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Global Industry Analysts, Inc. (GIA) launches comprehensive analysis of industry segments, market trends, growth drivers, market share, size and demand forecasts on the global Solar Cells and Modules market. Market segmentation includes Technology (Crystalline Silicon, Thin Film); Application (Industrial, Commercial, Residential).

Find Out More About Regions, Brands, Dominant, Active & Niche Companies Covered in the Report

05 November 6:30 p.m., California- According to the new market research report, the global market for Solar Cells and Modules is projected to grow at a CAGR of 6.5% reach US$136.5 Billion by 2027, driven by the growing importance of renewable energy in the energy mix. The global Solar Cells and Modules market will be reset to a new normal which going forwards in a post COVID-19 era will be continuously redefined and redesigned. Crystalline Silicon, one of the segments analyzed and sized in this study, is forecast to grow at over 6.6% and reach a market size of US$120 billion by the end of the analysis period. The United States is forecast to readjust to a 5.4% CAGR. Within Europe, the worst affected by the pandemic, Germany will reach a market size of US$6.1 billion growing at a CAGR of 4.2% over the next couple of years. In addition, over US$1 billion worth of projected demand in the region will come from Rest of European markets. In Japan, the Crystalline Silicon segment will reach a market size of US$7.5 billion by the close of the analysis period. Facing a global backlash over the coronavirus outbreak and spread, China the world's second largest economy faces economic and geopolitical challenges including economic distancing which can likely put China's monopoly of global supply chains in crisis. The Crystalline Silicon segment in this country against this backdrop will grow at a CAGR of 7.8% over the next couple of years to create an addressable market opportunity worth US$44.8 billion by the year 2027.

Solar cells or photovoltaic cells are defined as individual units of small silicon coated plates made of glass, plastic and other materials, which when exposed to sunlight, convert light energy into electricity at the basic atomic level. While several countries have attained grid parity, novel markets in developing regions are emerging for solar. Cost of solar is declining owing to government incentives, excess supply of components, and technological developments. The world market for solar cells and modules is on a growth path, supported by the growing demand for electricity, rising investments in the renewable energy sector, and favorable government policies globally which are encouraging the deployment of solar-based systems. Various governmental schemes such as feed in tariff, reduced import duty, financial assistance, net metering, subsidies, and tax benefits are expected to fuel the adoption of solar cell modules. The enforcement of strict governmental regulations to reduce adverse impacts on the environment is also anticipated to augment focus on renewable energy resources, such as solar energy. Growing number of energy storage systems in the residential sector that are equipped with solar PV charging panels, is boding well for the solar cells modules market. Rising adoption of decentralized energy production systems especially in developing economies is expected to draw attention towards solar energy. Efforts related to off-grid electrification which include solar PV systems are likely to provide impetus to the solar cell modules market. Further, technological developments associated with lowering the production costs and enhancing performance efficiency are likely to fuel demand. Demand for solar cells is anticipated to grow on account of growing adoption of PV systems in utility, residential, and commercial applications. Technological developments in addition to increasing production capacity are likely to lead to a fall in the cost of systems, which will aid market growth. However, the market is facing challenges due to slump in silicon production, which has resulted in short supply of raw materials. Further, increased costs and the absence of proper infrastructure are expected to impede market growth.

Research Methodology
This latest edition of the research study is conducted and published by Global Industry Analysts, Inc., in close collaboration with senior executives in the industry driving strategy, business development, marketing, sales, product management, technology and operations. The views, opinions and findings presented are based on validated engagements from a total executive pool size of 1556. Among this pool, 282 direct interactions with domain experts were carried out via our proprietary market research platform, MarketGlass. Among the 62 unique participations, a total of 28 validated responses were received as part of this report's primary research outreach program. We are unique in the industry to provide our clients with the validated list executive engagements and the complete project data stack.

Key Competitors Covered in the Report -
Kyocera Corporation
BYD Co., Ltd.
First Solar, Inc.
Canadian Solar, Inc.
Hanwha Corporation
JA Solar Holdings Co., Ltd.
JinkoSolar Holding Co., Ltd.
Chint Group
Elkem Silicones, A Bluestar Company

Segments Covered in the Report -
Technology (Crystalline Silicon, Thin Film)
Application (Industrial, Commercial, Residential)

Geographies Analyzed in the Report -
World
USA
Canada
Japan
China
Europe
France
Germany
Italy
UK
Spain
Russia
Rest of Europe
Asia-Pacific
Australia
India
South Korea
Rest of Asia-Pacific
Latin America
Argentina
Brazil
Mexico
Rest of Latin America
Middle East
Africa.

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About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) (www.strategyr.com) is the world`s only influencer driven AI powered market research company. Serving more than 41,000 clients from 36 countries, GIA is recognized for accurate forecasting of markets and industries for 33 years, offering the widest coverage of topics, geographic markets, competitive brands, and companies profiled.

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