Global Solar PV Module Market generated $127.9 billion in 2020, and is anticipated to reach $260.2 billion by 2030, exhibiting a CAGR of 7.4% from 2021 to 2030. Increase in the number of solar PV module installations, use of solar PV panels as an economical alternative in the U.S., and the swift reduction in the cost of solar PV panels are the factors that drive the global solar PV module market. On the other hand, increase in grid connection issues, interconnection delays, and insufficient grid capacity hinder the market growth. However, surge in the price of fossil fuels is anticipated to offer many growth opportunities for market players.
At present, the global solar PV module market witnesses numerous opportunities, owing to rapid increase in development of renewable power in Asia-Pacific and LAMEA to cope up with the increase in electricity demand. In addition, the market is driven by domestic content laws and rise in photovoltaic panel installation projects owing to expiration of federal investment tax credit (ITC). Moreover, in the developed economies such as the U.S., solar photovoltaic has proved to be an economic alternative at the time of peak power needs. In addition, the success of distributed solar and rapidly reducing cost has led some U.S. utilities to establish their own solar installations such as residential and community projects. However, rise in grid connection issues and interconnection delays and insufficient grid capacity posing hurdle for set up of new plants are expected to hamper the growth of the solar PV module market during the forecast period. Furthermore, increase in the price of fossil fuels is expected to provide growth opportunities for the solar PV module market during the forecast period.
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The report segments the global solar PV module market on the basis of technology, product, connectivity, end-user, mounting, and region.
Based on product, the monocrystalline segment accounted for the largest market share in 2020, contributing to nearly half of the total share, and is anticipated to maintain the lead during the forecast period. Moreover, this segment is anticipated to manifest the fastest CAGR of 7.8% from 2021 to 2030. The report has also covers other segments based on product namely, polycrystalline, cadmium telluride, amorphous silicon, and copper indium gallium diselenide.
Based on technology, the crystaline silicon segment contributed to the largest share in 2020, accounting for more than three-fourths of the global solar PV module market. The same segment is expected to lead throughout the forecast period, exhibiting the highest CAGR of 7.7% from 2021 to 2030. The report also talks about the thin film segment.
By mounting, the global solar PV module market is studied across ground mounted and roof top. The ground mounted segment emerged as the leader in 2020, owing to surge in installation of large-scale solar utility plants across the globe. The ground mounted segment dominated the global market with three-fifths of the total market share in 2020.
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Based on region, Asia-Pacific, followed by North America and Europe, contributed to the highest share in 2020 holding nearly three-fifths of the total share, and is expected to maintain dominance throughout the forecast period. The Asia-Pacific region is expected to manifest the fastest CAGR of 7.7% during the forecast period. The report also talks about LAMEA region.
Leading players of the global solar PV module market analyzed in the research include Thirumalai Chemicals Ltd., Nan Ya Plastics Corporation, Asian Paints Ltd., C-Chem Co. Ltd., Exxon Mobil Corporation, I.G. Petrochemicals Ltd., Mitsubishi Gas Chemicals Co. Ltd., Koppers Inc., Polynt Spa, Stepan Company, BASF SE, and UPC Technology Corporation.
COVID-19 analysis:
The solar PV module market is expected to decline in 2020, mainly due to the impact of COVID-19. Governments of several major economies have enforced lockdowns to curb the spread of COVID-19. With lockdown in place, manufacturing activities have been affected significantly. For instance, in January 2020, the Chinese government announced a lockdown of more than 30 days to tackle COVID-19. As the majority of the PV modules are manufactured in China, the production and supply chain has taken a significant hit. For instance, India imports ~80% of its solar value chain supplies from China. The lockdown had drastically affected the manufacturing capacity of China, as all major ship container companies had also stopped functioning out of Chinese ports and transporting goods from China to other countries. This resulted in supply chain disruptions in March and April 2020. Also, lockdown implemented in other countries caused supply chain disruptions and labor shortages in the PV module industry. Companies were not able to source the required labor for their operations due to travel restrictions. Though the market is expected to be impacted in 2020, recovery is expected to commence in 2021, with full recovery by 2022.
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