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