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.
Browse full research report on Solar
Cell Market: http://www.grandviewresearch.com/industry-analysis/solar-cell-market
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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category by Grand View Research: http://www.grandviewresearch.com/industry/renewable-energy
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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