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Solar PV Module Market Share to Mark High Growth by 2026

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According to the Graphical Research new growth forecast report titled “Solar PV Module Market Share By Connectivity (On-Grid, Off-Grid), By Mounting (Ground Mounted, Roof-Top), By End-Use (Residential, Commercial, Utility), By Technology (Thin Film, Crystalline Silicon), By Product (Monocrystalline, Polycrystalline, Cadmium Telluride, Amorphous Silicon, Copper Indium Gallium Di-selenide), Industry Analysis Report, Regional Outlook (North America, Europe, Asia Pacific, Middle East, Africa, Latin America), Price Trends, Competitive Market Share & Forecast, 2020 – 2026”, to Mark High Growth by 2026.

Solar PV Module Market will grow on account of growing demand of effective power and large-scale integration of renewable energy. Favorable government schemes including incentives & tax rebates to adopt solar panels will facilitate the business growth. Surging demand across the public and private sector for green electricity along with declining panels cost will positively influence the industry outlook.

Cadmium telluride market will gain momentum on account of enhanced focus toward decarbonized economy along with rapid development of renewable energy resources. Ongoing regulatory norms including net metering and power purchase agreements will boost the product growth. Environmental concerns toward the greenhouse gas emissions coupled with increasing efforts toward reduction of fossil fuels will favor the business dynamics.

Increasing power demand from off-grid areas in line with supportive regulatory measures toward decentralized power generation will escalate the amorphous silicon solar PV module industry. Wide scale utilization across commercial establishments including hotels, schools & colleges and resorts will further drive the product demand. The key characteristics include low operational cost, embedded energy per panel and longevity, thereby strengthening the business landscape.

Paradigm shift toward the replacement of conventional power generation technology with renewable energy systems will drive the ground mounted market growth. Ongoing government efforts to strengthen the deployment of renewable energy resources to achieve the clean energy targets will further amplify the business landscape. Ongoing expansion of the utility scale grid infrastructure coupled with rising decentralized solar installations will complement the business scenario.

Rapid adoption of solar PV panels across offices, hotels, and hospitals along with growing power demand from data centers and communication base stations will propel the commercial solar PV module industry growth. Favorable government aided renewable subsidies coupled with growing urbanization will stimulate the business growth. Growing customer inclination toward reduction of the carbon footprint coupled with grid integration of sustainable energy technologies to cater to the supply & demand mismatch will foster the product portfolio.

The eminent companies operating across the Solar PV Module Market include Canadian Solar, Trina Solar, JA Solar, First Solar, Jinko Solar, Sun Power Corporation, Suntech Power Holding Schott Solar, Longi Solar Technology Ltd., Sharp Corporation, Hanwha Q CELLS, Motech Industries, GCL System Integration, Solar Frontier K.K., Solar World and Risen Solar. Ongoing mergers & acquisitions coupled with extensive research & development are the key strategic tools undertaken by the industry players to gain competitive edge in the industry.