July 27, 2021 12:55 US Eastern Time | Source: Market Research Future Market Research Future
New York, July 27, 2021 (GLOBE NEWSWIRE) - Solar Cell Market Overview: According to the Comprehensive Research Report of Market Research Future (MRFR), "Solar Cell Market Research Report, Type, End Use and Region-Forecast to 2027" By 2027, the market size is expected to reach 37583 million U.S. dollars, with a compound annual growth rate of 16.17% during the forecast period (2021-2027), and the market value in 2020 will be 12161 million U.S. dollars.
Most of the success of distributed generation revolves around renewable energy. The installation of solar systems in the residential sector and home settings has promoted the sales of solar cells. Product standardization, increased research and innovation, and increased laboratory and field testing are major market trends, so solar cells have been widely adopted in the past few years.
Commercial spaces are increasingly implementing solar systems embedded in IoT technologies and equipment, such as artificial intelligence (AI) and blockchain for remote monitoring, payment, security, and performance analysis, creating a huge market for solar storage systems Chance.
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The list of major companies introduced in the solar cell market research report are:
Due to the strong presence of mature market participants, the solar cell market seems extremely competitive. They seek opportunities to cultivate a wide range of value chains and focus on R&D investment, expansion and M&A activities. New players enter the market at competitive prices to weaken the advantages of existing suppliers and gain a firm foothold in the international market.
For example, recently, on June 25, 2021, Reliance Industries (RIL-India) announced plans to enter the production of solar panels, battery storage, green hydrogen and fuel cells, with an investment of US$10 billion. RIL will build an integrated solar photovoltaic (PV) factory, advanced energy storage battery manufacturing unit, green hydrogen and fuel cell facilities.
The four gigawatt-class manufacturing units will be located in Jamnagar, Gujarat, the energy business base of Reliance Industries. The first integrated solar photovoltaic gigawatt plant will first convert raw silicon dioxide into polycrystalline silicon, then convert it into ingots and wafers that can be used to make high-efficiency solar cells, and finally assemble it into high-efficiency solar modules.
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Growing ecological issues to promote market growth
Renewable energy provides a cost-effective solution for energy production, while traditional energy is much more expensive and can damage the environment. Increasing concerns about the environmental impact of burning fossils are driving the adoption of renewable energy and solar cell markets.
In the grid system, solar cells connected to the local public grid act as emergency power sources for the renewable energy system. The increasing use of these batteries in grid-connected systems, backup power sources, solar street lights and smart grids is the main factor supporting the solar cell market.
In addition, concerns about increasing energy consumption and ecological issues have affected market growth and promoted the demand for renewable/clean energy power generation to reduce pollution levels. In addition, the ever-increasing nuclear and renewable energy power generation has promoted the scale of the solar cell market.
Development, installation and maintenance costs hinder market growth
Lack of awareness and mobilization (structured) demand are the main factors affecting the growth of the solar cell market. The shift from traditional practices requires large-scale community awareness programs and demonstrations. In addition, the high initial investment required to install and maintain solar cell systems affects market growth, which poses a challenge to market participants.
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During the COVID 19 crisis, the growth of renewable energy is gratifying. If global electricity demand did not increase significantly, dependence on fossil fuels could have been greatly reduced. Market participants are faced with issues ranging from acquiring the components needed to develop solar cells to attracting workers from isolated areas to delivering the final product.
The lockdown measures taken to control the spread of the virus disrupted the supply chain and caused a shortage of parts and key raw materials. As a result, product prices have soared and market demand has fallen. However, the solar cell industry is quickly returning to normal, witnessing an increase in energy demand. After the relaxation of blockade orders in many countries, it is estimated that the demand for solar cells will increase.
The market is divided into types, end uses, and regions. The type of market segment is segmented into lithium ion (Li-ion), lead acid, flow battery, etc. Among them, the segmented market of lithium-ion battery types occupies the largest market share and is widely adopted. End users are segmented into industrial, commercial and residential market segments. The regional market segment is subdivided into Asia Pacific, Americas, Europe and the rest of the world.
During the review period, the Asia-Pacific region may still be an extremely attractive solar cell market. The region has witnessed the rapid growth of the solar industry. The technology is just beginning to affect adopters and new markets. In addition, the increase in consumer purchasing power and regulatory changes are the most important growth drivers for expanding the market share of solar cells.
In addition, the increasing production capacity and renewable energy technology suppliers in the region have had a positive impact on market growth. Increasing investment in renewable energy and increasing power grid development projects, as well as the significant expansion of industry, have affected market demand in the region. In addition, the increase in government initiatives has promoted the development of the alternative energy market.
Market segments covered by the research:
Information by type (lithium ion, lead acid and flow battery), end use (industrial, commercial and residential) and region (North America, South America, Europe, Asia Pacific, Middle East and Africa))
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