The crystalline solar cells market is projected to surpass $40 billion by 2032
From GlobeNewswire: 2024-09-25 06:30:00
The crystalline solar cells market is projected to surpass USD 40 billion by 2032. Advancements like PERC and bifacial technologies are enhancing cell efficiency and attracting consumers while increasing demand in residential, commercial, and utility sectors. This trend towards more efficient and affordable solar solutions may lead to broader adoption and competition, ultimately accelerating market growth globally.
Polycrystalline solar cells are gaining ground from 2024 to 2032 due to their cost-effectiveness and reliable performance in various applications. Their simpler manufacturing processes lead to lower production costs, making them a popular choice for both residential and commercial installations, driving segment growth in the crystalline solar cells market.
Back-Surface Field (BSF) technology in crystalline solar cells is predicted to dominate the market by 2032, thanks to its enhanced efficiency and performance in light absorption and electron recombination rates. The technology’s ability to boost energy conversion rates is driving its popularity in residential and large-scale solar projects, meeting the growing demand for advanced solar energy solutions.
North America’s crystalline solar cells market is expected to experience significant growth through 2032, supported by the region’s focus on renewable energy adoption, strong technological infrastructure, investments in solar technology, and supportive government policies driving innovation in cell efficiency and performance.
Key players in the crystalline solar cells market like Canadian Solar, Jinko Solar, DuPont, and SunPower Corporation are investing in advanced manufacturing technologies and partnerships to enhance product efficiency and expand their market presence. Efforts to reduce production costs and improve supply chain efficiency are crucial in maintaining a competitive edge and driving market growth.
Global Market Insights Inc. is a global market research and consulting service provider based in Delaware, U.S., offering syndicated and custom research reports in industries like chemicals, renewable energy, and biotechnology. Their reports provide actionable market data for strategic decision-making, helping clients in various sectors make informed choices.
Read more at GlobeNewswire: Crystalline Solar Cells Market to hit $40 Bn by 2032, Says