Solar PV Module Market value is anticipated to grow owing to increasing investments for renewable energy development and ongoing technological advancements toward achieving a decarbonized economy. Favorable government policies including tax rebates and incentives to deploy solar panels will augment the business landscape. Rising power demand from remote areas coupled with stringent regulatory norms for decentralized power generation will drive the product adoption.
Increasing demand for green electricity across the private & public sector will boost the crystalline silicon market growth. Increasing applicability across commercial and utility-scale projects including data centers, educational institutions and hotels will strengthen the industry landscape. Key characteristics including reliable & safe operations, extended lifecycle of panels and low weight volume ratio is anticipated to accelerate the product installation.
Increasing demand of cost-effective electricity across the emerging economies along with large scale integration of renewable power technology will influence the monocrystalline market size. The product offers key benefits including high efficiency, operational cost, and embedded energy per panel. Favorable government incentives & schemes comprising feed in tariff and net metering will further augment the business growth.
On-grid systems are anticipated to grow on account of expansion of utility scale grid networks and capability to provide electricity at a competitive cost. Strict regulatory mandates to influence the adoption of renewable technologies to fulfill the clean energy targets will complement the industry landscape. In addition, ongoing replacement of the existing power generation systems with renewable technology will foster the business dynamics.
Shifting focus toward energy efficiency and conservation primarily among the suburban consumers will drive the residential solar PV module market share. Surging urbanization and growing population along with introduction of government assisted renewable subsidies for households will facilitate the product growth. Increasing consumer awareness toward the environmental benefits of clean energy along with reduction of the greenhouse gas emissions will augment the business outlook.
Asia Pacific Solar PV Module Market size is set to witness growth on account of large-scale integration of renewable energy resources. Growing concern toward reduction of fossil fuels in line with government regulations pertaining to limit the carbon footprint will favor the business scenario. Grid integration of sustainable power technologies to endure the energy mix procedure coupled with the renewable targets reinforced by nations will accelerate the product demand.
The key players operating in the solar PV module market include Trina Solar, Canadian Solar, JA Solar, Jinko Solar, First Solar, Suntech Power Holding Ltd., Yingli Solar, Sun Power Corporation, Schott Solar, Sharp Corporation, Longi Solar Technology Ltd., Hanwha Q CELLS, GCL System Integration, Motech Industries, Solar Frontier K.K., Su-Kam Power System Ltd., Risen Solar and Solar World. The manufacturers invest in research, design and development activities to develop advanced products to cater to the customer requirements.