Worldwide solar cell market was valued at 182 GW in 2014. Increasing penetration of renewable energy sources due to increasing electricity demand coupled with environmental benefits is projected to propel industry demand. Technological advancements to improve performance efficiency and reducing manufacturing is likely to boost the solar cell market growth. Furthermore, increasing demand for reliable, environment-friendly resources and augmenting demand for clean energy.
Several policies and incentives provided by numerous governments to support the usage of solar systems are anticipated to open new avenues for market over the coming years.. Stringent government regulations to reduce environment impact are estimated to increase the use of renewable energy sources which will further impact the overall industry for solar cell.
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Numerous policies and incentives offered by various governments to support use of solar systems are expected to open new avenues for the industry over the forecast period. Stringent governmental regulations to limit environmental impact are expected to propel the use of renewable energy sources which is expected to have positive impact over the next seven years.
Solar cell market is expected to witness significant growth over the forecast period owing to rising demand for PV systems for commercial, residential and utility applications. The industry is characterized by integration across the value chain by various companies including SunEdison, First Solar and SolarWorld.
The market is segmented on the basis of products as silicon wafers and thin film. Silicon wafer is further segmented monocrystalline and multicrystalline. Silicon wafer segment including monocrystalline and multicrystalline accounted for a total share of over 90% in terms of cumulative installed capacity in 2014
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Global silicon wafer demand was over 170.0 GW in 2014 and is expected to witness significant growth over the forecast period. Silicon wafer dominates overall market owing to abundant raw material availability coupled with high efficiencies offered as compared to other technologies. However, declining silicon production across the globe has led to raw material shortage which is expected to hamper growth over the forecast period.
Europe solar cell demand was over 45% of global installed capacity in 2014. Presence of favorable government policies and incentives associated with PV installations is expected to augment growth over the forecast period. Growing demand for these cells in commercial and utility sector is expected to drive the market. Decreasing PV prices is expected to open new avenues for crystalline silicon modules over the forecast period. Furthermore, technological advancements related to improving operating efficiency of thin film solar cells is expected to increase its demand in residential and commercial applications.
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