NEW YORK, March 1, 2021 /PRNewswire/ -- The crystalline silicon solar PV modules market is expected to grow by USD 46.90 billion during 2021-2025, expanding at a CAGR of almost 19%. The report also throws light on the impact of the COVID-19 pandemic on the market and the new opportunities and challenges market players can expect. The impact can be expected to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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Crystalline Silicon Solar PV Modules Market: Favorable government regulations to drive growth.
Governments across the world support the adoption of solar PV systems. The ITC allows users to deduct 30% of the cost of installing a solar energy system from their federal taxes. This will encourage manufacturing companies to invest in R&D. Governments are also introducing separate policies for different types of solar PV installations, such as installations on buildings, roof-mounted installations, and installation of freestanding facilities. Therefore, they are gradually moving toward renewable energy to achieve their carbon emission targets and reduce the dependence on fossil fuels. Governments in various other countries are also providing incentives for solar energy projects. This has encouraged many investors to invest in solar PV projects, thus driving the market.
As per Technavio, the increasing investments in renewable energy will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2021-2025.
Crystalline Silicon Solar PV Modules Market: Increasing investments in renewable energy.
Development in energy efficiency has played a vital role in balancing the supply and demand of energy. The total cost of producing electricity using renewable sources is relatively higher when compared with conventional sources. However, renewable technology is evolving and intensifying market competition for newly built fossil fuel power plants. The cost of producing electricity and low GHG emissions from renewable sources have pushed up investments in renewable energy worldwide. Solar PV technology is one of the widely used renewable energy sources across the globe. Increased focus on renewable energy sources is increasing investments in solar PV projects. This will drive the market during the forecast period.
"The growing GHG emissions in China and India and the financial incentive programs such as FiTs will further boost market growth during the forecast period", says a senior analyst at Technavio.
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The APAC region led the crystalline silicon solar PV modules market in 2021, followed by North America, Europe, South America, and MEA respectively. During the forecast period, the APAC region is expected to register the highest incremental growth due to factors such as the rise in solar PV installations.
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Some of the key topics covered in the report include:
Market positioning of vendors
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