Solar Cells Market: Current Analysis and Forecast (2021-2027)
Solar panels collect clean renewable energy from sunlight and convert that into electricity which is used to power electrical loads. Solar panels are made from several combined solar cells with layers of silicon, phosphorus (negative charge) and boron (positive charge). Solar panels initiate the electric current by absorbing photons which knocks of electrons front their atomic orbits and form an electric field which then pull these free electrons into a directional current. This entire process is known as the photovoltaic effect. Solar panels placed on a house roof transfer all the electricity into the main power grid which can be stored and used at night.
In a well-balanced grid, power is generated by solar panels during the day which is stored and then can be utilized at night. In some countries, additional power generated by solar panel owners at home can sell it to the electricity producers. In the off grid solar systems, charge controller, battery bank, and an inverter are the needed components. Direct current from the solar array is sent through the charge controller to the battery bank in these cases. The power is then drawn from the battery bank into the invertor, which converts DC to AC which can be used for non-DC appliances.
Based on Technology, the Solar Cells market is segmented into Photovoltaic Systems and Concentrated Solar Power Systems. Amongst technology, the Photovoltaic Systems segment of the Solar Cells market was valued at US$ XX billion in 2020 and is likely to reach US$ XX billion by 2027 and is growing at a CAGR of XX% from 2021-2027.
Based on Solar Module, the Solar Cells market is segmented into Monocrystalline, Polycrystalline, Cadmium Telluride, Amorphous Silicon Cells, and Others. Amongst Solar Module, Monocrystalline segment accounted for a market valuation of US$ XX billion in 2020 and is expected to reach US$ XX billion by the year 2027, at a CAGR of XX% over the analysed period.
Based on Application, the Solar Cells market is segmented into Residential, Commercial, Industrial, and Others. The industrial segment generated revenue of US$ XX billion in 2020 and is expected to grow at a CAGR of XX% during the forecast period to reach a market valuation of US$ XX billion by 2027F.
Based on End-User, the Solar Cells market is segmented into Electricity Generation, Lighting, Heating, and Charging. Amongst end-user, the Electricity Generation segment of the Solar Cells market was valued at US$ XX billion in 2020 and is likely to reach US$ XX billion by 2027 and is growing at a CAGR of XX% from 2021-2027.
For a better understanding of the market adoption of Solar Cells Industry, the market is analysed based on its worldwide presence in the countries such as North America (United States, Canada, and the Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. Asia-Pacific will dominate the Solar Cells market on account of increasing efficiency and decreasing cost of solar cells.
Some of the major players operating in the market include Abengoa Se, Acciona S.A., Canadian Solar, Inc., Esolar, Inc., United Renewable Energy Co. Ltd., Sunpower Corporation, Kaneka Corporation, Tata Power Solar Systems Ltd., Wuxi Suntech Power Co., Ltd., and Brightsource Energy, Inc. Several M&As along with partnerships have been undertaken by these players to boost their presence in different regions.
Solar Cells Market was valued at US$ XX billion in 2020 and is projected to expand significantly with a CAGR of XX% from 2021-2027F to US$ XX billion in 2027. The Solar Cells Market is expected to witness a boost on account of its high adoption in the Asia-Pacific region.