Solar PV Module Market : Eminent Players – Trina Solar, Canadian Solar, JA Solar, Jinko Solar, First Solar, Shunfeng International Clean Energy (SFCE), Longi Solar Technology Co. Ltd., Hanwha

What are the integral factors outlining global solar PV module market trends?

The world is widely moving towards the adoption of renewable sources of energy, which has positively influenced global solar PV module market size over the last few years. There has been a consistent increase in the amount of public awareness with regards to the effects of greenhouse gases that are released into the environment after the fossil fuels are burnt, encouraging the manufacturers to adopt sustainable alternatives.

Such initiatives will push the growth scale of solar PV module industry in the coming times. Many technological developments along with the growing number of manufacturing facilities have led to a reduction in the cost of modules. The governments are offering various fiscal benefits such as tax rebates and exemptions.

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The industry is expected to witness considerable growth from crystalline silicon modules demand due to the growing demand for economical technology along with substantial technical and financial assistance. Superior operational efficiency coupled with its low cost will drive the business growth in the coming times. Reports estimate that global solar PV module market could register an annual installation of more than 200 GW by the end of 2026.

Which are the prominent companies offering efficient solar PV modules worldwide?

Many of the industry players are working in collaboration with research institutions to develop innovative technologies that aim at steering expansion in the industry. Rising investments made towards R&D activities, superior efficiency, and flexible integration will amplify the demand for thin-film technology integrated products.
In developing countries, the realizing trend towards the use of sustainable sources of energy to meet the power requirements of the people has led to M&A carried out by various fims. For instance, in August 2020, India based- Ayana Renewables Power acquired nearly 100% equity stake in two solar-developed PV solar plants in Karnataka, India. The firms are working towards developing 1,100 MW of projects that have been awarded under the auctions by the central government agencies of the region.

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Some of the other leading solar PV module companies include Trina Solar, First Solar, Canadian Solar, JA Solar, and LONGi Solar, to name a few.
How has the growing demand for electricity fostered developments in solar PV module market?
In terms of end-use, the utility-scale solar PV module industry has witnessed considerable expansion over the years due to the growing demand for electricity along with the introduction of regulatory reforms to control the carbon emission levels. Growing efforts undertaken by the governments across the globe to introduce favorable policies like power purchase agreements and the tax credit will support the demand for the products in the coming years.

What is driving the adoption of copper indium gallium di-selenide (CIGS) solar PV modules?

Copper indium gallium di-selenide or CIGS solar PV modules have showcased tremendous growth prospects over the last couple of years owing to the absence of toxic cadmium, along with an enhanced heat resisting ability of the components. The superior conversion efficiency of CIGS solar PV products due to the absorption of a considerable portion of the solar spectrum will outline the industry landscape in the coming times.

Will off-grid solar photovoltaic modules continue to witness demand in terms of connectivity?

Off-grid solar PV modules have in particular gained extreme popularity due to the superior reliability of the products during incidences of a power outage as well as low lighting situations. There are favorable regulations along with policies instated by both public and private authorities towards decentralized generation of power. The constantly rising demands for power from residential, commercial, and industrial establishments, especially in remote locations has fostered the industry outlook.

Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone: 1-302-846-7766
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Email: sales@gminsights.com

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