Top Impacting Factors:
Rise in demand for use of renewable source of energy to reduce the dependency on fossil fuels for electricity generation boosts the growth of market. Generally, the electricity was generated by burning fossil fuels such as coal, oils, and natural gas, this process produces high amount of greenhouse gasses which are harmful to environment as well as the humans, hence it is important to reduce the use of fossil fuels for electricity generation. Due to these harmful effect governments are promoting use of renewable sources to generate electricity which includes solar energy, wind energy, and hydroelectricity, which are environment friendly and can reduce the cost of electricity in longer period of time. Hence government promotional activities drive the growth of market in forecast period.
The consumption of electricity is high in the manufacturing units which elevates the cost spent on electricity, hence many industries are installing solar panels to reduce the cost spent on electricity. Farmers require electricity for irrigation purpose and proper irrigation produces a good crop but due to lack of electricity farmers are not able to perform irrigation activities timely which affects the growth of crop, hence famers are using solar panels to operate the irrigation system smoothly without interruption. Nowadays all the builder and land developers are pre installing solar panels in residential areas. hence the rising adoption of solar energy in industrial, residential and agriculture sector boosts the demand for the crystalline solar cells market
Factors such as high cost for installing solar panels and high cost for storage of energy restraints the growth of the market. Not every person can afford to install solar panel for power generation. Hence to tackle this situation governments are providing subsidies and tax reduction policies for installing solar panels in residential as well as commercial areas. Hence supportive action of government will surely be cost effective which will elevate the market growth.
Moreover, factors such as government awareness programs to mitigate greenhouse emission by use of renewable source impacts positively on growth of market. In addition, the focus of manufacturer to reduce the cost price of crystalline solar cells and improve its efficiency boosts the market growth.
The crystalline solar cells market is segmented on the basis of product type, installation type, and region. By product type, it is divided into multi-Si and mono-Si. By installation type, it is segregated into residential, commercial, and utility-scale. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
By type: The crystalline solar cells market is divided into multi-Si and mono-Si. Monocrystalline silicon cells are more efficient than multi crystalline solar. Monocrystalline solar cells have cut from only one side hence it is more efficient than multicrystalline cells. Cost wise multicrystalline is cheaper than monocrystalline solar cells hence installation of multicrystalline solar panels is more than monocrystalline solar panel.
By application: The crystalline solar cells market is segregated into residential, commercial, and utility-scale. In this government plays a crucial role as it provides subsidies and tax reduction which attracts customer for installation of solar panels in commercial residential and utility area.
By region: The crystalline solar cells market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific crystalline solar cells market is anticipated to have the fastest growth during the forecast period. The major factor for growth of market in the region includes countries such as China, India, Japan, and many others which is backed by the supportive government policies and promotional activities carried to adapt natural resources for energy generation.
For Instance Indian government is providing 40% subsidy for installation of solar panel in residential area and 100% tax benefits for installing solar panels in the commercial area or industrial area which drives the growth of the market in the region. In addition, the rise in population is one of the factors which indirectly boosts the growth of the market as rise in population increases demand for construction and infrastructure development which involves use of solar panel to reduce use of fossil fuels and save environment.
The North American market is predicted to experience stable growth with the U.S. dominating the regional market. Increasing government attention to greenhouse gas emission in Europe drives the regional market. European countries, such as France, Argentina, Germany, and others, have established their goal of becoming carbon neutral by 2050. Which will reduce the use of fossil fuels for energy generation and hence there will be rise in use of renewable source of energy. These all factors drive the growth of crystalline solar cells in forecast period.
Competitive analysis and profiles of the major players in the crystalline solar cells market, such as, Canadian Solar Inc., China Sunergy, Hanwha Cells Co. Ltd., JA Solar Holdings Co. Ltd., Jinko Solar, Panasonic Corporation, Sharp Corporation, SunPower Corporation, Trina Solar Ltd, and Yingli Solar are provided in this report. Major players have adopted technological advancement & product launch, acquisition, business expansion as key developmental strategies to improve the product portfolio of the crystalline solar cells market.
For instance, on 20th September 2022, a Division of Panasonic Corporation of North America, unveiled two new lines of all-black compact EverVolt solar modules, developed with performance, accessibility, flexibility, and pleasing aesthetics in mind. The new 430W/420W HK Black Series panels, with half-cut cells and heterojunction technology with gapless connections, offer the most powerful modules in the company’s portfolio.
Global Crystalline Solar Cells Market Report Highlights
By Installation Type
Key Market Players
Trina Solar Limited, JA Solar Holdings Co. Ltd., Sharp Corporation, Canadian Solar Inc., Hanwha Cells Co., Ltd., China Sunergy, Jinko Solar, SunPower Corporation, Solarworld AG, Yingli Solar