Solar Cell Modules Market: Overview
- Solar cell modules can be used individually, or several can be connected to form arrays. They dare typically rated between 50W and 350W. One or more arrays are connected to the electrical grid as part of a complete photovoltaic system.
- Solar cell modules are made from polycrystalline silicon as well as new generations of thin-film solar cell technology. They provide various options to residential, commercial, and industrial sectors to meet their solar energy production requirements.
Key Drivers of Solar Cell Modules Market
- Various policies enacted by governments to support the use of solar systems are anticipated to drive the global solar cell modules market. Implementation of stringent governmental regulations to limit environmental impact is expected to propel the use of renewable energy sources. This is estimated to boost the usage of solar cell modules in solar panels. Various schemes by governments, including tax benefits, subsidies, net metering, financial assistance, and low import duty and feed in tariff, are projected to drive the solar cell modules market.
- Rise in number of residential energy storage systems with solar PV charging panels is driving the solar cell industry. This, in turn, is propelling the solar cell modules market.
- Increase in demand for decentralized energy generation systems in developing countries is likely to augment the penetration of solar energy during the forecast period. More than 1 billion global population has zero or poor access to electricity. Initiatives toward off-grid electrification integrated with solar PV systems are expected boost the solar cell modules market.
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Decline in Silicon Production to Hamper Market
- Global decline in silicon production has led to raw material shortage. This is expected to hamper the solar cell modules market during the forecast period. High cost and lack of proper infrastructure are also anticipated to restrain the global solar cell modules market.
Key Market Segment
- Silicon wafer segment is expected to hold the large share of the global solar cell modules market, owing to abundant raw material availability and high efficiencies offered vis-à-vis other technologies. The multicrystalline silicon cells segment is expected to expand at a rapid pace due to technological simplicity related to the production process. This leads to lower product cost compared to its counterparts. Increase in demand for multicrystalline silicon cells in residential and commercial applications owing to lower initial investments as well as superior efficiency is projected to drive the demand for multicrystalline silicon cells.
Asia Pacific Expected to Hold Large Share of Global Solar Cell Modules Market
- Presence of favorable government policies and incentives associated with PV installations in Europe is expected to augment the solar cell modules market in the region
- Increase in number of PV installations owing to the rise in consumer awareness regarding cost benefits associated with solar energy systems is projected to drive the market in North America in the near future
- The photovoltaic industry in China witnessed an investment of 80.8 Bn Yuan in 2018. The photovoltaic industry in the country has been expanding by acquiring foreign makers and building plants overseas. This is driving the solar cell modules market in China.
- The Government of India aims to achieve 40 GW electricity generation through the solar power technology by 2020. Increase in investment and government programs in sustainable energy is likely to augment the solar cell modules market in India
- Middle East & Africa is estimated to experience the highest solar PV installation rate of 7.5% in the near future. The region has shifted focus toward renewables to diversify the power mix and capitalize on the abundance of clean energy resources. National development plans, mandated regulations, financial support mechanisms, and market reforms are creating lucrative opportunities for the solar cell modules market in Middle East & Africa.
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Key Players Operating in Market
The solar cell modules market is highly concentrated, with the leading manufacturers accounting for approximately 30% to 40% share. Key players operating in the solar cell modules market include:
- JA SOLAR Co.,Ltd.
- Hanwha Q CELLS
- Trina Solar
- China Sunergy (Nanjing)
- SunPower Corporation
- Solibro GmbH
Global Solar Cell Modules Market: Research Scope
Global Solar Cell Modules Market, by Type
- Silicon Wafer
- Thin Film
- Cadmium Telluride (CdTe)
- Amorphous Silica (a-Si)
- Copper Indium Gallium Selenide (CIGS)
Global Solar Cell Modules Market, by Application
- Residential Buildings
- Commercial Buildings
- Public Infrastructure
Global Solar Cell Modules Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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