Crystalline Silicon PV Market
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<strong>Crystalline</strong> <strong>Silicon</strong><br />
<strong>PV</strong> <strong>Market</strong><br />
Opportunity Analysis and Industry Forecast, 2016-2023<br />
Global Opportunity Analysis and<br />
Industry Forecast,<br />
2014-2022
Introduction<br />
The global <strong>Crystalline</strong> <strong>Silicon</strong> Photovoltaic (<strong>PV</strong>) <strong>Market</strong> is expected to garner $163 billion<br />
by 2022, registering a CAGR of 11.3% during the period 2016-2022<br />
<strong>Crystalline</strong> silicon is the foremost semiconducting material widely used in photovoltaic<br />
technology<br />
Presently, rise in demand for greater efficiency and increased application of crystalline<br />
silicon in photovoltaic (<strong>PV</strong>) technology as it is more space efficient and cost-effective<br />
compared to thin film semiconducting material are some of the major factors that drive<br />
the market growth<br />
Highest installation capacity of crystalline silicon <strong>PV</strong> in utility-scale enabled this sector to<br />
dominate the overall solar <strong>PV</strong> market<br />
Moreover, improvement in renewable energy expenditure further boosts the<br />
installation of residential solar <strong>PV</strong> in Asian countries, particularly in China, Japan, and<br />
India.
Key Factors of the <strong>Market</strong><br />
• Presently, energy efficiency is one of the major concerns among solar<br />
module manufacturers as collection efficiency of solar energy is very less.<br />
c-Si has the highest energy efficiency among other <strong>PV</strong> technologies<br />
• <strong>Crystalline</strong> silicon <strong>PV</strong> market has significant growth potential as the market<br />
is full of opportunities owing to shift of consumers from conventional<br />
energy sources to natural energy sources<br />
• <strong>Crystalline</strong> silicon solar panels are predominantly used in solar systems<br />
owing to its various advantages over other semi-conductor material based<br />
solar panels such as amorphous silicon and non-silicon materials<br />
• Rise in electricity consumption coupled with increase in government<br />
expenditure in photovoltaic technology worldwide are expected to provide<br />
huge impetus to the market growth
<strong>Crystalline</strong> <strong>Silicon</strong> <strong>PV</strong> <strong>Market</strong><br />
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Key Benefits of the <strong>Market</strong><br />
• In 2014, multi-crystalline type led the overall crystalline silicon <strong>PV</strong> market revenue,<br />
and is projected to grow at a CAGR of 8.7% during the forecast period<br />
• Residential segment is expected to grow at a notable growth, owing to the<br />
increased solar <strong>PV</strong> installation worldwide to satisfy unpredictable household<br />
electricity demand<br />
• Presently Asia pacific leads the world crystalline silicon <strong>PV</strong> market and it is expected<br />
to continue this trend throughout the forecast period owing to the swift rise in<br />
electricity demand from several countries including China, Japan and India<br />
• China is the major shareholder accounting for about half of the market share in<br />
overall Asia-Pacific crystalline silicon <strong>PV</strong> market
<strong>Market</strong> Segmentation
<strong>Market</strong> Segmentation
Key Players of the <strong>Market</strong><br />
• Hanwha Q CELLS Co. Ltd.<br />
• Evergreen Solar Inc.<br />
• JA Solar Holdings<br />
• Yingli Solar<br />
• Sharp Corporation<br />
• Jinko Solar<br />
• Canadian Solar Inc.<br />
• China Sunergy, First Solar Inc., and<br />
• SunPower Corporation<br />
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