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Solar Cells Market Outlook 2022-2028 By Industry Players

Solar energy is one of the most sought-after mediums to generate electricity. Companies across the world are intensifying their research activities to understand the potential uses of this renewable source of energy and are developing advanced technologies in solar cells.


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Saif Bagwan

4 days ago | 3 min read
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Solar energy is one of the most sought-after mediums to generate electricity. Companies across the world are intensifying their research activities to understand the potential uses of this renewable source of energy and are developing advanced technologies in solar cells.

Since solar cells can absorb sunlight and convert it into electricity, it can fulfill all the energy needs of both the urban and rural areas. Moreover, unlike batteries, these cells do not use chemical reactions to produce electricity, making them environmentally safe. They also do not contain moving components like electric generators, thereby reducing unnecessary noise to a great extent and expanding the global solar cells market size.

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Below mentioned are the top 3 developments that will optimize the growth of this market:

Crystalline silicon solar cells gain traction among customers:

Crystalline solar cells may hold a large share of the global industry by 2028 as a significant quantity of solar cells are produced from crystalline silicon (c-Si) wafers. One of the major reasons why this type of solar cell is popular among end-users is the abundant availability of raw materials like silicon.

Silicon is the second most readily available raw material on Earth after oxygen and the crystal lattice formed by the silicon atoms creates an organized structure in the solar panels, which increases the scope of converting sunlight into electricity. There are many advantages of using crystalline silicon solar cells, including low cost, high efficiency, and longer lifespan as compared to other solar cells. These modules are predicted to last for 25 years or more without affecting their performance.

PERT solar cells installed for high efficiency:

The Passive Emitter Rear Totally Diffused (PERT) solar cell segment is anticipated to record a robust CAGR in the overall market through 2028 as this technology is widely used to improve the overall efficiency of solar cells. PERT solar cells have shown a high conversion efficiency rate of nearly 25% under regular conditions.

This rate is the highest ever seen in any silicon cell. In addition, Boron BSF PERT multi cells do not show any signs of light-induced degradation (LID) and incur the same ownership cost as that of PERC cells. PERT cells are highly flexible in their operations as they can be used for mono as well as bifacial cells.

Demand for monocrystalline cells may gain momentum:

Monocrystalline solar cells will be extensively deployed across various sectors as they are considered to be the most developed type of photovoltaic (PV) cells. Even though the cutting of these cells can cause a lot of wastage, they do offer the highest level of efficiency as compared to any other cell type.

These solar cells provide great flexibility as they are widely used in small and large-scale industrial, commercial, and residential projects. These cells require minimal space for installation, have a long lifespan, and can perform better in warm and high heat conditions, making them an ideal product for projects that are set up in remote areas with open space and abundant sunlight.

The rising focus on renewable energy technologies and the efforts taken to use solar power as a mainstream energy source in the future will positively influence the production and installation of solar cells. Motech Industries, Inc., SunPower Corporation, United Renewable Energy, LLC, Panasonic Corporation, JINERGY, and Jinko Solar, among others, are the prominent participants in this market. They are manufacturing crystalline and thin film polycrystalline, monocrystalline, amorphous silicon, cadmium telluride, and copper indium gallium diselenide photovoltaic cells. The cells are equipped with BSF, PERC/PERT/PERL/TOPCON, IBT, HJT, and GWT technologies.

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The manufacturers are signing merger, acquisition, and partnership deals with other companies to strengthen their customer base and expand their product range. Also, power companies are consistently looking for commercial and community deals for installing solar power projects, which will bolster solar cells demand. For example, in March 2022, Altus Power signed a partnership deal worth $600 million with Trammell Crow Co., a commercial real estate developer to install solar panels on 35 million sq. ft. of industrial property in the U.S. This partnership will allow Trammell to move away from power grids and reduce its carbon footprint.

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