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Solar PV Module Market Outlook To 2024 - Trina Solar, Canadian Solar Inc., JA Solar Holding Co., Jinko Solar, First Solar, Yingli Solar, ReneSola, SunPower Corp, Risen Solar, Moser Baer Solar

03-20-2020 07:43 PM CET | Energy & Environment

Press release from: Global Market Insights Inc.

Solar PV Module Market

Solar PV Module Market

Solar PV module market from utility sector has witnessed a substantial growth globally in recent years. In the first quarter of the year, Vietnam's Ministry of Industry and Trade have talked about their FiT scheme related to utility-based solar power projects. Ongoing electrification programs and incentives benefit pertaining to grid connected power generation is surging the demand for on-grid solar PV modules. On-grid connection represented 55% of the overall solar PV module industry in 2016 and is expected to continue its prominence in the years ahead also.

Rural areas have witnessed a heavy deployment of micro-grids to fulfill the escalating need of off grid electricity, subject to which solar PV module market from off grid connectivity segment will generate a significant revenue over the coming seven years.

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Market players are focusing toward strategies such as product innovation and differentiation to gain more profit. The efforts of these companies coupled with government norms to promote clean energy will suitably impel global solar PV module market.

Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
1. Trina Solar
2. Canadian Solar Inc.
3. JA Solar Holding Co.
4. Jinko Solar
5. First Solar
6. Yingli Solar
7. ReneSola
8. SunPower Corp
9. Risen Solar
10. Moser Baer Solar

To accomplish the need of sustainable energy, the U.S. has been installing micro grids on a large scale. U.S. solar PV module market will register a CAGR of more than 6% over the coming years of 2017 to 2024. The attributing factor toward the market growth is deployment of stringent rules and regulations to control GHG emissions along with huge investments in power plants to increase the grid capacity.

To reduce carbon emissions in the environment, the government has been promoting the usage of roof top mounting system. Government support and favorable subsidies will propel solar PV module market from roof top mounting systems. The Asia Development Bank recently granted a subsidy of US 500 million for the development of roof top systems. Escalating installation of these systems across the residential sector will also influence the product demand.

Technological progression has always played a pivotal role in the exploitation of renewable energy sources, solar energy being no exception. With the intervention of technology, solar PV module market has experienced an enrichment with upgraded manufacturing methods that have complemented the business landscape.

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