Solar Cell Market Size To Grow At A CAGR of 25.5% From 2015 To 2022: Grand View Research, Inc.

September 09 07:34 2019
Solar Cell Market Size To Grow At A CAGR of 25.5% From 2015 To 2022: Grand View Research, Inc.

Grand View Research, Inc. – Market Research And Consulting.
According to report published by Grand View Research, Technological advancements related to reducing manufacturing cost and to improve performance efficiency is expected to propel solar cell market demand.

According to a report,“Solar Cell Market Analysis By Product (Silicon Wafer, Monocrystalline, Multicrystalline, Cadmium Telluride, Copper Indium Galium Selenide, Amorphous silica), And Segment Forecasts To 2022”, published by Grand View Research, Inc., Global solar cell industry is expected to reach over 1,087.0 GW by 2022 owing to increasing demand for electricity coupled with rising consumer awareness regarding environmental benefits of renewable energy sources. Stringent government regulations in various economies to encourage use of solar energy through incentives and feed-in-tariffs is also anticipated to drive demand over the forecast period. 

Technological advancements have led to efficient performance and reduction in manufacturing cost of the cells which is expected to fuel growth. Moreover, rising demand for eco-friendly energy sources in order to reduce dependence on fossil fuels and achieve energy security is expected to propel growth over the next seven years. 

Increasing demand for PV systems in residential, utility and commercial applications is expected to have a positive impact on the industry. Increasing government support coupled with rising R&D investments in the sector is projected to propel growth. In addition, rapid development in the industrial sector together with growing infrastructure improvements particularly in emerging economies is forecasted to fuel product utilization over the next seven years. 

Multicrystalline and monocrystalline which form the silicon wafer segment contributed to an overall market share of approximately 90.0% of aggregated installation capacity in 2014. 

In 2014, monocrystalline silicon wafer market reached over 57.0 GW. Industry players are expected to have ample growth opportunities in the market owing to increasing utilization of the product in developed nations. Properties of monocrystalline solar cells including stability, high efficiency and compact design is expected to propel demand over the next seven years. Research and development aimed at incorporating magnetic nanoparticles in manufacturing solar cells owing to enhanced performance is anticipated to open new avenues over the forecast period. 

Emerging economies including China, Indonesia, India and Japan are expected to experience significant growth inthe market owing to supportive government programs and policies over the next seven years. 

Multicrystalline silicon cells are projected to witness rapid growth exceeding 25.0% in the forecast period owing to simple production process leading to reduced costs. Asia Pacific is expected to be a major market for multi crystalline solar cell owing to rising demand for multi crystalline solar cells in residential and commercial applications and increasing consumer awareness regarding cost efficiencyof the product. 

UAE is one of the major markets for solar cells in MEA owing to reliable operation and cost benefits of the product.Impressive aesthetic exteriors and flexibility offered by photovoltaics is estimated to propel thin film solar cell market over the next seven years.

Germany solar cell market installed capacity, by product, 2012 - 2022 (MW)

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Global solar cell market share by product, 2015 (%)

Regional insights

Europe solar cell demand was over 45% of global installed capacity in 2014. The presence of favorable government policies and incentives associated with PV installations is expected to augment growth over the forecast period. Growing demand for these cells in commercial and utility sector is expected to drive the market. Decreasing PV prices is expected to open new avenues for crystalline silicon modules over the forecast period. Furthermore, technological advancements related to improving operating efficiency of thin film solar cells is expected to increase its demand in residential and commercial applications.

North America solar cell demand was estimated over 20 GW in 2014. An increasing number of PV installations on account of rising consumer awareness towards cost benefits associated with these energy systems in this region is expected to have a positive impact on the market. However, lack of incentives and federal subsidy post 2016 is expected to witness reduced installation from residential and commercial segments which are expected to hamper growth.

Photovoltaic industry in China witnessed investment worth 80.8 billion yuan in 2015, which complement the industry outlook. Chinese PV firms are aggressively expanding in emerging markets by acquiring foreign makers and building plants overseas, thereby positively influence the solar cell market size. The Government of India aims to achieve 40 GW electricity generation from the solar power technology by 2020. Increasing investment and government program towards sustainable energy will augment the market share.

Solar Cell market share insights

Key industry participants include First Solar, Inc., Yingli Solar, SunPower Corporation, SunEdison, Inc., Indosolar Limited, Tata Power Systems Limited, Sharp Corporation, Borg Inc., SolarWorld AG, GreenBrilliance, Canadian Solar Inc. and Trina Solar Limited.Leading market players follow several strategic techniques including new product development, mergers & acquisitions, regional expansion and partnership & collaboration to expand their foothold in the market. For instance, in April 2013, U.S. firm First Solar acquired a solar photovoltaic (PV) technology ‘TetraSun’ from JX Nippon Oil & Energy Corporation, TetraSun management and other investors in order to strengthen company’s solar business. TetraSun offers 21% more conversion efficiencies than conventional multicrystalline silicon solar

The market is integrated across various stages of the value chain particularly from raw material to module manufacturing. Companies operating independently cater to end-users either through distribution channels or their supply outlets (distribution/sales centers). In such cases, distributors act as a bridge between companies and end-users, by providing aftermarket services, technology assistance, and logistics.

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About Grand View Research, Inc.

Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.

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