Solar PV Module Market Latest Trends, Development, Growth Analysis And Forecast by 2026

By Rahul Varpe

The solar PV module market is expected to witness a period of flourishing growth owing to a global shift towards renewables and the subsequent rise in large-scale solar energy projects across the world. In 2015, almost all countries across the globe signed the Paris Agreement, a landmark environmental accord that calls for all countries to unite under a common goal of combating climate change.
One of the most crucial goals set forth by the accord is to reduce the world's dependence on fossil fuels and transition the global energy infrastructure towards renewables. This has created tremendous revenue growth opportunities for the clean energy sector, which is subsequently driving the solar PV module market.
The overall solar PV module market is divided into segments in terms of technology, product, connectivity, mounting, end-use, and regional landscape.
In terms of product, the market is divided into monocrystalline, polycrystalline, cadmium telluride, amorphous silicon, and copper indium gallium diselenide. Among these, the polycrystalline segment is expected to register positive growth owing to lower cost of production and simple manufacturing procedure of polycrystalline modules, which is effectively influencing consumer inclination and attracting more business to the segment.
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The cadmium telluride segment is projected to witness a remunerative rate of growth over the coming years owing to significant technological enhancements that fall in line with cost competitiveness, product efficiency, and reliability. These product characteristics are providing a favorable outlook towards growth scenario for the cadmium telluride modules.
Amorphous silicon segment is slated to bring in substantial revenue growth over the coming years due to several recent technological advancements as well as research efforts that have enhanced the amorphous silicon modules in terms of efficiency and power output, which is enhancing the product output and demand.
From a regional perspective, the Middle East solar PV module market is earmarked to record tremendous gains attributing to rising energy demand, which is being driven by commercialization in developed regions along with revamping of electrical network with increased power consumption in war affected countries across Middle East.
The solar PV modules industry in Africa is projected to experience impressive growth over the coming years. The expansion of electrical networks across remote areas along with shift towards distributed power generation in Africa has positively influenced the solar power industry and would continue to drive regional industry trends through the forecast timeframe.
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The LATAM solar PV modules market is anticipated to witness significant growth opportunities over the coming years as high end urbanization coupled with ongoing expansion of sustainable energy networks have positively influenced the solar PV module industry in the region.
Table of Contents
Chapter 1 Methodology & Scope
    	
  • 1.1 Methodology
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  • 1.2 Market definitions	
      		
    • 1.3.1 COVID- 19 impact on market outlook
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  • 1.4 Data Sources	
      		
    • 1.4.1 Primary
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    • 1.4.2 Secondary		
        			
      • 1.4.2.1 Paid Sources
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      • 1.4.2.2 Public Sources
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Chapter 2 Executive Summary
    	
  • 2.1 Solar PV modules market 360 degree synopsis, 2015 - 2026	
      		
    • 2.1.1 Business trends
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    • 2.1.2 Technology trends
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    • 2.1.3 Product trends
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    • 2.1.4 Connectivity trends
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    • 2.1.5 Mounting trends
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    • 2.1.6 End-Use trends
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    • 2.1.7 Regional trends
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Chapter 3 Solar PV modules Industry Insights
    	
  • 3.1 Industry segmentation
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  • 3.2 Industry ecosystem analysis	
      		
    • 3.2.1 Vendor matrix
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  • 3.3 Innovation & sustainability	
      		
    • 3.3.1 Trina Solar
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    • 3.3.2 Canadian Solar
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    • 3.3.3 JA Solar
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    • 3.3.4 Jinko Solar
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    • 3.3.5 EMMVEE Solar Systems Private Limited
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    • 3.3.6 SunPower Corporation
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    • 3.3.7 Other Innovations
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    • 3.3.8 Upcoming PV Solar Module (2020)
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  • 3.4 Regulatory landscape	
      		
    • 3.4.1 North America		
        			
      • 3.4.1.1 U.S.
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    • 3.4.2 Europe		
        			
      • 3.4.2.1 UK
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      • 3.4.2.2 France
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      • 3.4.2.3 Germany
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    • 3.4.3 Asia Pacific		
        			
      • 3.4.3.1 China
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      • 3.4.3.2 India
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      • 3.4.3.3 Australia
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    • 3.4.4 Africa		
        			
