New Study from StrategyR Highlights a $202.5 Billion Global Market for Solar Cells and Modules by 2026

SAN FRANCISCO , June 3, 2022 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Solar Cells and Modules - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.

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Edition: 21; Released: May 2022
Executive Pool: 5697
Companies: 228 - Players covered include BYD Co., Ltd; Canadian Solar, Inc; Chint Group; EGing Photovoltaic Technology Co., Ltd; First Solar, Inc.; GCL System Integration Technology Co., Ltd; Hanwha Corporation; Hyundai Energy Solutions Co., Ltd; JA Solar Holdings Co., Ltd; Jiangsu Shunfeng Photovoltaic Technology Co., Ltd; JinkoSolar Holding Co., Ltd; Kyocera Corporation; LONGi Solar Technology Co, Ltd; ReneSola Ltd; Risen Energy Co., Ltd; Shanghai Aerospace Automobile Electromechanical Co., Ltd; Sharp Solar; Solar Frontier K.K; SunPower Corporation; Trina Solar Ltd; Yingli and Others.
Coverage: All major geographies and key segments
Segments: Technology (Thin Film, Crystalline Silicon, Other Technologies); Application (Industrial, Residential, Commercial)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia-Pacific; Australia; India; South Korea; Rest of Asia-Pacific; Latin America; Argentina; Brazil; Mexico; Rest of Latin America; Middle East; Africa.

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ABSTRACT-

Amid the COVID-19 crisis, the global market for Solar Cells and Modules estimated at US$150.2 Billion in the year 2022, is projected to reach a revised size of US$202.5 Billion by 2026, growing at a CAGR of 7.6% over the analysis period. Thin Film, one of the segments analyzed in the report, is projected to grow at a 12.4% CAGR, while growth in the Crystalline Silicon segment is readjusted to a revised 6% CAGR. Solar power is one of the most compelling propositions facilitating the shift towards clean energy. Solar power is exhibiting the second-fastest growth rate after wind. However, COVID-19 has significantly disrupted the solar industry and impacted rooftop installations that account for over 40% of the market share and intended to generate energy for businesses and homes. The pandemic has made rooftop solar panel industry to nosedive as homeowners are reducing spending and staying away from installers due to the risk of contracting COVID-19. The tough phase prompted companies in the solar industry to embrace new strategies such as online marketing, digital permits, attractive financing plans and the use if drones for inspecting roofs. Rooftop solar providers are finding new ways to identify homeowners with desirable roofs for sales. In addition, companies are focusing on virtual appointments to mitigate concerns regarding the virus while reducing cost of customer acquisition.

The strategy to contact customers over digital platforms or phone is a perfect option for companies engaged in direct sales. Video chats are gaining immense popularity among companies shifting to digital sales owing to its ability to cut travel time and associated costs for appointments and consultations. Some of the players have pulled their salespeople out from major stores and launched online initiatives and promotions. Strategies including virtual sales along with automating permits for avoiding physical processing through authorities are expected to save costs. On the other hand, various companies are using drones and satellite imagery for inspecting roofs for rooftop solar installations. Rooftop solar companies in Europe have developed attractive financing plans for customers who are wary regarding spending. Companies are offering subscription options that allow customers to pay for installed panels as per monthly charges before making decisions to purchase them. In addition, some of the players are installing solar panels free for clients with sufficient roof space. These panels are used for generating electricity for customers. These plans are anticipated to be extended to commercial buildings and apartment blocks.

While several countries have attained grid parity, novel markets in developing regions are emerging for solar. Cost of solar is declining owing to government incentives, excess supply of components, and technological developments. The world market for solar cells and modules is on a growth path, supported by the growing demand for electricity, rising investments in the renewable energy sector, and favorable government policies globally which are encouraging the deployment of solar-based systems. Various governmental schemes such as feed in tariff, reduced import duty, financial assistance, net metering, subsidies, and tax benefits are expected to fuel the adoption of solar cell modules. In the US, in 2019, the government implemented solar tax credit for lowering the installation costs of solar energy systems by 30%. Further, slumping prices, enhancements in conversion efficiencies, and increasing focus on optimizing LCOE are expected to fuel demand for solar cell modules. The enforcement of strict governmental regulations to reduce adverse impacts on the environment is also anticipated to augment focus on renewable energy resources, such as solar energy.

