Based on the technology trends, solar cells market is classified into thin film cells, crystalline silicone cells, and ultra-thin film cells. Thin film solar cells industry, valued at over USD 8 billion in 2015, is expected to experience a significant growth over the coming years, owing to its efficient functioning ability. Crystalline silicone cells technology is projected to register a considerable growth over the coming seven years, driven by its lower component costs. Ultra-thin film solar cells market value, worth USD 3 million in 2015, is expected to witness a lucrative growth over the coming seven years as a result its high efficiency & lightweight features.
Considering the product trends, the industry is segmented into Cadmium Telluride, Polycrystalline, Copper Indium Gallium Diselenide, Monocrystalline, and Amorphous Silicon. Polycrystalline solar cells market revenue is anticipated to grow noticeably over the next few years, driven by lower costs coupled with its enhanced use across commercial and residential sectors.
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China covered more than 45% of the overall Solar Cells Market share in 2015. Tax benefits, government grants, and soft loans will further trigger industry growth in the region. China solar cell industry registered a revenue of more than USD 9 billion in 2015, driven by the rapid expansion of the photovoltaic industry in the region, and is set to grow at a brilliant pace over 2016-2024. Efforts are being undertaken by the country to explore the myriad possibilities of solar energy generation without weather constraints. Recently, Chinese scientists announced that they are scrutinizing solar cells that can absorb and store energy even from unabsorbed visible and near-infrared light, in all weather conditions.
U.S. Solar Cells Market size registered a value of approximately USD 4 billion in 2015, and is expected to observe a growth of more than 14% over 2016-2024, owing to the high demand from the utility sector and rising government efforts to curb carbon footprints and adopt clean energy.
India Solar Cells Market volume is projected to be more than 24 GW by 2024, favored by government policies such as tax incentives and subsidies. In 2016, the Government of India announced that approximately 40 GW of power will be generated via solar cell technology, by 2020. In addition, the government has allocated a budget of Rs. 50 billion to install grid connected rooftops systems of 4.2 GW in the years ahead. Such favorable government initiatives, coupled with other incentives such as renewable energy certificates and power purchase agreements will complement India solar cell industry over 2016-2024.
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Key industry participants include Mitsubishi Electric Corporation, SunPower Corporation, Yingli Solar Energy Company, Jinko Solar Photovoltaics Company, Moser Baer India Limited, Trina Solar, First Solar Inc., Sunedison Inc., Tata Power Solar Systems Limited, SolarWorld Photovoltaics Company, GreenBrilliance, and Indosolar Company.
Glimpse of Table of Content (ToC)
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
3.7.1 Cost structure
3.8 Industry Impact forces
3.8.1 Growth drivers
184.108.40.206 Growing demand for clean fuel electricity
220.127.116.11 Decreasing solar component price
18.104.22.168 Favorable government initiatives
22.214.171.124 Strict government norms towards emission
3.8.2 Industry pitfalls & challenges
126.96.36.199 Lack of awareness
3.9 Growth potential analysis
3.10 Porter’s analysis
3.11 Competitive landscape, 2015
3.12 PESTEL analysis
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