Crystalline Silicon PV Market to Witness Huge Growth by 2026 Covid-19 Analysis
Global Crystalline Silicon PV Market has valued US$ 92 Bn and is estimated to reach US$ 310 Bn by 2026 at a CAGR of 16.5 % during the forecast.
Global crystalline silicon PV market is segmented by type, by end use, and by region. Mono-crystalline and multi-crystalline are product segment of the global crystalline silicon PV market. Based on end-user, global crystalline silicon PV market is classified into residential and commercial, utility-scale. Geographically, global crystalline silicon PV market is divided into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America.
Crystalline silicon PV is the only long-term sustainable, environment-friendly, inexpensive renewable energy source to replace fossil fuels. Robust demand for renewable energy, increase in electricity demand and limited availability of fossil fuels favored with strict government regulations on carbon emission drives the crystalline silicon PV market. Crystalline silicon PV dominates 90 % of the market. Industrial development of silicone PV has been favored by cost reduction in order to compete with fossil fuels thereby accelerating market growth.
Multi-crystalline silicone also known as polysilicon segment constitute more than 60% of the global market share of crystalline silicon. However, monocrystalline is foreseen to gain growth due to the introduction of the new technologies of continuous fast pulling monocrystalline silicon and diamond wire cutting silicon wafer and the cost of a monocrystalline silicon wafer is approaching than that of polysilicon. Monocrystalline silicon is observed to be the material of choice for PV panels owing to their higher efficiency compared to polycrystalline silicon.
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Utility-scale dominated the crystalline silicon PV market in 2017 and will continue its dominance throughout the forecast. In 2017, 60 % of all solar capacity installed was utility-scale and will account for two-thirds of all solar capacity by 2026. The cost to install solar has dropped by more than 70% since 2010, leading the industry to expand. Residential segment is projected to gain growth due to lucrative price reduction record.
Asia-Pacific crystalline silicon PV market is estimated to have the growth at a faster pace during the forecast period due to strong government support and pressure of reducing carbon emission. Asia Pacific is the major contributor to carbon emissions. Asia-Pacific is identified as a most lucrative market for crystalline silicon PV. Growth is driven by countries such as China, India, Japan, and Australia, which is supported by the increasing government policy and promotional measures for natural energy.Hanwha Q CELLS Co., Ltd., Solar World AG, Canadian Solar Inc., and Sun Power Corporation, First Solar, Yingli, Hanwha Q-Cell, SFCE, ReneSola, SunPower, Vikram Solar, Lanco, Su Kam are key players of Global Crystalline Silicon PV Market.
Scope of the Global Crystalline Silicon PV Market
Global Crystalline Silicon PV Market, by Product:
• Mono-Crystalline
• Multi-Crystalline
Global Crystalline Silicon PV Market, by End Use:
• Residential
• Commercial
• Utility-Scale
Global Crystalline Silicon PV Market by Region:
• North America
• Europe
• Asia Pacific
• Middle East & Africa
• Latin America
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Key Player analysed in Global crystalline silicon PV market:
• Hanwha Q CELLS Co., Ltd.
• Solar World AG
• Canadian Solar Inc.
• Sun Power Corporation
• First Solar
• Yingli
• Hanwha Q-Cell
• SFCE
• ReneSola
• SunPower
• Vikram Solar
• Lanco
• Su Kam
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