Crystalline Silicon Solar PV Modules Market to grow at a CAGR of 18.17% from 2022 to 2027|Favorable Government Regulations regarding the use of Fossil Fuels to boost the market growth- Technavio

NEW YORK, July 21, 2023 /PRNewswire/ — The crystalline silicon solar PV modules market size is expected to grow by USD 56.06 billion from 2022 to 2027, progressing at a CAGR of 18.17% as per the latest Technavio market research report. APAC is going to have lucrative growth during the forecast period. About 60% of the market’s overall growth is expected to originate from APAC. China, India, Japan, Australia, and South Korea are the major contributors to the market. There is a rapid shift towards renewable energy sources such as solar and wind due to rising greenhouse gas emissions in China and India. Furthermore, China has announced a goal to become carbon neutral by 2060 and increase its dependency on natural energy sources. Hence, these factors are expected to drive market growth in the region during the forecast period. For more insights on the market share of various regions- Download a sample report in MINUTES

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Crystalline Silicon Solar PV Modules Market: Market Dynamics

Key Drivers

Favorable government regulations regarding the use of fossil fuels are a key factor driving market growth. This is due to the various government support to consumers and producers through subsidies, tax breaks, and incentives. Furthermore, many other countries are developing policies to encourage the development of solar energy technologies. Feed-in Tariff (FiT) policy is launched to encourage investment in renewable energy-related technologies and includes reduced sun exposure, eligibility criteria, bonuses, and various other subsidies. Hence, these government initiatives are expected to drive market growth during the forecast period.

Major Trends

Increased adoption of microgrids is a major trend in the market. A microgrid is a little power framework with its own generation and storage resources. Microgrids can work on their own or with other small power grids. When a microgrid is incorporated into the main power grid, it is known as a hybrid microgrid. Furthermore, they are considered more reliable as they are not affected by main power failures and reduce the cost of extending the network in remote areas such as villages.

Significant Challenges

The rise in alternative sources of energy is a significant challenge restricting market growth. The main reason is the cost of setting up a renewable energy farm to generate electricity is very high. Furthermore, the amount of electricity which is generated from renewable energy sources is very less as compared to fossil fuels. Reducing the cost of natural gas can help in increasing the amount of electricity generated from natural gas. This is the main issue for the vendors in the market. Hence, these factors are expected to drive market growth during the forecast period.

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Some of the key Crystalline Silicon Solar PV Modules Market Players:

The crystalline silicon solar PV modules market is fragmented, and the vendors are deploying organic and inorganic growth strategies to compete in the market. Some of the vendors are:

Canadian Solar Inc., Emeren, First Solar Inc., Hanwha Corp., JA Solar Technology Co. Ltd., Jiangsu Shunfeng Photovoltaic Technology Co. Ltd., JinkoSolar Holding Co. Ltd., Longi green energy technology Co. Ltd, Moser Solar, Motech Industries Inc., Novergy Energy Solutions Pvt. Ltd., Risen Energy Co. Ltd., Sharp Corp., SolarEdge Technologies Inc., Su kam Power, SunPower Corp., Sunrun Inc., Trina Solar Co. Ltd., Vikram Solar Ltd., and Zhejiang CHINT Electrics Co. Ltd.

Crystalline Silicon Solar PV Modules Market: Segmentation Analysis

This market research report segments the crystalline silicon solar PV modules market by Product (Monocrystalline and Polycrystalline), End-user (Commercial, Residential, and Utility sectors), and Geography (APAC, North America, Europe, South America, and Middle East and Africa).

• The market share growth by the monocrystalline segment will be significant during the forecast period. They are made by forming pure silicon rods and cutting them into wafers. The cell comprises single-crystal silicon for the progression of current produced by electrons. As a result, monocrystalline silicon photovoltaic modules outperform polycrystalline silicon photovoltaic modules in terms of efficiency. Hence, the benefits are expected to drive segment growth during the forecast period.

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Vendor Landscape

• Vendors covered
• Vendor classification
• Market positioning of vendors
• Competitive scenario

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Related Reports

The distributed solar power generation market size is estimated to grow at a CAGR of 19.09% between 2022 and 2027. The market size is forecast to increase by USD 73,305.26 million. Furthermore, this report extensively covers market segmentation by end-user (commercial, industrial, and residential), installation sites (on-grid and off-grid), and geography (APAC, Europe, North America, South America, and Middle East, and Africa). The increasing investments in renewable energy are one of the key factors driving market growth during the forecast period.

