China accounted for over 45% of the global solar cells market share in 2015. Rising investment in the photovoltaic industry along with tax credits, soft loans, and other special grants by the government will stimulate the business outlook.

Sellbyville, DE -- (SBWire) -- 02/02/2019 --Strict legislations to check environmental pollution along with high popularity of clean fuel technologies is expected to push solar cells market growth over the next few years. Moreover, favorable government policies promoting solar cells installations as a part of its energy conserving initiative/strategy along with it being an effective tool for electricity/power generation, will spur the industry growth. High demand for off grid electricity plus diminishing costs of solar cell components, is projected to drive the market trends over the coming timeframe. According to Global Market Insights, Inc. research study, "Solar cells market size is expected to record significant gains of 12% over the period of 2016-2024." Effective measures to provide uninterrupted as well as clean power supply to off-grid and remote locations having poor access to electric supply, is anticipated to significantly drive the solar cells industry growth.

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Government initiatives towards conservation of energy coupled with ambitious targets to reduce carbon emission will further propel the solar cells market. In June 2015, Government of India has set revised solar mission target at 100 GW by 2022. As per the Ministry of New and Renewable Energy (MNRE), an estimated total investment of USD 94 billion is expected for upgradation to 100 GW solar power capacity. International Finance Corporation and World bank have also introduced programs including "Lighting Africa" with an aim to encourage the adoption of photovoltaic over conventional product source among off grid population.

Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:

- Mitsubishi Electric Corporation
- Jinko Solar
- Trina Solar
- Canadian Solar
- First Solar
- Moser Baer India Ltd
- Yingli Solar
- SunPower Corporation
- Sunedison, Inc.
- Indosolar
- Tata Power Solar Systems Ltd.
- GreenBrilliance.
- SolarWorld

Rising demand for the decentralized generation systems in developing nations will enhance the penetration of the sustainable energy during the forecast period. Increasing investment towards rural electrification in off-grid locations in various countries including India, China, and Africa will fuel the solar cells market growth. In September 2015, African Development Bank (AfDB) approved USD 121 million loan and grant for the electricity expansion of rural households in Uganda.

The U.S. in 2015 was valued over USD 4 billion and is anticipated to expand over 14% owing to increasing utility scale installation. Government measures towards energy efficiency and carbon emission reduction will further complement the U.S. solar cells market growth. As per the Solar Energy Association, the solar industry in the U.S. installed 7,286 MW of solar photovoltaics in 2015 where the utility-scale sector represented more than 50% of the total solar PV installation.

Ultra-thin film cells technology was valued over USD 3 million in 2015 and is anticipated to expand over 30% by 2024 in terms of volume. Higher efficiency and light weight compared to other alternate technology will positively encourage the industry landscape.

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China accounted for over 45% of the global solar cells market share in 2015. Rising investment in the photovoltaic industry along with tax credits, soft loans, and other special grants by the government will stimulate the business outlook. According to the Ministry of Industry and Information Technology, photovoltaic industry has witnessed record investment of USD 12.3 billion in 2015.

Key participants in the solar cells market include Jinko, Sunedison, Canadian, Trina, Yingli, First Solar, Moser Baer, SunPower Corporation, GreenBrilliance, Indosolar, Tata Power, Solar World, and Mitsubishi Electric Corporation.

About Global Market Insights:
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.