According to a new market report on the solar pv mounting structure 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.
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 ground solar pv racking required in residential, commercial, and industrial sectors.