The solar photovoltaic (PV) market size is estimated to grow at a CAGR of 8.42% between 2022 and 2027. The market size is forecast to increase by USD 47.16 billion. Furthermore, this report extensively covers market segmentation by end-user (commercial, residential, and utility), deployment (ground-mounted and rooftop), and geography (APAC, Europe, North America, Middle East and Africa, and South America). The increasing government support for solar power technology is one of the key factors driving market growth during the forecast period.

Table of Contents

1 Executive Summary

• 1.1 Market Overview
• Exhibit 01: Executive Summary – Chart on Market Overview
• Exhibit 02: Executive Summary – Data Table on Market Overview
• Exhibit 03: Executive Summary – Chart on Global Market Characteristics
• Exhibit 04: Executive Summary – Chart on Market by Geography
• Exhibit 05: Executive Summary – Chart on Market Segmentation by Product
• Exhibit 06: Executive Summary – Chart on Market Segmentation by End-user
• Exhibit 07: Executive Summary – Chart on Incremental Growth
• Exhibit 08: Executive Summary – Data Table on Incremental Growth
• Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

• 2.1 Market ecosystem
• Exhibit 10: Parent market
• Exhibit 11: Market Characteristics

3 Market Sizing

• 3.1 Market definition
• Exhibit 12: Offerings of vendors included in the market definition

• 3.2 Market segment analysis 
• Exhibit 13: Market segments

• 3.3 Market size 2022

• 3.4 Market outlook: Forecast for 2022-2027 
• Exhibit 14: Chart on Global – Market size and forecast 2022-2027 ($ billion)
• Exhibit 15: Data Table on Global – Market size and forecast 2022-2027 ($ billion)
• Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
• Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)

4 Historic Market Size

• 4.1 Global crystalline silicon solar PV modules market 2017 – 2021 
• Exhibit 18: Historic Market Size – Data Table on Global crystalline silicon solar PV modules market 2017 – 2021 ($ billion)

• 4.2 Product Segment Analysis 2017 – 2021 
• Exhibit 19: Historic Market Size – Product Segment 2017 – 2021 ($ billion)

• 4.3 End-user Segment Analysis 2017 – 2021 
• Exhibit 20: Historic Market Size – End-user Segment 2017 – 2021 ($ billion)

• 4.4 Geography Segment Analysis 2017 – 2021 
• Exhibit 21: Historic Market Size – Geography Segment 2017 – 2021 ($ billion)

• 4.5 Country Segment Analysis 2017 – 2021 
• Exhibit 22: Historic Market Size – Country Segment 2017 – 2021 ($ billion)

5 Five Forces Analysis

• 5.1 Five forces summary
• Exhibit 23: Five forces analysis – Comparison between 2022 and 2027

• 5.2 Bargaining power of buyers 
• Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027

• 5.3 Bargaining power of suppliers 
• Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027

• 5.4 Threat of new entrants 
• Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027

• 5.5 Threat of substitutes 
• Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027

• 5.6 Threat of rivalry
• Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027

• 5.7 Market condition
• Exhibit 29: Chart on Market condition – Five forces 2022 and 2027

6 Market Segmentation by Product

• 6.1 Market segments
• Exhibit 30: Chart on Product – Market share 2022-2027 (%)
• Exhibit 31: Data Table on Product – Market share 2022-2027 (%)

• 6.2 Comparison by Product 
• Exhibit 32: Chart on Comparison by Product
• Exhibit 33: Data Table on Comparison by Product

• 6.3 Monocrystalline – Market size and forecast 2022-2027 
• Exhibit 34: Chart on Monocrystalline – Market size and forecast 2022-2027 ($ billion)
• Exhibit 35: Data Table on Monocrystalline – Market size and forecast 2022-2027 ($ billion)
• Exhibit 36: Chart on Monocrystalline – Year-over-year growth 2022-2027 (%)
• Exhibit 37: Data Table on Monocrystalline – Year-over-year growth 2022-2027 (%)

• 6.4 Polycrystalline – Market size and forecast 2022-2027 
• Exhibit 38: Chart on Polycrystalline – Market size and forecast 2022-2027 ($ billion)
• Exhibit 39: Data Table on Polycrystalline – Market size and forecast 2022-2027 ($ billion)
• Exhibit 40: Chart on Polycrystalline – Year-over-year growth 2022-2027 (%)
• Exhibit 41: Data Table on Polycrystalline – Year-over-year growth 2022-2027 (%)

