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.
 |
| Germany solar cell market installed capacity, by product, 2012-2022 (GW) |
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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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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Press Release By Grand View Research: www.grandviewresearch.com/press-release/global-solar-cell-market
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View Research:
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View Research, Inc. is a U.S. based market research and consulting company,
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