Selbyville, Delaware,, Sept. 25, 2024 (GLOBE NEWSWIRE) --
The crystalline solar cells market is predicted to exceed USD 40 billion by 2032, as reported in a research study by Global Market Insights Inc. Advancements in cell efficiency and the expanding number of solar installations will fuel business expansion. Innovations such as PERC and bifacial technologies are significantly enhancing the energy conversion rates of solar cells, making them more efficient and attractive to consumers. Also, the rapid expansion of solar installations across residential, commercial, and utility sectors is increasing the demand for high-performance crystalline solar cells, further fueling market growth and accelerating the transition to renewable energy sources.
The increased efficiency, space optimization, and cost reduction offered by this monocrystalline silicon module highlight a trend toward more efficient and affordable solar solutions. This development may drive broader adoption of crystalline solar cells, intensify competition, and push other manufacturers to innovate, ultimately accelerating market growth and enhancing the overall performance of solar energy systems globally.
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The crystalline solar cells market from the polycrystalline segment will establish a considerable foothold from 2024 to 2032, propelled by its cost-effectiveness and dependable performance. Polycrystalline solar cells are produced using simpler manufacturing processes compared to monocrystalline cells, which results in lower production costs. This affordability, coupled with adequate efficiency for a range of applications, makes polycrystalline cells a popular choice for both residential and commercial solar installations. Their balance of performance and cost-effectiveness supports widespread adoption, driving segment growth.
The crystalline solar cells market from the Back-Surface Field (BSF) segment will gain a strong presence by 2032, fueled by its superior efficiency and performance. BSF technology enhances light absorption and reduces electron recombination, leading to higher energy conversion rates. This advancement results in increased overall power output, making BSF cells highly sought after for both residential and large-scale solar projects. The technology's ability to deliver improved performance and efficiency drives its dominance in the market, meeting the growing demand for advanced solar energy solutions.
North America crystalline solar cells market will expand at a notable CAGR through 2032, due to its strong focus on renewable energy adoption and advanced technological infrastructure. Substantial investments in solar technology and supportive government policies promote the expansion of solar energy systems. The region’s well-established research and development capabilities drive innovation in crystalline solar cell efficiency and performance. Additionally, growing consumer and industrial demand for sustainable energy solutions further solidifies North America's leading position as a vital contributor to the global crystalline solar cells market.
Companies are increasing their share through strategic initiatives such as investing in advanced manufacturing technologies and enhancing product efficiency. By focusing on innovation, these companies are developing high-performance solar cells with improved energy conversion rates and durability. They are also expanding their market presence through strategic partnerships and collaborations to enter new geographic regions. Additionally, efforts to reduce production costs and improve supply chain efficiency further support their competitive edge and market growth.
Prominent companies operating in the crystalline solar cells market include Canadian Solar, Havells, Jinko Solar, Motech Industries, Inc., Silfab Solar Inc., Singulus Technologies, Suniva, Inc., United Renewable Energy, LLC, Wuxi Suntech Power Co., Ltd., DuPont, JA Solar, Meyer Burger, REC Solar Holdings AS, Shanghai Aiko Solar Energy Co., Ltd., SunPower Corporation, and Vikram Solar Limited, among others.
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Partial chapters of report table of contents (TOC):
Chapter 1 Methodology & Scope
1.1 Market definitions
1.2 Base estimates & calculations
1.3 Forecast calculation
1.4 Data sources
Chapter 2 Executive Summary
2.1 Industry 3600 synopsis, 2019 – 2032
Chapter 3 Crystalline Solar Cells Market Insights
3.1 Industry ecosystem analysis
3.2 Regulatory landscape
3.3 Industry impact forces
3.3.1 Growth drivers
3.4 Growth potential analysis
3.5 Porter's analysis
3.5.1 Bargaining power of suppliers
3.5.2 Bargaining power of buyers
3.5.3 Threat of new entrants
3.5.4 Threat of substitutes
3.6 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.
