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Solar Cell Market to Reach $367.23 Billion, Globally, by 2031 at 15.8% CAGR: Allied Market Research
Rise in installations of renewable energy sources for power generation across the globe, increase in awareness regarding the use of low carbon intensive technologies to mitigate greenhouse gas (GHG) emission, and the presence of government incentives drive the growth of the global solar cell market. Moreover, increase in investment in green energy resources among the developing and developed countries present new opportunities in the coming years.
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Based on type, the crystalline segment held the highest market share in 2021, accounting for nearly 89% of the global solar cell market, and is estimated to maintain its leadership status throughout the forecast period, owing to heightened demand of renewable energy and increase in electricity demand, which is further supported by the rise in population globally. Limited availability of fossil fuels and strict government regulations on carbon emission create the strong need for efficient and cost-effective renewable energy sources such as solar energy. The report also analyzes thin film segment.
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Based on installation type, the utility-scale segment accounted for the largest share in 2021, contributing to nearly two-fifths of the global solar cell market, and is projected to maintain its lead position during the forecast period. This is attributed to the rapid industrialization and decrease in fossil fuel resources across the globe. However, the residential segment is expected to portray the largest CAGR of 16.6% from 2022 to 2031. Implementation of government initiatives in developed as well as developing economies to curb carbon emissions and reduce the usage of conventional fuels to generate energy led to increase in usage of rooftop solar PV systems to generate electricity for household purposes. To encourage more usage of this technology than before, governments have offered various types of subsidies such as lowering the property tax of residents who install solar cells over their houses.
Based on region, Asia-Pacific held the highest market share in terms of revenue 2021, accounting for more than half of the global . Moreover, the same region is expected to witness the fastest CAGR of 16.2% from 2022 to 2031. This is attributed to rise in usage of solar energy in standalone systems such as solar street lamps and telecommunication & signaling towers. Rapid industrialization and urbanization across countries of Asia-Pacific region such as India , China , and Thailand have led to increase in infrastructure development activities, including construction of highways and new residential complexes. This, in turn, is expected to fuel the demand for standalone systems. The research also analyzes regions including North America , Europe , and LAMEA.
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The report provides a detailed analysis of these key players of the 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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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon . Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar , the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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