Market Size of Crystalline Silicon Solar PV Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 5.30 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Crystalline Silicon Solar PV Market Analysis
The Crystalline Silicon Solar PV Market is expected to grow at CAGR of 5.3% during the forecast period of 2022-2027. The COVID-19 outbreak had a very slight impact on the market growth and negatively affected the supply chain in Q1 and Q2 2020. In 2020, the global solar PV capacity additions were estimated to be around 107 GW, representing stable growth from 2019. The favorable government regulations and increasing investments in renewable energy will have a positive impact on the growth of the market during the forecast period. However, high initial investment and reduced efficiency of crystalline silicon at very high temperatures restrain the market growth.
- Poly-Crystalline (or) Multi-Crystalline Silicon PV is expected to dominate the market, owing to its low cost and higher space efficiency as compared to mono-crystalline PV.
- Technological advancements in the field of solar cells to increase efficiency and rise in government spending on renewable energy projects are expected to provide growth opportunities in the market.
- Asia-Pacific is expected to dominate the market, due to increase in solar energy installations across the region.
