Solar PV Module to witness a high growth by 2024
Date: 2018-09-12   Author: Ronak Bora  Category: #technology

Solar PV Module to witness a high growth by 2024

According to a new research report by the market research and strategy consulting firm, Global Market Insights, Inc., Global Solar PV Module Market is anticipated to grow over 6% and exceed USD 30 billion by 2024. Favorable Government measures towards energy conservation coupled with paradigm shift from conventional to sustainable resources will drive the solar PV module market. Growing concerns towards GHG emissions will further enhance the business landscape. In 2016, the British Columbia government announced the GHG Industrial Reporting & Control Act to define the emissions and standards regulations and norms which are to be followed by power generation units in the area.

Decline in the solar components cost owing to increasing components manufacturing companies, intense competition and economies of scale will further fuel the industry landscape. In 2016, the solar panel prices have declined by 2.5% as compared to previous years.

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Solar PV module market from utility will witness a significant growth due to increasing government initiatives including tax exemptions, tax credit, low import duty and various other financial assistance. In 2017, Vietnam Ministry of Industry & Trade announced FiT policy for net metering schemes for solar rooftop systems and utility scale power projects.

Technical and financial assistance provided by various international institutions including International Finance Corporation (IFC), Asian Development Bank and World Bank coupled with easy availability of loans and improved operational efficiency will fuel the PV module market from silicon segment. In 2017, DuPoint launched its Solamet photovoltaic metallization paste to achive the module efficiency of about 21.15%.

Solar PV module market from On-grid will witness a substantial growth owing to various government initiatives including tax benefits, power purchase agreements, subsides and net metering coupled with growing measures towards rural electrification will stimulate the industry landscape. In 2017, MNRE exempted the procurement of materials and components for grid connectivity from excise and customs.

Solar PV module market from Germany is projected to exceed 2.5 GW by 2024. Growing government initiatives towards replacement of fossil fuels with clean energy sources including solar, wind and geothermal will boost the industry outlook. In 2017, German Renewable Energy Act relinquished the annual targets of 2.5 GW PV installations.

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PV module market from UK will expand substantially owing to various government initiatives towards energy integration. Export tariff introduced by UK government of USD 0.06 per unit of surplus power injected into the grid by the small generators. Ambitious plan towards carbon footprint reduction coupled with various reforms will further boost the business landscape.

Solar PV module market from UAE will account for above 18% by 2024. Increasing investments towards optimum resources utilization and sustainable energy mix will augment the industry landscape. Low Levelized cost pertaining to Engendering & Construction (EPC) programs and IPP projects across the country will further enhance the industry outlook.

Key notable players in solar PV module market includes Motech, Canadian Solar, Hareon, Trina, GCL, JA Solar, Moser Baer, Jinko, Su Kam, Yingli, Vikram Solar, First Solar, Lanco, SFCE, ReneSola, Hanwha Q-Cell and SunPower.



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Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for AlgosOnline and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport.

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