San Francisco, 28 February 2019: The Report Solar Cell Market Analysis By Product (Silicon Wafer, Monocrystalline,
Multicrystalline, Cadmium Telluride, Copper Indium Galium Selenide, Amorphous
silica), And Segment Forecasts To 2022
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.
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market@ 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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Research at: 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
o
Monocrystalline
o
Multicrystalline
·
Thin Film
o
Cadmium Telluride
o
Amorphous silicon
o
Copper Indium Gallium Selenide
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Solar cell market@ www.grandviewresearch.com/press-release/global-solar-cell-market
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