Solar Cell Market worth over $37bn by 2028

Solar Cell Market size is set to surpass USD 37 billion by 2028, according to a new research report by Global Market Insights Inc.
 

The solar cell market growth is attributed to the growing concerns pertaining to rising carbon emissions across the globe along with ongoing efforts to increase the deployment of renewable energy sources by regulatory bodies. Governments have introduced various targets for the installation of solar technology, which will further surge the product penetration. Moreover, ongoing technological advancements in the power generation and clean energy industries will also fuel the demand for highly efficient solar cells.
 

The world has been severely affected by the ongoing COVID pandemic, which has halted operations across the utilities and manufacturing industries owing to which the industry suffered a slightly subdued growth in the last few years. The market is estimated to bounce back in the coming years because of the ongoing vaccination drives and the lifting of lockdown protocols across the globe.
 

Ongoing advancements across the thin film technology will complement the solar cell market value

Demand for film solar cells is predicted to grow exponentially during the forecast period led by the numerous features offered by the unit including effective dielectric strength, system compactness, and sound operational safety. These units are easily manufactured at potentially lesser cost aiding in their penetration over other alternatives. Rigorous R&D investments from manufacturers across the globe to integrate thin film technologies with existing electrical setup have positively influenced the technological growth.
 

Browse key industry insights spread across 315 pages with 375 market data tables & 33 figures & charts from the report, “Solar Cell Market Size, By Material (Crystalline {N Material, P Material}, Thin Film), By Product (BSF, PERC/PERL/PERT/TOPCON, HJT, IBC & GWT), By Technology (Polycrystalline, Cadmium Telluride (CDTE), Amorphous Silicon (A-Si), Copper Indium Gallium Diselenide), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2022 – 2028”, in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/solar-cells-market
 

Favorable incentives and policies on solar energy will propel the global industry revenue

The polycrystalline silicon solar cell market accounted for USD 3.5 billion in 2021. These units are gaining wide recognition across the globe due to their low cost of production and simplified manufacturing procedures. Furthermore, governments of various nations have introduced various rebates and favorable schemes for the deployment of solar cells, which in turn, will spur the market demand. However, polycrystalline solar cells are expected to witness a subdued growth compared to monocrystalline cells on account of the factors including lower energy efficiency and declining prices of the monocrystalline technology.
 

PERC technology to gain a bigger market share impel by its numerous features including high energy per square foot

Ongoing technological advancements across the solar industry will boost the market revenue during the forecast timeframe. Manufacturers are investing extensively in newer technologies to gain a competitive edge, thus enhancing their industry demand across the globe. Innovations including Passivated Emitter and Rear Contact (PERC) are anticipated to gain a considerable industry growth over the coming years credited to their offerings including high efficiency and higher energy density per square foot. Additionally, these units reduce the total space requirement, thus provide a higher amount of energy from limited space and can operate efficiently under less light & high temperature, which will also aid in stimulating a demand growth for the technology during the forecast timeline.
 

Stringent governmental mandates for the adoption of sustainable technologies will positively sway the market expansion across the European region

Europe solar cell market is projected to observe a 1.5% growth rate till 2028. Soaring energy demand along with rising carbon emissions during power generation has alerted regulators to invest exponentially in the development of clean and sustainable technologies. Growing consumer awareness of energy efficiency along with a soaring need to replace conventional power generation systems with renewables will further foster the market progression. In addition, favorable regulations in line with renewable energy targets across the European states will proliferate the regional growth.
 

Collaborations & innovations coupled with acquisitions are amongst the key strategies opted by the major players will accelerate the industry dynamics

Eminent participant operating in the market include Jinko Solar, Hevel, Panasonic Corporation, Risen Solar, Trina Solar, Canadian Solar, Hanwha Q Cells, JA Solar, Jolywood, DuPont, Tongwei Group Co., Ltd., REC Solar Holdings AS, Vikram Solar Pvt. Ltd., and Motech Industries. Strategic implications including mergers, agreements, joint ventures, and partnerships amongst leading companies will augment the industry expansion.