In the global PV module market, the rising cost of electricity generation and the subsidies offered by governments is leading to noteworthy growth in the market around the globe. Further, the global PV module market is showing significant growth in emerging regions due to increase in the crystalline silicon type manufacturing to achieve high productivity and efficiency. The rising demand and increasing consumption of solar power energy is estimated to contribute to the growth of the PV module market in the coming years. Key players in the market are continuously enhancing their research and development expertise to design advanced PV module systems required in residential, commercial, and industrial sectors.
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The global PV module market is broadly segmented by type, component, mounting type, connectivity, and end-use industry. According to the research study, based on type, the crystalline silicon segment held the maximum market share and is anticipated to expand at a moderate CAGR of -7.4% through 2026. The negative CAGR is due to the fall in the prices of PV modules.
Based on component, the solar panel segment of the PV module market held maximum market share of about 42.6% in 2017, followed by batteries. Solar charge controllers segment is projected to grow at a healthy CAGR. By mounting type, the ground-mounted segment is expected to have the largest market share of 65.5% in 2026. This is due to rising industrial applications. In terms of connectivity, the grid tied solar PV segment is expected to capture maximum market share.
Based on end-use industry, the industrial segment showed significant market share in 2017 due to increasing applications, and a similar trend is anticipated to be seen over the forecast period. The residential segment is anticipated to witness highest CAGR growth due to the rising
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