Market Size of Polycrystalline Solar Cell Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 5.00 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Europe |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Polycrystalline Solar Cells Market Analysis
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.
Polycrystalline Solar Cells Industry Segmentation
The Polycrystalline Solar Cell Market report includes:
Polycrystalline Solar Cell Market Size Summary
The polycrystalline solar cell market is poised for growth, driven by the increasing adoption of solar energy due to its declining costs and ease of installation compared to other renewable energy sources. Despite the challenges posed by the COVID-19 pandemic, which disrupted supply chains and reduced global demand, the market is expected to expand as solar energy becomes more economically viable. The residential segment is anticipated to experience significant growth, primarily due to the lower costs of polycrystalline solar cells compared to their monocrystalline counterparts. This affordability, coupled with government incentives and net metering legislation, is making solar energy more accessible to a broader population, particularly in regions with limited electricity access.
Asia-Pacific is projected to be the fastest-growing region in the polycrystalline solar cell market, driven by the large population and rapid adoption of solar energy systems supported by favorable government policies. The region's growth is further bolstered by China's substantial manufacturing capacity and India's initiatives to enhance solar manufacturing under government schemes. The market is moderately consolidated, with key players like Sunpower Corporation, Targray Technology International Inc, JinkoSolar Holding Co., Ltd, Trina Solar Co. Ltd., and Canadian Solar Inc. actively participating in expanding production capacities. These developments indicate a robust outlook for the polycrystalline solar cell market, with significant opportunities for growth and innovation in the coming years.
Polycrystalline Solar Cell Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Market Size and Demand Forecast in USD billion, till 2027
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1.3 Recent Trends and Developments
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1.4 Government Policies and Regulations
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1.5 Market Dynamics
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1.5.1 Drivers
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1.5.2 Restraints
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1.6 Porter's Five Forces Analysis
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1.6.1 Bargaining Power of Suppliers
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1.6.2 Bargaining Power of Consumers
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1.6.3 Threat of New Entrants
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1.6.4 Threat of Substitute Products and Services
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1.6.5 Intensitiy of Competitive Rivalry
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2. MARKET SEGMENTATION-BY SIZE
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2.1 BY Technology
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2.1.1 Crystalline Silicon Cells
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2.1.2 Thin Film Cells
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2.1.3 Ultra Thin Film Cells
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2.2 BY Application
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2.2.1 Residential
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2.2.2 Commercial
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2.2.3 Utility
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2.3 Geography
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2.3.1 North America
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2.3.2 Europe
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2.3.3 Asia-Pacific
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2.3.4 South America
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2.3.5 Middle East and Africa
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Polycrystalline Solar Cell Market Size FAQs
What is the current Polycrystalline Solar Cell Market size?
The Polycrystalline Solar Cell Market is projected to register a CAGR of greater than 5% during the forecast period (2024-2029)
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 and Sunpower Corporation are the major companies operating in the Polycrystalline Solar Cell Market.
