Crystalline Silicon PV Market Overview:
Crystalline Silicon Photovoltaic (PV) Market is expected to garner $163 billion by 2022, registering a CAGR of 11.3% during the forecast period 2016-2022. Crystalline silicon (c-Si) is one of the most widely used semiconductor material in photovoltaic (PV) technology to manufacture solar cells. c-Si occupies more than 90% of the total PV market revenue owing to its several benefits such as improved efficiency.
Crystalline silicon PV is made of highly pure silicon wafers that are further used to convert the solar energy into electrical energy. The world crystalline silicon PV market is driven by heightened demand of renewable energy and increase in electricity demand, which is further supported by the rise in population globally. Limited availability of fossil fuels and strict government regulations on carbon emission create the strong need for efficient and cost-effective renewable energy sources such as solar energy. Crystalline silicon solar cells are highly efficient as compared to its rival technologies, for instance, amorphous silicon and non-silicon solar cells. However, high initial investment and reduced efficiency of crystalline silicon at very high temperatures restrain the market growth. Technological advancements in the field of solar cells to increase efficiency and rise in government spending on renewable energy projects are expected to provide growth opportunities in the market.
The world crystalline silicon PV market is segmented on the basis of type, end-user, and geography.
World crystalline silicon PV market segmentation
The type segment is dominated by multi-crystalline silicon PV owing to its low cost and higher space efficiency as compared to mono-crystalline PV. Among various end-users, utility-scale dominates the global market owing to the higher solar cell installation capacity and large amount electricity generation. Furthermore, crystalline silicon PV market is analyzed on the basis of geographical regions, encompassing North America, Europe, Asia-Pacific, and LAMEA.
Top Factors Impacting World Crystalline Silicon Pv Market
Higher energy efficiency and increased lifespan
Presently, energy efficiency is one of the major concerns among solar module manufacturers as collection efficiency of solar energy is very less. c-Si has the highest energy efficiency among other PV technologies. Other than this, c-Si PV solar panels also have longer lifespan as compared to other technologies owing to its crystalline structure. This is the key factor that creates a huge demand for c-Si PV installation worldwide.
Increase in demand for renewable energy
Crystalline silicon PV market has significant growth potential as the market is full of opportunities owing to shift of consumers from conventional energy sources to natural energy sources. Solar energy is a prominent source of non-conventional energy as solar energy is abundant on earth. Crystalline silicon solar panels are predominantly used in solar systems owing to its various advantages over other semi-conductor material based solar panels such as amorphous silicon and non-silicon materials. The demand and production of solar systems is projected to increase globally, which is expected to provide huge opportunities to the c-Si PV market.
Asia-Pacific Expected To Be The Most Lucrative Market For C-Si Pv
Asia-Pacific crystalline silicon PV market is anticipated to have the fastest growth during the forecast period. The major growth is driven from several countries such as China, India, Japan and Australia, which is supported by the increasing government policy and promotional measures for natural energy. For instance, China is using both feed in tariffs and Renewable Portfolio Standards (RPS) to encourage solar PV installation across all the sectors including utility-scale, residential and commercial sectors. Hence, the new government policy would provide a major boost to the renewable energy sector in Asian countries. In addition, the leading global c-Si photovoltaic manufacturers such as Hanwha Q CELLS Co., Ltd., SolarWorld AG, Canadian Solar Inc., and SunPower Corporation also expand their presence in the Asia-Pacific c-Si photovoltaic market by installing new manufacturing plants with enhanced production capacity.
The report provides a comprehensive analysis of major market players, such as Hanwha Q CELLS Co. Ltd., SolarWorld AG, JA Solar Holdings, Yingly Solar, Sharp Corporation, Jinko Solar, Canadian Solar Inc., China Sunergy, Trina Solar Limited, and SunPower Corporation. Further, the prominent strategies adopted by the leading players are analyzed to highlight the top winning strategies.
Top Winning Strategies
Presently, the c-Si photovoltaic market is largely driven by growth strategies such as product launch, acquisition, and partnership. Companies such as SolarWorld AG and Hanwha Q CELLS Co. Ltd. have launched new PV systems to attract more number of customers and increase their market share.
Top Winning Strategies World Crystalline Silicon Pv Market
- The study provides an in-depth analysis of the world crystalline silicon PV market to elucidate the prominent investment pockets in the market.
- Current and future trends are outlined to determine the overall attractiveness and to single out profitable trends to gain a stronger foothold in the market.
- The report provides information regarding key drivers, restraints, and opportunities with impact analysis.
- Geographically, the market is analyzed based on various regions such as North America, Europe, Asia-Pacific, and LAMEA
- Analysis of value chain is conducted for better understanding of the role of intermediaries.
Crystalline Silicon Pv Market Segmentation
- North America
- Rest of the Europe
- Rest of Asia Pacific
- Latin America
- Middle East