Dover, DE -- (SBWIRE) -- 04/28/2016 -- Solar cells market size is anticipated to witness significant growth from 2016 to 2023. The surge in the industry can be attributed to the rising global awareness regarding solar power.

Increasing dependence on unconventional energy accompanied by rising adverse environmental impacts from fuel based power plants is expected to drive industry demand over the forecast period. In addition, rapid technological awareness might substantially impact industry growth.

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Monocrystalline technology is likely to gain relatively higher solar cells market share over the several coming years. The relativity between the two can be addressed to the rising demand for more efficient as well as cost effective technology. The technology is expected to exhibit more efficient nature when compared to other technologies and will gain high industry share.

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Monocrystalline technology is likely to exhibit 2% higher efficiency than that of the cells with multicrystalline technology. Furthermore, the N-type monocrystalline cells are likely to offer 24% higher efficiency rate. As of 2015, the average cost of production for this cell was estimated around USD 0.38 per watt whereas; the average cost of production for multi-crystalline cells was estimated around USD 0.34 per watt.

In addition, monocrystalline average selling price is USD 0.44 per watt whereas; multicrystalline it is around USD 0.38 per watt. The aforementioned costs is likely to conclude that monocrystalline cells offer 5.7% higher margin when compared to energy production rates offered by multicrystalline solar cells. Furthermore, it is expected to offer 4 to 8 percent higher average output when compared to the output capacity offered by the other module of same size and a lower BoS (balance-of-system) cost.

Distributed photovoltaic systems on roof tops are expected to record the significance of these cells. U.S. and Japan solar cells market is anticipated to exhibit high demand for monocrystalline rooftop system modules. The surge in the demand can be attributed to the increasing fulfillment demands for higher output per construction area. As of 2014, total roof top installations in U.S. as well as Japan surpassed 10 GW and it is likely to reach 11 GW over the several forthcoming years.

Multicrystalline is expected to be the preferred choice of technology for fulfilling high volume energy demands. The spur in demand for the technology can be attributed to the advantageous cost ratio offered by multicrystalline technology. For instance, GCL has extended its wafer capacity from 3.5 GW to 10 GW from 2010 to 2013 respectively. This technology had accounted for more than 80% of the overall production in 2013 and is expected to dominate the industry owing to the profitable coast ratio offered by the technology over the several forth coming years.

Due the increasing demand, monocrystalline wafer manufacturers are expected to expand their production capacity from 2016 to 2023, which was valued at 14.1 GW in 2014 and is likely to account for 23.5% of the overall solar cell production capacity. This capacity is expected to exceed 25% and could be valued over 17 GW over the forecast period.

Monocrystalline systems are likely to experience low market penetration and fierce competition from multicrystalline as it is estimated to account for more than 75% of the overall solar energy production. China solar cells market is estimated to posses more than 70% of the multicrystalline module. The spur in the region can be subjected to rising initiatives for promoting multicrystalline modules so as to consume their own cell production capacities that are expected to account for 55% of the overall capacity.

Utility-scale systems are likely to represent 45 percent of the overall industry share in 2014 is subjugated by multicrystalline modules. However, monocrystalline modules are anticipated to gain its prominence over the forecast period. The growth in the industry can be addressed to proliferating rooftop installations and rising demand for advanced efficient products. The global monocrystalline solar cells market is anticipated to account for more than 27% over the forecast period.

Key industry participants occupying major solar cells market share include Neo Solar Power (NSP), Gintech, Longi, Comtec, Zhonghuan, Solargiga and Jinglong among others. Industry participants such as Zhonghuan, Longi, Jinglong, Solargiga and Comtec were estimated to account for more than 85% of the overall monocrystalline wafer production in 2013.