Market Size of Crystalline Silicon Solar PV Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 5.30 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Crystalline Silicon Solar PV Market Analysis
The Crystalline Silicon Solar PV Market is expected to grow at CAGR of 5.3% during the forecast period of 2022-2027. The COVID-19 outbreak had a very slight impact on the market growth and negatively affected the supply chain in Q1 and Q2 2020. In 2020, the global solar PV capacity additions were estimated to be around 107 GW, representing stable growth from 2019. The favorable government regulations and increasing investments in renewable energy will have a positive impact on the growth of the market during the forecast period. However, high initial investment and reduced efficiency of crystalline silicon at very high temperatures restrain the market growth.
- Poly-Crystalline (or) Multi-Crystalline Silicon PV is expected to dominate the market, owing to its low cost and higher space efficiency as compared to mono-crystalline PV.
- 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 in the market.
- Asia-Pacific is expected to dominate the market, due to increase in solar energy installations across the region.
Crystalline Silicon Solar PV Industry Segmentation
The scope of Crystalline Silicon Solar PV Market includes:
| By type | |
| Mono-Crystalline | |
| Poly-Crystalline or Multi Crystalline |
| By End-User | |
| Commercial | |
| Residential | |
| Utility Scale |
| Geography | |
| North America | |
| Europe | |
| Asia-Pacific | |
| South America | |
| Middle-East and Africa |
Crystalline Silicon Solar PV Market Size Summary
The Crystalline Silicon Solar PV Market is poised for steady growth, driven by favorable government regulations and increased investments in renewable energy. Despite the slight disruption caused by the COVID-19 pandemic, the market has shown resilience, with stable capacity additions. The market is characterized by the dominance of Poly-Crystalline Silicon PV due to its cost-effectiveness and higher space efficiency compared to mono-crystalline options. Technological advancements and increased government spending on renewable energy projects are expected to create further growth opportunities. However, challenges such as high initial investment costs and reduced efficiency at elevated temperatures may hinder market expansion.
Asia-Pacific is anticipated to lead the market, bolstered by a surge in solar energy installations across the region. The region's significant share of global solar power capacity is largely attributed to China's robust contribution. The reduction in the Levelized Cost of Energy (LCOE) has facilitated increased solar energy adoption in developing countries within the region. The market is fragmented, with key players like Hanwha Q CELLS, JA Solar Holdings, Sharp Corporation, JinkoSolar Holding Co., Ltd, and Canadian Solar Inc. actively participating. The ongoing construction of solar projects and the commissioning of new manufacturing plants in China further underscore the region's dominance and the market's growth trajectory.
Crystalline Silicon Solar PV Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Market Size and Demand Forecast in USD million, till 2027
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1.3 Recent Trends and Developments
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1.4 Government Policies and Regulations
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1.5 Market Dynamics
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1.5.1 Drivers
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1.5.2 Restraints
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1.6 Supply Chain Analysis
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1.7 Porter's Five Force Analysis
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1.7.1 Bargaining Power of Suppliers
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1.7.2 Bargaining Power of Consumers
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1.7.3 Threat of New Entrants
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1.7.4 Threat of Substitutes Products and Services
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1.7.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 By type
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2.1.1 Mono-Crystalline
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2.1.2 Poly-Crystalline or Multi Crystalline
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2.2 By End-User
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2.2.1 Commercial
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2.2.2 Residential
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2.2.3 Utility Scale
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2.3 Geography
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2.3.1 North America
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2.3.2 Europe
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2.3.3 Asia-Pacific
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2.3.4 South America
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2.3.5 Middle-East and Africa
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Crystalline Silicon Solar PV Market Size FAQs
What is the current Crystalline Silicon Solar PV Market size?
The Crystalline Silicon Solar PV Market is projected to register a CAGR of 5.30% during the forecast period (2024-2029)
Who are the key players in Crystalline Silicon Solar PV Market?
Hanwha Qcells Co. Ltd., JA Solar Holdings, SHARP CORPORATION, Canadian Solar Inc. and JinkoSolar Holding Co., Ltd. are the major companies operating in the Crystalline Silicon Solar PV Market.
