Geographically, Asia-Pacific is the largest Solar PV Module Market

Solar PV Module is an association of photovoltaic cells, also known as solar cells. A solar PV module is considered to be an essential component for any PV system that helps the user to convert sunlight directly into direct current electricity. Moreover, solar PV systems help to deliver affordable, clean, and safe electricity to people. The volatile fuel prices and environmental concerns are the key factors pertaining to towards the growth of solar PV modules across the globe.

On the basis of application, the solar PV module market is segmented utility-scale, commercial, and residential. Among all these segments, the utility-scale segment is anticipated to witness the fastest growth during the forecast period. In order to minimize electricity cost-utility, interactive PV systems are extensively being utilized in various commercial as well as residential buildings.

Furthermore, this system ensures a continuous supply of electricity a backup system is installed in the building. Moreover, a well-organized solar PV system along with an effective storage facility helps in supplying power on a continuous basis. Furthermore, the increasing demand for utility-scale segment is thereby strengthening the growth of solar PV module market.

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Geographically, Asia-Pacific is the largest solar PV market and is further anticipated to witness the fastest growth during the forecast period. China and Japan were estimated to contribute the largest revenue by 2017 and China is expected to dominate both the use and manufacturing of solar PV Module by 2024. According to a recent study, it has been observed that India has also given a significant preference to solar energy since in 2014 the Indian government started providing subsidiaries to a high capacity rooftop grid. Moreover, it has been observed that China brought the technology which plunged the prices of the solar PV modules by almost 80%, this made China the leader of the solar PV module market.

Furthermore, North America and Europe are also considered to be promising markets in solar PV module systems. It has been observed that the U.S. brought solar technology such as the solar PV module market and has gained first-mover advantage thereby observing increased demand from this region. Moreover, after the introduction of Chinese technology, it has been observed that the prices of solar PV modules in the U.S. also plunged that resulted in the growth of demand for solar PV modules in North America.

Key players in the solar PV module industry are taking advantage of the situation of volatile fuel prices and the increasing adoption of environment-friendly offerings across the globe. These players in the market are collaborating with automobile companies to start the production of solar-powered vehicles. For instance, Suzuki motor corp. and Toyota Motor Corporation have started to collaborate with such firms to invest their resources in solar-driven vehicles. Trina Solar Ltd, Yingli Solar, Acciona Energy, Canadian Solar Inc., SunPower Corporation, First Solar Inc., Suntech Power Co., Sharp Corporation, Hanwha Q Cells Co Ltd and JA Solar Holdings Co. Ltd is the key players operating in the solar PV module market across the globe.

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