• 6.5 Market opportunity by Product 
• Exhibit 42: Market opportunity by Product ($ billion)
• Exhibit 43: Data Table on Market opportunity by Product ($ billion)

7 Market Segmentation by End-user

• 7.1 Market segments
• Exhibit 44: Chart on End-user – Market share 2022-2027 (%)
• Exhibit 45: Data Table on End-user – Market share 2022-2027 (%)

• 7.2 Comparison by End-user 
• Exhibit 46: Chart on Comparison by End-user
• Exhibit 47: Data Table on Comparison by End-user

• 7.3 Commercial – Market size and forecast 2022-2027 
• Exhibit 48: Chart on Commercial – Market size and forecast 2022-2027 ($ billion)
• Exhibit 49: Data Table on Commercial – Market size and forecast 2022-2027 ($ billion)
• Exhibit 50: Chart on Commercial – Year-over-year growth 2022-2027 (%)
• Exhibit 51: Data Table on Commercial – Year-over-year growth 2022-2027 (%)

• 7.4 Residential – Market size and forecast 2022-2027 
• Exhibit 52: Chart on Residential – Market size and forecast 2022-2027 ($ billion)
• Exhibit 53: Data Table on Residential – Market size and forecast 2022-2027 ($ billion)
• Exhibit 54: Chart on Residential – Year-over-year growth 2022-2027 (%)
• Exhibit 55: Data Table on Residential – Year-over-year growth 2022-2027 (%)

• 7.5 Utility sector – Market size and forecast 2022-2027 
• Exhibit 56: Chart on Utility sector – Market size and forecast 2022-2027 ($ billion)
• Exhibit 57: Data Table on Utility sector – Market size and forecast 2022-2027 ($ billion)
• Exhibit 58: Chart on Utility sector – Year-over-year growth 2022-2027 (%)
• Exhibit 59: Data Table on Utility sector – Year-over-year growth 2022-2027 (%)

• 7.6 Market opportunity by End-user 
• Exhibit 60: Market opportunity by End-user ($ billion)
• Exhibit 61: Data Table on Market opportunity by End-user ($ billion)

8 Customer Landscape

• 8.1 Customer landscape overview 
• Exhibit 62: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Geographic Landscape

• 9.1 Geographic segmentation 
• Exhibit 63: Chart on Market share by geography 2022-2027 (%)
• Exhibit 64: Data Table on Market share by geography 2022-2027 (%)

• 9.2 Geographic comparison 
• Exhibit 65: Chart on Geographic comparison
• Exhibit 66: Data Table on Geographic comparison

• 9.3 APAC – Market size and forecast 2022-2027 
• Exhibit 67: Chart on APAC – Market size and forecast 2022-2027 ($ billion)
• Exhibit 68: Data Table on APAC – Market size and forecast 2022-2027 ($ billion)
• Exhibit 69: Chart on APAC – Year-over-year growth 2022-2027 (%)
• Exhibit 70: Data Table on APAC – Year-over-year growth 2022-2027 (%)

• 9.4 North America – Market size and forecast 2022-2027 
• Exhibit 71: Chart on North America – Market size and forecast 2022-2027 ($ billion)
• Exhibit 72: Data Table on North America – Market size and forecast 2022-2027 ($ billion)
• Exhibit 73: Chart on North America – Year-over-year growth 2022-2027 (%)
• Exhibit 74: Data Table on North America – Year-over-year growth 2022-2027 (%)

• 9.5 Europe – Market size and forecast 2022-2027 
• Exhibit 75: Chart on Europe – Market size and forecast 2022-2027 ($ billion)
• Exhibit 76: Data Table on Europe – Market size and forecast 2022-2027 ($ billion)
• Exhibit 77: Chart on Europe – Year-over-year growth 2022-2027 (%)
• Exhibit 78: Data Table on Europe – Year-over-year growth 2022-2027 (%)

• 9.6 South America – Market size and forecast 2022-2027 
• Exhibit 79: Chart on South America – Market size and forecast 2022-2027 ($ billion)
• Exhibit 80: Data Table on South America – Market size and forecast 2022-2027 ($ billion)
• Exhibit 81: Chart on South America – Year-over-year growth 2022-2027 (%)
• Exhibit 82: Data Table on South America – Year-over-year growth 2022-2027 (%)

