21 November 2019 - Solar Cell Market was estimated at
182.4 GW in 2014. The rising demand for electricity coupled with the increasing
consumer awareness concerning the benefits of renewable resources is
anticipated to have a positive impact on the market growth. Moreover, rising
infrastructural developments together with rapid growth in the industrial
sector are estimated to drive demand over the forecast period.
The increasing demand for a reliable, clean and eco-friendly
energy source to reduce the dependency on fossil fuels owing to their depletion
is projected to propel demand for solar cells. The technological development in
reducing the manufacturing cost and improving performance efficiency is
expected to drive the solar cell market.
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The increasing demand for PV systems for utility, commercial
and residential applications owing to superior efficiency and lower initial
investments, is anticipated to augment the growth of solar cell market. The
market is distinguished by combination in the value chain by various companies
such as Solar World, SunEdison, and First Solar.
Product Insights:
The solar cell market is segmented on the basis of product
into thin film and silicon wafers. The silicon wafer market segment including
monocrystalline and multicrystalline accounted for over 90.0% of the total
installation capacity in 2014.
The demand for silicon wafer exceeded over 170.0 GW in 2014
of which monocrystalline silicon wafer contributed to over 57.0 GW. The high
efficiencies of the product coupled with the high availability of raw material,
which has lead to the dominance of silicon wafers in the market. However,
shortage in raw material supply owing to decline in silicon production is
expected to hamper the growth of the market over the projected period.
The demand for multicrystalline silicon cells is expected to
witness the fastest growth as opposed to its counterparts at a CAGR of over
25%. The overall product cost is comparatively lower owing to simplicity in the
operating technology used in production process, which in turn is expected to
have a positive impact on the industry growth.
Europe accounted for 45% of the overall installed capacity
in 2014. The government regulations favoring the PV installations are projected
to drive market growth in Europe. The increasing demand for solar cells in the
utility and commercial sector is anticipated to augment market growth.
Market Segment:
Global Solar Cell
Product Outlook (Installed capacity, GW, 2012 - 2022)
• Silicon Wafer
•
Monocrystalline
•
Multicrystalline
• Thin Film
• Cadmium
Telluride
• Amorphous
silicon
• Copper
Indium Gallium Selenide
Global Solar Cell
Regional Outlook (Revenue, USD Million; 2012 - 2022)
• North America
• U.S.
• Europe
• Germany
• Asia Pacific
• China
• Latin America
• MEA
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The major players in the solar cell market include First
Solar Inc., SunPower Corporation, Indosolar Limited, Sharp Corporation,
SolarWorld AG, Canadian Solar Inc., GreenBrilliance, Yingli Solar, SunEdison
Inc., Tata Power Systems Limited, Borg Inc., and Trina Solar Limited.
The industry is a combination of companies integrated
through different stages of the value chain particularly from raw material to
module manufacturing. The companies operating individually supply the end-users
either through their supply outlets (sales/distribution centers) or through
distribution channels. In these cases, distributors act as connectors between
end-users and companies, by providing technological assistance, aftermarket
services, and logistics.
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