Asia Pacific is anticipated to represent a significant portion of the overall Solar PV module market in the next few years, with China as the major revenue pocket.
— Worldwide, Solar PV Module Market has been charting an exponential growth curve over the past few years. Solar PV or photovoltaics system has evolved from a niche market of small-scale application to a mainstream electricity source. Favorable incentives such as feed-in tariffs, tax subsidy, soft loans that are being implemented by governments of both developing and developed nations are further mobilizing the industry expansion. Regulatory compliance on renewable energy integration in the electricity grid has opened lucrative business opportunities for solar PV module industry to expand its horizon. As per a report by Global Market Insights, Inc., Global Solar PV module industry which held a business of USD 20 billion in 2016, is slated to exceed USD 30 billion by 2024, with a projected annual installation of 100 GW power by 2024.
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Many of the market players are engaged in collaborations with research institutes to bring about innovative technologies that will enhance the industry expansion. Growing investments in R&D activities, flexible integration, and better efficiency will boost the demand for thin film technology integrated products. In 2016, thin film covered more than 20% of the revenue share of technology segment in solar PV module market. The noteworthy participants in solar PV module industry are First Solar, Canadian Solar, Trina Solar, JA Solar, Hanwha Q CELLS Co., Jinko Solar, SunPower, Yingli, ReneSola, Moser Baer, SFCE, Shine Solar, and Lanco.
Technological progression has always played a pivotal role in the exploitation of renewable energy sources, solar energy being no exception. With the intervention of technology, solar PV module market has experienced an enrichment with upgraded manufacturing methods that have complemented the business landscape. Scientific interventions in manufacturing facilities and financial leveraging have led to a decline in the solar PV module industry price trends.
Rural areas have witnessed a heavy deployment of micro-grids to fulfill the escalating need of off grid electricity, subject to which solar PV module market from off grid connectivity segment will generate a significant revenue over the coming seven years. To accomplish the need of sustainable energy, the U.S. has been installing micro grids on a large scale. U.S. solar PV module industry will register a CAGR of more than 6% over the coming years of 2017 to 2024.
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Attributing features such as high efficiency, low toxicity, and comparatively affordable operational cost have enabled solar PV module market to widen its application landscape. Driven by the growing financial assistance initiated by the Government which includes tax credit, easy availability of soft loans, low import duty, solar PV module industry from utility sector has witnessed a substantial growth globally in recent years. In the first quarter of the year, Vietnam’s Ministry of Industry and Trade have talked about their FiT scheme related to utility-based solar power projects.
Solar PV module market from the residential sector collected a revenue of USD 4 billion in 2016 and is predicted grow lucratively over the years ahead. Monocrystalline products are also deployed across this sector, subject to which monocrystalline solar PV module industry will grow at an annual growth rate of more than 6% over the period of 2017 to 2024. Additionally, the surging need to maintain energy efficiency will augment the product demand.
China covered more than 60% of Asia Pacific solar PV module market share in 2016 and will generate considerable revenue over the coming seven years. Shifting preference toward the adoption of renewable technology is likely to impel China solar PV module industry.
Browse key industry insights spread across 400 pages with 838 market data tables & 12 figures & charts from the report, “Solar PV Module Market Size By Technology, By Product, By Connectivity, By Mounting, Industry Analysis Report, Regional Outlook (U.S., Canada, Mexico, UK, France, Netherland, Italy, Germany, Sweden, Russia, Spain, Austria, China, Australia, India, Japan, South Korea, Brazil, Chile, Israel, Saudi Arabia, UAE, Jordan, South Africa, Egypt, Algeria, Nigeria), Price Trends, Competitive Market Share & Forecast, 2017 – 2024” in detail along with the table of contents:
Table of Contents (ToC) of the report:
Chapter 4. Solar PV Module Market, By Technology
4.1. Global market share by technology, 2017 & 2024
4.2. Thin Film
4.2.1. Thin film market, 2013 – 2024
4.2.2. Thin film market volume by region, 2013 – 2024
4.2.3. Thin film market revenue by region, 2013 – 2024
4.3. Crystalline Silicon
4.3.1. Crystalline silicon market, 2013 – 2024
4.3.2. Crystalline silicon market volume by region, 2013 – 2024
4.3.3. Crystalline silicon market revenue by region, 2013 – 2024
Chapter 6. Solar PV Module Market, By Connectivity
6.1. Global market share by connectivity, 2017 & 2024
6.2.1. On-grid market, 2013 – 2024
6.2.2. On-grid market volume by region, 2013 – 2024
6.2.3. On-grid market revenue by region, 2013 – 2024
6.3.1. Off-grid market, 2013 – 2024
6.3.2. Off-grid market volume by region, 2013 – 2024
6.3.3. Off-grid market revenue by region, 2013 – 2024
Chapter 7. Solar PV Module Market, By Mounting
7.1. Global market share by mounting, 2017 & 2024
7.2. Ground Mounted
7.2.1. Ground mounted market, 2013 – 2024
7.2.2. Ground mounted market volume by region, 2013 – 2024
7.2.3. Ground mounted market revenue by region, 2013 – 2024
7.3.1. Roof-top market, 2013 – 2024
7.3.2. Roof-top market volume by region, 2013 – 2024
7.3.3. Roof-top market revenue by region, 2013 – 2024
Browse Full Table of Contents (ToC) @ https://www.gminsights.com/toc/detail/solar-pv-module-market
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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