Growing number of energy storage systems in the residential sector that are equipped with solar PV charging panels, is boding well for the solar cells modules market. Rising adoption of decentralized energy production systems especially in developing economies is expected to draw attention towards solar energy. Efforts related to off-grid electrification which include solar PV systems are likely to provide impetus to the solar cell modules market. Further, technological developments associated with lowering the production costs and enhancing performance efficiency are likely to fuel demand. Demand for solar cells is anticipated to grow on account of growing adoption of PV systems in utility, residential, and commercial applications. Technological developments in addition to increasing production capacity are likely to lead to a fall in the cost of systems, which will aid market growth.

Deployment of solar PV modules is increasing in residential applications, supported by rising attention on energy efficiency and energy conservation among customers. Fast-paced urbanization and renewable subsidies offered by governments for households are expected to foster market growth. Further, better on-site electricity production technologies and improving smart control networking efforts are expected to support demand for residential solar PV modules.

One of the major challenges for renewable energy has been cost. LCOE or Levelized Cost of Energy is a measure that is used to compare the cost to produce energy through different methods. Present levels of LCOE for solar power are competitive with new thermal power plants fueled by coal. For instance, solar power module costs have dropped to about $0.21 per watt, which is competitive with conventional energy even without major subsidies and incentives. Coupled with the increasing efficiency of solar panels, the solar power industry is expected to increase at a healthy rate, despite the impending withdrawal of incentives in future.

However, the market is facing challenges due to slump in silicon production, which has resulted in short supply of raw materials. Further, increased costs and the absence of proper infrastructure are expected to impede market growth. The solar PV module market is registering slow growth due to the impact of the COVID-19 pandemic. Social distancing measures, lockdowns, quarantining, and labor shortages have adversely impacted solar PV module imports. This has hindered the continuation of several PV projects, consequently hampering market demand. In the event the COVID-19 situation improves in the near-term, the market is expected to witness faster growth due to the recommencement of projects worldwide.

Crystalline silicon solar cells and modules market benefits from the easy availability of raw materials and increased efficiencies provided in comparison to other technologies. Silicon wafers can be multi-crystalline and mono-crystalline. Multicrystalline silicon cells are anticipated to register robust growth, owing to the uncomplicated nature of the technology which is employed in the manufacturing process, which results in lesser product costs. Also, adoption of multicrystalline silicon cells is expected to be driven by their demand in commercial and residential applications, due to lesser initial investments, better efficiency, and their safe and reliable functioning. Crystalline silicon modules are made with the use of crystalline silicon solar cells and can offer increased conversion efficiency. Crystalline silicon PV cells that are industrially produced are said to have energy conversion efficiencies to the tune of 18%-24% (in standard test scenarios). Declining PV prices is anticipated to offer opportunities for crystalline silicon modules.

Monocrystalline modules are produced with the use of wafers made through the single crystal growth technique and can provide commercial efficiencies in the 20%-24% range. This technology is considered to be a highly reliable and efficient method of electricity production. Monocrystalline solar PV modules are expected to continue to register healthy demand through the coming years due to their efficiency, embedded energy per panel, longevity, and operational costs. On the other hand, thin film solar cells are made using raw materials such as CIGS, amorphous silica, and CdTe. The thickness of crystalline wafers is around 200 microns, while the thickness of thin-film panels is only a few microns. Crystalline panels require silicon in a highly pure form (99.9999% purity for solar applications), which makes the cost of manufacturing crystalline panels extremely expensive as compared to thin-film panels. Crystalline silicon can be broadly categorized as multi-crystalline and mono-crystalline. The efficiency of multi-crystalline is somewhat similar to that of thin film. However, mono-crystalline is significantly more efficient than thin film, which is why higher number of thin-film panels are needed for generating the same quantum of electricity. Due to this, thin-film panel installations require 25% more land and space for achieving the same level of power output as mono-crystalline installations. Technological developments associated with enhancing thin film solar cells' operational efficiency is likely to spur their demand in residential and commercial applications. The use of CIGS in the construction materials enables the structure to perform as a power production unit. The transparency and flexibility of such products is anticipated to augment demand in the coming years. Thin film solar cells based on cadmium telluride rank better in comparison to traditional crystalline silicon solar cells. Production of CdTe solar cells entails lower costs, owing to considerably lower usage of raw materials. These cells generate electricity at lower costs through the absorption of sunlight at about the right wavelength. The use of selenium prohibits the electrons (photo-generated) from getting caught on at crystal-to-crystal boundary defects. More

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