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Solar Cells Market Analysis With Key Players, Applications, Trends And Forecast To 2033
Solar Cells Market Analysis
The solar cells market size is expected to see rapid growth in the next few years. It will grow to $140.10 billion in 2028 at a compound annual growth rate (CAGR) of 14.1%. The growth in the forecast period can be attributed to energy storage integration, smart grid integration, global commitments to renewable energy, community solar initiatives, and urbanization and distributed energy. Major trends in the forecast period include flexible and lightweight solar cells, perovskite solar cells, bifacial solar cells, transparent solar cells, increased focus on sustainability, energy storage integration, and smart solar technologies.
Market Overview -
Solar cells are devices that convert light energy directly into electrical energy through the photovoltaic effect. They are widely used in various applications, from small-scale devices like calculators and road signs to large-scale solar power plants, providing a renewable and clean energy source.
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Navigating The Solar Cell Market Expansion Powered By Renewable Energy Shifts
The increasing use of renewable energy sources for electricity generation is expected to propel the growth of the solar cells market going forward. Renewable energy is derived from natural sources that replenish themselves over short periods, such as sunlight, wind, rain, tides, waves, and geothermal heat. Solar cells convert sunlight directly into electricity, providing a clean, sustainable, renewable energy source without emitting greenhouse gases or depleting natural resources. For instance, in May 2022, according to the International Energy Agency (IEA), a France-based intergovernmental organization, renewable capacity additions surged by 6% in 2021, setting a new record with nearly 295 GW installed. Therefore, the increasing use of renewable energy sources for electricity generation is driving the growth of the solar cell market.
Competitive Landscape -
Major companies operating in the solar cells market are Panasonic Corporation, Hanwha Group, Sharp Corporation, LONGi Green Energy Technology Co. Ltd., Trina Solar Co. Ltd., Acciona S.A., JA Solar Technology Co. Ltd., Canadian Solar Inc., JinkoSolar Holding Co. Ltd., Kaneka Corporation, Risen Energy Co. Ltd., First Solar Inc., Abengoa SE, SolarWorld AG, Tata Power Systems Limited, Yingli Solar, Hevel Group, GreenBrilliance, ReneSola Ltd., GAF Energy LLC, SunEdison Inc., Indosolar Limited, United Renewable Energy LLC, Jinneng Clean Energy Technology Ltd., Premier Energies Ltd.
Trina Solar Unveils High-Efficiency N-Type Solar Module
Major companies operating in the solar cell market are focused on innovating new products, such as n-type solar modules, to increase their profitability in the market. N-type solar modules are assemblies of multiple solar cells made with N-type silicon cells that offer higher efficiency and durability by utilizing silicon doped with elements that add extra electrons, enhancing their ability to convert sunlight into electricity. For instance, in October 2022, Trina Solar Co. Ltd., a China-based photovoltaics company, unveiled its 595W Vertex n-type module. This product surpasses conventional modules by 30W, enhancing efficiency and energy yield with an 80% battery life and compatibility with trackers. This advancement aims to boost production to 20-30 GW, offering lower BOS costs and LCOE for solar projects. The portfolio also includes the 690W module for utilities and the 445W module for rooftop installations.
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Key Segments -
The solar cells market covered in this report is segmented -
1) By Product: Back Surface Field (BSF), Passivated Emitter And Rear Contact Or Tunnel Oxide Passivated Contact (PERC Or TOPCON), Heterojunction (HJT), Interdigitated Back Contact And Metal Wrap Through (IBC And MWT), Other Products
2) By Technology: Monocrystalline, Polycrystalline, Cadmium Telluride (CDTE), Amorphous Silicon (A-Si), Copper Indium Gallium Diselenide
3) By Installation Type: Residential, Commercial, Utility-Scale
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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