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Solar PV Module Market in MEA, UAE to expand over 18% by 2024

Author : Ronak Bora | Published Date : 2019-03-28 

For Middle East & Africa, UAE solar PV module market share is set to expand over 18% by 2024. Growing investments towards optimum resource utilization and sustainable energy mix will propel the business outlook. Low Levelized cost pertaining to Independent Power Project (IPP) bids and Engineering Procurement and Construction (EPC) programs across the region will further thrust the industry landscape.

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Technological progression has always played a pivotal role in the exploitation of renewable energy sources, solar energy being no exception.  With the intervention of technology, solar PV module market has experienced an enrichment with upgraded manufacturing methods that have complemented the business landscape. Scientific interventions in manufacturing facilities and financial leveraging have led to a decline in the overall market price trends. As per records, in 2016, average solar panel price experienced a drop of more than 20% in comparison to 2015. Alongside, strong global concern about catastrophic consequences of greenhouse gas emission on the environment has brought a dramatic shift in solar PV module market dynamics.  Government’s noticeable initiations across the globe pertaining to the replacement of fossil fuel oriented plant with clean energy resources have catered the market commercialization.

Attributing features such as high efficiency, low toxicity, and comparatively affordable operational cost have enabled solar PV module industry to widen its application landscape. Driven by the growing financial assistance initiated by the Government which includes tax credit, easy availability of soft loans, low import duty, solar PV module market from utility sector has witnessed a substantial growth globally in recent years. In the first quarter of the year, Vietnam’s Ministry of Industry and Trade have talked about their FiT scheme related to utility-based solar power projects. Ongoing electrification programs and incentives benefit pertaining to grid connected power generation is surging the demand for on-grid solar PV modules. On-grid connection represented 55% of the overall solar PV module industry in 2016 and is expected to continue its prominence in the years ahead also.

Residential sectors are also widely deploying solar PV panels, on account of exploiting the financial and technical benefits such net metering, tax rebates, and subsidies imposed by the government for roof top installations. Residential solar PV module market, in 2016, recorded a revenue of USD 4 billion.

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Solar PV module Market, By Technology

  • Crystalline Silicon
  • Thin Film

Solar PV module Market, By Product

  • Monocrystalline
  • Polycrystalline
  • Cadmium Telluride
  • Amorphous Silicon
  • Copper Indium Gallium Di-selenide

Solar PV module Market, By End-Use

  • Residential
  • Commercial
  • Utility

The world is heavily treading toward the adoption of renewable energy sources, which will lucratively impel solar PV module market. There has been an increase in public awareness levels regarding the effects of GHG, released into environment after the burning of fossil fuels, which has prompted manufacturers to come up with suitable sustainable alternatives. This initiative will provide a push to solar PV module market growth. Several technological developments and the increasing number of manufacturing facilities has also resulted in reduced product cost, which will fuel the industry trends. According to Global Market Insights, Inc., “Worldwide Solar PV Module Market was valued USD 20 billion in 2016 and will surpass a revenue collection of USD 30 billion by 2024.”

Regional Trends-

UK solar PV module market is set to expand owing to government initiatives towards sustainable energy integration. The export tariff introduced by the UK government facilitates USD 0.06 per unit for the surplus electricity injected back to the grid by the generator. Favorable government reforms with ambitious plan towards carbon footprint reduction will further boost the business outlook.

China covered more than 60% of Asia Pacific solar PV module market share in 2016 and will generate considerable revenue over the coming seven years. Shifting preference toward the adoption of renewable technology is likely to impel China solar PV module market.

Browse Full Report: https://www.gminsights.com/industry-analysis/solar-pv-module-market

The progress of solar PV module market is extremely dynamic and differs strongly by geographies. While many industrialized countries have already installed solar panels into their electric grid as a substitute for conventional energy sources, there are many underdeveloped nations that have shifted to solar power to avoid their dependence on expensive imported fuels. Some of the prominent solar PV module industry participants include Canadian Solar, JA Solar, Yingli, Jinko, First Solar, Hanwha Q-Cell, SFCE, SunPower, ReneSola, Vikram Solar, Lanco, GCL, Motech, and Hareon.

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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