The global crystalline silicon PV cell market is propelled
by rise in adoption of highly efficient solar cells for producing
solar panels that can be used in a wide range of residential,
commercial, and utility-scale facilities. Factors such as rise in
consumer awareness, regulatory initiatives, technological
advancements, sustainability trends, market consolidation, and
geographical expansion contribute to the dynamic growth of the
crystalline silicon PV cell market.
WILMINGTON, Del., Aug. 15, 2024 /PRNewswire/ -- Allied Market
Research published a report, titled, "Crystalline
Silicon PV Cell Market by Type (Mono Crystalline and
Multi/Poly Crystalline) and Application (Commercial,
Residential and Utility Scale): Global Opportunity Analysis and
Industry Forecast, 2024-2033". According to the report, the
crystalline silicon PV cell market was valued at $35.5 billion in 2023, and is estimated to reach
$52.8 billion by 2033, growing at a
CAGR of 3.9% from 2024 to 2033.
Download PDF Brochure:
https://www.alliedmarketresearch.com/request-sample/A186878
Prime determinants of growth
The global crystalline silicon PV cell market is driven by rise
in government incentives provided in countries such as India, China,
and others for installation crystalline silicon-based PV cell in
different facilities. For instance, in February 2024, the Prime Minister of India launched the PM Surya Ghar Muft Bijli
Yojana for installing solar panels on rooftops. Furthermore, the
Indian government is providing several subsidies over purchase of
solar panels. This factor has surged the adoption of crystallized
silicon PV cell-based solar panels across both residential and
commercial facilities; thus, fueling the growth of the crystalline
silicon PV cell market However, high initial costs of crystalline
silicon PV cells may restrain the growth of the crystalline silicon
PV cell market.
Report coverage & details:
Report
Coverage
|
Details
|
Forecast
Period
|
2024–2033
|
Base
Year
|
2023
|
Market Size in
2023
|
$35.5
billion
|
Market Size in
2033
|
$52.8
billion
|
CAGR
|
3.9 %
|
No. of Pages in
Report
|
350
|
Segments
covered
|
Type, Application, and
Region
|
Drivers
|
- Public policies and regulatory
support
- Growing preference for sustainable
activities
- Rapid shift towards renewable energy
sources
|
Opportunities
|
- Government incentives and
subsidies
- Technological Advancements
|
Restraints
|
|
The mono-crystalline segment to maintain its lead position
during the forecast period.
The mono-crystalline silicon PV cell possesses various
significant properties such as high efficiency, durability,
appealing aesthetics, and others which in turn has surged its
application in solar panels. These cells are mostly favored for
commercial and residential installations where space and appearance
are important factors. Factors such as rise in installations of
rooftop solar panel in both residential and commercial facilities
is expected to lead the crystalline silicon PV market for
mono-crystalline.
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Tables, and Figures) @
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The commercial segment to maintain its lead position during
the forecast period.
Rapid advances in crystalline silicon PV cell technology have
led to higher efficiency rates, meaning that commercial
installations can generate more electricity from a given amount of
sunlight. This efficiency translates to better utilization of
available roof space or land area.
Furthermore, crystalline silicon PV cells are known for their
durability and long operational life. With warranties often
extending 25 years or more, businesses can rely on these systems
for consistent performance over decades.
In addition, many governments offer incentives to encourage the
adoption of solar energy. These incentives include tax credits,
rebates, grants, and accelerated depreciation benefits. For
instance, in the U.S., the Investment Tax Credit (ITC) allows
businesses to deduct a significant percentage of the installation
cost from their federal taxes on installation of solar panels. This
factor may augment the growth of the crystalline silicon PV cell
market for commercial applications.
Asia-Pacific to maintain its
dominance by 2033
The crystalline silicon PV cell market in the Asia-Pacific region continues to expand,
driven by factors such as government policies and incentives, rise
in energy demand, cost reduction in renewable energy-related
products, and technological advancements in countries such as
China, India, and Japan. India
has implemented supportive policies and incentives for renewable
energy, including solar, wind, geothermal, and others. For
instance, according to a report published by the Indian Ministry of
New and Renewable Energy, in December
2022, the Indian government provided surplus incentive under
the Production Linked Incentive (PLI) scheme for high efficiency
solar modules. This factor is expected to surge the utilization of
crystalline solar PV cell-based high efficiency solar panels in the
country; thus, fueling the growth of the crystalline solar PV cell
market.
In addition, the Asia-Pacific
region is experiencing rise in energy demand from the past decade
owing to factors such as rapid industrialization, growing
urbanization, and rise in technological advancements. For instance,
according to a report published by International Energy Agency in
2022, China has become the world's
leading clean energy powerhouse meanwhile India is projected to witness the largest
energy demand growth over the next three decades. This event is to
increase the demand for crystalline silicon PV cell-based solar
panels across numerous end-use sectors; thus, boosting the growth
of the crystalline silicon PV cell market during the forecast
period.
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Leading Market Players: -
- Suniva Inc.
- Targray
- Sova Solar
- Central Electronics Limited
- Mose Solar
- Sunlike Solar
- Aoli Solar
- LIGHTWAY
- AIDU ENERGY
- Amso Solar
The report provides a detailed analysis of these key players in
the global crystalline silicon PV cell market. These players have
adopted different strategies such as new product launches,
collaborations, expansion, joint ventures, agreements, and others
to increase their market share and maintain dominant shares in
different regions. The report is valuable in highlighting business
performance, operating segments, product portfolio, and strategic
moves of market players to showcase the competitive scenario.
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