Global Photovoltaic Modules Market

Photovoltaic Modules Market Size, Share, Growth Analysis, By Type(Monocrystalline PV modules, polycrystalline PV modules, thin-film PV modules, and others), By End Use(Residential, commercial, industrial, and utilities), By Region - Industry Forecast 2024-2031


Report ID: SQMIG10B2059 | Region: Global | Published Date: March, 2024
Pages: 178 |Tables: 65 |Figures: 75

Photovoltaic Modules Market Insights

Global Photovoltaic Modules Market size was valued at USD 40.55 Billion in 2022 and is poised to grow from USD 45.29 Billion in 2023 to USD 109.77 Billion by 2031, at a CAGR of 11.7% during the forecast period (2024-2031).

The global photovoltaic (PV) modules market is driven by several factors, including the increasing demand for renewable energy, supportive government policies and regulations, declining prices of PV modules, and growing investments in solar power projects. For instance, the International Energy Agency (IEA) reported that renewable energy sources accounted for almost 90% of new power capacity additions globally in 2020, with solar power being the largest contributor. The market is not without its challenges, however. The main restraint is the initial high cost of setting up a solar power system, although the declining prices of PV modules and government incentives have made it more affordable. Another restraint is the intermittent nature of solar power, which requires energy storage systems to ensure a reliable power supply.

One key trend in the PV modules market is the development of new technologies that improve the efficiency and performance of solar panels, such as bifacial modules and floating solar panels. Another trend is the increasing adoption of solar power in emerging markets, where energy demand is growing rapidly and solar power can provide an affordable and sustainable solution. The market offers significant opportunities for growth and innovation. The increasing demand for solar power and declining prices of PV modules are expected to drive the market further. Moreover, the expansion of solar power into new applications, such as electric vehicles and smart grids, presents new opportunities for PV module manufacturers.

US Photovoltaic Modules Market is poised to grow at a sustainable CAGR for the next forecast year.

Market Snapshot - 2024-2031

Global Market Size

USD 40.55 Billion

Largest Segment

Utilities

Fastest Growth

Residential

Growth Rate

11.7% CAGR

Global Photovoltaic Modules Market ($ Bn)
Country Share for Asia Pacific Region (%)

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Photovoltaic Modules Market Segmental Analysis

Global Photovoltaic Modules Market is segmented on the basis of type, end use, and region. By type, the market is segmented into monocrystalline PV modules, polycrystalline PV modules, thin-film PV modules, and others. By end use, the market is segmented into residential, commercial, industrial, and utilities. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Photovoltaic Modules Market Analysis By Type

The polycrystalline PV modules segment dominated the global market. This is due to their lower cost compared to monocrystalline PV modules and their ability to provide higher efficiency than thin-film PV modules. Additionally, the rising demand for solar energy in emerging economies, such as China and India, is driving the growth of the polycrystalline PV modules market.

The thin-film PV modules segment is the fastest-growing segment in the market. The growth of this segment is attributed to their unique properties, such as flexibility and lightweight, which make them ideal for use in various applications, including building-integrated photovoltaics (BIPV), portable devices, and transportation. Moreover, the growing focus on reducing the carbon footprint and the increasing demand for clean energy is driving the adoption of thin-film PV modules in various industries.

Photovoltaic Modules Market Analysis By End Use

The utility segment is the largest segment in the global market, which includes power generation facilities that provide electricity to the grid. This is due to the increasing demand for clean energy and the growing investment in large-scale solar power projects by various governments and private entities worldwide.

The residential segment is the fastest-growing segment in the market. The growth of this segment is attributed to the rising adoption of solar energy systems by homeowners, driven by factors such as increasing electricity prices and growing awareness about environmental sustainability. Additionally, supportive government policies and incentives, such as tax credits and rebates, are also fueling the demand for photovoltaic modules in the residential sector.

Global Photovoltaic Modules Market Size By End Use, 2023 (%)

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Photovoltaic Modules Market Regional Insights

Asia Pacific dominated the global market. The growth of this region is attributed to the increasing demand for clean energy and the favorable government policies and initiatives to promote the adoption of solar energy in countries such as China, India, and Japan. For instance, China's National Energy Administration aims to install 60 GW of solar power by 2024, and India plans to achieve a target of 100 GW of solar power by 2024. Additionally, the declining cost of solar energy and the growing investment in renewable energy projects are further driving the growth of the photovoltaic modules market in the region.

The fastest-growing region in the global market is the Middle East and Africa. The growth of this region is attributed to the rising demand for energy and the increasing focus on diversifying the energy mix towards renewable sources. For instance, in 2019, the UAE launched the Emirates Water and Electricity Company (EWEC) tender for a 2 GW solar photovoltaic project, which is one of the largest solar projects in the world. Additionally, the governments in countries such as Saudi Arabia and Egypt are also investing heavily in solar energy projects to reduce their dependence on fossil fuels and promote sustainable development.

