PV Module in Solar Energy Market: Important Changes In Market Dynamics 2017 - 2

Posted by anna on January 5th, 2021

Solar energy is one of the most reliable and clean energy resources. PV module is the key component of solar based energy generation. Photovoltaic (PV) converts light energy into electricity with help of semiconductor materials. Photovoltaic system works on solar panels, each consist of solar cells, which generate electrical energy. PV module installations may be rooftop mounted, and ground-mounted. Costs for solar power are falling rapidly.

Further, “grid parity” has been achieved in many countries, while new markets for the solar industry are opening in emerging and developing nations. Policy and regulatory incentives, over supply of installation components, and advancements in technology are driving down the reduction in cost. Solar PV module systems are helping in delivering clean, safe, affordable, and decentralized electricity to people.

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The PV module consists of components such as protective material, frame, enclosure and junction box. The most significant factors that led to the growth of PV module in solar energy market are dynamic changes of fossil fuel prices and higher demand for renewable energy source. The other factors that facilitate the growth of PV module in solar energy market includes higher investments in R&D, stringent government norms, and the support programs that is making installation of PV module more cost competitive.

Introduction of net metering and power purchase agreements will further stimulate the business landscape. One of the key factor which is driving the growth of PV module of solar energy market is the shift in consumer preference. Environmental concerns over the greenhouse gas emissions associated with fossil fuel works in favor of solar energy market. The major restraining factor for PV module in solar energy market is the high capital investment. However, the government support programs making solar power more cost competitive.

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The PV module in solar energy market is segmented on the basis of technology, product, connectivity, Mounting, application and geography. By technology the solar energy market including PV module is bifurcated as thin film and crystalline silicon. On the basis of product the market is further segmented into Monocrystalline, Polycrystalline, Cadmium Telluride (CdTe), Amorphous Silicon (A-Si), Copper Indium Gallium Di-selenide (CIGS). Single crystalline is the most efficient sunlight conversion technology available.

Its module efficiency averages about 10% to 12%, polycrystalline or multicrystalline has low manufacturing cost and module efficiency averages about 10% to 11%.In string ribbon cost of manufacturing is low and Module efficiency is average 7% to 8%, for amorphous or thin film The cost of manufacturing is lower than any other method and Module efficiency averages 5% to 7%.By connectivity the solar PV module market is divided into on-grid and off-grid. Further by mounting solar PV module market is segmented as ground mounted and roof-top. On the basis of applications, PV module solar energy market is segregated into groups which includes agriculture & horticulture, transportation, architecture and others.

Geographically the solar energy market in PV modules covers Europe, North America, Asia Pacific, South America and Middle East & Africa region. Europe is expected to dominate the global solar energy market including PV module in it. Asia Pacific anticipated to experiences the healthy market growth as this region have the high adoption of solar energy equipment.