Global Solar PV Module Market to exceed 100 GW by 2024

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Solar PV Module Market in ground mounted to grow
at 7 CAGR by 2024 Global Market Insights Inc.
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Key Insights from Solar PV Module Market

• The global Solar PV Module Market share report
  provides numbers for applications and regional
  segments of the industry covering historical as
  well as forecast data for decision makers.
• Solar PV Module Market size is set to exceed USD
  30 billion by 2024, as reported in the latest
  study by Global Market Insights, Inc.
• Paradigm shift from depleting conventional to
  sustainable resources for electricity generation
  will drive the global solar PV module market
  size. Rising concern towards greenhouse gas
  emissions coupled with growing measures towards
  energy conservation will further stimulate the
  product demand.
• Utility solar PV module market is anticipated to
  witness strong growth owing to favorable
  government initiatives including investment tax
  credit, low import duty and other financial
  assistance. In 2017, Ministry of Industry and
  Trade of Vietnam announced FiT scheme for utility
  scale solar power projects and the net metering
  scheme for rooftop systems.

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Continued...

• Germany solar PV module market size is set to
  exceed 2.5 GW of annual installation by 2024.
  Government initiatives pertaining to replacement
  of fossil fuels with clean energy resources will
  considerably complement the business landscape.
  In 2017, The German Renewable Energy Act
  renounced annual targets of 2.5 GW PV
  installations. Feed in tariff, tax benefits,
  subsidies introduced by government will further
  boost the product landscape.
• Financial and technical assistance by
  institutions including the World Bank, Asian
  Development Bank (ADB) and International Finance
  Corporation (IFC) along with easy availability of
  soft loans will propel the crystalline silicon
  solar PV module market. Rising environmental
  concerns with improved operational efficiencies
  will further boost the business landscape.
• Government initiatives such as net metering,
  subsidies, tax benefits, power purchase agreement
  coupled with growing measures toward rural
  electrification will stimulate the on-grid solar
  PV module market. In 2017, Ministry of New and
  Renewable Energy in India, exempted the
  procurement of PV components and materials for
  grid connected systems from customs and excise
  duty.

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Continued...

• UK solar PV module market is set to expand owing
  to government initiatives towards sustainable
  energy integration. The export tariff introduced
  by the UK government facilitates USD 0.06 per
  unit for the surplus electricity injected back to
  the grid by the generator. Favorable government
  reforms with ambitious plan towards carbon
  footprint reduction will further boost the
  business outlook.
• For Middle East Africa, UAE solar PV module
  market share is set to expand over 18 by 2024.
  Growing investments towards optimum resource
  utilization and sustainable energy mix will
  propel the business outlook. Low Levelized cost
  pertaining to Independent Power Project (IPP)
  bids and Engineering Procurement and Construction
  (EPC) programs across the region will further
  thrust the industry landscape.
• Notable players across the solar PV module market
  include Canadian Solar, Trina, JA Solar, Jinko,
  Yingli, First Solar, SFCE, Hanwha Q-Cell,
  SunPower, ReneSola, Lanco, Vikram Solar, Su Kam,
  Moser Baer, GCL, Hareon, Motech etc.

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North America Solar PV Module Market Size, By
Product, 2016 (MW)

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360 Analysis

• By Product Trends
• Monocrystalline PV module market share is
  projected to witness gain over 6 by 2024.
  Increasing demand for energy efficiency and
  optimum resource utilization will propel the
  industry growth. Declining price with advancement
  of technology will further augment the industry
  landscape.
• By Technology Trends
• Increasing demand for cost competitive technology
  coupled with adequate technical and financial
  assistance will drive the crystalline silicon
  solar PV module market. Growing environmental
  concerns along with high operational efficiencies
  will further propel the business size. Thin film
  in 2016 accounted for over 20 of global market
  share. Improved efficiency, flexible integration
  and increasing RD spending towards cost
  competitive deployment are some of the salient
  features, which will boost the product demand.
• Competitive Market Share
• Notable participants in the industry include
  Trina, Canadian Solar, Jinko, JA Solar, First
  Solar, Yingli, Hanwha Q-Cell, SFCE, ReneSola,
  SunPower, Vikram Solar, Lanco, Su Kam, GCL, Moser
  Baer, Shine Solar, Motech Solar, Hareon and
  others.

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