Crystalline Silicon Photovoltaic (PV) Market Expected to Reach $163 Billion By 2022 at a CAGR of 11.3% | Asia-Pacific Projected to be the Fastest Growing Region

Asia

Oct 28, 2019 (Hitech News Daily via COMTEX) — Global Crystalline Silicon (c-Si) PV Market would reach $163 billion by 2022, at a CAGR of 11.3% from 2016 to 2022. In 2014, Asia-Pacific dominated the world crystalline silicon photovoltaic (pv) market and commanded more than 45% share of the overall market revenue, followed by Europe and North America. The Asia-Pacific c-Si PV market growth is mainly driven by factors such as increased government incentives & tariffs, and rising PV installation activities primarily in residential sector.

The utility-scale segment accounted for about 39% of the overall c-Si PV market in 2014. Highest installation capacity of Crystalline Silicon Photovoltaic (PV) in utility-scale enabled this sector to dominate the overall solar PV market.

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Asia-Pacific accounted for the majority of revenue in 2014 and is expected to maintain its dominance throughout the forecast period. This is attributed to the increased installation capacity, increased government initiatives, and increase in population that in turn increases the electricity demand. Moreover, improvement in renewable energy expenditure further boosts the installation of residential solar PV in Asian countries, particularly in China, Japan, and India.

However, Asia-Pacific is projected to be the fastest growing region throughout the analysis period, where major demand is from China, being dominant in the region especially in utility sector power plant PV installation. This is a result of government incentives and tariffs on free grid connectivity for small and medium-size distributed PV solar power producers. Moreover, improvement in solar plant installation capacity and increase in expenditures in the emerging markets (such as India and Japan) to satisfy the unpredictable electricity needs in these countries have bolstered the market growth. Technological advancements for cost-effective PV technologies in these nations offer a lucrative opportunity for the crystalline silicon photovoltaic (pv) market growth.

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Key findings of the study:

  • In 2014, multi-crystalline type led the overall crystalline silicon photovoltaic (pv) market revenue, and is projected to grow at a CAGR of 8.7% during the forecast period.
  • Residential segment is expected to grow at a notable growth, owing to the increased solar PV installation worldwide to satisfy unpredictable household electricity demand.
  • China is the major shareholder accounting for about half of the market share in overall Asia-Pacific Crystalline Silicon Photovoltaic (PV) market.

The key players in the crystalline silicon photovoltaic (pv) market are focused to expand their business operations in the emerging countries with new product launches as a preferred strategy. The major players profiled in this report include Hanwha Q CELLS Co. Ltd., Evergreen Solar Inc., JA Solar Holdings, Yingli Solar, Sharp Corporation, Jinko Solar, Canadian Solar Inc., China Sunergy, First Solar Inc., and SunPower Corporation.

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