Global Photovoltaic (PV) Cell Market

Report Description

Global Photovoltaic (PV) Cell Market Outlook, By Geography (2019 V's 2032) (US$ BN)

SRMV market Research forecasts the Photovoltaic (PV) Cell market to grow from USD 148.67 billion in 2019 to USD 1796.78 billion by 2032, at a Compound Annual Growth Rate (CAGR) of 21.13% during the forecast period. Increasing penetration of renewable energy systems globally due to rapid climate change, together with growing electricity demand in utility sector is projected for market growth during the forecast period. Increasing Funding for R&D related to efficiency and reducing manufacturing cost of PV is anticipated to drive the market demand. Moreover, Growing demand for reliable and environment-friendly energy systems to reduce dependency on fossil fuels is likely to drive the market during the forecast period.

Photovoltaic (PV) cell is compressed by semiconductor materials that has properties of both metals and insulators which converts sunlight into electricity. When light is captivated by a semiconductor, photons of light can transfer their energy to electrons, thereby allowing the electrons to flow through the material as an electrical current. That current flows out of the semiconductor to metal contacts and that make its way out to supply power to residential areas and rest of the electric grid.

Crystalline Silicon PV Cells segment is anticipated a high growth rate during the forecast period.

Crystalline Silicon PV Cells are estimated to witness the market growth due to present R&D advancements that make it simple, related to production methods leading to decrease product cost. Moreover, Increase in government initiatives and programs that are promoting PV systems installation and rising demand of crystalline silicon cells in utility and residential applications due to low initial investments as well as higher efficiency is likely to rise demand over the forecast period.

Utility Segment held the largest market share during the forecast period.

The market growth is due to the rising of PV systems in power plant, military and defense, and space utility applications. Moreover, financial support provided by many governments towards installation of PV systems in utility sector to cut carbon emissions, drop in technology prices, shift in focus towards grid infrastructure development, and growth of other technologies.

Europe accounted to grow faster in the market with the largest share in 2019

Europe accounted for a considerable share of the total revenue generated. Present government policies favorable that are favorable to install renewable energy source throughout Europe Union, concerning fast climate change in this region and incentives associated with PV installations is anticipated to boost growth over the forecast period. Rising demand for these cells in commercial and utility sector is likely to drive the market. Declining PV prices is likely to open new avenues for crystalline silicon modules over the forecast period. Moreover, technological advancements and increasing investment in research & development related to improving operating efficiency of thin film solar cells is expected to increase its demand in Residential Applications and Utility Applications.

Companies operating in the field of Photovoltaic (PV) Cell market are Mitsubishi Electric Corporation, Panasonic Corporation, Suniva Inc., First Solar, Tata Power Solar Systems Limited, Kyocera Corporation, Alps Technology Inc., SunPower, Trina Solar Limited, SolarWorld AG, Green Brilliance, Canadian Solar Inc., JinkoSolar Holding Co. Ltd., Pionis Energy Technologies LLC., Zebra Energy and Sharp Corporation.

Based on Component

CellThin filmCrystalline Silicon PV CellsTrackersOptics

Based on Cell Type
Inorganic PVOrganic PV

Based on End UserNon-Residential ApplicationsResidential ApplicationsUtility Applications

Research Approach

SRMV market research is carried by extensive usage of secondary research sources, like research publications, Associations, Journals and Government websites to validate and collect information useful for this technical, market-oriented, and commercial study of every market. The points mentioned below explain the research methodology applied in making report.

Ø  Primary and secondary research has been conducted to determine the market segmentation, analytical data that linked to the research area across various countries for different technologies and services over a period of time.

Ø  Key players are identified by their shares, performance, etc. thereby, company profiling is provided by secondary research.

Ø  Based on all the gathered data, an analysis has been done to categorize the best performing or promising technology, service, or area of market in respective countries that holds major part of the market globally.

What we offer in reports:

Ø  Market Strategies for the new entrants and for International Expansion.

Ø  Market growth assessments on the regional and global bases of various geographies.

Ø  Opportunity Assessment and Competitor Assessment for every market.

Ø  Strategic recommendations in key business segments based on the market estimations.

Ø  Product portfolio with Product to Market Assessment, geographical presence and their performance analysis.

Ø  Technology Exploration, Supply Chain Analysis.

Ø  Production Analysis, Application Analysis and Feasibility Analysis of each segment.

Ø  Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)

Ø  Porter’s five forces analysis, SWOT analysis, etc.

Ø  Supply chain trends mapping the latest technological advancements of many companies in company profiling.

Ø  Polices and Regulatory Factors that exists and new that control the market and its trend.