The global solar cell market is estimated to garner notable CAGR over the forecast period, i.e., 2021 – 2029. The growth of the market can be attributed to growing awareness for the use of clean and renewable energy to curb the rising pollution level. Burning of fossil fuels in thermal power plants is one of the biggest causes of air pollution. Solar energy offers a green and clean energy alternative, by using sunlight to make electricity, using solar cells. Rising government initiatives to promote the use of solar energy for various applications is estimated to drive the market growth. Moreover, fossil fuels are rapidly depleting, which has up-surged the need to adopt a renewable source, which is anticipated to boost the market growth.
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The market is segmented by type into mono crystalline, thin-film, organic photovoltaic, and others, out of which, the mono crystalline segment is anticipated to hold a notable share in the market during the forecast period on account of its high efficiency, easy availability and popularity in the market. Moreover, these cells save space, which increases their scope for installation in different places. Such factors are projected to boost the segment growth. On the basis of installation, the market is segmented into rooftop, ground mounted, and building integrated, out of which, the rooftop segment is anticipated to hold the largest market share by the end of 2029. Rooftop installation is feasible, especially for residential use, as it takes up less space and is easier to install, which is estimated to boost the growth of the segment.
Regionally, the global solar cell market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in North America region is estimated to witness major share over the forecast period on the back of technological advancement and public awareness in the region. Moreover, increasing adoption of solar farms as a commercial activity, is estimated to boost the market growth. According to the data provided by the U.S. Energy Information Administration (EIA), there were more than 2,500 utility scale solar power plants in the U.S. in 2018.
The market in the Asia Pacific is growing rapidly and is estimated to record highest CAGR in the forecast period owing to the growing government investment in renewable energy sources, in countries such as China, India, Japan, and Thailand. China currently is the largest producer of solar energy in APAC region, producing more than 170 GW electricity in the year 2018. Moreover, the region has immense growth potential, owing to the latitudinal location of countries, such as, India, Sri Lanka, South Korea and Malaysia, among others, where abundant sunlight is available all around the year. This is estimated to boost the market growth in the region.
The global solar cell market is further classified on the basis of region as follows:
Our in-depth analysis of the global solar cell market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Rising environment awareness and increasing government initiatives to promote the use of solar energy are the major factors driving the market growth.
The market is anticipated to attain a notable CAGR over the forecast period, i.e., 2021-2029.
High cost of solar cells and lack of proper infrastructure are some of the factors estimated to hamper the market growth.
The market in North America is estimated to garner the largest market share owing to the large number of successful solar farms already functioning in the region, which creates further growth opportunities.
The major players in the market are Trina Solar Co., Ltd, Sharp Corporation, TATA Power Solar Systems Limited, SunPower Corporation, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by type, installation, application, end-user, and by region.
The rooftop segment is anticipated to hold largest market over the forecast period on the back of ease of installation for residential end-users.
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