment is anticipated to witness highest CAGR growth due to the rising awareness about global warming and solar energy being a clean and free source of energy. The commercial segment is expected to show decent growth over the forecast period.

Transparency Market Research (TMR) is a next-generation provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations

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This release was published on openPR.