Increasing demand for off-grid electricity along with the reduction in photovoltaic component cost will steer solar cells market
Selbyville, DE -- (SBWIRE) -- 04/30/2020 -- Global solar cells market is anticipated to witness considerable expansion in the forthcoming years owing to increasing measures undertaken by governments and other regulatory authorities to promote the use of sustainable forms of energy, with an aim to reduce carbon emission levels.
Increasing demand for off-grid electricity along with the reduction in photovoltaic component cost will steer solar cells market share over the forecasted timeframe. Reportedly, as of 2014, more than 600 million people in Africa have little or no access to reliable electricity, indicating the tremendous potential to provide solar energy to a vast potential consumer base.
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Key Companies: - 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,
Increasing disposable income among people owing to the rise in industrialization globally has steered construction of commercial and residential infrastructure, leading to surging demand for reliable and cost-effective electricity. In a bid to control rising levels of carbon footprint, governments across the globe are taking initiatives with respect to the use of renewable sources of energy.
The Government of India in 2016 announced a budget of USD 700 million to install 5 GW of grid integrated photovoltaic project by 2020. Additionally, incentives such as capital subsidies, tax benefits, renewable energy certificates, accelerated depreciation and feed and tariff are also provided by the government which will amplify solar cells market forecast. India solar cells industry share is expected to surpass 24 GW up to 2024.
Monocrystalline solar cells are showcasing widespread demand across residential and commercial infrastructures due to their ability to supply reliable power conversion and suitability in restricted space environments. According to solar cells market reports, by 2024 monocrystalline solar cells are projected to surpass an annual deployment of more than 14,000 MW.
Rise in industrialization has intensified the presence of commercial establishments which requires continuous electricity supply. Australia solar cells market share is anticipated to reach over 5 GW by 2024. Durability and reliability ensured by monocrystalline solar cells is bolstering the product adoption. Additionally, these cells perform well even in low levels of sunlight furthermore complementing solar cells industry outlook.
Favorable regulations supporting and tendering schemes for solar installation coupled with set sustainable energy targets across the region is accelerating solar cells market outlook in Europe. Growing awareness among the people regarding climate change and provision of adequate information regarding the same by the regulatory authorities is driving renewable energy consumption.
There has been increased deployment of ultra-thin film PV cells across the region to meet stringent energy efficiency requirements. Global solar cells market share from ultra-thin PV cell technology is projected to register gains of over 30% up to 2024. Presence of several manufacturing hubs has surged manufacturing and construction activities in the region.
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The need to meet the burgeoning power demand along with continuous supply of electricity in rural areas has created a widespread need for a robust solar energy market. Enhanced security and certainty for solar investors in Europe due to favorable government initiatives, such as the 10-year energy sector plan, and several methods to encourage innovations and development of solar energy will add impetus to solar cells market.
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