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Solar Cells Market, Opportunity, Growth Drivers, Industry Trend Analysis and Forecast, 2024-2032
Market Report I 2024-08-09 I 100 Pages I Global Market Insights
The Solar Cells Market Size will grow at 2.9% CAGR during 2024-2032, driven by the growing demand for renewable energy. According to Enerdata, the share of renewables in the global power mix has risen by 10 percentage points since 2010, accounting for 30% in 2023. As concerns over climate change and environmental sustainability intensify, there is a worldwide push towards reducing reliance on fossil fuels and transitioning to cleaner energy sources. Governments, corporations, and consumers are increasingly prioritizing renewable energy in their efforts to meet carbon reduction targets and achieve energy independence. The surging demand for renewable energy is fueling investments in solar technology.
Advances in production techniques, economies of scale, and the development of new materials have collectively contributed to lowering the cost of solar cell manufacturing. Innovations such as automation in production lines and the use of less expensive materials, like Thin Film and Amorphous Silicon, have made solar cells more affordable. This cost reduction is not only making solar energy more accessible to a broader range of consumers, but also increasing the competitiveness of solar power against traditional energy sources.
The solar cells industry is classified based on material, technology, product, mounting, and region.
The thin film segment will grow rapidly through 2032, due to the lightweight structure, flexibility, and cost-effectiveness. These cells, typically composed of materials like cadmium telluride (CdTe) and copper indium gallium selenide (CIGS), offer a viable alternative to traditional crystalline silicon-based cells, particularly in applications where weight and flexibility are critical. Thin films perform well under low light conditions and have a relatively simple manufacturing process.
The amorphous silicon segment will expand at a decent pace through 2032 due to its flexibility and cost-effectiveness. Amorphous Silicon solar cells are known for their ability to be deposited on a variety of substrates, including glass, plastic, and metal, which makes them highly versatile in applications such as flexible solar panels and integrated photovoltaics. Moreover, this technology is less sensitive to high temperatures and can perform efficiently even in low light conditions, making it suitable for a wide range of environmental conditions.
Europe solar cells Industry will witness steady growth through 2032, driven by supportive government policies, technological advancements, and a strong commitment to reducing carbon emissions. The European Union's stringent regulations on carbon emissions and its ambitious renewable energy targets are further propelling the demand for solar cells. Additionally, the presence of key players in the region leads to continuous innovations to enhance the efficiency and performance of solar technologies, bolstering the market outlook.
Report Content
Chapter 1 Methodology and Scope
1.1 Research design
1.2 Base estimates and calculations
1.3 Forecast model
1.4 Primary research and validation
1.4.1 Primary sources
1.4.2 Data mining sources
1.5 Market Definitions
Chapter 2 Executive Summary
2.1 Industry 360 synopsis, 2021 - 2032
Chapter 3 Industry Insights
3.1 Industry ecosystem
3.2 Regulatory landscape
3.3 Industry impact forces
3.3.1 Growth drivers
3.3.2 Industry pitfalls and challenges
3.4 Growth potential analysis
3.5 Porter's analysis
3.5.1 Bargaining power of suppliers
3.5.2 Bargaining power of buyers
3.5.3 Threat of new entrants
3.5.4 Threat of substitutes
3.6 PESTEL analysis
Chapter 4 Competitive landscape, 2023
4.1 Introduction
4.2 Strategic dashboard
4.3 Innovation and technology landscape
Chapter 5 Market Size and Forecast, By Material, 2021 - 2032 (USD Million and MW)
5.1 Key trends
5.2 Crystalline
5.2.1 N material
5.2.2 P material
5.3 Thin Film
Chapter 6 Market Size and Forecast, By Technology, 2021 - 2032 (USD Million and MW)
6.1 Key trends
6.2 Monocrystalline
6.3 Polycrystalline
6.4 Cadmium telluride (CDTE)
6.5 Amorphous silicon (A-Si)
6.6 Copper indium gallium diselenide (CIGS)
Chapter 7 Market Size and Forecast, By Product, 2021 - 2032 (USD Million and MW)
7.1 Key trends
7.2 BSF
7.3 PERC/PERL/PERT/TOPCON
7.4 HJT
7.5 IBC and MWT
7.6 Others
Chapter 8 Market Size and Forecast, By Region, 2021 - 2032 (USD Million and MW)
8.1 Key trends
8.2 North America
8.2.1 U.S.
8.3 Europe
8.3.1 Germany
8.3.2 Spain
8.3.3 France
8.3.4 Netherlands
8.4 Asia Pacific
8.4.1 China
8.4.2 Malaysia
8.4.3 South Korea
8.4.4 Japan
8.4.5 Taiwan
8.4.6 India
8.5 Rest of World
Chapter 9 Company Profiles
9.1 Canadian Solar
9.2 DuPont
9.3 Hevel
9.4 Hanwha Q Cells
9.5 Jinko Solar
9.6 JINERGY
9.7 JA SOLAR Technology Co., Ltd.
9.8 Meyer Burger
9.9 MOTECH Industries Inc.
9.10 RENESOLA
9.11 REC Solar Holdings AS
9.12 Silfab Solar Inc.
9.13 SINGULUS TECHNOLOGIES AG.
9.14 SunPower Corporation
9.15 Sunport Power
9.16 AIKO
9.17 Tongwei Co., Ltd.
9.18 United Renewable Energy LLC
9.19 Vikram Solar Ltd.
9.20 Wuxi Suntech Power Co., Ltd.
9.21 Yingli Solar
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