5 days Ago By [email protected] (MENAFN)
Ottawa, Oct. 17, 2024 (GLOBE NEWSWIRE) -- The global solar cell market size is calculated at USD 149.45 billion in 2024 and is anticipated to hit around USD 623.
49 billion by 2033. The solar cell market is driven by the increased usage of renewable energy, increased awareness about the benefits of using solar energy, and rising government initiatives and subsidies for the installation of solar panels. Request a Sample Copy of the Report@ The solar cells market has experienced significant growth over the years due to the significant increase in the installation of solar panels.
Solar cells are essential in solar panels, converting sunlight into electricity. The market is expected to expand rapidly in the coming years due to the rising focus on reducing carbon emissions and government policies promoting clean energy. Policies and subsidies by governments, such as tax deductions and assistance programs are boosting the adoption of solar systems.
Moreover, the rising demand for electricity worldwide and the growing emphasis on renewable energy propel the market. Key Insights Review what's included in the report@ Immediate Delivery Available | Buy This Premium Research Report@ Regional Stance Asia Pacific dominated the market in 2023. Favorable government policies and incentives have boosted the installation of solar systems, thus boosting the demand for solar cells.
The increased demand for solar energy in the utility and commercial sectors bolstered the market in the region. A significant decrease in photovoltaic prices and advancements in renewable energy technology aimed at increasing their operational efficiency further contributed to market growth. India stands 4th across the globe in solar power capacity due to the rising number of solar farms, thus propelling the market in the region.
For instance , The market in North America is expected to grow at the fastest rate during the forecast period, owing to the rising installation of solar systems, government initiatives promoting green energy solutions, feed-in-tariff legislation, and awareness among people about the advantages of using solar power. The rapid transition to clean energy and net metering policy further boosted the adoption of solar systems in the region. The net metering policy enables solar system owners to sell excess energy to the grid, which encourages many businesses and homeowners to invest in solar systems.
Material Insights The crystalline silicon segment dominated the market in 2023. Solar cells made from crystalline silicon have many benefits, such as high efficiency, long life spans, low costs, and environmentally friendly. Crystalline silicon cells are reliable and easy to manufacture.
They can last more than 30 years with a slow degradation rate, typically losing about 0.5% of their efficiency yearly. Additionally, these cells are less harmful to the environment than thin-film PV panels.
They have the ability to work in different climates. Moreover, these elements are abundant in the Earth's crust, so they are a great resource. Technology Insights The monocrystalline segment dominated the market in 2023.
Monocrystalline solar cells are the most popular type of solar cells, as they are highly efficient and are made from pure silicon, which is the best material for converting sunlight into energy. These solar cells occupy less space than other solar panels because they are space-efficient. While these cells are quite expensive than other solar panels, they can last approximately fifty years.
The rising production of monocrystalline solar panels contributes to the segment's growth. The polycrystalline silicon segment is anticipated to grow rapidly during the forecast period. Polycrystalline silicon, also known as multicrystalline silicon, has numerous advantages compared to monocrystalline silicon.
Some of these include low cost, long life span, durability, and space efficiency. Additionally, polycrystalline cells can resist extreme weather conditions while occupying less area, producing the same amount of power. Furthermore, they provide an equilibrium between effectiveness and pricing.
Polycrystalline lasts approximately 25 years but can serve longer with proper servicing. They are manufactured by melting silicon pieces together in square molds. Market Dynamics Driver Socio-economic benefits of solar energy Energy is one of the major factors in economic development and growth.
With the growing population and rising economies, the energy demand is increasing at a rapid pace. However, solar power has been considered as a potential alternative to meet this evolving energy demand. Moreover, solar power generation systems minimize carbon emissions, aligning well with the growing focus on reducing carbon footprints and environmental sustainability.
The rising installation capacity of solar energy across the globe further drives the market. Restraint Weather dependency and regulatory barriers The efficiency of solar power systems is dependent on sunlight. However, nighttime and cloudy days may hamper their efficiency by limiting the amount of power that solar cells can produce.
Moreover, regulatory barriers, such as changing government policies and permitting processes, can deter potential homeowners from installing solar systems. Additionally, installing a solar system often requires ample space. However, limited rooftop space may create barriers for widespread adoption of solar systems.
Opportunity Green Hydrogen or renewable hydrogen stands as an effective and smart solution for storing energy. It is produced through electrolysis powered by sustainable energy sources, such as solar power. Green hydrogen can be produced during periods of excess renewable energy production and can be used for various applications, from fuel cells in vehicles to a utility-scale energy storage solution.
Recent Developments Related Reports Solar Photovoltaic (PV) Market - The global solar photovoltaic (PV) market was estimated at USD 150 billion in 2022 and is predicted to hit over USD 383.78 billion by 2032 and poised to grow at a CAGR of 9.90% during the forecast period 2023 to 2032.
Solar AI Market - The global solar AI market is surging, with an overall revenue growth expectation of hundreds of millions of dollars during the forecast period from 2024 to 2034. Floating Solar Market - The global floating solar market size was valued at US$ 4 billion in 2022 and is expected to hit US$ 54.09 billion by 2032, poised to grow at a compound annual growth rate (CAGR) of 29.
80% during the forecast period 2023 to 2032. Concentrated Solar Power Market - The global concentrated solar power market size was valued at USD 6.05 billion in 2022 and is expected to surpass around USD 35.
20 billion by 2032, poised to grow at a compound annual growth rate (CAGR) of 19.3% during the forecast period 2023 to 2032. Key Players Operating in the Solar Cell Market Segments Covered in the Report By Material By Product By Technology By Installation Type By Region Immediate Delivery Available | Buy This Premium Research Report@ You can place an order or ask any questions, please feel free to contact at .
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