10 February 2020 - The global
Solar Cell Market was estimated at
182.4 GW in 2014. The rising demand for electricity coupled with the increasing
consumer awareness concerning the benefits of renewable resources is
anticipated to have a positive impact on the market growth. Moreover, rising
infrastructural developments together with rapid growth in the industrial sector
are estimated to drive demand over the forecast period.
The increasing demand for a
reliable, clean and eco-friendly energy source to reduce the dependency on
fossil fuels owing to their depletion is projected to propel demand for solar
cells. The technological development in reducing the manufacturing cost and
improving performance efficiency is expected to drive the solar cell market.
The government regulations in
various economies promote the utilization of solar energy systems leading to
the emergence of new opportunities in the industry. Stringent government
regulations related to the reduction in environmental impact are expected to
drive the market demand for renewable energy resources.
The increasing demand for PV
systems for utility, commercial and residential applications owing to superior
efficiency and lower initial investments, is anticipated to augment the growth
of solar cell market. The market is distinguished by combination in the value
chain by various companies such as SolarWorld, SunEdison, and First Solar.
Product Insights:
The solar cell market is
segmented on the basis of product into thin film and silicon wafers. The
silicon wafer market segment including monocrystalline and multicrystalline
accounted for over 90.0% of the total installation capacity in 2014.
The demand for silicon wafer
exceeded over 170.0 GW in 2014 of which monocrystalline silicon wafer
contributed to over 57.0 GW. The high efficiencies of the product coupled with
the high availability of raw material, which has lead to the dominance of
silicon wafers in the market. However, shortage in raw material supply owing to
decline in silicon production is expected to hamper the growth of the market
over the projected period.
The demand for
multicrystalline silicon cells is expected to witness the fastest growth as
opposed to its counterparts at a CAGR of over 25%. The overall product cost is
comparatively lower owing to simplicity in the operating technology used in
production process, which in turn is expected to have a positive impact on the
industry growth.
The thin film market accounted
for over 10GW in 2014 in terms of volume. The thin film market is classified as
CdTe, CIGS and amorphous silica based on the raw material. The increasing
demand for thin film in commercial and residential applications is estimated to
aid the market growth.
The combination of CIGS in
construction materials including cement conceivably enables the entire
structure to act as a power generation unit. The transparency and flexibility
linked with these products are anticipated to have a positive impact on the
market growth.
Regional Insights:
Europe accounted for 45% of
the overall installed capacity in 2014. The government regulations favoring the
PV installations are projected to drive market growth in Europe. The increasing
demand for solar cells in the utility and commercial sector is anticipated to
augment market growth.
The decrease in PV prices is
projected to explore new opportunities for crystalline silicon modules over the
estimated period. In addition, advancements in technology in improving the
operating efficiency of thin film solar cells are anticipated to increase its
demand in commercial and residential applications.
The demand for the solar cell
in North America was estimated to be over 20 GW in 2014. High PV installations
owing to the rising consumer awareness towards benefits in cost associated with
the renewable energy systems in the region is expected to drive market growth.
However, lack of incentives and federal subsidy after 2016 is expected to
witness a reduction in the installation in residential and commercial segments
which is expected to hamper growth.
Competitive Market Share Insights
The major players in the solar
cell market include First Solar Inc., SunPower Corporation, Indosolar Limited,
Sharp Corporation, SolarWorld AG, Canadian Solar Inc., GreenBrilliance, Yingli
Solar, SunEdison Inc., Tata Power Systems Limited, Borg Inc., and Trina Solar
Limited.
The industry is a combination
of companies integrated through different stages of the value chain
particularly from raw material to module manufacturing. The companies operating
individually supply the end-users either through their supply outlets
(sales/distribution centers) or through distribution channels. In these cases,
distributors act as connectors between end-users and companies, by providing
technological assistance, aftermarket services, and logistics.
Market Segment:
Global Solar Cell Product Outlook (Installed capacity, GW, 2012 - 2022)
• Silicon Wafer
• Monocrystalline
• Multicrystalline
• Thin Film
• Cadmium Telluride
• Amorphous silicon
• Copper Indium Gallium Selenide
Global Solar Cell Regional Outlook (Revenue, USD Million; 2012 - 2022)
• North America
• U.S.
• Europe
• Germany
• Asia Pacific
• China
• Latin America
• MEA
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