Wilmington, Delaware, United States, June 03, 2022 (GLOBE NEWSWIRE) -- Analysts at TMR project the solar PV cells and modules market to expand at a CAGR of 10.5% for the forecast period from 2021 to 2031. Substantial efforts for the production of solar energy as it is an efficient form of unconventional energy fuels demand for solar photovoltaic (PV) cells and modules for the manufacture of solar panels.
Government incentives for the adoption of solar energy to minimize the use of fossil fuels, especially in the commercial sector strengthens demand for essential products, including PV cells and modules. Solar technologies can harness solar energy to generate electricity, provide light or a comfortable interior environment, and heat water for domestic, industrial, or commercial use.
This is attracting public and private organizations to invest heavily to strengthen electricity grids to maximize production of solar energy. For example, some key public sector companies in India such as Coal India Limited and National Thermal Power Corporation are diversifying into renewable energy generation. The move is expected to be critical for the clean energy transition journey of the country targeted for the next 15 to 20 years.
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Asia Pacific held the leading 57.8% volume share of the solar PV cells and modules market in 2021. Extensive government support for the production of solar energy in countries such as China, India, Japan, and Southeast Asian countries stokes demand for solar panels.
Solar PV Cells and Modules Market – Key Findings of the Report
- Increasing transition from traditional technologies such as back surface field (BSF) to emerging Hetrojunction Technology, TOPCon, and Passivated Emitter Rear Cell technologies gains steam. These technologies offer high efficiency and enable decreased production cost of products for bright future market outlook for solar PV cells and modules.
- The solar PV cells and modules market demand analysis reveals technological advancements and collaborative efforts of product manufacturers and energy departments to promote solar energy to lead to launch of new products.
- Ambitious plans of public and private organizations to diversify product portfolio and establish their renewable energy subsidiary to stoke demand for essential value chain products. For example, in April 2021, Coal India Limited (CIL) established two wholly-owned subsidiaries CIL Navikarniya Urja Limited and Solar PV Limited for the manufacture of solar value chain products and to undertake renewable energy projects.
- Key players in the solar PV cells and modules market are diversifying product portfolio and entering into partnerships for handsome market share.
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- Key role of large corporations such as Walmart and Apple to support the production of clean energy is fueling the demand for PV cells and modules. For instance, in August 2021, Walmart offered a contract to Nexamp to support 129 megawatts of community solar projects. The move is to attain zero emission target of the company across operations globally by 2040.
- Monocrystalline silicon product sub-segment held the largest revenue share in solar PV cells and modules market in 2021.
- North America and Europe are key markets for solar PV cells and modules. Large-scale solar power generation plants that are under construction are anticipated to create ample opportunities in solar PV cells and modules market of the regions.
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Solar PV Cells and Modules Market – Growth Drivers
- Critical role of several governments to roll out incentives, funding to promote solar energy positively influences solar PV cells and modules market
- Massive investments from public sector electricity companies to diversify into renewable energy cements growth of solar PV cells and modules market
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Solar PV Cells and Modules Market – Key Players
Some of the key players operating in the solar PVE cells and modules market are;
- ReneSola Ltd.
- Canadian Solar Inc.
- CSUN Solar Tech Co. Ltd.
- Waaree Energies Ltd.
- REC Solar Holdings AS
- Jinko Solar
- JA SOLAR Technology Co. Ltd.
- Hanwha Q CELLS
- Trina Solar Co. Ltd.
- First Solar Inc.
- Solaria Corporation
Global Solar PV Cells and Modules Market: Segmentation
Global Solar PV Cells and Modules Market, by Type
- Silicon Photovoltaic Cells
- Nanocrystalline
- Monocrystalline
- Polycrystalline
- Others
- Thin-film Photovoltaic (PV) Cells
- Copper Indium Diselenide
- Cadmium Telluride
- Others
- Others
Global Solar PV Cells and Modules Market, by Technology
- Passivated Emitter Rear Cell (PERC)
- TOPCon
- Heterojunction Technology (HJT)
- Heterojunction Interdigitated Back Contact (IBC)
- Others
Global Solar PV Cells and Modules Market, by End-use
- Residential
- Commercial
- Industrial
Global Solar PV Cells and Modules Market, by Region
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- Spain
- Italy
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Japan
- China
- India
- ASEAN
- Rest of Asia Pacific
- Latin America
- Brazil
- Chile
- Mexico
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
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