NEW YORK, Jan. 11, 2022 /PRNewswire/ -- The global crystalline silicon solar PV modules market is fragmented and has many domestic and global vendors. The competition in the market is moderate as most of the growth is highly dependent on R&D and innovation. Some vendors are increasing investments to enhance manufacturing capabilities and stay ahead of the competition.
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One of the primary growth drivers for this market is favorable government regulations. In addition, increasing investments in renewable energy will have a positive impact on the growth of the market during the forecast period. The crystalline silicon solar PV modules market is expected to post a year-over-year growth rate of 15.50%. Technavio expects the crystalline silicon solar PV modules market size to grow by USD 46.90 billion between 2020 and 2025, accelerating at a CAGR of almost 19% during the forecast period.
Crystalline Silicon Solar PV Modules Market: Segment Highlights
- By product, the monocrystalline silicon solar PV modules segment is generating maximum revenue in the market.
- The segment is driven by the higher efficiency of monocrystalline silicon solar PV modules.
- The market growth in the segment will be significant during the forecast period.
Regional Analysis
- 64% of the growth will originate from the APAC region.
- The ongoing shift toward renewable power generation sources such as solar power and wind power in countries such as China and India will be crucial in driving the growth of the crystalline silicon solar PV modules market in APAC.
- Also, the availability of financial incentive programs such as FiTs in China, Japan, Thailand, and Vietnam will foster regional market growth.
- China, India, and Japan are the key markets for the crystalline silicon solar PV modules market in APAC. Market growth in this region will be faster than the growth of the market in other regions.
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Notes:
- The crystalline silicon solar PV modules market size is expected to accelerate at a CAGR of almost 19% during the forecast period.
- The crystalline silicon solar PV modules market is segmented by Product (Monocrystalline and Polycrystalline) and Geography (APAC, North America, Europe, South America, and MEA).
- The market is fragmented due to the presence of many established vendors holding significant market share.
- The research report offers information on several market vendors, including Canadian Solar Inc., Ja Solar Holdings Co. Ltd., Jiangsu Shunfeng Photovoltaic Technology Co. Ltd., JinkoSolar Holding Co. Ltd., LONGi Green Energy Technology Co. Ltd., Risen Energy Co. Ltd., Suzhou Talesun Solar Technology Co. Ltd., Trina Solar Co. Ltd., Yingli Green Energy Holding Co. Ltd., and Zhejiang CHINT Electrics Co. Ltd.
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Crystalline Silicon Solar PV Modules Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2020 |
Forecast period |
2021-2025 |
Growth momentum & CAGR |
Accelerate at a CAGR of 19% |
Market growth 2021-2025 |
USD 46.90 billion |
Market structure |
Fragmented |
YoY growth (%) |
15.50 |
Regional analysis |
APAC, North America, Europe, South America, and MEA |
Performing market contribution |
APAC at 64% |
Key consumer countries |
China, US, India, Japan, and Turkey |
Competitive landscape |
Leading companies, competitive strategies, consumer engagement scope |
Companies profiled |
Canadian Solar Inc., Ja Solar Holdings Co. Ltd., Jiangsu Shunfeng Photovoltaic Technology Co. Ltd., JinkoSolar Holding Co. Ltd., LONGi Green Energy Technology Co. Ltd., Risen Energy Co. Ltd., Suzhou Talesun Solar Technology Co. Ltd., Trina Solar Co. Ltd., Yingli Green Energy Holding Co. Ltd., and Zhejiang CHINT Electrics Co. Ltd. |
Market Dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio
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