Dublin, Dec. 02, 2020 (GLOBE NEWSWIRE) -- The "Solar Cells and Modules - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Human Life 2.0. Building a Pandemic Free World Will Mean Increased Focus on Sustainability, Environment & Renewables. Solar Cells & Modules to Reach $136.5 Billion
The global market for Solar Cells & Modules is projected to reach US$136.5 billion by the year 2027 driven by a post COVID-19 CAGR of 6.5% over the analysis period 2020 through 2027.
The COVID-19 mega pandemic is a classic example of the effect of human induced sabotage of animal habitats & spilling over of animal viruses to humans. The pandemic has therefore provided an opportune time to step-up the focus on renewable energy. Interestingly, renewable energy has emerged to be the most pandemic resilient energy source.
While coal fired power plants suffered from disruptions in coal mining & coal transport, renewables like wind and energy helped mitigate risk of power interruptions. Utility-scale solar has proved its cost resilience during the pandemic at a time when prices of coal-fired power spiked, hit by high fixed costs and low electricity demand. Investments & government funding commitments in renewable energy is poised to grow stronger in the post COVID-19 period.
Solar cells or photovoltaic cells are defined as individual units of small silicon coated plates made of glass, plastic and other materials, which when exposed to sunlight, convert light energy into electricity at the basic atomic level. The method of solar energy conversion to electricity using solar cells or photovoltaic cells is known as Photovoltaics. The photovoltaic cells or solar cells are packaged in photovoltaic modules or solar panels, and are connected electrically in multiples known as photovoltaic arrays.
The photovoltaic (PV) effect allows light that falls on a two-layer semiconductor device to generate photo voltage or potential difference between various layers allowing the voltage thus generated to flow through the external circuit. The solar cell is chiefly distinguished by its conversion efficiency measured as percentage of incident power translated to power. Silicon solar cells comprise of amorphous, single crystal, and polycrystalline, as well as solar cells made from other materials such as copper indium diselenide, and cadmium telluride.
Cost of solar power equipment and devices is declining supported by government incentives, excess supply of components, and technological developments. The world market for solar cells and modules is on a growth path, supported by the growing demand for electricity, rising investments in the renewable energy sector, and favorable government policies globally which are encouraging the deployment of solar-based systems.
Various governmental schemes such as feed in tariff, reduced import duty, financial assistance, net metering, subsidies, and tax benefits are expected to fuel the adoption of solar cell modules. In the US in 2019, the government implemented solar tax credit for lowering the installation costs of solar energy systems by 30%. Further, slumping prices, enhancements in conversion efficiencies, and increasing focus on optimizing LCOE are expected to fuel demand for solar cell modules.
The enforcement of strict governmental regulations to reduce adverse impacts on the environment is also anticipated to augment focus on renewable energy resources, such as solar energy. Growing number of energy storage systems in the residential sector that are equipped with solar PV charging panels, is boding well for the solar cells modules market. Rising adoption of decentralized energy production systems especially in developing economies is expected to draw attention towards solar energy. Efforts related to off-grid electrification will provide impetus to the solar cell modules market.
Further, technological developments associated with lowering the production costs and enhancing performance efficiency will fuel demand further. Demand for solar cells will grow on account of growing adoption of PV systems in utility, residential, and commercial applications. Technological developments in addition to increasing production capacity are likely to lead to a fall in the cost of systems, which will aid market growth. Deployment of solar PV modules is increasing in residential applications, supported by rising attention on energy efficiency and energy conservation among customers. Fast-paced urbanization and renewable subsidies offered by governments for households are expected to foster market growth.
Further, better on-site electricity production technologies and improving smart control networking efforts are expected to support demand for residential solar PV modules.
Competitors identified in this market include, among others:
BYD Co., Ltd.
Canadian Solar, Inc.
EGing Photovoltaic Technology Co., Ltd.
Elkem Silicones, A Bluestar Company
First Solar, Inc.
GCL System Integration Technology Co., Ltd.
JA Solar Holdings Co., Ltd.
Jiangsu Shunfeng Photovoltaic Technology Co., Ltd.
JinkoSolar Holding Co., Ltd.
Risen Energy Co., Ltd.
Shanghai Aerospace Automobile Electromechanical Co., Ltd.
Solar Frontier K.K
Trina Solar Ltd.
Yingli Green Energy Holding Co., Ltd.
Key Topics Covered:
I. INTRODUCTION, METHODOLOGY & REPORT SCOPE
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
Impact of COVID-19 and Looming Global Recession
Impact of Pandemic on Various Regional Markets
COVID-19 Pandemic Chokes Supply from China
Solar Industry Participants Embrace New Strategies to Survive during COVID-19
Prevailing Weak Global Economic Environment & Negative Tide in GDP Forecasts Discourage Solar PV Market
Solar Cells and Modules: An Introduction
Elements of Solar Cells
Types of Solar Cells and Modules
Cell and Module Efficiency of Commercial PV Technologies: A Comparison
Crystalline Silicon Vs Thin Film Technologies
Comparison Chart of Solar Cell Efficiencies for Crystalline Silicon and Thin Films with respect to Temperature
Solar Power Cells and Modules: Global Market Prospects & Outlook
Crystalline Si Solar Cells Leads Market
China and Asia-Pacific Spearhead Growth
Solar Cells and Modules: Production Scenario
Plummeting Prices of Solar Modules to Boost Solar PV Installations
2. FOCUS ON SELECT PLAYERS
3. MARKET TRENDS & DRIVERS
As Solar Power Becomes Indispensable to Energy Mix, Solar Power Capacities to Determine Dynamics of Solar Cells and Modules Market
Sustained Rise in Global Electricity Demand Creates Conducive Environment for Solar Power Generation, Driving Wider Demand for Solar Cells & Modules
Favorable Government Regulations and Policies: Critical for Market Penetration
Domestic Targets for Greenhouse Gas Emissions of Select Regions/Countries
Growing Deployment of Renewable Energy Sources Amidst Rising Concerns over Fossil Fuel Usage Bodes Well for the Market
Market to Benefit from the Shift Towards Decentralized Power Generation & Rural Electrification in Emerging Nations
Solar Photovoltaic Technology Leading the Growth Run
Long-term Penetration of Distributed Generation to Impact Utilities
Microgrids and Distributed Generation Transform Electricity Management Forever
Government Boost to Solar Energy Adoption to Spur Opportunities in Solar Cells & Modules Market
Thin Film Photovoltaic Cells Technology: Poised for Strong Long-term Growth
A Peek into Applications of Photovoltaic Thin Films
CdTe and CIGS Thin Film PV Cells to Foster Market Growth
CIGS: An Emerging Thin Film Technology Gaining Immense Popularity
Miniaturization Trend in Electronics Favors Growth in Thin Films Market
Flexible Thin Film Cells Gain Attention
BIPV: The New Age 'Building Envelope Material' and 'Power Generator' to Boost Market Prospects
Roofing Remains the Largest Application Segment for BIPV Market
Technology Developments Support Growth of Solar Power Market
Select Innovations in Solar Cells and Modules Market
Research Developments in Solar Technology Drive Growth
Perovskite Solar Technology Holds Potential to Transform Future of Solar PV
CaTiO3 Solar Cells: A Panacea for Urban Solar Projects?
Long-term Prospects Remain Favorable Amid Growing Population & Urbanization Drive
4. GLOBAL MARKET PERSPECTIVE
III. MARKET ANALYSIS
GEOGRAPHIC MARKET ANALYSIS
Total Companies Profiled: 131
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