Solar Energy Market Size

Solar Cells Market Outlook: Global measures to reduce environmental pollution and enhance power efficiency to boost the industry growth over 2016-2024

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Strict legislations to check environmental pollution along with high popularity of clean fuel technologies is expected to push solar cells market growth over the next few years. Moreover, favorable government policies promoting solar cells installations as a part of its energy conserving initiative/strategy along with it being an effective tool for electricity/power generation, will spur the industry growth. High demand for off grid electricity plus diminishing costs of solar cell components, is projected to drive the market trends over the coming timeframe. According to Global Market Insights, Inc. research study, “Solar cells market size is expected to record significant gains of 12% over the period of 2016-2024.” Effective measures to provide uninterrupted as well as clean power supply to off-grid and remote locations having poor access to electric supply, is anticipated to significantly drive the solar cells industry growth.

U.S. Solar Cells Market size, by product, 2013 -2024 (USD Million)
U.S. Solar Cells Market size, by product, 2013 -2024 (USD Million)

Based on the technology trends, solar cells market is classified into thin film cells, crystalline silicone cells, and ultra-thin film cells. Thin film solar cells industry, valued at over USD 8 billion in 2015, is expected to experience a significant growth over the coming years, owing to its efficient functioning ability. Crystalline silicone cells technology is projected to register a considerable growth over the coming seven years, driven by its lower component costs. Ultra-thin film solar cells market value, worth USD 3 million in 2015, is expected to witness a lucrative growth over the coming seven years as a result its high efficiency & lightweight features.

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Solar cells find extensive applications across residential, utility, and commercial sectors. Rising popularity of standalone systems along with heavy demand for rooftops are expected to boost the industry growth across residential sector. Solar cells industry size in the commercial sector is expected to grow considerably over 2016-2024, driven by a great urge for generating clean and reliable power.

Considering the product trends, the industry is segmented into Cadmium Telluride, Polycrystalline, Copper Indium Gallium Diselenide, Monocrystalline, and Amorphous Silicon. Polycrystalline solar cells market revenue is anticipated to grow noticeably over the next few years, driven by lower costs coupled with its enhanced use across commercial and residential sectors.

Below are the regional highlights pertaining to solar cells industry over 2016-2024

  • Rising preference for using renewable energy along with stringent measures towards reduction of GHG emissions has contributed considerably towards Europe solar cells industry growth. UK is expected to be a major regional revenue contributor.
  • North America solar cells market will experience an impressive/notable growth over the coming years, led by strict rules to reduce power consumption along with preservation of green environment. U.S. is forecast to be a key regional revenue pocket.
  • Government schemes promoting sustainable energy use along with favorable policies such as tax benefits as well as net metering are expected to accelerate Asia Pacific solar cells industry growth over the coming years. China, Australia, and India are projected to drive the regional growth.
  • High requirement for off-grid power supply is expected to drive MEA solar cells market size considerably over the next few years, with South Africa expected to make significant contributions towards the regional share.
  • LATAM solar cells industry is predicted to observe a high surge over the coming seven years, driven by high application/use of the solar cells technology across rapidly expanding utility and commercial (construction) projects. Brazil and Chile are expected to contribute heavily towards the regional revenue.

Key industry participants include Mitsubishi Electric Corporation, SunPower Corporation, Yingli Solar Energy Company, Jinko Solar Photovoltaics Company, Moser Baer India Limited, Trina Solar, First Solar Inc., Sunedison Inc., Tata Power Solar Systems Limited, SolarWorld Photovoltaics Company, GreenBrilliance, and Indosolar Company.

Author NameDhananjay Punekar

U.S. solar power industry to witness record-breaking growth owing to large-scale installation of solar panels

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The solar power sector in U.S. deployed 2,052 megawatts of photovoltaic in the second quarter of 2016 bringing total power capacity of the country to about 32 gigawatts. This much of power generation made possible due to the installation of solar panels in the country has the ability to supply electricity to greater than 6.3 million U.S. homes. Generation of power through photovoltaic or solar panels will also help in reduction of greenhouse emissions by about 39 million metric tons in a year.

A new solar panel was installed per 84 seconds in first six months of 2016 and it totaled about 1004 installations per day. This installation rate is projected to take the current total of 1.2 million solar panel installations to about 2.2 million solar panel installations by end of 2018.

U.S. solar power industry is anticipated to add about 14 gigawatts of new power capacity in 2016, which is more than double as compared to the total power capacity of the industry for 2015.

The industry is predicted to grow rapidly owing to following features:

  • Solar Power has helped more than 301,000 consumers save about $173,000,000 electricity bills
  • Solar Energy costs dropped across all industry sectors, with dropping costs ranging 2.5-7.5 percent
  • Cost of solar energy in 2016 is 18.1 percent lower as compared to 2015 and 63.1% lower as compared to the energy costs five years ago
  • Power production through solar panels was about 26 percent of the country’s total power production in first half of 2016

As per the Global Market Insights report, U.S. Solar Panel Market is projected to experience substantial expansion from 2016 to 2023.

By end of 2021, the U.S. solar power sector is anticipated to expand and this will generate more job opportunities and investments in the country. All these factors are predicted to boost the demand for solar panels and will boost the U.S. solar power industry growth.

Global Market Insights report states that global solar energy market size is projected to surpass $141 billion by end of 2023.

Author NameDhananjay Punekar

Australia’s solar energy generation to be three times more due to construction of 12 new solar power plants

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As per the ARENA (Australian renewable energy agency), construction of twelve new solar power plants in Australia is predicted to treble country’s extensive solar energy output. The agency declared that it will make total investments of $92.1 million in construction of these 12 plants. It includes six plants in Queensland, five plants in South Wales and one plant in West Australia.ARENA stated that they would improve country’s total solar capacity from 241 megawatts to 721 megawatts, providing enough power supply to about 151,000 Australian houses on an average. It declared that these solar power plants projects were predicted to generate $1.1 billion of commercial investments and propel economic growth of the region.

Biggest solar power plant is expected to be constructed at Darling Downs in Queensland and is projected to produce about 111 megawatts of solar power. It will help in reducing environmental pollution and act on climatic changes and will generate new employment opportunities along with diversification of economy of Queensland.

This largest renewable energy plant of Australia constructed at Queensland will create higher than 501 direct jobs along with hundreds of indirect employments. It will produce enough renewable energy to meet the power requirements of 120,000 houses in Queensland. Four of the five solar power plants projects in this region has received state government’s long term financial assistance. It is expected that the construction of all these plants will be completed by end of 2017.

Kidston renewable power hub is being developed in northwest of Townsville in Australia. It comprises of a big solar farm and is integrated with pump storage hydro project. The main reason being low price and efficiency of pump storage hydro battery which has capacity to store solar energy.

As per global market insights reports, global solar energy industry size is predicted to expand at more than $141 billion by end of 2023. Thus Australia solar power production is projected to contribute heavily towards demand and growth of this global industry.

Construction of solar power plants will also help to reduce carbon emissions in atmosphere and will help to curb the impact of global warming. It will also help in maintaining natural equilibrium & nitrogen cycle, retaining ecological balance and regulating seasonal cycles. This will boost the demand and growth of Australia solar energy market.

Author NameDhananjay Punekar