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Solar Cell Market to grow at over 12% CAGR from 2016 to 2024:
The Solar Cell Market trends are analyzed from recent past with an eye on coming
years in this report that also offers projections for Solar Cell industry targeted at helping
in business decisions.
Solar cells market is all set to witness a spectacular growth over the years ahead with
the evolving demand for sustainable energy sources globally. The increasing
government initiatives to promote renewable energy resources coupled with the
concerns about negative environmental impact via the conventional sources will propel
the solar cells industry growth over the coming years. According to Global Market
Insights, Inc. “Global Solar Cells market size worth USD 35 billion in 2015 is set to
record an appreciable growth rate of 12% over the period of 2016-2024.”
In addition to the aforementioned factors, the increasing electricity demand is another
vital driver for the solar cells industry. Estimates suggest that nearly 1 billion global
population are deprived of reliable power supply resources, which is creating a huge
growth ground for the solar cells market. The government worldwide is also actively
participating to address the rising electricity demand. For instance, Government of
India has approved a budget of Rs. 50 billion under NSM (National Solar Mission) for
setting up Grid Connected Rooftop Systems (4.25 GW) in the country. South Africa,
which is a major region facing lack of reliable electricity sources is set to register a
CAGR of 12% over the period of 2016-2024.
Also, with the technological advancements, the product cost has also reduced
significantly, which is in turn favoring its demand globally. In this regard, crystalline
silicon technology based solar cells market will grow substantially with a target
revenue of USD 65 billion by 2024. Thin film solar cells market will also witness a rapid
surge over the coming years with an estimated capacity of 81 GW by 2024.
The developing countries are estimated to witness a huge adoption of these systems,
owing to the growing demand for decentralized generation systems across these
regions. In response to this fact, off-grid solar systems market is projected to witness
a notable surge with a capacity target of 45 GW by 2024.
Solar cells market is accumulating a substantial share through its increasing
applications across the residential, commercial, and utility sectors. Chile, where the
execution of huge commercial and utility projects is on a peak, is estimated to
contribute noticeably toward global solar cells market revenue, with a projected
revenue of USD 700 million by 2024.
U.S. Solar Cells Market size, by product, 2013 -2024 (USD Million)
The global awareness toward reducing carbon footprints and adoption of renewable
energy sources will lead to a rapid growth in Europe & U.S. solar cells industry. As per
the report, Europe solar cells market is forecast to record a CAGR of 17% over 20162024.
The global expansion of the solar cells industry will undoubtedly increase over the coming
years with the depleting conventional resources and rising power supply demands. Key
participants include Mitsubishi Electric Corporation, Jinko Solar, Trina Solar, First Solar, Moser
Baer India Ltd, etc.
Report Content of Solar Cell Market:
Methodology & Scope
Initial data exploration
Statistical model and forecast
Industry insights and validation
Research scope and assumptions
Solar cell industry 3600 synopsis, 2013 - 2024
Current business environment
Solar cells Industry Insights
Industry Size and forecast, 2013 – 2024
Industry ecosystem analysis
Innovation & sustainability
Price trend analysis
Industry Impact forces
126.96.36.199 Growing demand for clean fuel electricity
188.8.131.52 Decreasing solar component price
184.108.40.206 Favorable government initiatives
220.127.116.11 Strict government norms towards emission
Industry pitfalls & challenges
18.104.22.168 Lack of awareness
Growth potential analysis
3.10 Porter’s analysis
3.11 Competitive landscape, 2015
3.12 PESTEL analysis
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