Solar Cell Market to grow at over 12% CAGR from 2016 to 2024

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Solar Cell Market trends research and projections
for 2016-2024 Fractovia.org
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Key Insights of Soalr Cell Market

• The Solar Cell Market trends are analyzed from
  recent past with an eye on coming years in this
  report that also offers projections for Solar
  Cell industry targeted at helping in business
  decisions.
• Solar cells market is all set to witness a
  spectacular growth over the years ahead with the
  evolving demand for sustainable energy sources
  globally. The increasing government initiatives
  to promote renewable energy resources coupled
  with the concerns about negative environmental
  impact via the conventional sources will propel
  the solar cells industry growth over the coming
  years. According to Global Market Insights, Inc.
  Global Solar Cells market size worth USD 35
  billion in 2015 is set to record an appreciable
  growth rate of 12 over the period of 2016-2024.
• In addition to the aforementioned factors, the
  increasing electricity demand is another vital
  driver for the solar cells industry. Estimates
  suggest that nearly 1 billion global population
  are deprived of reliable power supply resources,
  which is creating a huge growth ground for the
  solar cells market.

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Continued

• The government worldwide is also actively
  participating to address the rising electricity
  demand. For instance, Government of India has
  approved a budget of Rs. 50 billion under NSM
  (National Solar Mission) for setting up Grid
  Connected Rooftop Systems (4.25 GW) in the
  country. South Africa, which is a major region
  facing lack of reliable electricity sources is
  set to register a CAGR of 12 over the period of
  2016-2024.
• Also, with the technological advancements, the
  product cost has also reduced significantly,
  which is in turn favoring its demand globally. In
  this regard, crystalline silicon technology based
  solar cells market will grow substantially with a
  target revenue of USD 65 billion by 2024. Thin
  film solar cells market will also witness a rapid
  surge over the coming years with an estimated
  capacity of 81 GW by 2024.
• The developing countries are estimated to witness
  a huge adoption of these systems, owing to the
  growing demand for decentralized generation
  systems across these regions. In response to this
  fact, off-grid solar systems market is projected
  to witness a notable surge with a capacity target
  of 45 GW by 2024.

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U.S. Solar Cells Market size, by product, 2013
-2024 (USD Million)

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Continued.

• Solar cells market is accumulating a substantial
  share through its increasing applications across
  the residential, commercial, and utility sectors.
  Chile, where the execution of huge commercial and
  utility projects is on a peak, is estimated to
  contribute noticeably toward global solar cells
  market revenue, with a projected revenue of USD
  700 million by 2024.
• The global awareness toward reducing carbon
  footprints and adoption of renewable energy
  sources will lead to a rapid growth in Europe
  U.S. solar cells industry. As per the report,
  Europe solar cells market is forecast to record a
  CAGR of 17 over 2016-2024.
• The global expansion of the solar cells industry
  will undoubtedly increase over the coming years
  with the depleting conventional resources and
  rising power supply demands. Key participants
  include Mitsubishi Electric Corporation, Jinko
  Solar, Trina Solar, First Solar, Moser Baer India
  Ltd, etc.

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