According to the report published by Allied Market Research, the global photocell market generated $2.3 billion in 2021, and is projected to reach $3.6 billion by 2031, growing at a CAGR of 4.9% from 2022 to 2031. The report offers a detailed analysis of the top winning strategies, evolving market trends, market size and estimations, value chain, key investment pockets, drivers & opportunities, competitive landscape and regional landscape. The report is a useful source of information for new entrants, shareholders, frontrunners and shareholders in introducing necessary strategies for the future and taking essential steps to significantly strengthen and heighten their position in the market.
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Report coverage & details:
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $2.3 billion |
| Market Size in 2031 | $3.6 billion |
| CAGR | 4.9% |
| No. of Pages in Report | 255 |
| Segments Covered | Type, Voltage Rating, Application, and Region |
| Drivers | Increase in the standard of living |
| Increase in the building and construction activities across the globe | |
| Opportunities | Rise in the prevalence of smart homes, hospitals, stadiums, and hotels, |
| Rapid growth of the manufacturing industry | |
| Restrains | Extortionate investment |
COVID-19 Scenario:
- The COVID-19 pandemic had a negative impact on the growth of the global photocell market. Owing to the stringent regulatory procedures imposed by the governments of various countries across the globe, all sorts of building, construction, and infrastructural activities were closed, which adversely impacted the growth of the market.
- Besides, decrease in the growth rate of industries such as building & construction, transportation, manufacturing, and energy sectors had a significant impact on the global photocell market.
- In addition, reduction in skilled workforce and shortage of raw materials during the pandemic further aggravated the impact on the market. These restrictions were imposed by the government to limit the spread of the virus during lockdowns.
The report offers detailed segmentation of the global photocell market based on type, voltage rating, application, and region. The report provides a comprehensive analysis of every segment and their respective sub-segment with the help of graphical and tabular representation. This analysis can essentially help market players, investors, and new entrants in determining and devising strategies based on the fastest growing segments and highest revenue generation that is mentioned in the report.
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Based on type, the photo voltaic cell segment held the dominating market share in 2021, holding more than two-fifths of the global market, and is expected to maintain its leadership status during the forecast period. In addition, the same segment is expected to cite the fastest CAGR of 5.3% during the forecast period. The report also analyses other segments of the market such as photo conductive cell and photo emissive cell.
Based on voltage rating, the crystalline silicon segment held the dominating market share in 2021, holding more than two-fifths of the global market, and is expected to maintain its leadership status during the forecast period. In addition, the same segment is expected to cite the fastest CAGR of 5.3% during the forecast period. The report also analyses other segments of the market such as Amorphous Silicon and Polysilicon.
Based on application, the aviation segment held the largest market share in 2021, holding more than one-third of the global market, and is expected to maintain its leadership status during the forecast period. In addition, the same segment is expected to cite the fastest CAGR of 5.3% during the forecast period.
Based on region, the market across the Asia-Pacific region held the largest market share in 2021, holding nearly two-fifths of the global market, and is expected to maintain its leadership status during the forecast period. In addition, the same segment is expected to cite the fastest CAGR of 5.5% during the forecast period.
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The key players analyzed in the global photocell market report include ABB, Ltd., Autonics Corporation, Banner Engineering Corp., Goodman Electric, Green Energy Technologies, Pepperl+Fuchs SE, REC Solar Holdings AS, Shenzhen Enbon Optoelectronic Co., Ltd., SICK AG, SELCO Solar Light Private Limited, Solarworld, TDC Power Products Co., Ltd., Unitech Combustion, Walnut Innovations, and Westire Technology Ltd.
The report analyzes these key players in the global photocell market. These market players have made effective use of strategies such as joint ventures, collaborations, expansion, new product launches, partnerships, and others to maximize their foothold and prowess in the industry. The report is helpful in analyzing recent developments, product portfolio, business performance, and operating segments by prominent players in the market.
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