• 9.7 Middle East and Africa – Market size and forecast 2022-2027 
• Exhibit 83: Chart on Middle East and Africa – Market size and forecast 2022-2027 ($ billion)
• Exhibit 84: Data Table on Middle East and Africa – Market size and forecast 2022-2027 ($ billion)
• Exhibit 85: Chart on Middle East and Africa – Year-over-year growth 2022-2027 (%)
• Exhibit 86: Data Table on Middle East and Africa – Year-over-year growth 2022-2027 (%)

• 9.8 China – Market size and forecast 2022-2027 
• Exhibit 87: Chart on China – Market size and forecast 2022-2027 ($ billion)
• Exhibit 88: Data Table on China – Market size and forecast 2022-2027 ($ billion)
• Exhibit 89: Chart on China – Year-over-year growth 2022-2027 (%)
• Exhibit 90: Data Table on China – Year-over-year growth 2022-2027 (%)

• 9.9 US – Market size and forecast 2022-2027 
• Exhibit 91: Chart on US – Market size and forecast 2022-2027 ($ billion)
• Exhibit 92: Data Table on US – Market size and forecast 2022-2027 ($ billion)
• Exhibit 93: Chart on US – Year-over-year growth 2022-2027 (%)
• Exhibit 94: Data Table on US – Year-over-year growth 2022-2027 (%)

• 9.10 India – Market size and forecast 2022-2027 
• Exhibit 95: Chart on India – Market size and forecast 2022-2027 ($ billion)
• Exhibit 96: Data Table on India – Market size and forecast 2022-2027 ($ billion)
• Exhibit 97: Chart on India – Year-over-year growth 2022-2027 (%)
• Exhibit 98: Data Table on India – Year-over-year growth 2022-2027 (%)

• 9.11 Japan – Market size and forecast 2022-2027 
• Exhibit 99: Chart on Japan – Market size and forecast 2022-2027 ($ billion)
• Exhibit 100: Data Table on Japan – Market size and forecast 2022-2027 ($ billion)
• Exhibit 101: Chart on Japan – Year-over-year growth 2022-2027 (%)
• Exhibit 102: Data Table on Japan – Year-over-year growth 2022-2027 (%)

• 9.12 Turkey – Market size and forecast 2022-2027 
• Exhibit 103: Chart on Turkey – Market size and forecast 2022-2027 ($ billion)
• Exhibit 104: Data Table on Turkey – Market size and forecast 2022-2027 ($ billion)
• Exhibit 105: Chart on Turkey – Year-over-year growth 2022-2027 (%)
• Exhibit 106: Data Table on Turkey – Year-over-year growth 2022-2027 (%)

• 9.13 Market opportunity by geography 
• Exhibit 107: Market opportunity by geography ($ billion)
• Exhibit 108: Data Tables on Market opportunity by geography ($ billion)

10 Drivers, Challenges, and Trends

• 10.1 Market drivers

• 10.2 Market challenges

• 10.3 Impact of drivers and challenges 
• Exhibit 109: Impact of drivers and challenges in 2022 and 2027

• 10.4 Market trends

11 Vendor Landscape

• 11.1 Overview

• 11.2 Vendor landscape
• Exhibit 110: Overview on Criticality of inputs and Factors of differentiation

• 11.3 Landscape disruption
• Exhibit 111: Overview on factors of disruption

• 11.4 Industry risks
• Exhibit 112: Impact of key risks on business

12 Vendor Analysis

• 12.1 Vendors covered
• Exhibit 113: Vendors covered

• 12.2 Market positioning of vendors 
• Exhibit 114: Matrix on vendor position and classification

• 12.3 Canadian Solar Inc.
• Exhibit 115: Canadian Solar Inc. – Overview
• Exhibit 116: Canadian Solar Inc. – Business segments
• Exhibit 117: Canadian Solar Inc. – Key news
• Exhibit 118: Canadian Solar Inc. – Key offerings
• Exhibit 119: Canadian Solar Inc. – Segment focus

• 12.4 Emeren
• Exhibit 120: Emeren – Overview
• Exhibit 121: Emeren – Product / Service
• Exhibit 122: Emeren – Key offerings

• 12.5 First Solar Inc.
• Exhibit 123: First Solar Inc. – Overview
• Exhibit 124: First Solar Inc. – Business segments
• Exhibit 125: First Solar Inc. – Key offerings
• Exhibit 126: First Solar Inc. – Segment focus

