Solar Cells Market Analysis

Solar Cells Market Analysis

Crystalline silicon is the most recognized solar cell material adopted across the globe. These units are predicted to showcase noteworthy growth during the forecast timeframe due to their high availability and comparatively economic cost. Crystalline silicon cells can attain 18% to 22% energy conversion efficiency when tested under standard operating conditions, which in turn, will further propel the technology penetration. Moreover, decreased energy losses coupled with immunity to boron-oxygen defects are a few of the key features offered by the N-type cells, which will further proliferate the market growth from crystalline silicon material.
 

Monocrystalline cells offer a commercial efficiency of 20% to 24% and are manufactured using a single crystal growth method, which in turn, reduces the overall cost of the unit & makes them highly affordable over other alternatives. These units provide high efficiency, longevity, high embedded energy per panel, and low operational costs, thereby complementing product deployment over the last few years. Additionally, policymakers across the globe are launching favorable schemes and incentives to promote solar technology, which is further poised to enhance the global industry growth during the forecast period.
 

The BSF segment accounted for USD 4 billion in 2021 led by the deployment of efficient substitutes. Major players involved across the industry are readily investing in R&D activities to develop innovative solar products to gain a competitive edge, therefore fostering the business outlook. These units are coated black to trap the sunlight, thereby reflecting less light and offering higher energy than standard painted cells. Although the technology is expected to register a subdued growth, however, maximum light absorption, reduced module cost, improved cell efficiency, increased environmental safety, and reduced capital costs are a few of the prominent factors that will accelerate the adoption of BSF units over standard cells in the coming years.
 

North America solar cells market is estimated to reach USD 1 billion by 2028. Rising energy demand coupled with governmental efforts to deploy more renewable sources in their energy mix to curb the growing carbon emissions will complement the product demand. Regulators have further offered various fiscal incentives, investment tax credits, and renewable energy grid policies & rebates to promote the use of sustainable technologies including solar cells. Moreover, the rising voluntary procurement of solar systems by utilities along with growing PV installations across corporate offices and offsite commercial & industrial premises will further impel the regional growth.