      • 3.4.4.1 South Africa
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    • 3.4.5 Latin America		
        			
      • 3.4.5.1 Chile
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  • 3.5 Price trend analysis, by product	
      		
    • 3.5.1 Monocrystalline
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    • 3.5.2 Polycrystalline
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    • 3.5.3 Cadmium Telluride (CdTe)
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    • 3.5.4 Amorphous Silicon (A-Si)
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    • 3.5.5 Copper Indium Gallium Di-selenide (CIGS)
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  • 3.6 Cost structure analysis	
      		
    • 3.6.1 Price learning curve for PV technologies
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    • 3.6.2 Capital cost breakdown analysis for solar PV plant, 2019
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  • 3.7 Technology Landscape	
      		
    • 3.7.1 Crystalline Silicon Technology		
        			
      • 3.7.1.1 Multi-crystalline Silicon Solar Cells
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      • 3.7.1.2 Monocrystalline Silicon Solar Cells
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    • 3.7.2 Thin-film Technology
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    • 3.7.3 Ultra-thin Technology
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  • 3.8 Global PV module production and production capacity, 2011-2018 (MW)	
      		
    • 3.8.1 PV module production share by country, 2018
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  • 3.9 Global trends in renewable energy investment 2019 (USD Billion)
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  • 3.10 Global solar cost reduction potential, 2024
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  • 3.11 Renewable power generation as a share of global power, 2018
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  • 3.12 Industry impact forces	
      		
    • 3.12.1 Growth drivers		
        			
      • 3.12.1.1 North America & Latin America			
          				
        • 3.12.1.1.1 Stringent Solar PV targets
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      • 3.12.1.2 Europe			
          				
        • 3.12.1.2.1 Growing conventional energy replacement demand
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      • 3.12.1.3 Asia Pacific			
          				
        • 3.12.1.3.1 Favorable government initiatives
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      • 3.12.1.4 Middle East			
          				
        • 3.12.1.4.1 Increasing investments across utility scale projects
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      • 3.12.1.5 Africa			
          				
        • 3.12.1.5.1 Rising decentralized solar installations
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    • 3.12.2 Industry pitfall & challenges		
        			
      • 3.12.2.1 Longer payback period
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      • 3.12.2.2 Availability of other clean energy alternatives
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  • 3.13 Growth potential analysis
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  • 3.14 COVID - 19 impact on the overall industry outlook, 2020 - 2026	
      		
    • 3.14.1 Top countries impacted by COVID- 19
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    • 3.14.2 Optimistic View
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    • 3.14.3 Realistic View
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    • 3.14.4 Pessimistic View
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  • 3.15 Porter's analysis	
      		
    • 3.15.1 Bargaining power of suppliers
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    • 3.15.2 Bargaining power of buyers
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    • 3.15.3 Threat of new entrants
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    • 3.15.4 Threat of substitutes
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  • 3.16 Competitive landscape, 2019	
      		
    • 3.16.1 Strategy dashboard		
        			
      • 3.16.1.1 Trina Solar			
          				
        • 3.16.1.1.1 New Products
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        • 3.16.1.1.2 Business Expansion
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        • 3.16.1.1.3 Acquisitions & Overseas Expansions
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      • 3.16.1.2 Canadian Solar
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      • 3.16.1.3 JA Solar
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      • 3.16.1.4 JinkoSolar
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      • 3.16.1.5 First Solar
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      • 3.16.1.6 Yingli Green Energy Holding Company Limited
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      • 3.16.1.7 ReneSola
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      • 3.16.1.8 EMMVEE Solar Systems Private Limited
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      • 3.16.1.9 Solar Frontier K.K.
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      • 3.16.1.10 Vikram Solar
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    • 3.16.2 Merger & Acquisition		
        			
      • 3.16.2.1 Trina Solar
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      • 3.16.2.2 Canadian Solar
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      • 3.16.2.3 First Solar
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      • 3.16.2.4 SFCE
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      • 3.16.2.5 SunPower
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    • 3.16.3 Company Market share,2018 & 2019		
        			
      • 3.16.3.1 Solar module efficiency rating of PV models by manufacturer,2019
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  • 3.17 PESTEL analysis

About Author

Rahul Varpe

Rahul Varpe currently writes for Technology Magazine. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products online. Apart from being an avid...

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