According to a new market report on the PV module market, published by Transparency Market Research, the global PV module market is expected to reach US$ 15.13 Bn by 2026, expanding at a CAGR of -7.7% from 2018 to 2026. According to the report, the global PV module market will continue to be influenced by a range of macroeconomic and industry-specific factors. Asia Pacific will continue to be at the forefront of global demand, with the market in the region growing at about -6.6% through 2026. Increasing residential use of PV module is anticipated to significantly drive the global PV module market across Middle East & Africa.

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In the global PV module market, the rising cost of electricity generation and the subsidies offered by governments is leading to noteworthy growth in the market around the globe. Further, the global PV module market is showing significant growth in emerging regions due to increase in the crystalline silicon type manufacturing to achieve high productivity and efficiency.

The rising demand and increasing consumption of solar power energy is estimated to contribute to the growth of the PV module market in the coming years. Key players in the market are continuously enhancing their research and development expertise to design advanced PV module systems required in residential, commercial, and industrial sectors. The global PV module market is broadly segmented by type, component, mounting type, connectivity, and end-use industry. According to the research study, based on type, the crystalline silicon segment held the maximum market share and is anticipated to expand at a moderate CAGR of -7.4% through 2026. The negative CAGR is due to the fall in the prices of PV modules.

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Asia Pacific (APAC) held the largest market revenue share of the PV module market in 2017 and the market in this region is anticipated to grow at a CAGR of -6.6% during the forecast period. Increasing investment by companies and the growing demand for solar PV modules is anticipated to drive the PV module market across APAC. Analyzing the Asia Pacific PV module market at country level, in 2017, China held major revenue share of the Asia Pacific PV module market followed by Japan. However, in terms of revenue generation, India is anticipated to grow at a healthy and significant CAGR over the forecast period. Rising residential applications of solar PV modules across the country is likely to create a lucrative market for PV modules.