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
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.