Solar PV Module Market to Reach $85 Billion by 2028, Says
Selbyville, Del., Jan. 31, 2022 (GLOBE NEWSWIRE) —
The solar photovoltaic module market is expected to exceed USD 85 billion by 2028, as reported in a research study by Global Market Insights Inc. Growing environmental concerns along with strict government mandates to reduce carbon emissions will encourage the adoption of renewable resources, including solar energy. Favorable government incentives along with net metering programs are expected to fuel the growth of the industry.
The lack of efficient grid infrastructure in developing economies along with the growing demand for electricity will increase off-grid solar PV installations. Low power load capacity including lighting, refrigeration, water pumping and telecommunications in residential and commercial sectors will encourage product deployment. Additionally, the shifting inclination towards energy storage, coupled with growing rural electrification initiatives, will significantly drive business growth.
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Ongoing efforts to promote energy efficiency and conservation to urban and suburban consumers have accelerated the deployment of solar photovoltaic systems and modules in the residential sector. Strong regulatory and financial support from governments for the establishment and promotion of rooftop solar systems in residential premises will enhance the growth of the industry. For example, in February 2019, India’s Cabinet Committee on Economic Affairs (CCEA) approved a fund of over $1.7 billion for the installation of 40 GW of solar power on the rooftops of the country by 2022.
The solar PV module market in North America is poised to surpass $12 billion by 2028. Large investments from private and public players owing to favorable government standards will boost the solar industry. The expansion of the Investment Tax Credit (ITC) program coupled with the introduction of new large-scale solar projects will support the industry landscape. According to EIA analysis, solar power is expected to be the economic source of electricity in the United States by 2030 and will dramatically increase its share to nearly 50% by 2050.
During the pandemic, global economies have observed a marginal decline in the overall industry scenario. The impact of COVID-19 on the supply chain has significantly increased component costs and raw material prices for manufacturers and suppliers. However, solar PV module industry is expected to grow due to the growing focus on distributed solar power, alongside the increase in rooftop installations. Additionally, the consumer paradigm shift towards adopting clean and sustainable energy will fuel the business scenario.
Some key findings of the Solar PV Modules Market report include:
- Increasing renewable energy power generation resources, coupled with efficient energy utilization reforms, will drive the company’s growth.
- The introduction of various incentives and other regulatory measures to encourage the adoption of sustainable technologies will increase solar installations.
- Rapid technological improvements coupled with regulatory and consumer inclination towards clean energy will drive product adoption.
- National and regional targets for renewable energy integration in line with carbon footprint reduction targets will positively impact the outlook for the industry.
- The industry has been significantly influenced by the immense competition among global and regional players owing to technological advancements and rapid innovations.
- Major players operating in the 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 the table of contents (TOC) of the report:
Chapter 2 Executive Summary
2.1 360 Solar PV Modules Industry0 summary, 2018 – 2028
2.1.1 Trade trends
2.1.2 Technology trends
2.1.3 Product trends
2.1.4 Connectivity trends
2.1.5 Editing trends
2.1.6 End-use trends
2.1.7 Regional trends
Chapter 3 Industry Overview of Solar PV Modules
3.1 Industry Segmentation
3.2 Industry Ecosystem Analysis
3.2.1 Supplier matrix
3.3 Innovation and technology landscape
3.4 Regulatory landscape
3.4.1 North America
3.4.4 Middle East
3.4.6 Latin America
3.5 Impact of COVID-19 on Industry Outlook
3.6 Industry impact forces
3.6.1 Drivers of growth
3.6.2 Industry Pitfalls and Challenges
3.7 Analysis of growth potential
3.8 Porter’s analysis
3.9 Competitive Landscape, 2021
3.10 PILON analysis
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, USA, is a global provider of market research and advisory services; offering syndicated and custom research reports as well as growing consulting services. Our business intelligence and industry research reports provide clients with in-depth insights and actionable market data specially designed and presented to aid in strategic decision-making. These comprehensive reports are designed using proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.