Global Polycrystalline Solar Cell (Multi Si) Market – Industry Trends and Forecast to 2029

Global Polycrystalline Solar Cell (Multi Si) Market, By Grid Type (Grid Connected, Off-Grid), Installation (Ground-Mount, Rooftop Solar PV), Technology (Crystalline Silicon Cells, Thin Film Cells, Ultra-Thin Film Cells), Application (Residential, Commercial, Industrial, Power Utilities) – Industry Trends and Forecast to 2029.

 Polycrystalline Solar Cell (Multi Si) Market Analysis and Size

The polycrystalline solar cell (Multi Si) market is driven by the high demand of renewable energy and upsurge in the electricity demand. Strict government regulations on carbon emission and limited availability of fossil fuels create the strong need for cost-effective and efficient sources such as solar energy. Polycrystalline solar cell (Multi Si) are highly efficient compared to other alternative technologies, such as non-silicon solar cells and amorphous silicon. Furthermore, introduction of advanced technology and increasing research and development activities are expected to boost the demand for the nanocrystal solar cell that will lead to the growth of the polycrystalline solar cell (Multi Si) market during the forecast period of 2022-2029.

Data Bridge Market Research analyses that the polycrystalline solar cell (Multi Si) market was valued at USD 25,203.40 million in 2021 and is expected to reach USD 35,841.77 million by 2029, registering a CAGR of 4.50 % during the forecast period of 2022 to 2029. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.

 Polycrystalline Solar Cell (Multi Si) Market Scope and Segmentation

Market Definition

 Polycrystalline Solar cells are made by many silicon crystals in a single photovoltaic cell. The wafers of these cells are made by melting together numerous fragments of silicon. These poly crystalline silicon solar cells are made by highly pure silicon wafers that convert solar energy into electrical energy. This is dominant semiconducting material widely used in photovoltaic technology to manufacture solar cells. These solar cells are assembled into solar panels as part of a photovoltaic system to produce solar power from sunlight.

 Global Polycrystalline Solar Cell (Multi Si) Market Dynamics

Drivers

• Increase in Awareness regarding Adverse impact on Environmental

The demand for polycrystalline solar cells (Multi Si) has increased since they are based on renewable sources of energy and there is a greater awareness among market participants and consumers of the negative environmental impact of other solar cells. Additionally, the market is positively impacted by the growing reliance on unconventional energy sources, which is anticipated to fuel the expansion of the polycrystalline solar cell (Multi Si) industry.

• Increase in the installation of Solar System

The rise in the number of solar system installation further influence the polycrystalline solar cell (Multi Si) market growth. The rise in demand for polycrystalline solar cell (Multi Si) due to rising need to decline the prices of solar cell modules are expected to drive the market growth.

Furthermore, change in lifestyle, surge in investments, rapid urbanization and augmented consumer spending positively impact the polycrystalline solar cell (Multi Si) market.

Opportunities

• Technological advancement

Recent technical advancements have reduced the production cost of the crystalline silicon solar cell (C Si), which extends the profitable opportunities to the major market players in the forecast period. Furthermore, improvement in infrastructure development activities will further increase the growth of the polycrystalline solar cell (Multi Si) market.

Additionally, more strategic alliances and newly developing markets will work as market drivers and expand the favourable prospects for the industry's growth rate.

Restraints/ Challenges

• Environmental concern

However, due to the negative impact of silicon on the environment, the government has imposed some stringent regulations which are expected obstruct the demand of the polycrystalline solar cell (Multi Si) in the market.

• Lower productivity

The lower productivity of the polycrystalline solar cell (Multi Si) compared to other alternatives might be hinder the growth of the polycrystalline solar cell (Multi Si) market globally during the forecast period of 2022-2029.

This  polycrystalline solar cell (Multi Si) market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the polycrystalline solar cell (Multi Si) market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays

Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions.

Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.

COVID-19 Impact on Polycrystalline Solar Cell (Multi Si) Market

The COVID-19 had a negative impact on the polycrystalline solar cell (Multi Si) market due to the strict social distancing and lockdowns to contain the widespread of the corona virus. The partial shutdown of the business, economic uncertainty and low consumer confidence has impacted the demand of the polycrystalline solar cell (Multi Si) technology. The supply chain got hindered during this pandemic along with the delay logistics activities. However, the polycrystalline solar cell (Multi Si) market is anticipated to recover its pace during the post pandemic scenario.

Expected Impact of Economic Slowdown on the Pricing and Availability of Products

When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.

Global polycrystalline Solar Cell (Multi Si) Market Scope

The polycrystalline solar cell (Multi Si) market is segmented on the basis of grid type, installation, technology and application. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Grid Type

• Grid Connected
• Off-Grid

 Installation

• Ground-Mount
• Rooftop Solar PV

Technology

• Crystalline Silicon Cells
• Thin Film Cells
• Ultra-Thin Film Cells

 Application

• Residential
• Commercial
• Industrial
• Power Utilities

Crystalline Silicon Solar Cell Market Regional Analysis/Insights

The polycrystalline solar cell (Multi Si) market is analysed and market size insights and trends are provided by country, grid type, installation, technology and application as referenced above.

The countries covered in the  polycrystalline solar cell (Multi Si) market report  U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

Europe dominates the polycrystalline solar cell (Multi Si) market in terms of revenue and share of market. This is due to the adoption of favorable initiatives by government for the installation of solar panel in this region.

North America is projected to be the fastest developing region during forecast period of 2022-2029 due to the growing level of investment for the adoption of sustainable energy in this region.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Polycrystalline Solar Cell (Multi Si) Market Share Analysis

The polycrystalline solar cell (Multi Si) market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to polycrystalline solar cell (Multi Si) market.

Some of the major players operating in the polycrystalline solar cell (Multi Si) market are:

• Exeger Operations AB (Sweden)
• Fujikura Europe Ltd. (U.K.)
• G24 Power Ltd. (U.K.)
• Konica Minolta Sensing Europe B.V. (Netherlands)
• Merck KGaA (Germany)
• Oxford PV (U.K.)
• Peccell Technologies, Inc. (Japan)
• Sharp Corporation (Japan)
• Solaronix SA (Switzerland)
• Sony Corporation (Japan)
• Ricoh (Japan)
• First Solar (U.S.)
• SunPower Corporation (U.S.)
• Suniva Inc (U.S.)
• Tata Power Solar Systems Ltd. (India)
• SHARP CORPORATION (Japan)
• ALPS Technology Inc. (U.S.)
• Solaris Technology Industry, Inc. (India)
• GREEN BRILLIANCE RENEWABLE ENERGY LLP (India)
• Trina Solar (China)
• Canadian Solar (Canada)