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SOURCE: https://www.prnewswire.co.uk/news-releases/solar-cell-market-to-reach-367-23-billion-globally-by-2031-at-15-8-cagr-allied-market-research-863446693.html
Allied Market Research published a report, titled, “Solar Cell Market by Type (Crystalline, Thin film, Others), by Installation Type (Residential, Commercial, Utility-Scale): Global Opportunity Analysis and Industry Forecast, 2021-2031″. According to the report, the global solar cell industry generated $84.91 billion in 2021, and is anticipated to generate $367.23 billion by 2031, witnessing a CAGR of 15.8% from 2022 to 2031.
Prime determinants of growth
Rise in installations of renewable energy sources for power generation across the globe, increase in awareness regarding the use of low carbon intensive technologies to mitigate greenhouse gas (GHG) emission, and the presence of government incentives drive the growth of the global solar cell market. Moreover, increase in investment in green energy resources among the developing and developed countries present new opportunities in the coming years.
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Covid-19 Scenario
- The outbreak of the Covid-19 pandemic affected several economies and caused lockdown in many countries. This, in turn, limited the growth of the global solar cell market.
- The temporary shutdown of several industries led to decline in demand for solar related equipment in most of the countries across the world. The decrease in utilization of power in the industrial facilities across the globe during the outbreak led to a negative impact on the development of the solar cell market.
- Nevertheless, during the post-pandemic period, the governments of various countries have taken initiatives to improve the national energy security through increase in investment in the renewable energy related industries, especially solar and wind power systems.
The crystalline segment to maintain its leadership status throughout the forecast period
Based on type, the crystalline segment held the highest market share in 2021, accounting for nearly 89% of the global solar cell market, and is estimated to maintain its leadership status throughout the forecast period, owing to heightened demand of renewable energy and increase in electricity demand, which is further supported by the rise in population globally.
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The utility-scale segment to maintain its lead position during the forecast period
Based on installation type, the utility-scale segment accounted for the largest share in 2021, contributing to nearly two-fifths of the global solar cell market, and is projected to maintain its lead position during the forecast period. This is attributed to the rapid industrialization and decrease in fossil fuel resources across the globe. However, the residential segment is expected to portray the largest CAGR of 16.6% from 2022 to 2031. Implementation of government initiatives in developed as well as developing economies to curb carbon emissions and reduce the usage of conventional fuels to generate energy led to increase in usage of rooftop solar PV systems to generate electricity for household purposes. To encourage more usage of this technology than before, governments have offered various types of subsidies such as lowering the property tax of residents who install solar cells over their houses.
Asia-Pacific to maintain its dominance by 2031
Based on region, Asia-Pacific held the highest market share in terms of revenue 2021, accounting for more than half of the global solar cell industry. Moreover, the same region is expected to witness the fastest CAGR of 16.2% from 2022 to 2031. This is attributed to rise in usage of solar energy in standalone systems such as solar street lamps and telecommunication & signaling towers. Rapid industrialization and urbanization across countries of Asia-Pacific region such as India, China, and Thailand have led to increase in infrastructure development activities, including construction of highways and new residential complexes. This, in turn, is expected to fuel the demand for standalone systems. The research also analyzes regions including North America, Europe, and LAMEA.
