IMARC Group’s report titled “Solar Cell Market Report by Type (Silicon Wafer, Thin Film), Installation Type (Residential, Commercial, Utility-Scale), and Region 2023-2028“,The global solar cell market size reached US$ 102 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 257 Billion by 2028, exhibiting a growth rate (CAGR) of 16.3% during 2023-2028.
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Factors Affecting the Growth of the Solar Cell Industry:
- Environmental Concerns:
The growing demand for solar cells due to rising environmental concerns among the masses across the globe is offering a positive market outlook. In addition, people are increasingly becoming concerned about climate change and its associated impacts on the environment. Apart from this, the increasing need to reduce greenhouse gas (GHG) emissions is supporting the market growth. Moreover, solar cells harness energy from the sun without producing harmful emissions, aligning with maintaining sustainability goals. Furthermore, the rising adoption of renewable energy sources is bolstering the market growth.
- Favorable Government Initiatives:
Governing agencies of various countries are encouraging the adoption of solar cells to maintain environmental sustainability, which is impelling the growth of the market. They are implementing stringent environmental regulations to lower carbon emissions. In line with this, they are offering various incentives, such as tax credits, subsidies, and feed-in tariffs, to encourage the adoption of solar energy. These incentives provide financial benefits and make solar installations more affordable for individuals and companies. Furthermore, they are implementing net metering policies to promote solar energy generation in residential and commercial spaces.
- Technological Advancements:
The rising focus on improving solar cell efficiency, durability, and cost-effectiveness is bolstering the growth of the market. In addition, higher-efficiency solar cells convert more sunlight into electricity, making solar installations more productive. Furthermore, advancements in manufacturing processes are leading to cost reductions, making solar panels more accessible to a wider consumer base. These technological advancements not only enhance the competitiveness of solar energy but also encourage innovation and attract investment. Besides this, the increasing need for more efficient and affordable energy solutions is impelling the market growth.
Leading Companies Operating in the Global Solar Cell Industry:
- Alps Technology Inc.
- GreenBrilliance Renewable Energy LLP
- Hevel Energy Group
- Indosolar Limited (Waaree Group)
- JinkoSolar Holding Co., Ltd.
- Kaneka Corporation
- Sharp Corporation
- Suniva Inc.
- Tata Power Solar Systems Ltd. (Tata Group)
Solar Cell Market Report Segmentation:
By Type:
- Silicon Wafer
- Monocrystalline
- Multicrystalline
- Thin Film
- Cadmium Telluride (CdTe)
- Amorphorus Silica (a-Si)
- Copper Indium Gallium Selenide (CIGS)
Silicon wafer represents the largest segment as it offers high-energy efficiency.
By Installation Type:
- Residential
- Commercial
- Utility-Scale
Utility-scale holds the biggest market share due to its ability to cover vast areas of land.
Regional Insights:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Asia Pacific enjoys the leading position in the solar cell market on account of the increasing production of solar panels and components at an affordable price.
Global Solar Cell Market Trends:
The rising focus on energy independence is supporting the growth of the market. In addition, solar panels allow individuals, companies, and communities to generate their own electricity, reducing reliance on the grid and conventional energy sources. This energy independence offers multiple advantages, including increased resilience during power outages and reduced exposure to fluctuating energy prices.
Besides this, advancements in energy storage technologies, such as batteries, complement solar power by enabling efficient energy utilization during non-sunlight hours, which is bolstering the market growth.
Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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