Solar Cell Market Is Growing At A CAGR of 25.5% from 2015 To 2022: Grand View Research, Inc.

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According to report published by Grand View Research, Stringent government regulations in various economies to encourage use of solar energy through incentives and feed-in-tariffs is also anticipated to drive demand over the forecast period.

According to a report, “Solar Cell Market Analysis By Product (Silicon Wafer, Monocrystalline, Multicrystalline, Cadmium Telluride, Copper Indium Galium Selenide, Amorphous silica), And Segment Forecasts To 2022”, published by Grand View Research, Inc.; Global solar cell industry is expected to reach over 1,087.0 GW by 2022 owing to increasing demand for electricity coupled with rising consumer awareness regarding environmental benefits of renewable energy sources. Technological advancements have led to efficient performance and reduction in manufacturing cost of the cells which is expected to fuel growth. Moreover, rising demand for eco-friendly energy sources in order to reduce dependence on fossil fuels and achieve energy security is expected to propel growth over the next seven years. 

Increasing demand for PV systems in residential, utility and commercial applications is expected to have a positive impact on the industry. Increasing government support coupled with rising R&D investments in the sector is projected to propel growth. In addition, rapid development in the industrial sector together with growing infrastructure improvements particularly in emerging economies is forecasted to fuel product utilization over the next seven years. 

Multicrystalline and monocrystalline which form the silicon wafer segment contributed to an overall market share of approximately 90.0% of aggregated installation capacity in 2014. 

Germany solar cell market installed capacity, by product, 2012-2022 (GW)

Germany solar cell market installed capacity, by product, 2012-2022 (GW)

In 2014, monocrystalline silicon wafer market reached over 57.0 GW. Industry players are expected to have ample growth opportunities in the market owing to increasing utilization of the product in developed nations. Properties of monocrystalline solar cells including stability, high efficiency and compact design is expected to propel demand over the next seven years. Research and development aimed at incorporating magnetic nanoparticles in manufacturing solar cells owing to enhanced performance is anticipated to open new avenues over the forecast period. 

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Hydropower Market: Cost advantages of hydropower based electricity generation and the substitution of fossil fuel based power production in an attempt to reduce carbon emission is expected to drive market demand. According to the estimates of the International Energy Agency (IEA), the deployment of sustainable hydropower as proposed by this organization will help avoid approximately one billion tones of annual carbon dioxide emission by 2050. 

U.S. Solar PV Market: Rising demand for PV panels in residential and commercial segments is projected to drive industry growth. Also, favorable regulatory framework coupled with incentives is anticipated to augment further the growth.

Emerging economies including China, Indonesia, India and Japan are expected to experience significant growth inthe market owing to supportive government programs and policies over the next seven years. 

Multicrystalline silicon cells are projected to witness rapid growth exceeding 25.0% in the forecast period owing to simple production process leading to reduced costs. Asia Pacific is expected to be a major market for multi crystalline solar cell owing to rising demand for multi crystalline solar cells in residential and commercial applications and increasing consumer awareness regarding cost efficiencyof the product. 

UAE is one of the major markets for solar cells in MEA owing to reliable operation and cost benefits of the product.Impressive aesthetic exteriors and flexibility offered by photovoltaics is estimated to propel thin film solar cell market over the next seven years.

Grand View Research has segmented the global solar cell market on the basis of product and region:

Global Solar Cell Product Outlook (Installed capacity, GW, 2012 – 2022)

  • Silicon Wafer

    • Monocrystalline

    • Multicrystalline

  • Thin Film

    • Cadmium Telluride

    • Amorphous silicon

    • Copper Indium Gallium Selenide

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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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