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Solar Cell Market: What are the Future Growth Opportunities? (Jinko Solar, Tri0 Solar, Ca0dian Solar, First Solar, Moser Baer India Ltd, Yingli Solar, SunPower Corporation, Sunedison, Inc., Tata Power Solar Systems Ltd., SolarWorld)

03-06-2020 08:51 AM CET | Energy & Environment

Press release from: Global Market Insights, Inc.

/ PR Agency: Solar Cell Market
Solar Cell Market

Solar Cell Market

The decline of conventional energy resources is a major factor accounting for the massive growth of solar cell market. The demand for non-renewable energy sources has observed a peripheral slump in the recent years owing to the lack of availability of fossil fuels, which has intensified the dependency on alternative sources of energy, such as the sun, wind, water, biomass, etc. With solar radiations being the prime source of energy for the earth, solar energy has become the most used and obvious choice among the renewable energy sources, which will push global solar cell market in the years to come.

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Solar cells are composed of thin photovoltaic material layers of metal or glass, and help convert the solar energy into electrical energy to be used for various applications. Increasing concerns regarding depleting energy sources has prompted the government to encourage the adoption of alternative energy sources, which will drive solar cell market. Government measures for providing electricity in off-grid locations coupled with initiatives such as feed in tariff, tax subsidies, and financial assistance will further fuel the industry trends. According to Global Market Insights, Inc., "Solar Cell Market, worth more than USD 35 billion in 2015, is anticipated to grow lucratively at a CAGR of 12% over 2016-2024."

The Major Key Players in the Market are as follows:
Jinko Solar, Tri0 Solar, Ca0dian Solar, First Solar, Moser Baer India Ltd, Yingli Solar, SunPower Corporation, Sunedison, Inc., Tata Power Solar Systems Ltd., SolarWorld

The solar technology is witnessing a continuous evolution with technological progression. Three types of thin film cells that are predominant in the market are cadmium telluride thin film cells, amorphous silicon cells, and copper indium gallium diselenide (CIGD)solar cells. Amorphous silicon thin film solar cells market accounted for more than 13% of the total volume in 2015 and is expected to observe a surge due to increasing demand for solar wristwatches, garden lights, and electronic calculators. Cadmium telluride solar cells are largely adopted for generating terrestrial solar power in residential sector owing to the product's cost effectiveness and high-level conversion efficiency.

This second-generation thin film solar cells industry is estimated to grow stupendously at a CAGR of 17% over the period of 2016-2024. Copper indium gallium diselenide based film solar cells are the top performing cells till date, with an upper hand due to absorption of more sunlight than the other products. CIGD thin film solar cells market is anticipated to generate a revenue of USD 8 billion by 2024.

Thin film solar cell market is anticipated to cross a demand of 81 GW by 2024, pertaining to product properties such as high absorption and enhanced efficiency. Driven by the relatively low cost when compared with other technologies, crystalline silicon solar cell industry is anticipated to hit a revenue of more than USD 65 billion by 2024.

Light weight and very high efficiency are the two key factors driving ultra-thin film solar cell market size, which is forecast to observe remarkable growth over 2016-2024.

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China solar cell market 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.

Contact Us:
Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone: 1-302-846-7766
Toll Free: 1-888-689-0688
Email: sales@gminsights.com

About Global Market Insights:
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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