Solar cells market is all set to witness a spectacular growth over the years ahead with the evolving demand for sustainable energy sources globally. The increasing government initiatives to promote renewable energy resources coupled with the concerns about negative environmental impact via the conventional sources will propel the solar cells industry growth over the coming years. According to Global Market Insights, Inc. “Global Solar Cells market size worth USD 35 billion in 2015 is set to record an appreciable growth rate of 12% over the period of 2016-2024.”
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In addition to the aforementioned factors, the increasing electricity demand is another vital driver for the solar cells industry. Estimates suggest that nearly 1 billion global population are deprived of reliable power supply resources, which is creating a huge growth ground for the solar cells market. The government worldwide is also actively participating to address the rising electricity demand. For instance, Government of India has approved a budget of Rs. 50 billion under NSM (National Solar Mission) for setting up Grid Connected Rooftop Systems (4.25 GW) in the country. South Africa, which is a major region facing lack of reliable electricity sources is set to register a CAGR of 12% over the period of 2016-2024.
Also, with the technological advancements, the product cost has also reduced significantly, which is in turn favoring its demand globally. In this regard, crystalline silicon technology based solar cells market will grow substantially with a target revenue of USD 65 billion by 2024. Thin film solar cells industry will also witness a rapid surge over the coming years with an estimated capacity of 81 GW by 2024.
The developing countries are estimated to witness a huge adoption of these systems, owing to the growing demand for decentralized generation systems across these regions. In response to this fact, off-grid solar systems market is projected to witness a notable surge with a capacity target of 45 GW by 2024.
Solar cells market is accumulating a substantial share through its increasing applications across the residential, commercial, and utility sectors. Chile, where the execution of huge commercial and utility projects is on a peak, is estimated to contribute noticeably toward global solar cells market revenue, with a projected revenue of USD 700 million by 2024.
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North America solar cells market will experience an impressive/notable growth over the coming years, led by strict rules to reduce power consumption along with preservation of green environment. U.S. is forecast to be a key regional revenue pocket. High requirement for off-grid power supply is expected to drive MEA solar cells market size considerably over the next few years, with South Africa expected to make significant contributions towards the regional share.
The global expansion of the solar cells industry will undoubtedly increase over the coming years with the depleting conventional resources and rising power supply demands. Key participants include Mitsubishi Electric Corporation, Jinko Solar, Trina Solar, First Solar, Moser Baer India Ltd, etc.
Major Key Points from Table of Content:
Chapter 7 Solar cells Application Insights
7.1 Solar cells market share by application, 2015 & 2024
7.2.1 Global market estimates and forecast from residential, 2013 – 2024
7.2.2 Global market volume estimates from residential, by region, 2013 – 2024
7.2.3 Global market revenue estimates from residential, by region, 2013 – 2024
7.3.1 Global market estimates and forecast from commercial, 2013 – 2024
7.3.2 Global market volume estimates from commercial, by region, 2013 – 2024
7.3.3 Global market revenue estimates from commercial, by region, 2013 – 2024
7.4.1 Global market estimates and forecast from utility, 2013 – 2024
7.4.2 Global market volume estimates from utility, by region, 2013 – 2024
7.4.3 Global market revenue estimates from utility, by region, 2013 – 2024
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