Global Solar PV Module Market to exceed 100 GW by 2024

The global Solar PV Module Market share report provides numbers for applications and regional segments of the industry covering historical as well as forecast data for decision makers.

Solar PV Module Market size is set to exceed USD 30 billion by 2024, as reported in the latest study by Global Market Insights, Inc.

Paradigm shift from depleting conventional to sustainable resources for electricity generation will drive the global solar PV module market size. Rising concern towards greenhouse gas emissions coupled with growing measures towards energy conservation will further stimulate the product demand. In 2016, British Columbia introduced the Greenhouse Gas Industrial Reporting and Control Act which defines standards and emissions norms to be abided by industrial power generation units in the region.

Germany solar PV module market size is set to exceed 2.5 GW of annual installation by 2024. Government initiatives pertaining to replacement of fossil fuels with clean energy resources will considerably complement the business landscape. In 2017, The German Renewable Energy Act renounced annual targets of 2.5 GW PV installations. Feed in tariff, tax benefits, subsidies introduced by government will further boost the product landscape.

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Utility solar PV module market is anticipated to witness strong growth owing to favorable government initiatives including investment tax credit, low import duty and other financial assistance. In 2017, Ministry of Industry and Trade of Vietnam announced FiT scheme for utility scale solar power projects and the net metering scheme for rooftop systems.

Financial and technical assistance by institutions including the World Bank, Asian Development Bank (ADB) and International Finance Corporation (IFC) along with easy availability of soft loans will propel the crystalline silicon solar PV module market. Rising environmental concerns with improved operational efficiencies will further boost the business landscape. In 2017, DuPont Photovoltaic Solutions launched its latest DuPont Solamet photovoltaic metallization paste with an aim to achieve module efficiency of about 21.15%.

Government initiatives such as net metering, subsidies, tax benefits, power purchase agreement coupled with growing measures toward rural electrification will stimulate the on-grid solar PV module market. In 2017, Ministry of New and Renewable Energy in India, exempted the procurement of PV components and materials for grid connected systems from customs and excise duty.

UK solar PV module market is set to expand owing to government initiatives towards sustainable energy integration. The export tariff introduced by the UK government facilitates USD 0.06 per unit for the surplus electricity injected back to the grid by the generator. Favorable government reforms with ambitious plan towards carbon footprint reduction will further boost the business outlook.

For Middle East & Africa, UAE solar PV module market share is set to expand over 18% by 2024. Growing investments towards optimum resource utilization and sustainable energy mix will propel the business outlook. Low Levelized cost pertaining to Independent Power Project (IPP) bids and Engineering Procurement and Construction (EPC) programs across the region will further thrust the industry landscape.

Notable players across the solar PV module market include Canadian Solar, Trina, JA Solar, Jinko, Yingli, First Solar, SFCE, Hanwha Q-Cell, SunPower, ReneSola, Lanco, Vikram Solar, Su Kam, Moser Baer, GCL, Hareon, Motech etc.

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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.