Solar Cell: Technological Innovation and Growth Prospect to 2031
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Continuous supply of energy and comparatively lower expenses of solar energy than conventional energy sources have made PV technology lucrative for application in industrial sectors such as telecommunication, aerospace & defense, agriculture, and automotive.
Solar cells are projected to witness substantial growth during the forecast period owing to the growing concerns toward rising carbon footprints across the globe coupled with the efforts by the policymakers to introduce cleaner fuels & technologies across the residential, commercial, and industrial sectors.
Crystalline silicon is the most recognized solar cell material adopted across the globe. The crystalline segment held the highest market share in 2021, accounting for nearly 89% of the global solar cell market, and is estimated to maintain its leadership status throughout the forecast period. These units are predicted to showcase noteworthy growth during the forecast period due to their high availability and comparatively economic cost.
The utility-scale segment accounted for the largest share in 2021, contributing to nearly two-fifths of the global solar cell market, and is projected to maintain its lead position during the forecast period. This is attributed to the rapid industrialization and decrease in fossil fuel resources across the globe. However, the residential segment is expected to portray the largest CAGR of 16.6% from 2022 to 2031.
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Asia-Pacific held the highest market share in terms of revenue 2021, accounting for more than half of the global solar cell industry. Moreover, the same region is expected to witness the fastest CAGR of 16.2% from 2022 to 2031. This is attributed to rise in usage of solar energy in standalone systems such as solar street lamps and telecommunication & signaling towers.
The growth of the global solar cell market is driven by adoption of renewable electricity generation methods along with focus on carbon emission reduction. In addition, rise in concern from governments across the globe on increased global warming issues is expected to augment the demand for solar farms. Rising demand for decentralized energy generation systems in developing nations will augment the penetration of solar energy in future.
Leading Market Players: -
• First Solar, Inc.
• Yingli Solar
• SunPower Corporation
• SunEdison, Inc.
• Indosolar Limited
• Tata Power Systems Limited
• Sharp Corporation
• Borg Inc.
• SolarWorld AG
• Canadian Solar Inc.
• Trina Solar Limited
• Abengoa SE
• Acciona S.A.
• Kaneka Corporation
The report provides a detailed analysis of these key players of the market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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