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 awareness about global warming and solar energy being a clean and free source of energy. The commercial segment is expected to show decent growth over the forecast period.
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Asia Pacific (APAC) held the largest market revenue share of the PV module market in 2017 and the market in this region is anticipated to grow at a CAGR of -6.6% during the forecast period. Increasing investment by companies and the growing demand for solar PV modules is anticipated to drive the PV module market across APAC. Analyzing the Asia Pacific PV module market at country level, in 2017, China held major revenue share of the Asia Pacific PV module market followed by Japan. However, in terms of revenue generation, India is anticipated to grow at a healthy and significant CAGR over the forecast period. Rising residential applications of solar PV modules across the country is likely to create a lucrative market for PV modules.