Crystalline silicon (c-Si) is one of the most widely used semiconductor material in photovoltaic (PV) technology to manufacture solar cells. c-Si occupies more than 90% of the total PV market revenue owing to its several benefits such as improved efficiency, high voltage rating, and high absorption factor among others. Crystalline silicon solar cells are primarily used in PV systems that are specially designed to convert light energy into electrical energy. Based on crystal structures, theses solar cells can be classified as mono-crystalline and multi-crystalline. Among these types mono-crystalline wafers have better material parameters. However, multi-crystalline offers better performance as compared to mono-crystalline. The world crystalline silicon PV market is expected to grow at a CAGR of 11.3% during the forecast period.
The world crystalline silicon PV market is driven by high 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. Crystalline silicon solar cells are highly efficient as compared to its rival technologies, for instance, amorphous silicon and non-silicon solar cells. However, high initial investment and reduced efficiency of crystalline silicon at very high temperatures restrain the market growth. Technological advancements in the field of solar cells to increase efficiency and rise in government spending on renewable energy projects are expected to provide growth opportunities for the market.
The market is segmented on the basis of type, end user, and geography. The type segment is classified into mono-crystalline silicon and multi-crystalline silicon. On the basis of end user, it is classified into commercial, residential, and utility-scale. Based on geography, it is analyzed across North America (U.S., Mexico, and Canada), Europe (UK, Italy, Germany, France, and rest of Europe), Asia-Pacific (China, India, Japan, Australia, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
Major companies profiled in the report include Hanwha Q CELLS Co. Ltd., SolarWorld AG, JA Solar Holdings, Yingli Solar, Sharp Corporation, Jinko Solar, Canadian Solar Inc., China Sunergy, Trina Solar Limited, and SunPower Corporation.
POTENTIAL BENEFITS FOR STAKEHOLDERS
The world crystalline silicon PV market is segmented on the basis of type, end user, and geography.
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