Global Photovoltaics Modules Market By Overview
Photovoltaics Modules Market was valued at USD 49.8 Billion in 2024 and is projected to grow at a CAGR of 12.00% to reach USD 154.9 Billion by 2034.
Photovoltaic (PV) technology converts solar energy directly into electricity through using semiconductor materials. The Photovoltaic module is made up of hard glass or some other transparent material on the upper surface, and protective and waterproof material on the back surface. A PV module lies of numerous PV cells wired in parallel to increase current and in series to produce a higher voltage. It doesn’t consist any mechanical moving parts, therefore, it has a long service life, requiring negligible maintenance. Photovoltaic technology is used in renewable energy systems it can be used on small-scale systems for lighting and pumping to large-scale systems for entire buildings and utility-scale photovoltaic farms.
PV growing as a major power resource, and progressively becoming more affordable that’s more reliable than utilities. Owing to increasing energy demand, due to growing population, and rise in industrial sector there is need of viable energy resource, this factor propels the demand for renewable energy sources such as solar energy and is the key factor that boost the demand for photovoltaic energy. For instance, according to IEA org Energy demand worldwide raised wildest speed this decade by 2.3% last year. Additionally, the natural gas consumption rise and accounting for 45%. Additionally, growing expectance and awareness of benefits from renewable source of energy such as solar energy and wind drives the target market growth, for instance according IEA org Solar and wind generation raised at double-digit step, in that solar alone increasing by 31%. Also the favorable government regulations and initiatives to used renewable energy providing the strong growth to the market. However, some factor such as high installation cost and need large storage space are expected to provide restrain to the market. Moreover, factor such increasing price of prices of fossil fuels and need of renewable energy will provide an opportunity to the market. Photovoltaics modules market is segmented based of product type, application, and region.
By product type the photovoltaics modules market is classified in to single crystal silicon and polycrystalline silicon. Crystalline silicon is dominating the market segment. For instance, according to energy.gov crystalline sfilicon in PV cells are the most commonly used solar cells in commercially available solar panels, which representing around 85% of world PV cell market sales in 2011. By application the market is classified in to residential, commercial, and ground mount. The commercial segment is expected to dominate the target market due to the price of photovoltaic (PV) systems has dropped quickly in recent years, and government initiatives to use renewable energy are providing the growth for segment.
Based on region the photovoltaics modules market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. APAC is forecasted for largest market share in coming year led by China Taiwan, according ICE China and Taiwan hold largest market for Concerning PV module accounted to hold 70% production in 2017. followed by Rest of Asia-Pacific & Central Asia with 14.8%. Europe holds with a share of 3.1%.
Global Photovoltaics Modules Market By Competitive Landscape & Key Players
Key players operating in the photovoltaics modules market includes Sharp Corporation, JA Solar Holdings, Yingli Solar Energy Company, Trina Solar, Canadian Solar, Kyocera Solar, Inc., Solar Frontier, Shunfeng Int'l, ReneSola, and Renewable Energy Corporation
Global Photovoltaics Modules Market By Company Profile
- Sharp Corporation
- JA Solar Holdings
- Yingli Solar Energy Company
- Trina Solar
- Canadian Solar
- Kyocera Solar, Inc.
- Solar Frontier
- Shunfeng Int'l
- ReneSola
- Renewable Energy Corporation
FAQs
The Photovoltaics Modules Market is segmented into By Product Type, Application, and Region.
The Photovoltaics Modules Market is driven by factors such as the increasing focus on renewable energy, the declining cost of solar power, government incentives and subsidies for solar installations, technological advancements in photovoltaic (PV) technology, and the growing awareness of environmental sustainability.
Intermittency and variability of solar power generation, the high initial investment costs for solar installations, supply chain disruptions impacting module production, and regulatory barriers in certain regions, acting as restraints for the Photovoltaics Modules Market globally.
North America, Europe, Asia-Pacific, and Latin America. Asia-Pacific, particularly China, is expected to dominate the Photovoltaics Modules Market, driven by extensive solar energy installations, government support for renewable energy projects, and the presence of major PV module manufacturers. Other regions, such as Europe and North America
Key players operating in the photovoltaics modules market includes Sharp Corporation, JA Solar Holdings, Yingli Solar Energy Company, Trina Solar, Canadian Solar, Kyocera Solar, Inc., Solar Frontier, Shunfeng Int'l, ReneSola, and Renewable Energy Corporation