Based upon technology, global solar PV module is categorized into crystalline silicon, thin film and others. Furthermore, crystalline silicon segment is further subdivided into multicrystalline and monocrystalline. Among all these segments, crystalline silicon is anticipated to witness the fastest growth during the forecast period due to its increasing popularity among various users in both developed as well as developing economies.

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On the basis of application, the solar PV module market is segmented utility-scale, commercial and residential. Among all these segments, utility-scale segment is anticipated to witness the fastest growth during the forecast period. In order to minimize electricity cost utility, interactive PV systems are extensively being utilized in various commercial as well as residential buildings.

The increasing awareness of environmental concerns and increasing awareness for saving natural resources is driving more customers towards the adoption of solar PV modules. Being cost efficient and effective, it is the most popular way to generate electricity other than using limited natural resources. Moreover, being cost efficient and effective is the important factor that is pertaining towards increasing demand of solar PV modules at an accelerating rate.

Asia-Pacific is the largest solar PV market and is further anticipated to witness the fastest growth during the forecast period.

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Key players in the solar PV module industry are taking advantage of the situation of volatile fuel prices and the increasing adoption of environment-friendly offerings across the globe.

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 are the key players operating in solar PV module market across the globe.

Source: VynZ Research