Global solar PV module market is projected to reach $260.2 billion by 2030, growing at a CAGR of 7.4% from 2021 to 2030. A solar PV module, is an assembly of photo-voltaic cells mounted in a framework for installation. Solar panels use sunlight as a source of energy to generate direct current electricity. A collection of PV modules is called a PV panel, and a system of PV panels is called an array. Arrays of a photovoltaic system supply solar electricity to electrical equipment.
Solar photovoltaic (PV) modules play a crucial role in utilization of solar energy and reduce the dependence upon non-renewable sources. Market players have been launching new products that are developed by implementation of new technologies. These technologies have been developed by extensive research of few years and previous experience in the field. They help in developing products that improve overall efficiency and reduce water losses in greenhouses. Moreover, these products offer higher power conversion efficiency and are relatively cheaper as compared to previous versions. New materials have been utilized for the products and innovative products will continue to come in the market. Organizations and government authorities have been making strides toward achieving net-zero emissions. They collaborate with other market players and offer grants to develop the high-efficiency solar PV modules. The trends of new products and agreements would result in considerable growth of the market in the coming years.
Download Sample Here @ https://www.alliedmarketresearch.com/request-sample/12067
The development and launch of new products help market players in attracting new customers and raise their market share. Moreover, market players are committed to reduce carbon emissions, and taking necessary steps toward the objective. This leads them to launch new offerings in the market. This trend has been followed in every industry and solar PV module is no exception. Solitek, Lithuanian solar module manufacturer, launched a glass-glass monocrystalline panel that offers an output of 235W. This module is manufactured for greenhouse applications. It is named as M40 as it contains 40 cells. It provides 40% of light transmittance. This highlights that nearly 40% of its surface is transparent and allows more natural light as compared to other modules. In addition, power conversion efficiency of 12.6% can be achieved.
By technology, the global solar PV module market size is studied across thin film and crystalline silicon. The crystalline silicon segment accounted for the largest market share in 2020, owing to higher conversion efficiency. The crystalline silicon segment dominated the global market with nearly four-fifths of the total market share in 2020.
By product, the global solar PV module market is studied across monocrystalline, polycrystalline, cadmium telluride, amorphous silicon, and copper indium gallium diselenide. The monocrystalline segment accounted for the largest market share in 2020, owing to longevity, efficiency, operational cost, and embedded energy per panel. The monocrystalline segment dominated the global market with nearly half of the total market share in 2020.
Request a Discount Before Purchasing Report @ https://www.alliedmarketresearch.com/purchase-enquiry/12067
Region-wise, the global market is studied across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific accounted for a major solar PV module market share in 2020, and dominated the global market with more than half of the total market share in 2020.
The major players studied and profiled in the global solar PV module industry are BASF SE, Nan Ya Plastics Corporation, Exxon Mobil Corporation, Asian Paints Ltd., C-Chem Co. Ltd., I.G. Petrochemicals Ltd., Koppers Inc., Mitsubishi Gas Chemicals Co. Ltd., Polynt Spa, Stepan Company, Thirumalai Chemicals Ltd. and UPC Technology Corporation.
Key findings of the study
- In 2020, Asia-Pacific dominated the global solar PV module market with around 57.5% share, in terms of revenue. In addition, it is also projected to grow at the highest CAGR of 7.7% in terms of value.
- The crystalline silicon segment dominated the global market with around 78.0% of the share in terms of revenue. In addition, it is also projected to grow at the highest CAGR of 7.7% in terms of value.
- The monocrystalline segment dominated the global solar PV module market with around 49.0% of the share in terms of revenue. In addition, it is also projected to grow at the highest CAGR of 7.8% in terms of value.
- The on-grid segment dominated the global market with around 87.6% of the share in terms of revenue. In addition, it is also projected to grow at the highest CAGR of 7.6% in terms of value.
- The ground mounted segment dominated the global solar PV module market with around 60.0% of the share in terms of revenue.
- Roof top segment is projected to grow at the highest CAGR of 7.8% in terms of value.
- The utility segment dominated the global solar PV module market with around 57.6% of the share in terms of revenue.
- Residential segment is projected to grow at the highest CAGR of 7.9% in terms of value.