Solar Cells Market Report 2020| Regional Analysis & Growth Forecast to 2024

Global solar cells market share from ultra-thin PV cell technology is projected to register gains of over 30% up to 2024. Presence of several manufacturing hubs has surged manufacturing and construction activities in the region. There has been increased deployment of ultra-thin film PV cells across the region to meet stringent energy efficiency requirements.

The need to meet the burgeoning power demand along with continuous supply of electricity in rural areas has created a widespread need for a robust solar energy market. Enhanced security and certainty for solar investors in Europe due to favorable government initiatives, such as the 10-year energy sector plan, and several methods to encourage innovations and development of solar energy will add impetus to solar cells market size.

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Global solar cells market size is anticipated to witness considerable expansion in the forthcoming years owing to increasing measures undertaken by governments and other regulatory authorities to promote the use of sustainable forms of energy, with an aim to reduce carbon emission levels.

Increasing demand for off-grid electricity along with the reduction in photovoltaic component cost will steer solar cells market share over the forecasted timeframe. Reportedly, as of 2014, more than 600 million people in Africa have little or no access to reliable electricity, indicating the tremendous potential to provide solar energy to a vast potential consumer base.

Extensive suitability of the product across various applications including rooftops, commercial buildings and solar farms due to their lightweight and ease in installation will propel the industry trends. Moreover, extremely low carbon emissions and limited labor requirements during the production of solar cells will support product penetration.

Increasing disposable income among people owing to the rise in industrialization globally has steered construction of commercial and residential infrastructure, leading to surging demand for reliable and cost-effective electricity. In a bid to control rising levels of carbon footprint, governments across the globe are taking initiatives with respect to the use of renewable sources of energy.

The Government of India in 2016 announced a budget of USD 700 million to install 5 GW of grid integrated photovoltaic project by 2020. Additionally, incentives such as capital subsidies, tax benefits, renewable energy certificates, accelerated depreciation and feed and tariff are also provided by the government which will amplify solar cells market forecast. India solar cells market share is expected to surpass 24 GW up to 2024.

International Finance Corporation and World Bank have launched programs such as Lighting Africa focusing on substituting photovoltaic products for conventional lighting sources among off-grid population. Similarly, the Australian government introduced the “Solar Communities” program in 2017 to invest funds for boosting local initiatives against climate change via installation of rooftop solar modules.

Monocrystalline solar cells are showcasing widespread demand across residential and commercial infrastructures due to their ability to supply reliable power conversion and suitability in restricted space environments. According to reports, by 2024 monocrystalline solar cells are projected to surpass an annual deployment of more than 14,000 MW.

Rise in industrialization has intensified the presence of commercial establishments which requires continuous electricity supply. Australia solar cells market share is anticipated to reach over 5 GW  by 2024. Durability and reliability ensured by monocrystalline solar cells is bolstering the product adoption. Additionally, these cells perform well even in low levels of sunlight furthermore complementing solar cells market outlook.

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Commercial structures are on the rise due to consistent expansion of several industrial and service industries, as well as improving economic conditions across different regions. Owing to their many advantages, monocrystalline solar cells find many applications in commercial infrastructures. 

Favorable regulations supporting and tendering schemes for solar installation coupled with set sustainable energy targets across the region is accelerating solar cells market outlook in Europe. Growing awareness among the people regarding climate change and provision of adequate information regarding the same by the regulatory authorities is driving renewable energy consumption.

Table of Contents (ToC) of the report:

Chapter 1     Methodology & Scope

1.1    Research Methodology

1.1.1      Initial data exploration

1.1.2      Statistical model and forecast

1.1.3      Industry insights and validation

1.1.4      Research scope and assumptions

1.2    Data Sources

1.2.1.    Primary

1.2.2.    Secondary

Chapter 2     Executive Summary

2.1    Solar cell industry 3600 synopsis, 2013 - 2024

2.1.1      Current business environment

2.1.2      Technology trends

2.1.3      Product trends

2.1.4      Grid trends

2.1.5      Application trends

2.1.6      Regional trends

Chapter 3     Solar cells Market Insights

3.1    Industry segmentation

3.2    Industry Size and forecast, 2013 – 2024

3.3    Industry ecosystem analysis

3.4    Vendor landscape

3.5    Innovation & sustainability

3.6    Regulatory framework

3.6.1      U.S.

3.6.2      India

3.6.3      Europe

3.6.4      China

3.7    Price trend analysis

3.7.1      Cost structure

3.8    Industry Impact forces

3.8.1      Growth drivers   Growing demand for clean fuel electricity   Decreasing solar component price   Favorable government initiatives   Strict government norms towards emission

3.8.2      Industry pitfalls & challenges   Lack of awareness

3.9    Growth potential analysis

3.10  Porter’s analysis

3.11  Competitive landscape, 2015

3.12  PESTEL analysis

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