Crystalline Silicon PV Cell Market to Reach $52.8 Billion, Globally, by 2033 at 3.9% CAGR: Allied Market Research

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Aug 15, 2024, 00:30 ET

The global crystalline silicon PV cell market is propelled by rise in adoption of highly efficient solar cells for producing solar panels that can be used in a wide range of residential, commercial, and utility-scale facilities. Factors such as rise in consumer awareness, regulatory initiatives, technological advancements, sustainability trends, market consolidation, and geographical expansion contribute to the dynamic growth of the crystalline silicon PV cell market.

WILMINGTON, Del. , Aug. 15, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Crystalline Silicon PV Cell Market by Type (Mono Crystalline and Multi/Poly Crystalline) and Application (Commercial, Residential and Utility Scale): Global Opportunity Analysis and Industry Forecast, 2024-2033". According to the report, the crystalline silicon PV cell market was valued at $35.5 billion in 2023, and is estimated to reach $52.8 billion by 2033, growing at a CAGR of 3.9% from 2024 to 2033.

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Prime determinants of growth

The global crystalline silicon PV cell market is driven by rise in government incentives provided in countries such as India, China, and others for installation crystalline silicon-based PV cell in different facilities. For instance, in February 2024, the Prime Minister of India launched the PM Surya Ghar Muft Bijli Yojana for installing solar panels on rooftops. Furthermore, the Indian government is providing several subsidies over purchase of solar panels. This factor has surged the adoption of crystallized silicon PV cell-based solar panels across both residential and commercial facilities; thus, fueling the growth of the crystalline silicon PV cell market However, high initial costs of crystalline silicon PV cells may restrain the growth of the crystalline silicon PV cell market.

Report coverage & details:

Report Coverage	Details
Forecast Period	2024–2033
Base Year	2023
Market Size in 2023	$35.5 billion
Market Size in 2033	$52.8 billion
CAGR	3.9 %
No. of Pages in Report	350
Segments covered	Type, Application, and Region
Drivers	Public policies and regulatory support Growing preference for sustainable activities Rapid shift towards renewable energy sources
Opportunities	Government incentives and subsidies Technological Advancements
Restraints	High initial costs

The mono-crystalline segment to maintain its lead position during the forecast period.

The mono-crystalline silicon PV cell possesses various significant properties such as high efficiency, durability, appealing aesthetics, and others which in turn has surged its application in solar panels. These cells are mostly favored for commercial and residential installations where space and appearance are important factors. Factors such as rise in installations of rooftop solar panel in both residential and commercial facilities is expected to lead the crystalline silicon PV market for mono-crystalline.

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The commercial segment to maintain its lead position during the forecast period.

Rapid advances in crystalline silicon PV cell technology have led to higher efficiency rates, meaning that commercial installations can generate more electricity from a given amount of sunlight. This efficiency translates to better utilization of available roof space or land area.

Furthermore, crystalline silicon PV cells are known for their durability and long operational life. With warranties often extending 25 years or more, businesses can rely on these systems for consistent performance over decades.

In addition, many governments offer incentives to encourage the adoption of solar energy. These incentives include tax credits, rebates, grants, and accelerated depreciation benefits. For instance, in the U.S., the Investment Tax Credit (ITC) allows businesses to deduct a significant percentage of the installation cost from their federal taxes on installation of solar panels. This factor may augment the growth of the crystalline silicon PV cell market for commercial applications.

Asia-Pacific to maintain its dominance by 2033

The crystalline silicon PV cell market in the Asia-Pacific region continues to expand, driven by factors such as government policies and incentives, rise in energy demand, cost reduction in renewable energy-related products, and technological advancements in countries such as China, India, and Japan. India has implemented supportive policies and incentives for renewable energy, including solar, wind, geothermal, and others. For instance, according to a report published by the Indian Ministry of New and Renewable Energy, in December 2022, the Indian government provided surplus incentive under the Production Linked Incentive (PLI) scheme for high efficiency solar modules. This factor is expected to surge the utilization of crystalline solar PV cell-based high efficiency solar panels in the country; thus, fueling the growth of the crystalline solar PV cell market.

In addition, the Asia-Pacific region is experiencing rise in energy demand from the past decade owing to factors such as rapid industrialization, growing urbanization, and rise in technological advancements. For instance, according to a report published by International Energy Agency in 2022, China has become the world's leading clean energy powerhouse meanwhile India is projected to witness the largest energy demand growth over the next three decades. This event is to increase the demand for crystalline silicon PV cell-based solar panels across numerous end-use sectors; thus, boosting the growth of the crystalline silicon PV cell market during the forecast period.

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Leading Market Players: -

Suniva Inc.
Targray
Sova Solar
Central Electronics Limited
Mose Solar
Sunlike Solar
Aoli Solar
LIGHTWAY
AIDU ENERGY
Amso Solar

The report provides a detailed analysis of these key players in the global crystalline silicon PV cell market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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