Press release
Solar Cells Market Share & Forecast, 2024 | Top Key Players: Mitsubishi Electric Power Products, Inc., Jinko Solar Co., Ltd., Trina Solar, Canadian Solar Inc., First Solar, Yingli Solar, SunPower Corporation, Sunedison, Tata Power Solar Systems Limited, S
Solar Cells Market
Growing adoption of clean fuel technologies over conventional will drive global solar cells market size. Government initiatives towards energy conservation and carbon footprint may favor the business growth.
Rising demand for off grid electricity coupled with decreasing photovoltaic component cost is anticipated to drive the solar cells market share during forecast period. As of 2014, over 600 million people in Africa have no or poor access to reliable electricity.
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Rising demand for the decentralized generation systems in developing nations will enhance the penetration of the sustainable energy during the forecast period. Increasing investment towards rural electrification in off-grid locations in various countries including India, China, and Africa will fuel the solar cells market growth. In September 2015, African Development Bank (AfDB) approved USD 121 million loan and grant for the electricity expansion of rural households in Uganda.
Increasing demand for reliable electricity coupled with favorable polices to promote renewable energy including solar may further compliment the industry outlook. The Government of India has introduced various incentives such as accelerated depreciation, capital subsidies, tax benefits, feed in tariff and renewable energy certificates which may positively affect the overall industry growth.
The U.S. in 2015 was valued over USD 4 billion and is anticipated to expand over 14% owing to increasing utility scale installation. Government measures towards energy efficiency and carbon emission reduction will further complement the U.S. solar cells market growth.
Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & analysis:
1. Mitsubishi Electric Power Products, Inc.
2. Jinko Solar Co., Ltd.
3. Trina Solar
4. Canadian Solar Inc.
5. First Solar
6. Yingli Solar
7. SunPower Corporation
8. Sunedison
9. Tata Power Solar Systems Limited
10. SolarWorld
Global Solar Cells Market By Technology
• Crystalline Silicon PV Cells
• Thin Film PV Cells
• Ultra-Thin Film PV Cells
Global Solar Cells Market By Product
• Polycrystalline
• Monocrystalline
• Cadmium Telluride (CDTE)
• Amorphous Silicon (A-Si)
• Copper Indium Gallium Diselenide
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Brazil was over 52 MW in 2015, growing focus towards the development of decentralized generation systems will favor the industry growth in future. Cadmium telluride solar cell market share was close to 8 GW in 2015 with sales potential exceeding USD 20 billion by 2024.
India solar cells market size is predicted to exceed 24 GW by 2024. Favorable policies such as net metering, tax incentives and power purchase agreement is likely to propel the industry growth in coming years. China solar cells market share contributed over 45% of the global revenue in 2015. Soft loans, tax credits, and other special grants by the government will likely accelerate the business growth.
Major industry players in solar cells market include Mitsubishi Electric Power Products, Inc., Jinko Solar Co., Ltd., Trina Solar, Canadian Solar Inc., First Solar, Moser Baer India Ltd, Yingli Solar, SunPower Corporation, Sunedison, Inc., Indosolar, Tata Power Solar Systems Limited, GreenBrilliance., and SolarWorld.
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