Press release
Solar Cells Market Trends 2024 | Global Players Mitsubishi Electric Corporation, Canadian Solar, First Solar, Yingli Solar, SunPower Corporation, Sunedison, Inc., Indosolar, Tata Power Solar Systems GreenBrilliance., SolarWorld,
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.Based on grid trends, solar cells market for on-grid installations will notice a significant rise, fueled by tax subsidies, low import duty, and other favorable schemes. The rising implementation of decentralized generation systems in the emerging economies will stimulate solar cell industry for off-grid installations, which is anticipated to hit 45 GW by 2024.
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Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
1. Mitsubishi Electric Corporation
2. Jinko Solar
3. Trina Solar
4. Canadian Solar
5. First Solar
6. Moser Baer India Ltd
7. Yingli Solar
8. SunPower Corporation
9. Sunedison
10. Indosolar
11. Tata Power Solar Systems Ltd.
12. GreenBrilliance.
13. SolarWorld
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 cells 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.
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.
Below are the regional highlights pertaining to solar cells industry over 2016-2024
o Rising preference for using renewable energy along with stringent measures towards reduction of GHG emissions has contributed considerably towards Europe solar cells industry growth. UK is expected to be a major regional revenue contributor.
o North America solar cells market will experience an impressive/notable growth over the coming years, led by strict rules to reduce power consumption along with preservation of green environment. U.S. is forecast to be a key regional revenue pocket.
o Government schemes promoting sustainable energy use along with favorable policies such as tax benefits as well as net metering are expected to accelerate Asia Pacific solar cells industry growth over the coming years. China, Australia, and India are projected to drive the regional growth.
o High requirement for off-grid power supply is expected to drive MEA solar cells market size considerably over the next few years, with South Africa expected to make significant contributions towards the regional share.
o LATAM solar cells industry is predicted to observe a high surge over the coming seven years, driven by high application/use of the solar cells technology across rapidly expanding utility and commercial (construction) projects. Brazil and Chile are expected to contribute heavily towards the regional revenue.
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