Thursday Dec 08, 2022

Revenue of Solar PV Cells and modules market to cross US$ 224.4 Bn by 2031, TMR Report – GlobeNewswire


Wilmington, Delaware, United States, June 03, 2022 (GLOBE NEWSWIRE) — Analysts at TMR project the solar PV cells and modules market to expand at a CAGR of 10.5% for the forecast period from 2021 to 2031. Substantial efforts for the production of solar energy as it is an efficient form of unconventional energy fuels demand for solar photovoltaic (PV) cells and modules for the manufacture of solar panels.

Government incentives for the adoption of solar energy to minimize the use of fossil fuels, especially in the commercial sector strengthens demand for essential products, including PV cells and modules. Solar technologies can harness solar energy to generate electricity, provide light or a comfortable interior environment, and heat water for domestic, industrial, or commercial use.

This is attracting public and private organizations to invest heavily to strengthen electricity grids to maximize production of solar energy. For example, some key public sector companies in India such as Coal India Limited and National Thermal Power Corporation are diversifying into renewable energy generation. The move is expected to be critical for the clean energy transition journey of the country targeted for the next 15 to 20 years.

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Asia Pacific held the leading 57.8% volume share of the solar PV cells and modules market in 2021. Extensive government support for the production of solar energy in countries such as China, India, Japan, and Southeast Asian countries stokes demand for solar panels.

Solar PV Cells and Modules Market – Key Findings of the Report

  • Increasing transition from traditional technologies such as back surface field (BSF) to emerging Hetrojunction Technology, TOPCon, and Passivated Emitter Rear Cell technologies gains steam. These technologies offer high efficiency and enable decreased production cost of products for bright future market outlook for solar PV cells and modules.
  • The solar PV cells and modules market demand analysis reveals technological advancements and collaborative efforts of product manufacturers and energy departments to promote solar energy to lead to launch of new products.
  • Ambitious plans of public and private organizations to diversify product portfolio and establish their renewable energy subsidiary to stoke demand for essential value chain products. For example, in April 2021, Coal India Limited (CIL) established two wholly-owned subsidiaries CIL Navikarniya Urja Limited and Solar PV Limited for the manufacture of solar value chain products and to undertake renewable energy projects.
  • Key players in the solar PV cells and modules market are diversifying product portfolio and entering into partnerships for handsome market share.

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  • Key role of large corporations such as Walmart and Apple to support the production of clean energy is fueling the demand for PV cells and modules. For instance, in August 2021, Walmart offered a contract to Nexamp to support 129 megawatts of community solar projects. The move is to attain zero emission target of the company across operations globally by 2040.
  • Monocrystalline silicon product sub-segment held the largest revenue share in solar PV cells and modules market in 2021.
  • North America and Europe are key markets for solar PV cells and modules. Large-scale solar power generation plants that are under construction are anticipated to create ample opportunities in solar PV cells and modules market of the …….


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