The crystalline silicon solar PV modules market size is expected to grow by USD 56.06 billion from 2022 to 2027, progressing at a CAGR of 18.17% as per the latest Technavio market research report. APAC is going to have lucrative growth during the forecast period. About 60% of the market’s overall growth is expected to originate from APAC. China, India, Japan, Australia, and South Korea are the major contributors to the market. There is a rapid shift towards renewable energy sources such as solar and wind due to rising greenhouse gas emissions in China and India. Furthermore, China has announced a goal to become carbon neutral by 2060 and increase its dependency on natural energy sources. Hence, these factors are expected to drive market growth in the region during the forecast period.
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Crystalline Silicon Solar PV Modules Market: Market Dynamics
Favorable government regulations regarding the use of fossil fuels are a key factor driving market growth. This is due to the various government support to consumers and producers through subsidies, tax breaks, and incentives. Furthermore, many other countries are developing policies to encourage the development of solar energy technologies. Feed-in Tariff (FiT) policy is launched to encourage investment in renewable energy-related technologies and includes reduced sun exposure, eligibility criteria, bonuses, and various other subsidies. Hence, these government initiatives are expected to drive market growth during the forecast period.
Increased adoption of microgrids is a major trend in the market. A microgrid is a little power framework with its own generation and storage resources. Microgrids can work on their own or with other small power grids. When a microgrid is incorporated into the main power grid, it is known as a hybrid microgrid. Furthermore, they are considered more reliable as they are not affected by main power failures and reduce the cost of extending the network in remote areas such as villages.
The rise in alternative sources of energy is a significant challenge restricting market growth. The main reason is the cost of setting up a renewable energy farm to generate electricity is very high. Furthermore, the amount of electricity which is generated from renewable energy sources is very less as compared to fossil fuels. Reducing the cost of natural gas can help in increasing the amount of electricity generated from natural gas. This is the main issue for the vendors in the market. Hence, these factors are expected to drive market growth during the forecast period.
Some of the key Crystalline Silicon Solar PV Modules Market Players:
The crystalline silicon solar PV modules market is fragmented, and the vendors are deploying organic and inorganic growth strategies to compete in the market. Some of the vendors are:
Canadian Solar Inc., Emeren, First Solar Inc., Hanwha Corp., JA Solar Technology Co. Ltd., Jiangsu Shunfeng Photovoltaic Technology Co. Ltd., JinkoSolar Holding Co. Ltd., Longi green energy technology Co. Ltd, Moser Solar, Motech Industries Inc., Novergy Energy Solutions Pvt. Ltd., Risen Energy Co. Ltd., Sharp Corp., SolarEdge Technologies Inc., Su kam Power, SunPower Corp., Sunrun Inc., Trina Solar Co. Ltd., Vikram Solar Ltd., and Zhejiang CHINT Electrics Co. Ltd.
Crystalline Silicon Solar PV Modules Market: Segmentation Analysis
This market research report segments the crystalline silicon solar PV modules market by Product (Monocrystalline and Polycrystalline), End-user (Commercial, Residential, and Utility sectors), and Geography (APAC, North America, Europe, South America, and Middle East and Africa).
- The market share growth by the monocrystalline segment will be significant during the forecast period. They are made by forming pure silicon rods and cutting them into wafers. The cell comprises single-crystal silicon for the progression of current produced by electrons. As a result, monocrystalline silicon photovoltaic modules outperform polycrystalline silicon photovoltaic modules in terms of efficiency. Hence, the benefits are expected to drive segment growth during the forecast period.