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According to a market research released by Technavio, the global solar cell market is expected to grow at a compound annual growth rate of 16% in 2016-2020.

As of 2015, lithium-ion batteries accounted for 37% of the total market. These batteries have high energy density and stronger charging and discharging capacity. It is increasingly used in electronic devices such as laptops, smartphones, laptops and tablets. It is expected to dominate the solar photovoltaic power system in the next few years.

America will dominate the solar cell market

Thanikachalam Chandrasekaran, one of the main market research analysts of Technavio Energy Storage Research, said: "During the forecast period of 2016-2020, the solar cell market in the Americas will grow steadily, with a compound annual growth rate of more than 14%."

The market is expected to continue to dominate due to the increase in the number of smart solar projects and the support of the U.S. government's solar subsidies.

Lithium ion battery cost will decrease

Due to the development of battery technology, the dependence of consumers on high-quality batteries and the support of government policies to promote market growth, the cost of lithium-ion batteries will decrease. The South American market has not lagged behind, and a number of smart grid projects have also been announced.

EMEA: Environmental government policies promote the market

The solar cell market in Europe, the Middle East and Africa (EMEA) will be increasingly supported by government policies, such as feed in tariff subsidies.

By 2020, 20% of energy consumption in Europe will come from renewable energy. Due to the instability of power supply, the countries in the Middle East and Africa have frequent power outages and grid problems. This problem is being overcome by gradually adopting off grid energy storage system.

Strong energy demand in the Asia Pacific market

The growing demand for solar energy in the residential and utility industries will bring huge investment to this market. China, Japan, India and Australia are the main sources of income in the Asia Pacific region. (Tina)

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