Solar Cells Market Report, Size Growth Rate by Type, Application, Sales Estimates and Forecasts

A comprehensive overview of the Solar Cells market is recently added by UnivDatos Market Insights to its humongous database. The Solar Cells market report has been aggregated by collecting informative data of various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the Solar Cells market. The Solar Cells market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the Solar Cells market at the global and regional levels. Solar Cells market is expected to grow at a CAGR of X% from 2021-2027 to exceed US$ X billion by 2027.

Market Overview  

Key factor in the increased adoption of solar cells is its decreasing cost. Installation costs of solar panels per watt will depend on the size of the system and local rebates. In Australia, the average cost of a 5-kWh solar system is US$ 0.76 (AU$ 1.04). In over the past two decades the cost of solar power has declined over 90%. According to the Wood Mackenzie Report this number is expected to further go down another 15-25% in the upcoming decade. At the starting of the 21st century, the cost of solar panels was over US$ 15/W to install rooftop solar systems, with the cost of solar modules being US$ 10/W. Between 2008-09 the annual installation of solar market began to grow and reached 5-10 GW. This is because several European countries including Spain, Germany and Italy started adopting feed-tariff policies. During the 2000s the global solar system prices decreased by 80%. The spot price of polysilicon based solar cells fell from US$ 295.06/kg (AU$ 400/kg) to US$ 74/kg (AU$ 100/kg) in 2010 as manufacturing in China increased. In 2020 the global utility scale solar system price was US$ 0.64/W (AU$ 0.87/W) which is a 70% decline since 2020 in Australia. In the United States, the prices declined 90% since the beginning of 2000s to US$ 0.69/W (AU$ 0.94/W).

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COVID-19 Impact

The covid-19 pandemic brought the world to a standstill. Even energy related emissions declined 8% and the energy demand declined by 6%, mostly due to the closing down of factories for a long time. In the United States, the use of renewable energy consumption increased by 40% during this time and there was a 45% increase in India during the first ten weeks of the lockdown. The global renewable energy generation during this time rose by 3%, primarily the solar and wind projects which became online in the last. Additionally, approximately 50 GW of renewable energy was generated in the first half of 2020 and over 13 countries were awarded for new renewable capacity addition.

Solar Cells market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.

By Technology, the market is primarily segmented into

• Photovoltaic Systems
• Concentrated Solar Power Systems

Based on Technology, the Solar Cells market is segmented into Photovoltaic Systems and Concentrated Solar Power Systems. Amongst technology, the Photovoltaic Systems segment of the Solar Cells market was valued at US$ X billion in 2020 and is likely to reach US$ X billion by 2027 and is growing at a CAGR of X% from 2021-2027.

By Solar Module, the market is primarily segmented into

• Monocrystalline
• Polycrystalline
• Cadmium Telluride
• Amorphous Silicon Cells
• Others

Based on Solar Module, the Solar Cells market is segmented into Monocrystalline, Polycrystalline, Cadmium Telluride, Amorphous Silicon Cells, and Others. Amongst Solar Module, Monocrystalline segment accounted for a market valuation of US$ X billion in 2020 and is expected to reach US$ X billion by the year 2027, at a CAGR of X% over the analyzed period.

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By Application, the market is primarily segmented into

• Residential
• Commercial
• Industrial
• Others

Based on Application, the Solar Cells market is segmented into Residential, Commercial, Industrial, and Others. The industrial segment generated revenue of US$ X billion in 2020 and is expected to grow at a CAGR of X% during the forecast period to reach a market valuation of US$ X billion by 2027.

By End-User, the market is primarily segmented into

• Electricity Generation
• Lighting
• Heating
• Charging

Based on End-User, the Solar Cells market is segmented into Electricity Generation, Lighting, Heating, and Charging. Amongst end-user, the Electricity Generation segment of the Solar Cells market was valued at US$ X billion in 2020 and is likely to reach US$ X billion by 2027 and is growing at a CAGR of X% from 2021-2027.

Solar Cells Market Geographical Segmentation Includes:

• North America
• Europe
• Asia-Pacific
• Rest of the World

Based on the estimation, the Asia-Pacific region dominated the Solar Cells market with almost X% revenue share in 2020. Asia-Pacific also saw the highest CAGR of X% in the forecast period due to the increasing demand of electricity and the decreasing cost of solar cells.

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The major players targeting the market includes

• Abengoa Se
• Acciona S.A.
• Canadian Solar, Inc.
• Esolar, Inc.
• United Renewable Energy Co. Ltd.
• Sunpower Corporation
• Kaneka Corporation
• Tata Power Solar Systems Ltd.
• Wuxi Suntech Power Co., Ltd.
• Brightsource Energy, Inc.

Competitive Landscape

The degree of competition among prominent global companies has been elaborated by analysing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Solar Cells market. The leading players have been analysed by using research methodologies for getting insight views on global competition.

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Key questions resolved through this analytical market research report include:

• What are the latest trends, new patterns, and technological advancements in the Solar Cells market?
• Which factors are influencing the Solar Cells market over the forecast period?
• What are the global challenges, threats, and risks in the Solar Cells market?
• Which factors are propelling and restraining the Solar Cells market?
• What are the demanding global regions of the Solar Cells market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?

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