Global solar cell market is expected to reach 1,087.5 GW by 2022, according to a new report by Grand View Research, Inc. Growing demand for clean and reliable energy source coupled with supportive regulations by various countries in the form of incentives and feed-in-tariffs (FIT) is expected to propel demand over the forecast period.
Growing need of electricity owing to rapid industrialization coupled with increasing infrastructure developments particularly in developing economies is expected to fuel solar cell market over the next seven years. In addition, increase in R&D investments related to increasing performance efficiency of solar cells as well as reducing system cost by manufacturers is likely to have positive impact towards growth.
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Further key findings from the report suggest:
- Monocrystalline silicon wafer market was over 57 GW in 2014. Increasing demand for the product particularly in developed economies such as North America promise abundant growth opportunities for industry participants. Various properties offered by monocrystalline solar cells including compact design, high efficiency and durability is expected to have positive impact on growth.
- In Asia Pacific, supporting government policies and programs offered by various countries including India, Indonesia, Japan and China is expected to have positive impact on solar cell market over the next seven years. Asia Pacific has been a key market for multicrystalline solar cell and this trend is expected to continue over the forecast period. Rising consumer awareness related to cost effectiveness of multicrystalline solar cells for residential and commercial applications in this region is expected to propel demand.
- MEA solar cell market is primarily driven by growing demand from UAE. Cost benefits along with reliability offered by solar systems are expected to propel solar cell demand over the next seven years. Growing demand for CIGS in building photovoltaics which offer high flexibility improved aesthetic appearance is expected to drive thin film solar cell market over the forecast period.
- Solar PV manufacturers are gradually shifting their focus from multicrystalline to monocrystalline in order to capitalize on the technological advantages. R&D related to incorporation of magnetic nanoparticles in solar cell manufacturing to enhance its performance is expected open new avenues over the next seven years.
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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, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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