- Opportunity and Forecast, 2016-2025
Solar cell is an electrical device that absorbs energy from sun to generate electricity. These cells are made up of one or more layer of thin photovoltaic material including glass, metal, and plastics. Electrical characteristics such as resistance, current, and voltage vary depending upon the intensity of light. It is used to manufacture solar panels that produce electrical power from sunlight. Rise in need of sustainable energy fuels the adoption of solar cells. Technological advancements to reduce costs and increase in applications in space present new opportunities in the industry.
Increase in demand for renewable energy sources over conventional fuels and government initiatives toward energy conservation drive the growth of the global solar cells market. However, lack of awareness of solar cells is a major factor that restrains the market growth. Decrease in price of solar components, supportive government initiatives to promote use of solar cells, and stringent government norms toward emission present new opportunities in the industry.
The global solar cells market is segmented on the basis of technology, product type, grid, application, and geography. Technology segment is divided into crystalline silicon PV cells, thin-film PV cells, and ultra-thin film PV cells. Based on products, the market is classified into monocrystalline, polycrystalline, cadmium telluride, amorphous silicon, and copper indium gallium diselenide. Grid segment is bifurcated into on-grid and off-grid. Application segment is classified into residential, commercial, and utility. Regionally, the market is analyzed across North America, Europe, Latin America, Asia-Pacific, and Middle East & Africa.
Key manufacturers that operate in the industry are Mitsubishi Electric Corporation, Trina, Jinko, First Solar, Yingli, Moser Baer India Ltd, Sunedison, Inc., SunPower Corporation, and others. These key manufacturers have formulated strategies, such as merger & acquisition, collaborations, partnerships, expansion, joint ventures, new product launches, and others to gain stronger position and competitive edge in the industry.
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