Westford, USA, July 26, 2023 (GLOBE NEWSWIRE) -- Additionally, the latest research findings reveal that solar energy is the cheapest form of electricity in history, with the cost of solar power declining by 89% in the last decade. Solar cell market is attributed to the rapid decrease in the cost of solar panels, aided by advancements in technology and increased manufacturing efficiency. According to a survey conducted by the International Renewable Energy Agency (IRENA), the global weighted average cost of utility-scale solar PV has decreased by 82%.
Browse in-depth TOC on the "Solar Cells Market"
- Pages - 257
- Tables - 66
- Figures – 75
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The world is confronting a climate crisis and solar power is recognized as a crucial solution to reduce carbon emissions. Secondly, solar energy costs are decreasing rapidly, making it increasingly competitive with traditional fossil fuels. Thirdly, governments worldwide are providing incentives and subsidies for the adoption of solar energy, propelling the market growth. As a consequence, experts predict that the solar cell market will continue to experience robust growth in the future.
Prominent Players in Solar Cells Market
- Jinko Solar
- Trina Solar
- Canadian Solar
- Hanwha Q Cells
- First Solar
- SunPower
- LONGi Solar
- Yingli Solar
- Sharp Solar
- JA Solar
- Risen Energy
- LG Electronics
- GCL System Integration
- SolarWorld
- REC Group
- Kyocera Solar
- Tesla
- SolarEdge Technologies
- Enphase Energy
- SMA Solar Technology
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Utility Application Segment to Drive Higher Sales due to the Decreased Cost of Solar Energy, Demand for Clean Energy
According to a recent analysis, the Utility Application segment emerged as a significant contributor to the rapid development of the Solar Cells market in 2021. This trend is expected to continue from 2022 to 2030 due to the decreased cost of solar energy, demand for clean energy and government initiatives. According to a report by SkyQuest, global demand for clean energy investment is set to reach $11.5 trillion by 2050, with solar cells expected to be the largest beneficiary.
Research analysis indicates North America is poised to become a dominant Solar Cells market player from 2022 to 2030. SkyQuest has projected that the region will grow at a CAGR of 15.82% during the forecast period. The government policies, declining costs of solar energy, and increasing awareness of the benefits of renewable energy sources are driving this expansion in the region. The Biden Administration has announced a goal of achieving 100% clean electricity by 2035 and has proposed significant investments in renewable energy, including solar energy.
Thin Film Solar Cells Segment to Exhibit Strong Growth Due to Cost-Effectiveness, High Efficiency, Vitality
The Solar Cells market witnessed the emergence of the Thin Film Solar Cells segment as the dominant method in 2021, and it is expected to continue its lead from 2022 to 2030. This trend is being driven by several factors, such as cost-effectiveness, high efficiency, vitality, and environmental benefits. According to SkyQuest's data, thin-film solar cells have been steadily gaining market share and accounted for approximately 55% of global production in 2022.
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The Asia Pacific region has also emerged as a significant force in the Solar Cells market and is projected to maintain its leading position by 2030. SkyQuest has predicted substantial growth in the Solar Cells market for the Asia Pacific region, with a projected CAGR of 19.97% during the forecast period. This growth can be attributed to factors such as increasing demand for clean energy, a burgeoning middle-class population, and government initiatives and incentives in the region. China, in particular, has recently announced its commitment to achieving carbon neutrality before 2060 and reaching peak carbon emissions before 2030. The Chinese government has also set a target of increasing the share of non-fossil fuels in primary energy consumption to 25% by 2030, leading to a rapid expansion of the solar industry in the country.
A comprehensive analysis of the major players in the Solar Cells market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavors to develop innovative solutions to cater to the growing demand.
Key Developments in Solar Cells Market
- In January 2023, Hanwha Q Cells, a South Korean solar cell manufacturer, announced plans to acquire Solar Frontier, a Japanese solar cell manufacturer. The acquisition will give Hanwha Q Cells access to Solar Frontier's advanced thin-film solar cell technology.
- In February 2023, JA Solar, a Chinese solar cell manufacturer, announced plans to acquire ReneSola, another Chinese solar cell manufacturer. The acquisition will give JA Solar access to ReneSola's manufacturing capacity and its global sales network.
Key Questions Answered in Solar Cells Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- Can you list the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how might these differences shape the market's future growth?
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