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.
Further key findings from the study suggest:
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.
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Further key findings from the study suggest:
·
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.
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Grand View Research has segmented
the global solar cell market on the basis of product and region:
Global Solar Cell Product Outlook
(Installed capacity, GW, 2012 - 2022)
- Silicon Wafer
- Monocrystalline
- Multicrystalline
- Thin Film
- Cadmium Telluride
- Amorphous silicon
- Copper Indium Gallium Selenide
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