Global Crystalline Silicon Based Solar PV Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Crystalline Silicon Based Solar PV Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Crystalline Silicon Based Solar PV refers to a type of solar photovoltaic technology that uses crystalline silicon as the primary material for constructing solar cells. The photovoltaic effect is the key principle behind this technology. When sunlight strikes the surface of the crystalline silicon solar cell, it excites electrons in the material, causing them to flow and create an electric current. This electric current is then collected and used as electricity to power various devices or feed into the electricity grid.

Market Overview:

The latest research study on the global Crystalline Silicon Based Solar PV market finds that the global Crystalline Silicon Based Solar PV market reached a value of USD 64842.53 million in 2022. It’s expected that the market will achieve USD 175481.1 million by 2028, exhibiting a CAGR of 18.05% during the forecast period.

Influence of COVID-19 Outbreak on Crystalline Silicon Based Solar PV Industry Development

The COVID-19 outbreak has had both positive and negative influences on the development of the Crystalline Silicon Based Solar PV industry. In the initial stages of the pandemic, the industry experienced significant disruptions in the supply chain, manufacturing, and project development. Travel restrictions, lockdowns, and workforce limitations led to delays in the production and delivery of solar PV components, affecting project timelines and increasing uncertainty in the market.

However, the pandemic also highlighted the importance of renewable energy sources, such as solar PV, for a more resilient and sustainable energy future. Governments and policymakers recognized the role of clean energy in reducing carbon emissions and enhancing energy security, leading to increased support for solar projects and renewable energy investments.

Furthermore, the solar industry demonstrated its adaptability and resilience by implementing safety protocols and digital technologies to continue project development and operation. The shift towards remote work and virtual engagement facilitated ongoing collaborations and enabled companies to navigate through the challenges posed by the pandemic.

As the world recovers from the pandemic, the Crystalline Silicon Based Solar PV industry is likely to witness continued growth, driven by increasing demand, supportive policies, and advancements in technology. The focus on sustainability and the urgency to address climate change may further accelerate the adoption of solar PV as a clean and reliable energy source, contributing to the global energy transition.

Urbanization and Energy Demand

The ongoing process of rapid urbanization, coupled with population growth, has led to a surge in energy demand in many regions around the world. As more people migrate to cities and urban areas, the need for reliable and sustainable energy sources becomes even more critical. Crystalline Silicon Based Solar PV presents an ideal solution to address these challenges.
One of the key advantages of solar PV is its scalability. Solar installations can be tailored to meet the specific energy needs of diverse urban settings, ranging from small residential rooftops to large commercial and industrial complexes. This scalability allows solar PV systems to be deployed flexibly, accommodating the varying energy demands of urban environments.
Solar PV installations can be integrated seamlessly into urban landscapes, making use of available space on rooftops, parking lots, and even facades of buildings. The versatility of solar PV systems allows them to be effectively integrated into urban infrastructure without disrupting the urban fabric or requiring extensive land use.
Furthermore, solar PV's decentralized nature allows electricity to be generated closer to the point of consumption, reducing transmission losses and enhancing energy efficiency in urban areas. This decentralized approach enhances the grid's resilience and reliability, especially during peak demand periods.
Solar PV installations also contribute to reducing the urban heat island effect by providing shading and reflecting less heat compared to conventional building materials. This feature helps in maintaining a more comfortable and sustainable urban environment.
As cities and urban areas continue to grapple with increasing energy demands and environmental challenges, Crystalline Silicon Based Solar PV offers an accessible and viable solution to meet these needs. By leveraging solar energy's scalability, flexibility, and decentralization, urban areas can transition towards a more sustainable and resilient energy future.

High Initial Costs

High initial costs remain one of the significant restraints in the widespread adoption of Crystalline Silicon Based Solar PV. While the overall cost of solar PV installations has significantly reduced over the years due to technological advancements and economies of scale, the upfront investment can still pose a barrier for some consumers and businesses.
The initial costs of solar PV installations typically include expenses related to solar panels, inverters, mounting structures, and installation labor. For residential consumers, the upfront cost of installing solar panels on their rooftops might require a substantial financial commitment, even though the long-term savings on electricity bills can outweigh the initial investment.
Similarly, for businesses and large-scale utility projects, the upfront capital required for implementing solar PV systems can be significant. For companies with limited budgets or other investment priorities, the initial costs may deter them from considering solar PV as a viable option.
However, it's crucial to recognize that the return on investment (ROI) from solar PV installations can be substantial over the system's lifetime. As solar panels generate electricity, consumers can offset their electricity bills or even sell excess power back to the grid in some cases. This ongoing financial benefit helps recover the initial investment and can result in significant cost savings in the long run.
To address this challenge, various financial models, such as solar leasing, power purchase agreements (PPAs), and low-interest financing options, have been introduced to make solar PV more financially accessible. Additionally, government incentives and tax credits help reduce the upfront costs, making solar PV installations more attractive for consumers and businesses.

Region Overview:

Europe had the highest growth rate of all regions in 2022.

In 2022, the share of the Crystalline Silicon Based Solar PV market in China stood at 38.33%.

Company Overview:

Longi Green Energy Technology Co.,Ltd. is one of the major players operating in the Crystalline Silicon Based Solar PV market, holding a share of 20.10% in 2023.

Longi Green Energy Technology Co.,Ltd.

Longi Green Energy Technology Co., Ltd. manufactures and sells photovoltaic products and solutions worldwide. It offers monocrystalline silicon rods and wafers, monocrystalline silicon cells and modules, industrial and commercial distributed solutions, green energy solutions, and hydrogen energy equipment.

Jinko Solar

JinkoSolar Holding Co Ltd is engaged in the photovoltaic industry. The firm has built a vertically integrated solar power product value chain, manufacturing from silicon wafers to solar modules. It sells solar modules under the JinkoSolar brand.

Segmentation Overview:

The Rooftop Solar segment by type showed a value growth of 63.03% in 2022.

Among different product types, Ground-Mounted segment is anticipated to contribute the largest market share in 2028.

Application Overview:

By application, the Utility Sector segment occupied the biggest share from 2018 to 2022.

Key Companies in the global Crystalline Silicon Based Solar PV market covered in Chapter 3:

Yingli Green Energy Holding Company Limited
Longi Green Energy Technology Co.,Ltd.
Trina Solar Co., Ltd.
Jinko Solar
Canadian Solar Inc.
JA Solar Technology Co Ltd
SunPower Corporation
Sharp Corporation

In Chapter 4 and Chapter 14.2, on the basis of types, the Crystalline Silicon Based Solar PV market from 2018 to 2029 is primarily split into:

Ground-Mounted
Rooftop Solar

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Crystalline Silicon Based Solar PV market from 2018 to 2029 covers:

Utility Sector
Residential Sector
Commercial Sector
Industrial Sector

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)