What are the key factors driving the growth of the solar PV module market?

The growth of the solar PV module market is driven by climate change concerns, energy security needs, falling technology costs, and supportive government policies. Countries with ambitious renewable energy targets, particularly those reliant on fossil fuels, are turning to solar energy for a cleaner alternative. Solar technology's maturity, especially crystalline modules, makes it an attractive option for large-scale power generation.

What are the two main types of solar PV technology available?

The two primary solar PV technologies are crystalline and thin-film modules. Crystalline technology is more mature, widely used, and accounts for the majority of global installations. Thin-film technology, although less common, is favoured for certain applications due to its lower material costs and flexibility.

Which regions dominate the global solar PV market?

Asia-Pacific is the leading region for solar PV installations, driven by large markets such as China and India, followed by the Americas and EMEA. In the Americas, the United States, Chile, Mexico, and Brazil are key markets, benefiting from government incentives and tax credits.

Who are the leading manufacturers of solar PV modules?

The top manufacturers in the crystalline solar PV market include LONGi Solar, Trina Solar, and JA Solar, accounting for 52% of global supply. In the thin-film market, First Solar dominates with a 45% market share. Other notable manufacturers include JinkoSolar, Canadian Solar, and Risen Energy.

How does crystalline technology compare to thin-film technology?

Crystalline technology is more established and easier to fabricate, making it the dominant choice for solar PV modules. It offers higher efficiency, which is essential for large-scale installations. Thin-film technology, while less efficient, is more flexible and lightweight, making it suitable for specific niche applications.