Global Photovoltaic Modules Market Size By Region, 2024-2031
  • Largest
  • Fastest

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Photovoltaic Modules Market Dynamics

Photovoltaic Modules Market Drivers

Government Initiatives and Policies

  • One of the primary drivers of the photovoltaic modules market is favorable government initiatives and policies promoting the adoption of renewable energy sources. For instance, in 2020, the European Union announced its goal to become carbon neutral by 2050, and the European Green Deal aims to increase the share of renewable energy in the EU's energy mix to 32% by 2030. Similarly, the Indian government announced the National Solar Mission, which aims to achieve 100 GW of solar power capacity by 2022. Such government initiatives are expected to drive the adoption of photovoltaic modules, thereby fueling the growth of the market.

Declining Costs of Solar Energy

  • The declining costs of solar energy are another significant driver of the photovoltaic modules market. The reduction in the cost of photovoltaic modules is attributed to the advancements in technology and the economies of scale achieved through large-scale production. Moreover, the growing investment in renewable energy projects is driving the demand for photovoltaic modules, leading to further cost reductions. For instance, the cost of solar photovoltaic modules in India has declined by over 80% in the last decade, making it one of the cheapest sources of electricity in the country.

Photovoltaic Modules Market Restraints

High Initial Costs

  • The high initial costs associated with the installation of photovoltaic modules are a significant restraint for the market. The cost of photovoltaic modules is primarily influenced by the size of the system and the quality of the materials used, making it expensive for residential and small-scale installations. Moreover, the lack of financing options and low awareness among consumers about the long-term benefits of solar energy are further hindering the growth of the market.

Dependence on Weather Conditions

  • The dependence of photovoltaic modules on weather conditions is another significant restraint for the market. The efficiency of photovoltaic modules is affected by the availability of sunlight, making them less effective during cloudy or rainy days. Moreover, extreme weather conditions, such as hailstorms or high winds, can damage the modules, resulting in a loss of productivity.

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Photovoltaic Modules Market Competitive Landscape

The Global Photovoltaic Modules Market is highly competitive, with several large players dominating the market. Some of the leading companies are actively engaged in research and development to enhance the efficiency and performance of their products and gain a competitive edge in the market. They are also adopting various strategies, such as mergers and acquisitions, collaborations, and partnerships, to expand their market presence and increase their customer base. Moreover, these companies are also investing heavily in expanding their production capacity and increasing their geographic footprint to cater to the growing demand for photovoltaic modules worldwide.

Photovoltaic Modules Market Top Player’s Company Profiles

  • JinkoSolar Holding Co., Ltd. (China)
  • Trina Solar Co., Ltd. (China)
  • Canadian Solar Inc. (Canada)
  • Hanwha Q CELLS Co., Ltd. (South Korea)
  • JA Solar Holdings Co., Ltd. (China)
  • First Solar, Inc. (US)
  • Yingli Green Energy Holding Company Limited (China)
  • LONGi Green Energy Technology Co., Ltd. (China)
  • Suntech Power Holdings Co., Ltd. (China)
  • Shunfeng International Clean Energy Limited (China)
  • Renesola Ltd. (China)
  • GCL System Integration Technology Co., Ltd. (China)
  • LG Electronics Inc. (South Korea)
  • Mitsubishi Electric Corporation (Japan)
  • Sharp Corporation (Japan)
  • Kyocera Corporation (Japan)
  • SolarWorld AG (Germany)
  • SunPower Corporation (US)
  • REC Group (Norway)
  • AU Optronics Corporation (Taiwan)

Photovoltaic Modules Market Recent Developments

  • In March 2024, Eurener, a solar panel manufacturer based in Spain, announced that it would be launching their latest product: Terracotta Solar Panels. With a power output of 360 watts these solar modules are designed for installations where aesthetics is important.

     

  • In March 2024, Longroad Energy announced the financial close of the 220 MWdc solar and 214 MWac / 855 MWh Serrano solar-plus-storage project in Pinal and Pima Counties, Arizona. Construction is expected to be completed by mid-2025.

     

  • In March 2024, Spanish utility Iberdrola signed a power purchase agreement (PPA) to supply retailer Alcampo with power from two solar PV plants with a combined capacity of 550MW.

Photovoltaic Modules Key Market Trends

  • Energy Storage: The integration of energy storage systems with photovoltaic modules is a growing trend in the market. The energy storage systems enable the storage of excess energy generated by the modules during the day and use it during the night or during peak demand hours, thereby reducing the reliance on the grid. For instance, Tesla's Powerwall is a home battery storage system that stores excess energy generated by photovoltaic modules and provides backup power during outages.
  • Innovations in Technology: The advancements in technology and the innovations in the design of photovoltaic modules are driving the growth of the market. For instance, bifacial photovoltaic modules, which can generate electricity from both sides of the panel, are gaining popularity in the market. Moreover, the use of perovskite and organic photovoltaic materials is gaining traction as they offer higher efficiency and lower production costs compared to traditional photovoltaic materials.

Photovoltaic Modules Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.

