Solar PV Module Market to witness steady growth of 8.5% during 2020-2026
According to a recent study from market research firm Global Market Insights, the solar PV module market is set to grow from its current market value of more than $35 billion to over $54 billion by 2026, gaining remarkable traction over the 2020 to 2026 period.
The solar PV module market is expected to witness a period of flourishing growth owing to a global shift towards renewables and the subsequent rise in large-scale solar energy projects across the world. In 2015, almost all countries across the globe signed the Paris Agreement, a landmark environmental accord that calls for all countries to unite under a common goal of combating climate change.
One of the most crucial goals set forth by the accord is to reduce the world's dependence on fossil fuels and transition the global energy infrastructure towards renewables. This has created tremendous revenue growth opportunities for the clean energy sector, which is subsequently driving the solar PV module market.
The overall solar PV module market is divided into segments in terms of technology, product, connectivity, mounting, end-use, and regional landscape.
In terms of product, the market is divided into monocrystalline, polycrystalline, cadmium telluride, amorphous silicon, and copper indium gallium diselenide. Among these, the polycrystalline segment is expected to register positive growth owing to lower cost of production and simple manufacturing procedure of polycrystalline modules, which is effectively influencing consumer inclination and attracting more business to the segment.
The cadmium telluride segment is projected to witness a remunerative rate of growth over the coming years owing to significant technological enhancements that fall in line with cost competitiveness, product efficiency, and reliability. These product characteristics are providing a favorable outlook towards growth scenario for the cadmium telluride modules.
Amorphous silicon segment is slated to bring in substantial revenue growth over the coming years due to several recent technological advancements as well as research efforts that have enhanced the amorphous silicon modules in terms of efficiency and power output, which is enhancing the product output and demand.
From a regional perspective, the Middle East solar PV module market is earmarked to record tremendous gains attributing to rising energy demand, which is being driven by commercialization in developed regions along with revamping of electrical network with increased power consumption in war affected countries across Middle East.
The solar PV modules industry in Africa is projected to experience impressive growth over the coming years. The expansion of electrical networks across remote areas along with shift towards distributed power generation in Africa has positively influenced the solar power industry and would continue to drive regional industry trends through the forecast timeframe.
The LATAM solar PV modules market is anticipated to witness significant growth opportunities over the coming years as high end urbanization coupled with ongoing expansion of sustainable energy networks have positively influenced the solar PV module industry in the region.
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