PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1532827
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1532827
Crystalline Solar Cells Market size was valued at USD 29,514.2 Million in 2023, expanding at a CAGR of 4.5% from 2024 to 2032.
One kind of solar cell that can be created using silicon or non-silicon semiconducting materials is the crystalline solar cell or panel. However, for the past few decades, crystalline silicon has been the predominant semiconducting material utilized in photovoltaic technology to produce solar cells. The sun produces solar energy, which is a mix of heat and light. This energy travels from the sun to the earth, where people gather it using solar collectors and transform it into any energy they want.
Crystalline Solar Cells Market- Market Dynamics
Growing Emphasis on Renewable Energy Sources to Propel Market Growth
The market for crystalline solar cells is being driven in large part by the growing emphasis on renewable energy sources around the world. There is an increasing amount of support for clean energy alternatives as governments and organizations around the world realize how vital it is to combat climate change and cut greenhouse gas emissions. One of the most prevalent and easily obtainable renewable energy sources, solar power, has seen tremendous growth. Crystallized solar cells have gained popularity because of their exceptional dependability and efficiency. The transition to solar energy is happening faster than ever thanks to efforts to lessen reliance on fossil fuels, which are limited and significantly contribute to environmental degradation. Furthermore, international accords such as the Paris Agreement are pushing nations to establish aggressive goals for renewable energy, which is propelling market expansion even further.
Crystalline Solar Cells Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 4.5% over the forecast period (2024-2032)
Based on type segmentation, the mono-crystalline category was predicted to show maximum market share in the year 2023
Based on material segmentation, the silicon category was the leading type in 2023
Based on region, North America was the leading revenue generator in 2023
The Global Crystalline Solar Cells Market is segmented based on Type, Application, Installation, Material, and Region.
The market is divided into three categories based on type: Mono-crystalline, Polycrystalline/Multi-crystalline solar cells, and Thin-film amorphous. The mono-crystalline category dominates the market. This homogeneous silicon crystal structure, compared to other solar cell technologies, means that efficiency is higher and that efficiency combined with ongoing improvements will drive the business scenario. Moreover, the cell's increased power output per square foot of area makes it perfect for situations where optimizing power output per area is crucial or for applications with limited roof space. Businesses are growing their production facilities, which is accelerating the industry's growth trajectory.
The market is divided into three categories based on installation: Residential, Commercial/Industrial, and Utility-Scale. The commercial/industrial category dominates the market and is likely to maintain its dominance during the forecast period driven by a growing focus on economy and sustainability. Commercial solar installations are in high demand as more companies and sectors look to cut back on their energy use and carbon footprints. Reductions in production costs and advances in crystalline solar cell efficiency have also boosted adoption. To promote the implementation of solar technologies in business settings and increase their appeal as a feasible energy source, governments across the globe have implemented incentives and subsidies.
Crystalline Solar Cells Market- Geographical Insights
Geographically, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
Throughout the forecast period, North America is anticipated to hold the greatest share of the global market for Crystalline Solar Cells propelled by a confluence of favorable governmental regulations, technological breakthroughs, and growing public consciousness of renewable energy sources. The market has expanded as a result of the region's large investments in solar energy infrastructure. Crystalline solar cells are becoming more and more popular in the commercial, residential, and industrial sectors because of their excellent efficiency and affordability. Furthermore, the industry has grown as a result of the falling cost of solar panels and the rising need for renewable energy to lessen carbon footprints.
In addition, the Crystalline Solar Cells market is anticipated to expand at the fastest rate in the world during the projected period in Asia Pacific. The fast industrialization, urbanization, and rising need for power would enhance the corporate landscape. Products will be more widely used if the government implements supportive regulations, subsidies, and programs to encourage the use of renewable energy. Favorable laws, subsidies, and incentives that promote investments in solar projects and manufacturing facilities have allowed countries like China, South Korea, and Japan to see extraordinary growth. To improve industry statistics, Chinese companies are developing high-efficiency goods.
Prominent industry participants such as Mitsubishi Electric (Japan), Jinko Solar (China), Trina Solar (China), JA Solar Holdings (China), and others, are deliberately concentrating on vertical integration, innovation in technology, market expansion, collaborations, and sustainability. Through alliances, joint ventures, and subsidiaries, they are extending their reach across borders to fortify their distribution networks and boost market share. In addition, businesses are spending a lot of money on R&D to improve the crystalline solar cells' affordability, robustness, and efficiency.
November 2023: The crystalline silicon-perovskite tandem solar cell produced by China-based photovoltaics startup LONGi has the highest power conversion efficiency of any solar cell type, at 33.9%. With its incredibly efficient cells, the business hopes to reach a wider audience of users.
October 2023: To start producing modules by the end of 2023, Canadian Solar announced that it would be constructing a 5 GW module manufacturing factory in Mesquite, Texas. Moving toward producing solar modules with TOPCon cells will help lessen reliance on Monocrystalline PERC modules.
January 2020: In one of the most significant distribution agreements Jinko Solar has ever signed, Jinko Solar Holding Co. Ltd., one of the biggest and most inventive producers of solar modules in the world, and ALDO Solar, one of the top distributors of solar power equipment in the nation, have announced a long-term partnership.
GLOBAL ELECTRICAL MATERIALS MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
Mitsubishi Electric (Japan)
Jinko Solar (China)
Trina Solar (China)
JA Solar Holdings (China)
Tonwei solar (Hefei) (China)
Hitachi (Japan)
Toshiba (Japan)
Sanyo (Japan)
Tesla (United States)
Pioneer Corporation (Japan)
Samsung (South Korea)
Others