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Solar Cells Market Report: Global Top Most Companies, Size, Trends And Upcoming Forecasts 2033
Solar Cells Market Report
As per the report, the solar cells market size has grown rapidly in recent years. It will grow from $71.43 billion in 2023 to $82.76 billion in 2024 at a compound annual growth rate (CAGR) of 15.9%. 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%.
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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.
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.
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
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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.
Contents of the report:
1. Executive Summary
2. Solar Cells Market Report Structure
3. Solar Cells Market Trends And Strategies
4. Solar Cells Market - Macro Economic Scenario
5. Solar Cells Market Size And Growth
…..
27. Solar Cells Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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