The global solar PV module market is estimated to reach USD 255.2 billion by 2027, witnessing a 7.1% CAGR during the forecast period. The continuous advancement towards a decarbonized economy, reinforcement of legislative energy policies, and incentives will propel the growth of the global solar PV module market. Moreover, the rising price of fossil fuels is anticipated to provide growth opportunities in the global solar PV module market. Furthermore, the rise in a number of solar PV module installations, adoption of solar PV panels will act as an economical alternative, and swift reduction in solar PV panels cost are the factors fuelling the growth of the solar PV module market.

The COVID-19 pandemic has had an adverse impact on the solar PV module market owing to disruption of the global supply and production chain owing to lockdown measures.

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Based upon technology, the global solar PV module is segmented into crystalline silicon, thin-film, and others. Furthermore, the crystalline silicon segment is further divided into multi-crystalline and monocrystalline. The crystalline segment is projected to witness the fastest growth during the forecast period 2021-2027 owing to rising prominence in developed and emerging economies. Moreover, it provides flexibility, transparency, and light-weight which aids companies to develop large-scale production, resulting in demand for the global solar PV modules market.

Geographically, Asia-Pacific Is anticipated to be the largest-growing region in the global solar PV module market owing to large-scale usage in sustainable energy technologies. The rising environmental concerns, supportive norms, and regulations for the advancement of renewable infrastructure, stringent regulations towards reduction of carbon footprint, rising concern for depletion of fossil fuels will lead to the growth of the solar PV modules market in the region.

The prominent players in the solar PV module industry include Trina Solar Ltd, Yingli Solar, Acciona Energy, Canadian Solar Inc., SunPower Corporation, First Solar Inc., Suntech Power Co., Sharp Corporation, Hanwha Q Cells Co Ltd and JA Solar Holdings Co. Ltd.

Source: VynZ Research