Solar Cell Market Overview by Industry Share and Size Forecast to 2029

The global solar cell market has been segmented into crystalline silicone, thin film solar cell and organic photovoltaic cell. Among these segments, the crystalline silicon segment is expected to grow with highest market shares in residential applications. Increasing awareness among people regarding the usage of solar energy and depleting natural resources is envisioned to strengthen the growth of the solar cell market globally. Further, the market is witnessing high preference for nature-friendly devices. This factor is anticipated to aid the growth of solar cell market.

The global market for solar cell is expected to reach 1,080 GW (installed capacity), registering the compound annual growth rate of 25.0% over the period 2015-2021. The global solar cell market is expanding rapidly and is likely to propel owing to increasing demand for renewable energy generation sources across the globe. Further, increasing concerns of people towards renewable energy sources is estimated to boom the global cell market by noteworthy revenue by the end of forecast period.

In regional segment, North America solar cell market accounted for approximately 22 GW of installed capacity in 2014 and is anticipated to grow at a significant CAGR over the forecast period. The U.S is expected to be the major solar cell market in North America followed by Canada. Europe market of solar cell is likely to get escalated from formulation of favorable guidelines by the government in most of the major European countries such as Germany, Spain, France, Italy and the U.K. Moreover, Asia-Pacific is projected to witness the highest growth in global solar cell market over the forecast period which can be attributed to get fuelled from strengthening of economy and increasing infrastructural developments in some of the major countries such as India and China.

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Environment Friendly Solutions to Boom the Market

With the increased usage of natural resources in industrial and residential sector, the fossil fuels are depleting, leading to the growth of solar cells all over the world. Escalating demand for clean and environmental friendly energy sources and increasing government initiatives to promote use of solar energy are expected to supplement the growth of global solar cell market in future.

However,factors such as high cost and lack of proper infrastructure are believed to dampen the growth of global solar cell market in future.

Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.

This report also provides the existing competitive scenario of some of the key players of the global solar cell marketwhich includes company profiling ofFirst Solar Inc., SunPower Corporation, Tata Power Systems Limited, Borg In, Sharp Corporation, GreenBrilliance, Trina Solar Limited and Canadian Solar Inc. etc.

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The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global solar cell marketthat will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.

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