Global solar PV module market is segmented on the basis of technology, product, connectivity, mounting, application and geography. A single solar cell is incapable of sending desired output. To augment the output power level of a PV system, it is thus required to connect number of such PV solar cells. A solar module is normally a series connected to a sufficient number of solar cells to provide required standard output voltage and power.

In fact, a single solar PV cell generates a tiny amount of watt around 0.1 watt to 2 watts. But it is impractical to use such low power unit as building block of a system. So, the required number of such cells are integrated together to practically form a commercially available solar unit commonly known as a solar module or PV module.

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In a solar module, the solar cells are linked in the same manner as the battery cell units in a battery bank system. Photovoltaic (PV) systems are used to convert sunlight into electricity which are safe, reliable and incur less operating costs and are easy to install. Presently, there are significant challenges faced by the rapidly growing PV market.

The enormous potential of solar PV and its various beneficial attributes is majorly driving the market for the same. Thus, PV is playing a vital role in the power/energy system. The PV market is likely to continue to register growth in the Asia Pacific region primarily in China and Japan. PV systems are helping in delivering clean, safe, affordable and decentralized electricity to people. On the basis of technology, the solar PV module market is segmented into thin film, crystalline silicon, polysilicon, monocrystalline silicon and so on.

On the basis of product, the solar PV module market is segmented into monocrystalline, polycrystalline, cadmium telluride (CdTe), amorphous silicon (A-Si), and copper indium gallium di-selenide (CIGS) and so on. “Monocrystalline” PV module market share is projected to witness gain over 6% in the coming years. Increasing demand for energy efficiency and optimum resource utilization will propel the industry growth. Declining price with advancement of technology will further augment the industry landscape.

On the basis of connectivity, the solar PV module market is segmented into on-grid and off-grid. “On-grid” accounted for over 55% of the solar PV module market share in 2016. Ongoing electrification programs along with favorable government initiatives pertaining to grid connected power generation will stimulate the business.

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On the basis of mounting, the solar PV module market is segmented into ground mounted, roof-top and so on. On the basis of application, the market of solar PV module is segmented into commercial, residential, utility, and industrial and so on. On the basis of geography, the solar PV module market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.

The U.S. market of solar PV module share is set to expand over 6% in the coming years. Rising investment towards development of energy optimization coupled with strict regulatory norms against GHG emissions will augment industry growth. Ongoing deployment of micro grid with growing focus towards adoption of sustainable energy will stimulate the business growth.

China solar PV module industry accounted for over 60% of the Asia Pacific region share in 2016. Growing investment towards renewable integration along with ongoing electrification program will complement the business growth. The key players of solar PV module industry are Jinko Solar, First Solar, Canadian Solar, Sharp, Suntech Power Holdings, Trina Solar, Yingli Solar, JA Solar Co. Ltd., Hanwha Q-Cell, SFCE, ReneSola, SunPower, Vikram Solar, Lanco, Su Kam, GCL, Moser Baer, Shine Solar, Motech Solar, Kaneka Corporation, Kyocera Corporation, Mitsubishi Electric Corporation, Sharp Corporation, Panasonic Corporation and Hareon.

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