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.
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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.
Grand
View Research has segmented the global solar cell market on the basis of
product and region:
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by Grand View Research: https://www.grandviewresearch.com/industry/renewable-energy
Global
Solar Cell Product Outlook (Installed capacity, GW, 2012 - 2022)
- Silicon Wafer
- Monocrystalline
- Multicrystalline
- Thin Film
- Cadmium
Telluride
- Amorphous
silicon
- Copper
Indium Gallium Selenide
About Grand View
Research
Grand View Research, Inc. is a U.S. based market
research and consulting company, registered in the State of California and
headquartered in San Francisco. The company provides syndicated research
reports, customized research reports, and consulting services. To help clients
make informed business decisions, we offer market intelligence studies ensuring
relevant and fact-based research across a range of industries, from technology
to chemicals, materials and healthcare.
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