• 12.6 Hanwha Corp.
• Exhibit 127: Hanwha Corp. – Overview
• Exhibit 128: Hanwha Corp. – Product / Service
• Exhibit 129: Hanwha Corp. – Key news
• Exhibit 130: Hanwha Corp. – Key offerings

• 12.7 JA Solar Technology Co. Ltd. 
• Exhibit 131: JA Solar Technology Co. Ltd. – Overview
• Exhibit 132: JA Solar Technology Co. Ltd. – Product / Service
• Exhibit 133: JA Solar Technology Co. Ltd. – Key offerings

• 12.8 Jiangsu Shunfeng Photovoltaic Technology Co. Ltd. 
• Exhibit 134: Jiangsu Shunfeng Photovoltaic Technology Co. Ltd. – Overview
• Exhibit 135: Jiangsu Shunfeng Photovoltaic Technology Co. Ltd. – Product / Service
• Exhibit 136: Jiangsu Shunfeng Photovoltaic Technology Co. Ltd. – Key offerings

• 12.9 JinkoSolar Holding Co. Ltd. 
• Exhibit 137: JinkoSolar Holding Co. Ltd. – Overview
• Exhibit 138: JinkoSolar Holding Co. Ltd. – Product / Service
• Exhibit 139: JinkoSolar Holding Co. Ltd. – Key news
• Exhibit 140: JinkoSolar Holding Co. Ltd. – Key offerings

• 12.10 Longi green energy technology Co. Ltd 
• Exhibit 141: Longi green energy technology Co. Ltd – Overview
• Exhibit 142: Longi green energy technology Co. Ltd – Product / Service
• Exhibit 143: Longi green energy technology Co. Ltd – Key offerings

• 12.11 Risen Energy Co. Ltd. 
• Exhibit 144: Risen Energy Co. Ltd. – Overview
• Exhibit 145: Risen Energy Co. Ltd. – Product / Service
• Exhibit 146: Risen Energy Co. Ltd. – Key offerings

• 12.12 Sharp Corp.
• Exhibit 147: Sharp Corp. – Overview
• Exhibit 148: Sharp Corp. – Business segments
• Exhibit 149: Sharp Corp. – Key news
• Exhibit 150: Sharp Corp. – Key offerings
• Exhibit 151: Sharp Corp. – Segment focus

• 12.13 SolarEdge Technologies Inc. 
• Exhibit 152: SolarEdge Technologies Inc. – Overview
• Exhibit 153: SolarEdge Technologies Inc. – Product / Service
• Exhibit 154: SolarEdge Technologies Inc. – Key offerings

• 12.14 SunPower Corp.
• Exhibit 155: SunPower Corp. – Overview
• Exhibit 156: SunPower Corp. – Product / Service
• Exhibit 157: SunPower Corp. – Key news
• Exhibit 158: SunPower Corp. – Key offerings

• 12.15 Sunrun Inc.
• Exhibit 159: Sunrun Inc. – Overview
• Exhibit 160: Sunrun Inc. – Product / Service
• Exhibit 161: Sunrun Inc. – Key offerings

• 12.16 Trina Solar Co. Ltd.
• Exhibit 162: Trina Solar Co. Ltd. – Overview
• Exhibit 163: Trina Solar Co. Ltd. – Business segments
• Exhibit 164: Trina Solar Co. Ltd. – Key offerings
• Exhibit 165: Trina Solar Co. Ltd. – Segment focus

• 12.17 Zhejiang CHINT Electrics Co. Ltd. 
• Exhibit 166: Zhejiang CHINT Electrics Co. Ltd. – Overview
• Exhibit 167: Zhejiang CHINT Electrics Co. Ltd. – Product / Service
• Exhibit 168: Zhejiang CHINT Electrics Co. Ltd. – Key offerings

13 Appendix

• 13.1 Scope of the report

• 13.2 Inclusions and exclusions checklist 
• Exhibit 169: Inclusions checklist
• Exhibit 170: Exclusions checklist

• 13.3 Currency conversion rates for US$ 
• Exhibit 171: Currency conversion rates for US$

• 13.4 Research methodology
• Exhibit 172: Research methodology
• Exhibit 173: Validation techniques employed for market sizing
• Exhibit 174: Information sources

• 13.5 List of abbreviations
• Exhibit 175: List of abbreviations

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