Solar Cells Market size worth over $100bn by 2024

Solar Cells Market size is likely to exceed USD 100 billion by 2024, as per a new research report by Global Market Insights, Inc.

Growing adoption of clean fuel technologies over conventional will drive global solar cells market size. Government initiatives towards energy conservation and carbon footprint may favor the business growth.

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Rising demand for off grid electricity coupled with decreasing photovoltaic component cost is anticipated to drive the solar cells market share during forecast period. As of 2014, over 600 million people in Africa have no or poor access to reliable electricity.

In 2016, Government of India has announced a budget of over USD 700 million to install 5 GW of grid connected photovoltaic project by 2020. These initiatives may boost the overall business growth in the region. World bank and International Finance Corporation have introduced several programs including “Lighting Africa” to promote the use of photovoltaic products over conventional lighting source among off grid population.

Increasing demand for reliable electricity coupled with favorable polices to promote renewable energy including solar may further compliment the industry outlook. The Government of India has introduced various incentives such as accelerated depreciation, capital subsidies, tax benefits, feed in tariff and renewable energy certificates which may positively affect the overall industry growth.

Browse key industry insights spread across 152 pages with 482 market data tables & 12 figures & charts from the report, “Solar Cells Market Size By Technology (Crystalline Silicon Cells, Thin Film Cells, Ultra-Thin Film Cells), By Product (Polycrystalline, Monocrystalline, Cadmium Telluride (CDTE), Amorphous Silicon (A-Si), Copper Indium Gallium Diselenide), By Grid (On-Grid, Off Grid), By Application (Residential, Commercial, Utility), Industry Analysis Report, Regional Outlook (U.S., Canada, Mexico, UK, Germany, Spain, France, China, India, Japan, Australia, UAE, South Africa, Brazil, Chile, Argentina), Growth Potential Price Trends, Competitive Market Share & Forecast, 2016 – 2024” in detail along with the table of contents:

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Key insights from the report include:

• U.S. solar cells market size was close to USD 4 billion in 2015 and is anticipated to witness gains of over 14% subject to increasing utility scale installation.

• Brazil was over 52 MW in 2015, growing focus towards the development of decentralized generation systems will favor the industry growth in future.

• Cadmium telluride solar cell market share was close to 8 GW in 2015 with sales potential exceeding USD 20 billion by 2024.

• India solar cells market size is predicted to exceed 24 GW by 2024. Favorable policies such as net metering, tax incentives and power purchase agreement is likely to propel the industry growth in coming years.

• China solar cells market share contributed over 45% of the global revenue in 2015. Soft loans, tax credits, and other special grants by the government will likely accelerate the business growth.

• Ultra-thin film PV cell market technology was close to USD 3 million in 2015 and in term of volume, is witness to gain over 30% by 2024.

• Australia solar cells market size was close to USD 600 million in 2015 and in term of volume will exceed 5 GW by 2024. Government measures towards emission with initiatives such as feed-in tariffs and special rebates may favor the business.

• Major participants in the industry include Jinko, Canadian, Sunedison, Trina, Moser Baer, Yingli, First Solar, SunPower Corporation, Indosolar, GreenBrilliance, SolarWorld, Tata Power, and Mitsubishi Electric Corporation.

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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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