Selbyville, Delaware, Jan. 31, 2022 (GLOBE NEWSWIRE) --
The solar PV module market is expected to surpass USD 85 billion by 2028, as reported in a research study by Global Market Insights Inc. Rising environmental concerns along with strict government mandates to reduce carbon emissions will encourage the adoption of renewable resources including solar. Favorable government incentives along with net metering schemes is set to fuel the industry growth.
Lack of effective grid infrastructure across the developing economies along with growing electricity demand will augment the off-grid solar PV installations. Ability for low power load including lighting, refrigeration, water pumping and telecommunication across residential and commercial sectors will encourage the product deployment. Furthermore, shifting inclination toward energy storage coupled with growing initiatives for rural electrification will significantly drive the business growth.
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Ongoing efforts toward promotion of energy efficiency and conservation across urban and suburban consumers have accelerated the deployment of solar PV systems and modules across the residential sector. Strong regulatory & financial support from governments toward the establishment and promotion of rooftop solar systems across residential premises will enhance industry growth. For instance, in February 2019, the Cabinet Committee on Economic Affairs (CCEA) of India approved a fund of over USD 1.7 billion toward installation of 40 GW of rooftop solar in the country by 2022.
The North America solar PV module market is poised to cross USD 12 billion by 2028. Significant investments by the private as well as public players owing to favorable government norms will drive the solar industry. Extension of Investment Tax Credit (ITC) scheme coupled with introduction of new utility scale solar projects will support the industry landscape. As per EIA analysis, the solar power is predicted to be the economical source of electricity across the U.S. by 2030 and will significantly increase its share to nearly 50% by 2050.
During the pandemic, the global economies have observed a marginal downfall across the overall industry scenario. The impact of COVID- 19 over the supply chain has significantly increased the components costs and raw materials prices for both manufacturers as well as suppliers. However, the solar PV module industry is anticipated to grow on account of rising focus on distributed solar in line with increasing rooftop installations. In addition, the paradigm shift of consumer toward clean & sustainable energy adoption will fuel the business scenario.
Some key findings of the solar PV module market report include:
- Rising renewable-based power generation resources coupled with effective energy utilization reforms will boost the business growth.
- Introduction of various incentives and other regulatory measures to encourage the adoption of sustainable technologies will escalate solar installations.
- Rapid technological enhancements coupled with regulatory & consumer inclination toward clean energy will encourage the product adoption.
- National and regional renewable integration targets in line with aims to minimize the carbon footprint will positively impact the industry outlook.
- The industry has significantly been influenced by immense competition between both global & regional players owing to technological advancements and rapid innovations.
- Leading players operating across solar PV module market include LONGi Green Energy, Jinko Solar, Trina Solar, JA Solar, First Solar, ReneSola, etc.
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Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Solar PV module industry 3600 synopsis, 2018 - 2028
2.1.1 Business trends
2.1.2 Technology trends
2.1.3 Product trends
2.1.4 Connectivity trends
2.1.5 Mounting trends
2.1.6 End-use trends
2.1.7 Regional trends
Chapter 3 Solar PV Module Industry Insights
3.1 Industry segmentation
3.2 Industry ecosystem analysis
3.2.1 Vendor Matrix
3.3 Innovation & technology landscape
3.4 Regulatory landscape
3.4.1 North America
3.4.2 Europe
3.4.3 Asia Pacific
3.4.4 Middle East
3.4.5 Africa
3.4.6 Latin America
3.5 COVID- 19 impact on the industry outlook
3.6 Industry impact forces
3.6.1 Growth drivers
3.6.2 Industry pitfall & challenges
3.7 Growth potential analysis
3.8 Porter’s Analysis
3.9 Competitive landscape, 2021
3.10 PESTLE Analysis
About Global Market Insights
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.
