Market Snapshot
| Study Period: | 2019-2027 |
| Base Year: | 2021 |
| Fastest Growing Market: | Asia-Pacific |
| Largest Market: | Europe |
| CAGR: | >5 % |
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Market Overview
The Polycrystalline Solar Cell Market is expected to grow at a CAGR of more than 5% during the forecast period of 2022-2027. The COVID-19 pandemic disrupted the market severely. It caused difficulties in sourcing the raw material required for the manufacturing of solar cells and also it caused a decline in the demand for solar cells owing to lesser discretionary spending all over the globe. In terms of growth of the market, increasing adoption of solar energy due to declining costs and increased installation simplicity as compared to other renewable energy sources are likely to drive the market. However, the counterpart of the polycrystalline solar cell, mono-crystalline solar cells possesses higher efficiency which may make it more preferable and likely restrain the polycrystalline solar cell market.
- The residential segment is likely to witness significant growth during the forecast period owing to lower costs as compared to mono-crystalline solar cells.
- Governments globally have set targets to achieve a particular percentage of the renewable energy mix in their over energy consumption. Solar Energy is one of the most economical renewable sources of energy based on the Levelized Cost of electricity, which is likely to present significant opportunities to the players involved in this market.
- Asia-Pacific is expected to be the fastest-growing region owing to the large population that is rapidly adopting solar energy systems due to various lucrative policies and programs of government.
Scope of the Report
The Polycrystalline Solar Cell Market report includes:
Key Market Trends
Residential Segment to Witness Significant Growth
- Polycrystalline Solar cells consist of several crystals of silicon in single PV cells. Several fragments of silicon are melted together to form the wafers of polycrystalline solar cells.
- Since such cells do not require individual placement and individual placement of each crystal and allow usage of most of the silicon during the production. Their costs come down as compared to monocrystalline solar cells and as a result, they are more affordable.
- The majority of the governments globally have enacted the net metering legislation along with significant subsidies on solar system installation in residential setups. These cells are readily used in the residential segment due to their cheaper costs and marginally lower efficiency as compared to mono-crystalline solar cells.
- Furthermore, as the price of polycrystalline cells is coming down more and more people are able to afford it who do not have access to electricity and as result providing a major boost to the market.
- Thus, owing to the above-mentioned points the residential segment is likely to witness significant growth during the forecast period
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Asia Pacific expected to be the fastest growing region.
- Asia-Pacific is the largest region globally in terms number of people living. Traditionally the energy demand has been fulfilled through the fossil fuels in the region, primarily petroleum and coal, however recently increasing adoption of solar energy due to its declining cost has been seen.
- The region is also home to China, which has a significant manufacturing capacity for polycrystalline solar cells which fulfills the demand of the region. In 2022, the world's top three polysilicon firms were from China and are further aiming to reach a production capacity of 370,000 MT after a massive expansion by 2023.
- In India, In September 2021, Reliance Industries Ltd, Shirdi Sai, and Jindal Poly placed their bids for manufacturing polysilicon (stage-1), wafer (stage-2), and cells (stage-3 and stage 4) for setting up solar manufacturing units under the government's production linked incentive scheme.
- Thus, considering the above-mentioned points, the Asia-Pacific region is likely to be the fastest-growing region globally.
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Competitive Landscape
The Polycrystalline Solar Cell Market is moderately consolidated. Some of the major players involved in the market are Sunpower Corporation, Targray Technology International Inc, JinkoSolar Holding Co., Ltd, Trina Solar Co. Ltd., Canadian Solar Inc, and many more
Recent Development
- In April 2022, Tongwei, solar polysilicon and cell manufacturer stated plans to significantly increase its manufacturing capacity over the next four years after confirming a six fold increase in net profit in Q1 2022. The company expects to finish 2023 witt 350,000 MT of polysilicon capacity.
Table of Contents
1. INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2. EXECUTIVE SUMMARY
3. RESEARCH METHODOLOGY
4. MARKET OVERVIEW
4.1 Introduction
4.2 Market Size and Demand Forecast in USD billion, till 2027
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.5.1 Drivers
4.5.2 Restraints
4.6 Porter's Five Forces Analysis
4.6.1 Bargaining Power of Suppliers
4.6.2 Bargaining Power of Consumers
4.6.3 Threat of New Entrants
4.6.4 Threat of Substitute Products and Services
4.6.5 Intensitiy of Competitive Rivalry
5. MARKET SEGMENTATION-BY SIZE
5.1 BY Technology
5.1.1 Crystalline Silicon Cells
5.1.2 Thin Film Cells
5.1.3 Ultra Thin Film Cells
5.2 BY Application
5.2.1 Residential
5.2.2 Commercial
5.2.3 Utility
5.3 Geography
5.3.1 North America
5.3.2 Europe
5.3.3 Asia-Pacific
5.3.4 South America
5.3.5 Middle East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 Targray Technology International Inc
6.3.2 JinkoSolar Holding Co., Ltd
6.3.3 First Solar, Inc.
6.3.4 Sunpower Corporation
6.3.5 Suniva Inc
6.3.6 Solaris Technology Industry
6.3.7 Trina Solar Co. Ltd.
6.3.8 Canadian Solar Inc.
6.3.9 Sharp Corporation
6.3.10 Tata Power Solar Systems Ltd.
7. MARKET OPPORUNITIES AND FUTURE TRENDS
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Frequently Asked Questions
What is the study period of this market?
The Polycrystalline Solar Cell Market market is studied from 2019 - 2027.
What is the growth rate of Polycrystalline Solar Cell Market ?
The Polycrystalline Solar Cell Market is growing at a CAGR of >5% over the next 5 years.
Which region has highest growth rate in Polycrystalline Solar Cell Market ?
Asia-Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Polycrystalline Solar Cell Market ?
Europe holds highest share in 2021.
Who are the key players in Polycrystalline Solar Cell Market ?
Trina Solar Co. Ltd., Canadian Solar Inc, JinkoSolar Holding Co., Ltd, Targray Technology International Inc, Sunpower Corporation are the major companies operating in Polycrystalline Solar Cell Market .
