Published Date: Dec 2016 | Report ID: GMI304 | Authors: Ankit Gupta, Aditya Singh Bais



Report Format: PDF | Pages: 152 | Base Year: 2015

Industry Trends

Solar Cells Market size valued at USD 35 billion in 2015 and is set to exceed an annual deployment of 250 GW by 2024.



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Favorable government initiatives toward increasing the deployment of renewable energy sources coupled with stringent regulatory measures to limit carbon emissions will drive the solar cells market growth. As per the United Nations, Vietnam has set targets to triple its renewable power generation from 58 billion kWh in 2015 to 101 billion by 2020 and 186 billion by 2030. Ongoing technological developments to reduce the overall cost of the solar systems in conjunction with robust growth in the PV capacities globally will fuel the product demand.



Shifting trends toward decentralized & variable power generation across emerging economies along with rising measures toward rural electrification will boost the market size. In addition, cost efficiencies, technological innovations and positive end user inclination toward clean energy sources are some of the vital factors that will spur the product adoption. Their noise & emission free operations make them suitable for commercial, residential and industrial installations, thereby fostering the industry growth.



Solar Cells Market Report Coverage Report Coverage Details Base Year: 2015 Market Size in 2015: 35 Billion (USD) Historical Data for: 2013 to 2015 Forecast Period: 2016 to 2024 Forecast Period 2016 to 2024 CAGR: 12% 2024 Value Projection: 100 Billion (USD) Pages: 152 Tables, Charts & Figures: 494 Geographies covered (16): U.S., Canada, Mexico, UK, Germany, Spain, France, China, India, Japan, Australia, UAE, South Africa, Brazil, Chile, Argentina Segments covered: Technology, Product, Grid, Application and Region Companies covered (13): Mitsubishi Electric Corporation, Jinko Solar, Trina Solar, Canadian Solar, First Solar, Moser Baer India Ltd, Yingli Solar, SunPower Corporation, Sunedison, Inc., Indosolar, Tata Power Solar Systems Ltd., GreenBrilliance., SolarWorld, Growth Drivers: Growing demand for clean fuel electricity

Decreasing solar component price

Favorable government initiatives

Strict government norms towards emission Pitfalls & Challenges: Lack of awareness

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By Technology

Crystalline silicon solar cells will witness growth on account of high energy conversion efficiencies and enhanced delivery of power when compared to its available alternatives. Furthermore, continuous technological developments, abundant silicon availability and declining raw material cost will significantly influence the business scenario.



Thin film solar cells market is expected to grow over 16% by 2024. Ease of installation, product flexibility, light weight and less labor intensiveness when compared to their traditional counterparts are some of the prominent parameters fueling the industry outlook. Limited emissions produced during their manufacturing along with extensive suitability across a plethora of applications including commercial & institutional buildings with large open spaces, bus rooftops and solar farms will propel the industry outlook.



By Product

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Monocrystalline solar cell will onlook substantial growth owing to high durability, longevity and reliability coupled with their increasing demand across limited space settings. Increasing applicability across residential & commercial establishments and standalone panels driven by their ability to perform efficient power conversion will propel the industry dynamics.



Large scale commercialization across emerging nations coupled with ongoing research & development projects focused toward increasing the crystal quality, improving minority carrier lifetime & doping control will fuel the cadmium telluride solar cell adoption. In addition, rising measures to recycle and reuse materials to mitigate concerns on material scarcity and toxicity will provide a thrust to the industry growth.



By Grid

Extensive suitability across high power consuming applications along with the propensity to benefit residential & business users through surplus power generation will augment the on grid solar cells. Cost effectiveness, ease of installation and longer lifespan are some of the vital features that will stimulate the product deployment.



Off grid solar cells market will witness significant momentum on account of high capability to facilitate long term, independent and sustainable electricity generation across remote and rural areas. Furthermore, the increasing requirement for uninterrupted and reliable power supply from rapidly expanding commercial and industrial facilities will fuel the product demand.



By Application

Growing environmental concerns and high oil prices has compelled business organizations to resort to solar energy sources, thereby facilitating the market demand across commercial applications. Moreover, large number of solar rebates, incentives and grants associated with commercial solar installations along with growing focus toward maximizing building’s energy efficiency will positively influence the business scenario. For instance, in 2015, the Clean Energy Finance Corporation (CEFC) provided USD 120 million for discounted interest loans for solar energy and energy efficient equipment.



Utility based solar cells will witness growth on account of continuous rise in the electricity cost along with growing environmental concerns. Propensity to offer clean and reliable electricity with competitive fuel prices coupled with various federal policies facilitating solar PV deployment will further complement the business landscape.



By Region

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North America solar cell market will grow over 14% by 2024. Considerable decline in solar module prices along with increasing viability of combined solar + storage systems across the region will provide significant growth prospects. Furthermore, favorable state level policies for distributed solar photovoltaic, federal tax incentives in conjunction with renewable portfolio standards prevailing will instigate a positive business scenario. In 2015, the U.S. government approved the solar panel tax credit that allows a deduction of 30% of the cost of installing a solar system from federal taxes.



Accelerating investments toward renewable energy sources coupled with rapid expansion of large-scale solar power, specifically across China and India will boost the Asia Pacific market size. In 2017, an investment of USD 160.8 billion was made globally, out of which USD 86.5 billion was invested by China. Ongoing transformation of electricity generation across the region owing to robust rise in electricity demand along with initiatives to curb carbon emissions will further augment the industry outlook.



Competitive Market Share

Noticeable participants across solar cells industry include Mitsubishi Electric Corporation, Trina Jinko, Canadian, Moser Baer India Ltd, First Solar, Yingli, Sunedison Inc., SunPower Corporation, Indosolar, GreenBrilliance, Tata Power Systems Ltd, and SolarWorld amongst others.



Continuous technological developments to improve energy conversion efficiency, and energy storage have become the focal point of industry giants. Moreover, the players are further focusing on increasing the product applicability across existing and emerging applications.



Industry Background

Solar cells are devices that convert light energy into electricity through the photovoltaic (PV) effect. These are fabricated by utilizing various materials including silicon, amorphous, polycrystalline to crystalline forms. The cells are arranged into larger groupings to form arrays or panels that provide electrical energy.



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