Residential end-use segment in solar PV module market is poised to grow at a rate exceeding 7% by the end of 2024

Ocean View, DE -- (SBWire) -- 04/22/2020 --Increasing environmental concerns have fueled global solar PV module market share, owing to the rise in carbon emission levels that has led to the establishment of large-scale solar projects. Stringent regulations levied by the government to meet the renewable energy targets and regulatory efforts undertaken by international authorities aimed at controlling the demand-supply mismatch due to the rapidly growing electricity demand will support the business growth in the coming years.

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Increasing infrastructural development across the globe due to the rise in disposable income among the people has steered the requirement for continuous and reliable source of electricity. Reduction in the cost of solar components due to the increasing prevalence of component manufacturing companies, economies of scale and extreme competition will magnify the product penetration.

Growth Drivers of Solar PV Module Market:
1. Favorable government initiatives
2. Rising clean energy demand
3. Cost competitive
4. Declining prices of solar component

In terms of end-use, market is segmented into commercial, residential and utility. Solar PV module market share from utility segment will experience considerable expansion over the forecasted period owing to the increasing initiatives undertaken to encourage the use of renewable sources of energy.

Financial benefits such as tax exemptions, low import duty, tax credit, and several other financial exclusions will support the adoption of the product. In the year 2017, Ministry of Industry and Trade, Vietnam, introduced FiT policy for net metering schemes in the installation of solar rooftop systems and utility-scale power projects.

Increased purchasing power among people has led to the demand for residential spaces across the globe. Rising awareness among people regarding the benefits of adopting solar energy will add impetus to the product demand in the coming years. As per reports, residential in solar PV module market end-use segment is poised to grow at a rate exceeding 7% by the end of 2024.

Reduced maintenance costs, low electricity bills, diverse applications, and controlled noise pollution are some of the integral factors supporting the product demand. Incentives and tax rebates along with technological developments in the field to meet the changing consumer demands will complement the adoption of PV systems across residential infrastructure.

Asia Pacific region is expected to lead solar PV module market share over 2017-2024. Surging industrialization in emerging countries such as India, China, Japan, Singapore, and Korea due to the availability of cheap labor and raw materials has driven the demand for electricity extensively.

Support by the governments to use sustainable sources of energy in order to control environmental degradation will boost solar PV module market growth. Increasing establishment of green buildings is complementing the use of solar energy to meet electricity requirements.

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In a nutshell, stimulated government norms, presence of several industry players and reduced manufacturing cost will offer lucrative growth opportunities for solar PV module market.

Company profiled in solar PV module market report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
1. Trina Solar
2. Canadian Solar Inc.
3. JA Solar Holding Co.
4. Jinko Solar
5. First Solar
6. Yingli Solar
7. ReneSola
8. SunPower Corp
9. Risen Solar
10. Moser Baer Solar

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