Solar Cells Market size worth over $100 billion by 2024: Global Market Insights Inc. Solar Cells Market size is likely to exceed USD 100 billion by 2024, as per a new research report by Global Market Insights, Inc. Growing adoption of clean fuel technologies over conventional will drive global solar cells market size. Government initiatives towards energy conservation and carbon footprint may favor the business growth. Rising demand for off grid electricity coupled with decreasing photovoltaic component cost is anticipated to drive the solar cells market share during forecast period. As of 2014, over 600 million people in Africa have no or poor access to reliable electricity.
In 2016, Government of India has announced a budget of over USD 700 million to install 5 GW of grid connected photovoltaic project by 2020. These initiatives may boost the overall business growth in the region. World bank and International Finance Corporation have introduced several programs including “Lighting Africa� to promote the use of photovoltaic products over conventional lighting source among off grid population. Increasing demand for reliable electricity coupled with favorable polices to promote renewable energy including solar may further compliment the industry outlook. The Government of India has introduced various incentives such as accelerated depreciation, capital subsidies, tax benefits, feed in tariff and renewable energy certificates which may positively affect the overall industry growth.
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