According to our Global Photovoltaic Modules Market analysis, the market is expected to witness significant growth during the forecast period due to increasing demand for renewable energy sources, favourable government policies and initiatives, and the declining cost of solar energy. The market is witnessing a shift towards the adoption of advanced technologies such as bifacial solar panels and floating solar photovoltaic (PV) systems. Furthermore, the increasing investment in renewable energy projects and the development of innovative solutions to enhance the efficiency of photovoltaic modules are expected to provide numerous opportunities for market players to expand their business and drive the growth of the market.

Report Metric Details
Market size value in 2023 USD 40.55 Billion
Market size value in 2031 USD 109.77 Billion
Growth Rate 11.7%
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Type
    • Monocrystalline PV modules, polycrystalline PV modules, thin-film PV modules, and others
  • End Use
    • Residential, commercial, industrial, and utilities
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • JinkoSolar Holding Co., Ltd. (China)
  • Trina Solar Co., Ltd. (China)
  • Canadian Solar Inc. (Canada)
  • Hanwha Q CELLS Co., Ltd. (South Korea)
  • JA Solar Holdings Co., Ltd. (China)
  • First Solar, Inc. (US)
  • Yingli Green Energy Holding Company Limited (China)
  • LONGi Green Energy Technology Co., Ltd. (China)
  • Suntech Power Holdings Co., Ltd. (China)
  • Shunfeng International Clean Energy Limited (China)
  • Renesola Ltd. (China)
  • GCL System Integration Technology Co., Ltd. (China)
  • LG Electronics Inc. (South Korea)
  • Mitsubishi Electric Corporation (Japan)
  • Sharp Corporation (Japan)
  • Kyocera Corporation (Japan)
  • SolarWorld AG (Germany)
  • SunPower Corporation (US)
  • REC Group (Norway)
  • AU Optronics Corporation (Taiwan)
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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Photovoltaic Modules Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Photovoltaic Modules Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Photovoltaic Modules Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Photovoltaic Modules Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Photovoltaic Modules Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Photovoltaic Modules Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Photovoltaic Modules Market size was valued at USD 40.55 Billion in 2022 and is poised to grow from USD 45.29 Billion in 2023 to USD 109.77 Billion by 2031, at a CAGR of 11.7% during the forecast period (2024-2031).

The Photovoltaic Modules Market is highly competitive, with several large players dominating the market. Some of the leading companies are actively engaged in research and development to enhance the efficiency and performance of their products and gain a competitive edge in the market. They are also adopting various strategies, such as mergers and acquisitions, collaborations, and partnerships, to expand their market presence and increase their customer base. Moreover, these companies are also investing heavily in expanding their production capacity and increasing their geographic footprint to cater to the growing demand for photovoltaic modules worldwide. 'JinkoSolar Holding Co., Ltd. (China)', 'Trina Solar Co., Ltd. (China)', 'Canadian Solar Inc. (Canada)', 'Hanwha Q CELLS Co., Ltd. (South Korea)', 'JA Solar Holdings Co., Ltd. (China)', 'First Solar, Inc. (US)', 'Yingli Green Energy Holding Company Limited (China)', 'LONGi Green Energy Technology Co., Ltd. (China)', 'Suntech Power Holdings Co., Ltd. (China)', 'Shunfeng International Clean Energy Limited (China)', 'Renesola Ltd. (China)', 'GCL System Integration Technology Co., Ltd. (China)', 'LG Electronics Inc. (South Korea)', 'Mitsubishi Electric Corporation (Japan)', 'Sharp Corporation (Japan)', 'Kyocera Corporation (Japan)', 'SolarWorld AG (Germany)', 'SunPower Corporation (US)', 'REC Group (Norway)', 'AU Optronics Corporation (Taiwan)'

One of the primary drivers of the photovoltaic modules market is favorable government initiatives and policies promoting the adoption of renewable energy sources. For instance, in 2020, the European Union announced its goal to become carbon neutral by 2050, and the European Green Deal aims to increase the share of renewable energy in the EU's energy mix to 32% by 2030. Similarly, the Indian government announced the National Solar Mission, which aims to achieve 100 GW of solar power capacity by 2022. Such government initiatives are expected to drive the adoption of photovoltaic modules, thereby fueling the growth of the market.

Energy Storage: The integration of energy storage systems with photovoltaic modules is a growing trend in the market. The energy storage systems enable the storage of excess energy generated by the modules during the day and use it during the night or during peak demand hours, thereby reducing the reliance on the grid. For instance, Tesla's Powerwall is a home battery storage system that stores excess energy generated by photovoltaic modules and provides backup power during outages.

Asia Pacific dominated the market. The growth of this region is attributed to the increasing demand for clean energy and the favorable government policies and initiatives to promote the adoption of solar energy in countries such as China, India, and Japan. For instance, China's National Energy Administration aims to install 60 GW of solar power by 2024, and India plans to achieve a target of 100 GW of solar power by 2024. Additionally, the declining cost of solar energy and the growing investment in renewable energy projects are further driving the growth of the photovoltaic modules market in the region.

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