Solar PV Module Market Revenue to Hit $54 Billion by 2026: Global Market Insights, Inc. Report

Solar PV module industry is set to witness substantial growth from crystalline silicon modules on account of rising demand for cost-effective technology, coupled with adequate financial and technical assistance. Higher operational efficiency, along with a low cost, will further propel the business growth over the forecast timeframe

July 15, 2020. By News Bureau

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Global Market Insights, Inc. has announced a new report on the solar PV module market which estimates the market valuation for solar PV module will cross US $54 billion by 2026. The ongoing technological advancements, along with rising demand for clean energy solutions, will positively impact the industry growth over the forecast timeframe.

Solar PV module industry is set to witness substantial growth from crystalline silicon modules on account of rising demand for cost-effective technology, coupled with adequate financial and technical assistance. Higher operational efficiency, along with a low cost, will further propel the business growth over the forecast timeframe.

The copper indium gallium di-selenide solar PV module market will witness decent growth subject to the unavailability of toxic cadmium, coupled with better heat-resisting abilities of the product. The higher conversion efficiency of these products, owing to the absorption of a significant portion of the solar spectrum, will further augment the industry landscape.

The off-grid solar PV module market is projected to witness sizable growth on account of the high reliability of these products during power outages and low lighting conditions. Favorable regulations and policies toward decentralized power generation, along with increasing energy demand from remote locations, will boost the industry outlook over the forecast timeline.

The ongoing expansion of infrastructure facilities, coupled with increasing research and development activities to enhance the operational life, will stimulate the ground-mounted solar PV module market share. Large scale renewable integration across the globe coupled with rising investments to establish a sustainable energy infrastructure across industries will foster the ground-mounted solar module installation. Associated cost benefits, availability of green loans and effective overall efficiencies of ground-mounted solar units lay comprehensive ground for product deployment.

The utility scale solar PV module industry is set to witness a significant surge on account of the rising demand for electricity coupled with the introduction of regulatory reform to curb carbon emissions. Increasing government efforts to achieve sustainable energy targets along with the introduction of favorable policies comprising of tax credit and power purchase agreements will enhance the product penetration over the forecast years.

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