Solar cell market size to grow at a CAGR of 25.5% from 2015 to 2022

March 2016 | Report Format: Electronic (PDF)

Global solar cell industry is expected to reach over 1,087.0 GW by 2022 owing to increasing demand for electricity coupled with rising consumer awareness regarding environmental benefits of renewable energy sources. Stringent government regulations in various economies to encourage use of solar energy through incentives and feed-in-tariffs is also anticipated to drive demand over the forecast period. 

Technological advancements have led to efficient performance and reduction in manufacturing cost of the cells which is expected to fuel growth. Moreover, rising demand for eco-friendly energy sources in order to reduce dependence on fossil fuels and achieve energy security is expected to propel growth over the next seven years. 

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Increasing demand for PV systems in residential, utility and commercial applications is expected to have a positive impact on the industry. Increasing government support coupled with rising R&D investments in the sector is projected to propel growth. In addition, rapid development in the industrial sector together with growing infrastructure improvements particularly in emerging economies is forecasted to fuel product utilization over the next seven years. 

Multicrystalline and monocrystalline which form the silicon wafer segment contributed to an overall market share of approximately 90.0% of aggregated installation capacity in 2014. 

In 2014, monocrystalline silicon wafer market reached over 57.0 GW. Industry players are expected to have ample growth opportunities in the market owing to increasing utilization of the product in developed nations. Properties of monocrystalline solar cells including stability, high efficiency and compact design is expected to propel demand over the next seven years. Research and development aimed at incorporating magnetic nanoparticles in manufacturing solar cells owing to enhanced performance is anticipated to open new avenues over the forecast period. 

Emerging economies including China, Indonesia, India and Japan are expected to experience significant growth inthe market owing to supportive government programs and policies over the next seven years. 

Multicrystalline silicon cells are projected to witness rapid growth exceeding 25.0% in the forecast period owing to simple production process leading to reduced costs. Asia Pacific is expected to be a major market for multi crystalline solar cell owing to rising demand for multi crystalline solar cells in residential and commercial applications and increasing consumer awareness regarding cost efficiencyof the product. 

UAE is one of the major markets for solar cells in MEA owing to reliable operation and cost benefits of the product.Impressive aesthetic exteriors and flexibility offered by photovoltaics is estimated to propel thin film solar cell market over the next seven years.

Grand View Research has segmented the global solar cell market on the basis of product and region:

Global Solar Cell Product Outlook (Installed capacity, GW, 2012 - 2022)

  • Silicon Wafer

    • Monocrystalline
    • Multicrystalline
  • Thin Film

    • Cadmium Telluride

    • Amorphous silicon

    • Copper Indium Gallium Selenide

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