NEW YORK, June 21, 2018 (GLOBE NEWSWIRE) -- The global crystalline silicon photovoltaic market is expected to witness a CAGR of 21.84% and is projected to reach USD 182.4 billion by 2024. Rising need for energy, along with favorable government regulations to reduce dependency on petroleum is expected to be the major growth factor of the market. Another factor contributing to the growth is increasing concerns of greenhouse gases emissions in the environment coupled with decreasing cost of installed solar PV cells due to increase in its production and technological advancements. Furthermore, increased investments in R&D by major PV companies are likely to give impetus to the market in the coming years.
Crystalline silicon-based PVs held the major share of PV market in 2017. These cells are more efficient and robust than thin-film modules. c-Si PVs have been used for generation of electricity and residential level water heating in the past; however, after huge investments in R&D of solar PV panels, they have found their applications in building integrated PV (BIPV) and floating solar power plants. Moreover, government incentives in the form of rebates, subsidies and tax credits have increased the growth of this market over the forecast period.
Monocrystalline Silicon segment held the largest share of the market in 2017
Monocrystalline silicon has been the material of choice for PV panels owing to their higher efficiency compared to polycrystalline silicon. Moreover, perovskite can be used in conjunction with crystalline silicon to further improve the efficiency of the solar cell. To avoid land acquisitions for utility-scale solar power plants, crystalline silicon PVs are also being deployed in water bodies, further augmenting the growth of this market.
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Crystalline Silicon PV Market – Regional Insight
Asia Pacific held the largest market share of the global market in 2017 and the trend is likely to continue over the forecast period. This can be attributed to presence of major manufacturers of PV technology in this region and initiatives taken by local governments to promote the adoption of solar technology. Additionally, decrease in cost of solar panels due to increase in demand is expected to further augment the crystalline silicon photovoltaic market in Asia Pacific.
This report segments crystalline silicon photovoltaic market based on type, application, and region.
Key findings from the report:
- The global crystalline silicon PV market is likely to reach USD 182.4 billion by 2024
- Polycrystalline segment is expected to witness the fastest CAGR over the forecast period. This growth is attributed to simpler techniques of production and cheaper costs of polycrystalline solar cells.
- Monocrystalline segment held the largest market in 2017 owing to high efficiency of these solar panels in comparison to the polycrystalline solar panels
- Asia-Pacific held the largest market share of the global market in 2017 and the trend is likely to continue over the forecast period. This can be attributed to initiatives taken by local governments to promote the adoption of solar technology
- The key players of this market are Suntech Power Holdings CO., LTD.; Canadian Solar; SunPower Corporation; Siemens AG; Tata Power Solar Systems Ltd.; Integrated Solar Technology, LLC; Abengoa Solar; CertainTeed; Yingli Solar; and Jinko Solar among others
By Type
- Monocrystalline Silicon
- Polycrystalline Silicon
By Application
- Residential
- Commercial
- Utility-Scale
Region
- North America
- Europe
- Asia-Pacific (APAC)
- Middle East and Africa (MEA)
- Central and South America
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