Crystalline Silicon Solar Photovoltaic (PV) Modules Market Analysis APAC, North America, Europe, South America, Middle East and Africa - US, Turkey, China, India, Japan - Size and Forecast 2023-2027

The crystalline silicon solar PV modules market size is estimated to grow at a CAGR of 18.17% between 2022 and 2027. The crystalline silicon solar PV modules market size is forecast to increase by USD 56.06 billion. The growth of the market depends on several factors, including favorable government regulations regarding the use of fossil fuels, increasing investments in renewable energy, and a rise in solar PV installations.

This crystalline silicon solar PV modules market report extensively covers market segmentation by product (monocrystalline and polycrystalline), end-user (commercial, residential, and utility sector), and geography (APAC, North America, Europe, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.

What will be the Size of the Crystalline Silicon Solar PV Modules Market During the Forecast Period?

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Crystalline Silicon Solar PV Modules Market: Key Drivers, Trends, Challenges, and Customer Landscape

The favorable government regulations regarding the use of fossil fuels are notably driving the market growth, although the rise in alternative sources of energy may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.

Key Crystalline Silicon Solar PV Modules Market Driver

Favorable government regulations regarding the use of fossil fuels are notably driving the crystalline silicon solar PV modules market growth. Fossil fuels are the most common source of power generation because they occur naturally. However, greenhouse gas emissions from fossil fuels pose a significant challenge to environmental sustainability. Reducing emissions requires the use of alternative energy sources such as solar, wind, and hydropower. Governments around the world are supporting the adoption of solar power systems through subsidies, tax breaks, and incentives for consumers and producers. In the United States, the Solar Investment Tax Credit (ITC) is an important federal policy mechanism that supports the use of solar energy in the country. The ITC allows residential and commercial users to deduct 30% of the cost of installing a solar energy system from their federal taxes. Since the introduction of the ITC in 2006, US annual solar installations have increased more than 16-fold. Continuing with this policy will allow manufacturers to invest in research and development to develop cheaper and more reliable technologies to reduce the cost of photovoltaic systems. 

Many other countries around the world are developing policies to encourage the development of solar energy technologies. A notable example is the Feed-in Tariff (FiT) policy designed to encourage investment in renewable energy-related technologies. This policy covers various aspects of the solar energy industry, including reduced sun exposure, eligibility criteria, bonuses, and various other subsidies.  Globally, several countries, including the United States, China, the United Kingdom, and Germany, are acknowledging the depletion of fossil fuel resources and concomitant CO2 emission restrictions. Many end-users are beginning to adopt alternative energy sources and are gradually abandoning fossil fuel-based power generation. Renewable energies such as wind and solar power are growing in popularity among all categories of electricity consumers. This will attract more investors to invest in photovoltaic projects, which is expected to boost the growth of the crystalline silicon solar photovoltaic (PV) modules market growth.

Significant Crystalline Silicon Solar PV Modules Market Trends

Increased adoption of microgrids is a key trend influencing the crystalline silicon solar photovoltaic modules market growth. A microgrid is a small power grid with its own generation and storage resources. Microgrids can operate independently or in conjunction with other small power grids. When a microgrid is integrated into the main power grid, it is called a hybrid microgrid. A microgrid can connect and disconnect from the power grid and operate in both grid-connected and island modes. Microgrids can enter island mode if the main power grid fails or if the system is intentionally disconnected from the main grid. Power grids are not always stable. In some areas where blackouts are frequent, microgrids play an important role in preventing blackouts. This is because the power grid is relatively unstable. Microgrids are deployed in villages where grid-connected power is not available or is only available to a limited extent. It can function autonomously or operate in parallel with traditional networks. They are more reliable as they are not affected by mains power failures. It also reduces the cost of extending the network in remote areas. Microgrids can generate power from renewable sources such as solar and wind.

Governments around the world are supporting the adoption of microgrids that are highly resilient to natural disasters. This has helped many communities to deploy microgrids to overcome power outages during disasters. Therefore, increasing adoption of microgrids will drive the crystalline silicon solar photovoltaic modules market during the forecast period. 

Major Crystalline Silicon Solar PV Modules Market Challenge

The rise in alternative sources of energy is challenging the crystalline silicon solar photovoltaic (PV) modules market growth. Power generation is still dominated by fossil fuels. According to the IEA, China, the United States, and India are the growing wind energy markets for energy generation. Many countries prefer the use of fossil fuels to renewable energy. This is due to the abundance of fossil fuels available to meet their needs and generate electricity. The cost of setting up a renewable energy farm to generate electricity is very high. The amount of electricity generated from renewable energy sources also cannot match the amount of electricity generated from fossil fuels. Therefore, the market prefers non-renewable energy sources.

Among renewable energies, solar energy competes with wind and hydropower. According to the Global Wind Energy Council (GWEC), wind power generation has increased recently.  Reducing the cost of natural gas will help increase the amount of electricity generated from natural gas, which is a challenge for solar power. U.S. shale gas exploration is on the rise and hits a record high. The growth of alternative energy sources will therefore affect the demand for solar energy and will affect the crystalline silicon solar photovoltaic modules market during the forecast period. 

