Technological advancements in photovoltaic energies and increasing support from government bodies propels the crystalline silicon PV market.
Solar energy as a renewable source is fast outpacing the use of energy derived from fossil fuels.This is largely driven by the issue of ecologically sustainable development in the present era. Photovoltaic energy derived from different types of solar cells, especially silicon-made batteries, has put a demand on the crystalline silicon PV market. This particular variant of semiconductor material used in solar panels has proved more efficient than amorphous silicon and non-silicon solar cells, thus account. Moreover, increasing number of investments in renewable energy projects by the government has augmented the share of crystalline silicon PV (c-Si) market.There are strict regulations by governing bodies on the carbon emission by fossil fuel, which has put a greater need on photovoltaic energy as a renewable source.
The market is divided into different segments based on type, end-user, and application. Analysts at Allied Market Research have studied the industry closely and come up with a report that highlights the driving factors and restraints to the market. They have analyzed the key market players engaged in the industry and highlighted the geographical presence of the crystalline silicon PV market in different regions. There is limited availability of fossil fuels, due to which the use of crystalline silicon PV in sustainable energy applications propels its market.
Perovskite technology boosts c-Si PV performance
The advancement of photovoltaic technology is brought about by the usage of different semi-conductor materials in the manufacture of solar cells. Pure silicon wafer are the most widely preferred materials in the production of solar cells. But these face a certain limitation in stability and efficiency, when competing at par with fossil fuels. This problem can be combated by perovskites (thin-films) combined with silicon wafers. The emerging usage of perovskite material in sync with c-Si PV has been the latest trend in the crystalline silicon PV market. This has enhanced productivity of the silicon cells and led to the creation of highly-effective solar panels. There is a significant reduction in overall costs and fewer components surrounding the cell. Thin film crystalline silicone PV enables better solar-to-electric conversion efficiency.Many companies adopt newer trends to attract more customer and expand their product lines. GreentechLead highlights the use of this technology and implementation of perovskites alongside multi-crystalline c-Si at lower costs in solar panels. The crystalline silicon PV is manufactured with thin films to enable lesser raw material usage and production at lower temperatures. This has expanded the horizon of the crystalline silicon PV market and ultimately propelled the developments in solar technology.
Asia-Pacific region conducive to solar technologies
Over the next few years, Asia-Pacific region is anticipated to be the fastest growing market. Countries in this region have favorable geographic conditions to harness the potential of solar technologies. Further, the market can be financially lucrative for countries, such as India and China. The reigning governments have encouraged investment in renewable solar energy in particular, in a conscious effort to expand energy production. The rise in population and increased demand for electricity generation has supplemented the market growth in these countries. To meet the targets for solar energy production, the making and consumption of polycrystalline silicon PV in solar panels will surge substantially in the next few years. This will be done to cater to residential, commercial, and utility-scale needs. However, India lacks in other manufacture of upstream supply chain components, as it holds only cell and module manufacturing capacities. To meet the requirement in solar technologies, it has to source its remaining mechanisms from China. Even companies, such as Hanwha Q CELLS Co., Ltd., SolarWorld AG, Canadian Solar Inc., and SunPower Corporation are making their market presence felt by setting up units to expand their solar modules production capacities in the region.
Solar project funding promise great potential for the market
The world populace is focusing on reducing its carbon emissions. The limelight has shifted from fossil-based energy sources to energy derived from renewable eco-friendly sources. Solar energy has the largest potential to be tapped for this scenario. Environmental organizations and governments are providing favorable economic conditions for development of solar technologies. Businesses and commercial set-ups that employ the use of photovoltaic energies are earning subsidies and grants to boost them. Funding also goes a long way to encourage the penetration of solar technologies in the market.For example, the US Energy Department has launched a SunShot Initiative which aims at providing a funding of 107 million USD for solar projects. The initiative plans to fund 40 projects that can significantly improve PV performance, reliability, and manufacturability. Its goals include driving down the levelized cost of utility-scale PV electricity to 0.06 USD per kilowatt hour. Such funding enterprises can improve better raw material usage and enhance energy output. This means a greater focus on developing mono-crystalline and multi-crystalline silicon PV cells for energy generation can be done. When renowned institutions and organizations give financial backing for solar projects, it can ultimately help in the growth of crystalline silicon PV market.
The global crystalline silicon PV market is set to witness a major boost in the next few years. Photovoltaic technology is expected to be the future of energy, with the decrease in dependency on fossil fuels. In a bid to reduce carbon footprints, individuals and businesses alike are adopting solar technology at grass root levels. Utility-scale segment is the largest market consumer, with greater consumption for electricity grids connections. The usage of c-Si has ensured highest energy-efficiency as compared to other PV technologies. With many stakeholders involved in the development of this industry, the crystalline silicon PV market is here to stay.
Omkar Gaikwad, Allied Market Research