Global Solar Cell Market Highlights over 2020-2029
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.
Global Solar Cell Market Regional Synopsis
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:
- North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis.
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis
Market Segmentation
Our in-depth analysis of the global solar cell market includes the following segments:
By Type
- Mono Crystalline
- Thin-Film
- Organic Photovoltaic
- Others
By Installation
- Rooftop
- Ground Mounted
- Building Integrated
By Application
- Solar Electricity
- Heating
- Water Heating
- Lighting
- Others
By End-User
- Residential
- Commercial
Growth Drivers
- Escalating Demand for Clean and Environment Friendly Energy Sources to Drive the Market Growth
- Increasing Government Initiatives to Promote the Use of Solar Energy to Boost the Market Growth
- Rapidly Depleting Fossil Fuels to Promote the Demand for Solar Cells
Challenges
- High Cost of Solar Cells to Challenge the Market Growth
- Lack of Proper Infrastructure in Developing Nations to Hamper the Market Growth
Top Featured Companies Dominating the Market
- Canadian Solar Inc, S.A.
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- Trina Solar Co., Ltd
- GreenBrilliance Renewable Energy LLP
- Sharp Corporation
- TATA Power Solar Systems Limited (TATA Group)
- SunPower Corporation
- First Solar, Inc.
- Shanghai Aiko Solar Energy Co., Ltd.
- JA Solar Technology Co., Ltd.
- Jinko Solar Denmark ApS
