Solar Photovoltaic (PV) Cell

Solar Photovoltaic (PV) Cell

PV materials and devices convert sunlight into electrical energy. A single PV device is known as a cell and a single PV cell produces about 1 or 2 watts of power. They are connected in chains to form larger units known as modules or panels. They are the main component in solar energy which is the highest-growing renewable energy source in the world. Solar PV generation increased by 22%, an amount of 179 TWh in 2021 to exceed 1 000 TWh overall power. Solar PV is one of the lowest-cost options for electricity generation in most of the world. Solar PV accounts for nearly 3.6% of electricity generation globally and it is the third largest renewable electricity technology behind wind and hydropower.

The Solar Photovoltaic (PV) Cell Market is expected to grow at a strong CAGR of XX% during the forecast period. It is mainly owing to the government programs and incentives to promote cleaner renewable energy in order to meet climate change policies globally. Moreover, the need to meet net zero emission goals across the globe in various countries and rising consumer awareness towards environmentally friendly energy is acting as a catalyst in the growth of Solar Photovoltaic (PV) Cell globally during the projected period. Solar power generation needs to grow by a CAGR of 25% for the period of 2022-30 in order to meet the targets set by the Net Zero Emissions 2050 policy.

Furthermore, key players in the market are also launching new products and technology to increase the yield of Solar Photovoltaic (PV) Cell and produce more environmentally friendly products not based on silicon in the projected period. Most governments have formulated new policies to support the growth of solar energy worldwide. China is one of the biggest players in the Solar PV market and showcased 38% of solar PV generation growth in 2021 due to large capacity additions in the years 2020 and 2021. The second-largest growth in solar generation was followed by the European Union due to their newly introduced policies such as “RePowerEU Plan: Joint European action on renewable energy and energy efficiency” which was introduced in the year 2022.

• Based on deployment, the Solar Photovoltaic (PV) Cell market is bifurcated into Rooftop and Ground-Mounted segments. The rooftop segment acquired a majority share in the Solar PV market and is expected to register a substantial growth rate during the forecast period. A Rooftop PV system means a PV system that has electricity-generating solar panels mounted on the rooftop of a building or structure. Most rooftop PV systems are usually residential and much smaller when compared to utility-scale solar ground-mounted systems. Most residential rooftop PV systems are in the range of 5-20 kW while commercial rooftop-mounted systems can range from 100 kW to 1 MW. many large rooftops have built industrial-scale PV systems in the range of 10 MW.
• Based on capacity, the Solar Photovoltaic (PV) Cell market is bifurcated into rooftop capacity and ground-mounted capacity segments. The rooftop capacity segment is further bifurcated into Below 10 kWp, 10-20 kWp, 20-30 KWp, 30-100 kWp, 100-500 kWp, and Above 500 kWp. The ground-mounted capacity segment is further bifurcated into Below 750 kWp and Above 750 kWp. The rooftop capacity segment is growing due to government subsidies and high demand from consumers for Solar PV, whereas the ground-mounted segment is driven by government policies and upcoming large-scale solar power generation projects. Policies such as “Rural Clean Energy Initiative & Support to rural energy transition” of the USA and government funding of AUD 37 million government investment in new high-tech solar farms in Australia are the reasons which are driving the solar PV market during the projected period.
• Based on technology, the Solar Photovoltaic (PV) Cell market is divided into Thin Film, Multi-Crystalline Silicon, and Mono-Crystalline silicon segments. The Mono-Crystalline silicon segment acquired a majority share in the Solar PV market and is expected to register a substantial growth rate during the forecast period. The shift to more efficient monocrystalline solar PV accelerated in 2021, with the technology capturing almost all crystalline PV production.
• Based on End User, the Solar Photovoltaic (PV) Cell market is divided into Residential, Commercial & Industrial, and Utility-scale segments. The Utility-scale segment acquired a majority share in the Solar PV market and is expected to showcase a substantial growth rate during the forecast period. Utility-scale PV remains the most competitive source of PV generation globally; however, building large-scale installations is becoming increasingly challenging in many regions of the world due to the lack of suitable sites. Moreover, Solar PV is the main choice for the private sector if they want to invest in renewable energy. Companies investing in distributed (including rooftop) solar PV installations on their commercial buildings and premises are responsible for around 30% of the total installed PV capacity, moreover, Companies are entering into corporate power purchase agreements with solar PV plant operators which would drive the market for solar PV during the forecast period.
• For a better understanding of the market adoption of Solar Photovoltaic (PV) Cell, the market is analyzed based on its worldwide presence in the countries such as North and South America (U.S.A, Brazil, and the Rest of North and South America), Europe (Germany, Italy, United Kingdom, Netherlands, France, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, South Korea, Vietnam, and Rest of Asia-Pacific) and Rest of World. APAC registered the highest market share in the Solar Photovoltaic (PV) Cell market and is expected to witness an influential CAGR in the forecasted period. It is mainly owing to many Solar Photovoltaic (PV) Cell projects taking place in China, India, Australia, and Japan. Moreover, favorable government policies, regulations, and investments in achieving renewable energy targets set by various countries are driving the market. For instance: In Australia, the Australian government will provide AUD 14 million to support 5B’s AUD 33.4 million strategic technology innovation project through the Australian Renewable Energy Agency; In Japan, the Japanese government allocated 8 billion yen in the 2021 national budget to support the introduction of independent solar power generation equipment and storage batteries including electric vehicles through on-site PPA; and in India, the Government of India announced an additional capital infusion of Rs. 10 billion to the Solar Energy Corporation of India and Rs.15 billion to the Indian Renewable Energy Development Agency.

Some of the major players operating in the market First Solar Inc., Astronergy (Chint Solar Co. Ltd.), JinkoSolar Holding Co. Ltd., LONGi Green Energy Technology Co. Ltd., Canadian Solar Inc., JA Solar Technology Co., Trina Solar Co. Ltd., Risen Energy Co. Ltd., Suntech Power Holdings Co. Ltd., and Hanwha Q CELLS Co. Ltd.