Our in-depth analysis of the global solar cell market includes the following segments:
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:
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Ans: Rising environment awareness and increasing government initiatives to promote the use of solar energy are the major factors driving the market growth.
Ans: The market is anticipated to attain a notable CAGR over the forecast period, i.e., 2021-2029.
Ans: High cost of solar cells and lack of proper infrastructure are some of the factors estimated to hamper the market growth.
Ans: 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.
Ans: The major players in the market are Trina Solar Co., Ltd, Sharp Corporation, TATA Power Solar Systems Limited, SunPower Corporation, and others.
Ans: 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.
Ans: The market is segmented by type, installation, application, end-user, and by region.
Ans: The rooftop segment is anticipated to hold largest market over the forecast period on the back of ease of installation for residential end-users.