The solar cells market size is expected to record a valuation of USD 37 billion by 2028, according to the most recent study by Global Market Insights Inc. The soaring energy demand coupled with the adoption of sustainable technologies to reduce reliance on conventional fuels will proliferate the market expansion.
Ongoing technological advancements across solar cell technology will boost the usage of crystalline silicon during the forecast period. High efficiency, lower maintenance costs, and affordable prices are a few of the prominent factors that will complement technology deployment across the globe. Favorable governmental policies, schemes, rebates, and incentives to promote the acceptance of clean technologies to tackle global warming will spur the market demand. Moreover, crystalline silicon solar cells are predicted to observe substantial growth from the commercial and residential sectors owing to the unit’s safe & reliable operations along with its competitive pricing.
Cadmium telluride solar cells will witness noteworthy growth in the coming years on account of their numerous features including high efficiency, cost competitiveness, and safe & reliable operations offered by the technology. Ongoing technological enhancements across solar technology to surge the overall plant efficiency will increase the industry value. In addition, the abundant availability of cadmium impelled by it being a by-product of the mining industry will reduce the possibility of price fluctuations for cadmium, thereby stimulating its acceptance during the forecast timeframe.
Solar cells market for passivated emitter rear totally diffused (PERT) segment is anticipated to register significant growth in the deployment rate propelled by the ongoing efforts by policymakers to launch clean & efficient power generation technologies to tackle the growing carbon emission issue. These units offer a higher yield compared to normal crystalline silicon solutions and thus are observing a steady growth in their usage across the solar industry. Furthermore, highly flexible operations, affordable pricing structures, and no light-induced degradation are some of the key factors positively complementing the technology demand and thereby exponentially augmenting the industry expansion.
Asia Pacific solar cells market growth is attributed to the growing deployment of sustainable power technologies to effectively cater to the soaring electricity requirements. Stringent renewable targets along with favorable regulatory measures will act as a considerable driving force in terms of the regional growth during the forecast timeline. Additionally, technological advancements, new capacity additions, and increasing energy demand will foster renewable energy investments in the region.
The major players operating in the market are SunPower Corporation, Motech Industries, Inc., United Renewable Energy, LLC, Panasonic Corporation, JINERGY, Meyer Burger, and Jinko Solar.