According to the report published by Allied Market Research, the 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.
Covid-19 impact on global solar PV module market
- The solar PV module market is anticipated to witness a decline due to the COVID-19 pandemic.
- Due to lockdown, production and logistic activities are affected, which is impacting the supply of solar PV panels.
- Social distancing and travel restrictions have also affected the availability of labor in the global solar PV module industry.
- China is the key manufacturer of solar PV panels in the world; the lockdown and transport restrictions put by the Chinese government affected the production and supply chain of the product across the globe.
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.
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.