Key Crystalline Silicon Solar PV Modules Market Customer Landscape

The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.

Global Crystalline Silicon Solar PV Modules Market Customer Landscape

Who are the Major Crystalline Silicon Solar PV Modules Market Vendors?

Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.

Canadian Solar Inc: The company offers different crystalline silicon solar PV module solutions. Along with this it also provides solar system kits, solar modules, and battery energy storage solutions.

The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:

• 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.

Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.

What is the Fastest-Growing Segments in the Crystalline Silicon Solar PV Modules Market?

The market share growth by the monocrystalline segment will be significant during the forecast period. The monocrystalline solar PV modules segment gained the highest share as monocrystalline silicon solar PV modules are the most widely used PV modules. These modules are also known as monocrystalline silicon photovoltaic modules. They are made by forming pure silicon rods and slicing them into wafers. The cell consists of single-crystal silicon for the flow of current generated by electrons. This makes monocrystalline silicon photovoltaic modules more efficient than polycrystalline silicon photovoltaic modules.

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The monocrystalline segment was valued at USD 14.80 billion in 2017 and continued to grow until 2021. According to the IEA, monocrystalline silicon photovoltaic modules have an efficiency of 14% to 20%, which is relatively higher than polycrystalline silicon photovoltaic modules, which have an efficiency range of 13% to 15%. Due to their high efficiency, monocrystalline silicon photovoltaic modules are more space efficient than their polycrystalline silicon counterparts. These modules are primarily used in large-scale solar applications such as commercial and residential systems. Furthermore, these modules perform better in low-light conditions than polycrystalline solar modules. Therefore, the expensive nature of these modules will influence the growth of the monocrystalline segment in the crystalline silicon solar photovoltaic (PV) modules market during the forecast period. 

Which are the Key Regions for the Crystalline Silicon Solar PV Modules Market?

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APAC is estimated to contribute 60% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

The crystalline silicon solar photovoltaic modules market in the Asia-Pacific region is expected to grow rapidly during the forecast period. The main markets in this region are China, India, Japan, Australia, and South Korea. Most of the growth in APAC is due to financial incentive programs in China, Japan, Thailand, and Vietnam. Rising greenhouse gas emissions in China and India are shifting the focus to renewable energy sources such as solar and wind. As for photovoltaic power generation,  the movement to replace fossil fuels with photovoltaic power generation is actively progressing. Additionally, China has announced a goal to become carbon neutral by 2060. Therefore, the above factors are expected to boost the demand for crystalline silicon PV solar panels during the forecast period. 

The 2020 COVID-19 outbreak had a negative impact on economic growth globally. Governments across the world imposed strict lockdowns to prevent the spread of the COVID-19 virus. The lockdown led to the shutting down of manufacturing activities in various industries, including the crystalline silicon photovoltaic module industry. Additionally, commercial and residential sectors were shut down during the pandemic, reducing demand for crystalline silicon photovoltaic panels. All these factors had a negative impact on the growth of the market in 2020. However,  lockdown restrictions were lifted in early 2021 following massive vaccination campaigns across the world. This has resulted in the resumption of the production of crystalline silicon photovoltaic modules at the manufacturing facility in the first half of 2021. This has increased the demand for crystalline silicon photovoltaic modules for various applications in these end-use industries. Moreover, renewable energy generation is expected to increase significantly during the forecast period. 

Segment Overview

The crystalline silicon solar photovoltaic modules market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027. 

• Product Outlook (USD Billion, 2017 - 2027)
  • Monocrystalline
  • Polycrystalline

• End-user Outlook (USD Billion, 2017 - 2027)
  • Commercial
  • Residential
  • Utility sector

• Region Outlook (USD Billion, 2017 - 2027)
  • North America
    • The U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
    • France
    • Rest of Europe
  • APAC
    • China
    • India
  • South America
    • Chile
    • Brazil
  • Middle East & Africa
    • Saudi Arabia
    • South Africa
    • Rest of the Middle East & Africa

Parent Market Analysis

Technavio categorizes the global crystalline silicon photovoltaic (PV) modules market as part of the global renewable electricity market within the global independent power and renewable electricity market. The parent global renewable electricity market includes companies involved in the generation and distribution of power from renewable energy sources. The global independent power and renewable electricity market size include companies involved in independent power generation and distribution, gas and power marketing and trading professionals, and/or integrated energy traders and renewable power. 

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What are the Key Data Covered in this Crystalline Silicon Solar PV Modules Market Research Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the crystalline silicon Solar PV modules market between 2023 and 2027
• Precise estimation of the size of the crystalline silicon solar PV modules market size and its contribution of the market in focus to the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the market industry across APAC, North America, Europe, South America, and Middle East and Africa
• Thorough analysis of the market’s competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of crystalline silicon solar PV modules market vendors

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