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 |
|
|
Opportunities |
|
|
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.
Procure Complete Report (350 Pages PDF with Insights, Charts, Tables, and Figures) @
https://bit.ly/3YKI3uu
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.
For Purchase Inquiry: https://www.alliedmarketresearch.com/crystalline-silicon-pv-cell-market/purchase-options
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.
Trending Reports in Energy & Power Industry:
Solar Cell Market Size, Share, Competitive Landscape and Trend Analysis Report, by Type, by Installation Type: Global Opportunity Analysis and Industry Forecast, 2021-2031
Solar Cell Paste Market Size, Share, Competitive Landscape and Trend Analysis Report, by Paste Type, by Cell Type: Global Opportunity Analysis and Industry Forecast, 2023-2033
Solar Control Window Films Market Size, Share, Competitive Landscape and Trend Analysis Report, by Product Type, by Film Type, by Application: Global Opportunity Analysis and Industry Forecast, 2024-2033
Solar Photovoltaic Glass Market Size, Share, Competitive Landscape and Trend Analysis Report, by Type, by End-use Industry: Global Opportunity Analysis and Industry Forecast, 2024-2033
Solar Energy Storage Market Size, Share, Competitive Landscape and Trend Analysis Report, by Type, by Installation: Global Opportunity Analysis and Industry Forecast, 2021-2031
Smart Solar Power Market Size, Share, Competitive Landscape and Trend Analysis Report, by Device, by Solution, by Application: Global Opportunity Analysis and Industry Forecast, 2021-2031
Building Integrated Photovoltaics (BIPV) Market Size, Share, Competitive Landscape and Trend Analysis Report, by Technology, Application and End-Use: Global Opportunity Analysis and Industry Forecast, 2021-2030
About us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
Contact us:
David Correa
1209 Orange Street,
Corporation Trust Center,
Wilmington, New Castle,
Delaware 19801 USA.
Int’l: +1-503-894-6022
Toll Free: +1-800-792-5285
Fax: +1-800-792-5285
[email protected]
Web: https://www.alliedmarketresearch.com/reports-store/energy-and-power
Follow Us on | Facebook | LinkedIn | YouTube
Logo: https://mma.prnewswire.com/media/636519/Allied_Market_Research_Logo.jpg
SOURCE Allied Market Research
