Solar PV Module Market Innovation and Product Optimization to Boost Growth

Increase in the number of solar PV module installations, use of solar PV panels as an economical alternative in the U.S., and the swift reduction in the cost of solar PV panels are the factors that drive the global solar PV module market. The global solar PV module market was valued at $127.9 billion in 2020, and is projected to reach $260.2 billion by 2030, growing at a CAGR of 7.4% from 2021 to 2030.

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At present, the global solar PV module market witnesses numerous opportunities, owing to rapid increase in development of renewable power in Asia-Pacific and LAMEA to cope up with the increase in electricity demand. In addition, the market is driven by domestic content laws and rise in photovoltaic panel installation projects owing to expiration of federal investment tax credit (ITC). Moreover, in the developed economies such as the U.S., solar photovoltaic has proved to be an economic alternative at the time of peak power needs. In addition, the success of distributed solar and rapidly reducing cost has led some U.S. utilities to establish their own solar installations such as residential and community projects.

The major players studied and profiled in the global solar PV module industry are BASF SE, Nan Ya Plastics Corporation, Exxon Mobil Corporation, Asian Paints Ltd., C-Chem Co. Ltd., I.G. Petrochemicals Ltd., Koppers Inc., Mitsubishi Gas Chemicals Co. Ltd., Polynt Spa, Stepan Company, Thirumalai Chemicals Ltd. and UPC Technology Corporation.

The report segments the global solar PV module market on the basis of technology, product, connectivity, end-user, mounting, and region.

Based on product, the monocrystalline segment accounted for the largest market share in 2020, contributing to nearly half of the total share, and is anticipated to maintain the lead during the forecast period. Moreover, this segment is anticipated to manifest the fastest CAGR of 7.8% from 2021 to 2030. The report has also covers other segments based on product namely, polycrystalline, cadmium telluride, amorphous silicon, and copper indium gallium diselenide.

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Based on technology, the crystaline silicon segment contributed to the largest share in 2020, accounting for more than three-fourths of the global solar PV module market. The same segment is expected to lead throughout the forecast period, exhibiting the highest CAGR of 7.7% from 2021 to 2030. The report also talks about the thin film segment.

By mounting, the global solar PV module market is studied across ground mounted and roof top. The ground mounted segment emerged as the leader in 2020, owing to surge in installation of large-scale solar utility plants across the globe. The ground mounted segment dominated the global market with three-fifths of the total market share in 2020.

Based on region, Asia-Pacific, followed by North America and Europe, contributed to the highest share in 2020 holding nearly three-fifths of the total share, and is expected to maintain dominance throughout the forecast period. The Asia-Pacific region is expected to manifest the fastest CAGR of 7.7% during the forecast period. The report also talks about LAMEA region.

Key findings of the study
• In 2020, Asia-Pacific dominated the global solar PV module market with around 57.5% share, in terms of revenue. In addition, it is also projected to grow at the highest CAGR of 7.7% in terms of value.
• The crystalline silicon segment dominated the global market with around 78.0% of the share in terms of revenue. In addition, it is also projected to grow at the highest CAGR of 7.7% in terms of value.
• The monocrystalline segment dominated the global solar PV module market with around 49.0% of the share in terms of revenue. In addition, it is also projected to grow at the highest CAGR of 7.8% in terms of value.
• The on-grid segment dominated the global market with around 87.6% of the share in terms of revenue. In addition, it is also projected to grow at the highest CAGR of 7.6% in terms of value.
• The ground mounted segment dominated the global solar PV module market with around 60.0% of the share in terms of revenue.
• Roof top segment is projected to grow at the highest CAGR of 7.8% in terms of value.
• The utility segment dominated the global solar PV module market with around 57.6% of the share in terms of revenue.
• Residential segment is projected to grow at the highest CAGR of 7.9% in terms of value.

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