Solar Cells Market revenue to cross USD 37 Bn by 2028: Global Market Insights Inc.

Major solar cells market players include SunPower Corporation, Motech Industries, Inc., United Renewable Energy, LLC, Panasonic Corporation, JINERGY, Meyer Burger, and Jinko Solar.

Selbyville, Delaware , March 28, 2022 (GLOBE NEWSWIRE) --

The solar cells market size is expected to record a valuation of USD 37 billion by 2028, according to the most recent study by Global Market Insights Inc. The soaring energy demand coupled with the adoption of sustainable technologies to reduce reliance on conventional fuels will proliferate the market expansion.

Ongoing technological advancements across solar cell technology will boost the usage of crystalline silicon during the forecast period. High efficiency, lower maintenance costs, and affordable prices are a few of the prominent factors that will complement technology deployment across the globe. Favorable governmental policies, schemes, rebates, and incentives to promote the acceptance of clean technologies to tackle global warming will spur the market demand. Moreover, crystalline silicon solar cells are predicted to observe substantial growth from the commercial and residential sectors owing to the unit’s safe & reliable operations along with its competitive pricing.

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Cadmium telluride solar cells will witness noteworthy growth in the coming years on account of their numerous features including high efficiency, cost competitiveness, and safe & reliable operations offered by the technology. Ongoing technological enhancements across solar technology to surge the overall plant efficiency will increase the industry value. In addition, the abundant availability of cadmium impelled by it being a by-product of the mining industry will reduce the possibility of price fluctuations for cadmium, thereby stimulating its acceptance during the forecast timeframe.

Solar cells market for passivated emitter rear totally diffused (PERT) segment is anticipated to register significant growth in the deployment rate propelled by the ongoing efforts by policymakers to launch clean & efficient power generation technologies to tackle the growing carbon emission issue. These units offer a higher yield compared to normal crystalline silicon solutions and thus are observing a steady growth in their usage across the solar industry. Furthermore, highly flexible operations, affordable pricing structures, and no light-induced degradation are some of the key factors positively complementing the technology demand and thereby exponentially augmenting the industry expansion.

Asia Pacific solar cells market growth is attributed to the growing deployment of sustainable power technologies to effectively cater to the soaring electricity requirements. Stringent renewable targets along with favorable regulatory measures will act as a considerable driving force in terms of the regional growth during the forecast timeline. Additionally, technological advancements, new capacity additions, and increasing energy demand will foster renewable energy investments in the region.

The major players operating in the market are SunPower Corporation, Motech Industries, Inc., United Renewable Energy, LLC, Panasonic Corporation, JINERGY, Meyer Burger, and Jinko Solar.

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Some of the key findings of the solar cells market report include:

  • Strict solar PV targets across North America and Europe will augment technology deployment.
  • The introduction of favorable schemes and initiatives for the penetration of renewable technologies will positively sway the industry demand.
  • Burgeoning investments across utility-scale solar projects will enhance the market value.
  • The acceptance of sustainable energy infrastructures along with the rising preference for cleaner fuels will complement the industry growth.
  • Stringent carbon emission targets across the majority of nations will foster the demand for clean technologies.

Table of Contents (ToC) of the report:

Chapter 3   Solar Cells Market Insights
3.1    Industry ecosystem analysis
3.2    Innovation & sustainability landscape
3.3    Regulatory landscape
3.4    COVID– 19 Impact on the overall industry outlook
3.4.1    Top countries impacted by COVID- 19
3.4.2    COVID- 19 effect, 2018 – 2028 (USD Million)
3.5    Industry impact forces
3.5.1    Growth drivers
3.5.2    Industry pitfall & challenges
3.6    Growth potential analysis
3.7    Porter's Analysis
3.8    Competitive landscape, 2021
3.9    PESTEL Analysis

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About Global Market Insights Inc.

Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.


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