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. 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.
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.
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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.
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.
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.
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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
o Monocrystalline
o Multicrystalline
·
Thin Film
o Cadmium Telluride
o Amorphous silicon
o Copper Indium Gallium Selenide
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report by Grand View Research: http://www.grandviewresearch.com/press-release/global-solar-cell-market
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