Solar PV module industry to accrue maximum revenue via utility applications over 2017-2024

Escalating preference toward green energy for effective power generation along with high GHG emission concerns will promote Solar PV Module Market expansion. In 2016, the Canadian government introduced the Greenhouse Gas Industrial Reporting and Control act and thus defined the emission regulations that power generating firms have to follow. Such initiatives by government bodies coupled with low solar component prices and beneficial government schemes such as tax incentives and net metering are expected to boost solar PV module market trends. According to Global Market Insights, Inc., “Solar PV module industry revenue, which was evaluated at USD 20 billion in 2016, is slated to hit USD 30 billion by 2024.”

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Considering the regional trends, U.S. solar PV module industry size is projected to record a CAGR of more than 6% over 2017-2024, driven by heavy microgrid installations along with rising emphasis on renewable energy production. UK solar PV module market, worth USD 650 million in 2016, is expected witness a high surge over the coming years. Export tariff scheme announced by the UK government that offers USD 0.06 per unit for the surplus power supply fed back to the grid is expected to boost the revenue. Chinese industry, which contributed more than 60% of APAC solar PV module market share in 2016, is forecast to grow notably over the coming timeline.

Solar PV module finds wide applications in the utility, residential, and commercial sectors. Solar PV module industry size in the residential sector, which collected a revenue of USD 4 billion in 2016, is predicted to grow considerably over the years ahead. Large-scale installation of roof-top systems for producing enormous amounts of sustainable energy to overcome the power supply shortage will push the revenue. Solar PV module industry value in the utility sector is forecast to witness a huge surge in the future, owing to low import duties on the product and tax credits.

Copper indium gallium di-selenide, monocrystalline, amorphous silicon, polycrystalline, and cadmium telluride are the major solar PV module products. Monocrystalline solar PV module market revenue is foreseen to grow at a CAGR of 6% over the coming seven years. High need for power conservation and optimum use of natural resources will favorably leverage the industry growth.

Solar PV module makes major use of crystalline silicon and thin film technologies. Mounting need for cost-efficient technology along with the introduction of new solar-powered technologies are expected to beneficially impact crystalline silicon solar PV module industry revenue. Thin films, which contributed nearly 20% toward solar PV module market share in 2016, are expected to push the industry size over the years ahead, owing to their high proficiency and flexible integration.

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Solar PV modules are deployed via on grid and off-grid connectivity. On grid, which contributed more than 55% of solar PV module industry size in 2016, is expected to massively influence the business landscape. The growth can be ascribed to the increase in the electrification programs in remote areas along with high government support for deploying on-grids.

Solar PV modules are mounted on the ground and rooftops. Ground-mounted solar PV module industry is forecast to expand at a rate of 7% over 2017-2024, subject to its rising popularity across commercial and utility sectors.
Canadian Solar Inc., Motech Industries Inc., JA Solar Holdings, Su Kam Power Systems Ltd, Moser Baer Solar Ltd, and Lanco Infratech Limited are the key players of solar PV module market.

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