SELBYVILLE, Delaware, Sept. 20, 2019 /PRNewswire/ -- Global solar cells market share will rise exponentially in the coming years owing to initiatives undertaken by governments and other regulatory authorities to promote sustainable methods of energy. Fiscal benefits such as low import duty, financial assistance, subsidy, tax benefits and net metering provided by the governments of developing nations will further support the product demand worldwide.
Reportedly, over 1 billion of the global population have no or limited access to electricity and the measures taken by regulatory authorities towards electrification in off-grid locations will augment global solar cells market forecast.
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Growing demand for power across off grid locations along with declining photovoltaic component cost will add impetus to the solar cell market demand. Reportedly, as of 2014, more than 600 million people in Africa did not have access to reliable sources of electricity. In India, the government had deployed a budget of over USD 700 million in 2016 to facilitate installation of 5 GW of grid connected photovoltaic systems by 2020.
International Finance Corporation and the World Bank have launched various programs, for instance the "Lighting Africa", an initiative to promote the use of photovoltaic products over conventional sources of lighting among off grid population. Burgeoning demand for electricity to meet basic needs coupled with global initiatives undertaken to ensure adoption of renewable sources of energy will amplify solar cells market size.
In terms of technology, crystalline silicon cells are showcasing widespread application owing to low cost when compared to other technological mechanisms. Reportedly, crystalline silicon solar cells market share is projected to witness rapid adoption over the forecast period.
Solar cells can be segmented into monocrystalline, polycrystalline, amorphous silicon (A-Si), cadmium telluride (CDTE) and copper indium gallium diselenide. Polycrystalline solar cells market size is likely to register gains at 10% or more over the forecasted timeframe owing to low production cost and high efficiency rate. Better transparency and flexibility along with rising use among the commercial and residential sectors will intensify the product demand in the years to come.
Off-grid segment is estimated to reach more than 45 GW of installation between 2016-2024 due to long-term purchase schemes and agreements as well as tax and tariff subsidies. Whereas the rising deployment of decentralized and distributed generation in emerging countries will magnify global off-grid installation.
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In terms of application spectrum, growing implementation of rooftop and increasing demand for standalone systems among the residential sector will support the deployment of suitable solar cells. Increased disposable income among people along with higher awareness regarding the benefits of sustainable forms of energy has driven the market trends.
Reportedly, residential solar cells market size was estimated at 11 GW in the year 2015. Rising demand for clean and reliable electricity is encouraging the installation of photovoltaic systems in the commercial sector. Additionally, the engagement of lucrative power purchase agreements along with enhanced grid parity will outline the industry demand.
Regionally, Asia Pacific is expected to emerge as profitable revenue terrain through the adoption of solar cells in the coming years. China accounted for nearly 45% of global market revenue share in 2015. Stringent regulations set by the Government of India to promote the use of solar energy will also complement the APAC industry share.
Prominent industry players anticipated to outline global solar cells market outlook over the next few years include Moser Baer India Ltd, Yingli, Tata Power Systems Ltd, Solar World and GreenBrilliance, among several others.
Browse key industry insights spread across 152 pages with 482 market data tables & 12 figures & charts from the report, "Solar Cells Market By Technology (Crystalline Silicon Cells , Thin Film Cells ,Ultra-Thin Film Cells), Product (Polycrystalline, Monocrystalline, Cadmium Telluride (CDTE), Amorphous Silicon (A-Si), Copper Indium Gallium Diselenide), Grid (On-Grid, Off Grid), Application (Residential, Commercial, Utility), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2024" in detail along with the table of contents:
Table of Contents (ToC) of the report:
Chapter 3 Solar cells Market Insights
3.1 Industry segmentation
3.2 Industry Size and forecast, 2013 – 2024
3.3 Industry ecosystem analysis
3.4 Vendor landscape
3.5 Innovation & sustainability
3.6 Regulatory framework
3.7 Price trend analysis
3.8 Industry Impact forces
3.9 Growth potential analysis
3.10 Porter's analysis
3.11 Competitive landscape, 2015
3.12 PESTEL analysis
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