Global Solar Cell Market Size to surpass $100bn by 2024
Published Date: August 29, 2019 Authors: Ankit Gupta, Aditya Singh Bais
Solar Cell Market size is predicted to surpass USD 100 billion by 2024, as reported in the latest study by Global Market Insights, Inc.
Growing regulatory measures to promote the integration of renewable energy sources along with increasing demand for decentralized energy generation will boost the solar cell market size. Grid integration of distributed energy to meet the escalating electricity demand from residential and commercial establishments will stimulate the product demand. In addition, increasing consumer preference toward clean energy along with ongoing technological advancements to reduce the overall cost of systems and tariffs will foster the industry growth.
Extensive suitability across wide range of applications including rooftops, solar farms, and commercial buildings on account of their light weight and ease of installations will foster the thin film cell industry growth. Furthermore, production of extremely low emissions during their manufacturing in conjunction with limited labor requirements will stimulate the solar cell market demand.
Monocrystalline solar cells will surpass an annual deployment of 14,000 MW by 2024. Increasing demand across commercial & residential establishments owing to their capability to provide efficient power conversion along with their suitability in limited space environments will accelerate the industry growth. Furthermore, they provide high reliability and durability to street lighting and standalone panels, thus enhancing the product adoption.
Evolving cost structures of the solar photovoltaics along with increasing focus toward the replacement of conventional fossil fuel-based power generation sources will drive the solar cell market growth. Ability to provide energy supply security, limiting dependency on imports and stabilizing power generation cost in the long term are some of the key features that will propel the industry dynamics. Increasing focus of various economies to reduce the environmental burden through limiting carbon emissions will stimulate the product adoption. In 2017, the Australian government initiated the “Solar Communities” program that provide funding to support local responses to climate change through the installation of rooftop solar modules.
Browse key industry insights spread across 152 pages with 482 market data tables & 12 figures & charts from the report, “Solar Cell Market Size By Technology (Crystalline Silicon Cells , Thin Film Cells ,Ultra-Thin Film Cells), By Product (Polycrystalline, Monocrystalline, Cadmium Telluride (CDTE), Amorphous Silicon (A-Si), Copper Indium Gallium Diselenide), By Grid (On-Grid, Off Grid), By Application (Residential, Commercial, Utility), Industry Analysis Report, Regional Outlook (U.S., Canada, Mexico, UK, Germany, Spain, France, China, India, Japan, Australia, UAE, South Africa, Brazil, Chile , Argentina), Growth Potential Price Trends, Competitive Market Share & Forecast, 2016 – 2024” in detail along with the table of contents:
Rising demand for reliable & uninterrupted electricity supply coupled with frequent power cuts owing to power transmission malfunctions across developing nations will fuel the off grid solar cell demand. Moreover, self-sustainability, high power generation and the integration of energy storage systems are some of the key parameters that will complement the business outlook.
Europe solar cell market will onlook growth on account of favorable regulatory framework pertaining to support & tendering schemes for solar installations in alliance with ambitious renewable energy target across the region. Enhanced focus toward sustainable & highly efficient energy systems coupled with increasing digitalization & decentralization directed toward successful energy transition will improve the growth prospects. In addition, more security and certainty for solar investors owing to strategic government initiatives including the 10-year energy sector plan, and various measures to support the development of solar energy will boost the product demand.
Eminent players catering to the solar cell industry include CanadianSolar, Mitsubishi Electric Corporation, SolarWorld, Moser Baer India Ltd, Trina Jinko, First Solar, SunPower Corporation, Indosolar, Tata Power Systems Ltd, GreenBrilliance and Yingli, Sunedison Inc., amongst others.
The solar cell market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million and volume (shipment) in MW from 2013 to 2024, for the following segments:
- Crystalline Silicon PV Cells
- Thin Film PV Cells
- Ultra-Thin Film PV Cells
- Cadmium Telluride (CDTE)
- Amorphous Silicon (A-Si)
- Copper Indium Gallium Diselenide
- Off Grid
The above information is provided on a regional and country basis for the following:
- North America
- Asia Pacific
- Middle East & Africa
- South Africa
- Latin America