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Global PV Module Market Projected to Reach USD 341.8 Billion by 2031: TMR Analysis
PV Module Market
The rapid adoption of solar energy and continuous technological advancements in photovoltaic (PV) technology are the primary drivers propelling the PV module market. The significant role of photovoltaics in the global energy transition, combined with the goal to achieve net-zero emissions by 2050, presents lucrative opportunities for market players.
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Market Introduction: PV modules, which consist of multiple photovoltaic cells, are crucial components in the generation of solar electricity. These modules are known for their reliability, durability, and low maintenance requirements. They harness solar energy, which is abundant and sustainable, making them an essential technology for rural electrification and reducing carbon footprints.
Drivers of Market Growth
1. Rise in Adoption of Solar Energy: The conversion of solar energy into electricity via PV installations is increasingly recognized as a sustainable energy solution. Solar power has seen a steady rise in adoption globally, reflecting a shift towards renewable energy sources. For instance, as of May 2023, the UK boasts a total solar capacity of 15.1 GW, marking a 6.4% increase from the previous year.
2. Technological Advancements in Photovoltaics: Innovations in solar cell manufacturing technologies, including monocrystalline, polycrystalline, and thin-film technologies, are significantly boosting market progress. The development of thermo-sensitive and dye-sensitized solar cells (DSSCs) offers cost-effective and efficient alternatives to traditional silicon cells, driving demand.
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Regional Insights
Asia Pacific dominated the PV module market (PV 모듈 시장) in 2022, with China and India being key contributors. The region has witnessed the fastest growth in wind and solar capacity, driven by rapid deployment and supportive government policies. According to Zero Carbon Analytics, Asia Pacific has outpaced other continents with a growth rate of 35% per year in wind and solar capacity since 2015.
Key Developments and Investments
Leading market players are expanding their production capacities and investing in emerging materials to develop next-generation PV modules. Notable developments include:
• In January 2024, First Solar, Inc. inaugurated a new facility in Tamil Nadu, India, with an annual capacity of 3.3 GW, enhancing its ability to meet rising demand.
• JinkoSolar Holding Co., Ltd. achieved a record-breaking 26.89% solar conversion efficiency for its N-type monocrystalline silicon solar cell in October 2023.
Subsidies and Government Initiatives
Government subsidies are significantly contributing to market growth. For example, the UK government announced a 60% increase in subsidies for residential rooftop solar installations in February 2024. Such initiatives encourage the adoption of clean energy solutions and support the PV module market expansion.
Market Segmentation
The PV module market is segmented by type, component, mounting type, connectivity, and end-use industry. The major types include crystalline silicon, amorphous silicon, and other advanced materials like cadmium telluride and copper indium gallium selenide. Components covered in the market analysis range from solar panels and inverters to batteries and solar charge controllers. The market also considers different mounting types, including ground-mounted, pole-mounted, and rooftop systems, as well as connectivity options like grid-tied and off-grid systems.
Competition Landscape
Key players in the PV module market include First Solar, Inc., Jinko Solar, Leonics Company Limited, ITEK Green Technologies, Canadian Solar Inc., GCL-TECH, RENESOLA, Trina Solar, AESOLAR, and Wuxi Suntech Power Co., Ltd. These companies are profiled based on their business strategies, product portfolios, recent developments, and financial performance.
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