Global Solar Cells Market

Solar Cells Market Size, Share, Growth Analysis, By Type(Crystalline (Multi-Si, Mono-Si)), By Installation Type(Residential, Commercial) - Industry Forecast 2024-2031


Report ID: SQMIG55E2013 | Region: Global | Published Date: February, 2024
Pages: 257 | Tables: 66 | Figures: 75

Solar Cells Market Insights

Global Solar Cells Market size was valued at USD 85 billion in 2021 and is poised to grow from USD 100.07 billion in 2022 to USD 317.93 billion by 2030, growing at a CAGR of 15.8% in the forecast period (2023-2030).

The energy generated by the sun's rays is known as solar energy. Solar cells help convert this energy into electrical energy. After then, the electricity can be used to power electrical devices, sent into the power grid, or stored in a battery. Due to the low cost of PV panels and the widespread use of solar-powered equipment in the agricultural sector, the solar business has been growing rapidly over the past few years. Also, consumer awareness of solar water farming is rising as a result of government policies that encourage the generation of energy from renewable sources in order to lessen reliance on fossil fuels and to reduce pollution emissions. According to the U.S. Solar Energy Industries Association (SEIA), the government has implemented net metering and community solar laws, to encourage the use of photovoltaic technology to generate electricity.

Globally expanding renewable energy installations for power generation are driving up demand for solar panel module systems, which in turn is driving up demand for solar cells. The main market participants are concentrating on reducing the drawbacks of solar panels, and a drop in the price of PV modules is anticipated to boost industry expansion. Also, rising investments in renewable energy sources among developed and developing nations are boosting the demand for solar cells.

US Solar Cells Market is poised to grow at a sustainable CAGR for the next forecast year.

Market snapshot - 2024-2031

Global Market Size

USD 85 billion

Largest Segment

Crystalline

Fastest Growth

Crystalline

Growth Rate

15.8% CAGR

Global Solar Cells Market ($ Bn)
Country Share for Asia Pacific Region (%)
Global Solar Cells Market By Type ($ Bn)
Global Solar Cells Market By Type (%)

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Solar Cells Market Segmental Analysis

Global Solar Cells market is segmented based on type, installation type and region. Based on the type, the Solar Cells Market is segmented into Crystalline (Multi-Si, Mono-Si), Thin film (CdTe, a-Si, CI(G)S), Others. Based on the installation type, the Solar Cells Market is segmented into residential, commercial, and utility-scale. Based on the region, the Solar Cells Market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.

Solar Cells Market Analysis by Type

Based on the type, the market is segmented into Crystalline (Multi-Si, Mono-Si), Thin film (CdTe, a-Si, CI(G)S), Others. The market for solar cells worldwide is dominated by crystalline type solar cells. One of the most often utilised semiconductor materials in the production of solar cells using photovoltaic (PV) technology is crystalline silicon. Due to its many advantages, including increased efficiency, C-Si accounts for more than half of the market's revenue for solar cells. The exceedingly pure silicon wafers needed to construct crystalline silicon solar cells are then used to transform solar energy into electrical energy. The worldwide population growth and increased demand for power, which are both factors in the market for crystalline silicon solar cells, are driving forces.

There is a critical need for efficient and affordable renewable energy sources, such as solar energy, due to the scarcity of fossil fuels and severe government controls on carbon emissions. When compared to competing technologies like amorphous silicon and non-silicon solar cells, crystalline silicon solar cells are much more efficient. Growth prospects in the market are anticipated as a result of improvements in solar cell efficiency and rising government funding on renewable energy initiatives.

Global Solar Cells Market By Type, 2023 (%)

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Solar Cells Market Regional Insights

In 2022, Asia-Pacific region held significant share in the global Solar Cells market. Asia-Pacific, which includes China, Japan, India, South Korea, Thailand, Australia, and the rest of Asia-Pacific, dominates the worldwide solar cell market. PV energy is widely employed in Asia and the Pacific region to generate electricity for stand-alone systems and rural electrification. Also, the Asia-Pacific area is using more PV energy thanks to the expansion of the aerospace and defence industries. In the Asia-Pacific region, countries like India, China, and Thailand have experienced rapid industrialization and urbanisation, which has increased infrastructure development activities. These activities include building new residential complexes and highways, which is expected to increase demand for standalone systems. Moreover, photovoltaic panels are employed in satellites to produce electricity for the satellites' efficient operation in space. Hence, an increase in government spending on satellite research and development is anticipated to drive up demand for PV energy.

Global Solar Cells Market By Geography, 2024-2031
  • Largest
  • Fastest

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Solar Cells Market Dynamics

Solar Cells Market Driver

  • Globally, an energy shift is urgently required to keep the average global surface temperature increase to within 2° Celsius. As a result, there will be a tremendous growth in the installation of renewable energy sources over the next few years, which will cause the market to grow. Since that energy-related carbon dioxide emissions make about two-thirds of total greenhouse gas emissions, the switch from fossil fuels to low-carbon alternatives will be crucial. The market size has benefited from new energy targets set by various governments to promote a switch to sustainable energy. For instance, by the end of 2023, Brazil wants to derive 42.5% of its main energy from renewable sources.
  • According to the Carbon Brief research, the U.K. government intends for almost half of its electricity to come from renewable sources by 2025. By 2030, Germany will have achieved its goal of obtaining 65% of its energy from renewable sources. By 2030, China wants to use 16% renewable energy. Given the country's growth and investment, it is anticipated that renewable energy will hold a 26% share and surpass the goals established.

Solar Cells Market Restraint

  • High initial costs: Solar cells can be expensive to manufacture and install, which may limit their adoption in certain markets or by certain consumers.
  • Limited efficiency: While solar cell technology has improved in recent years, the efficiency of solar cells is still limited compared to other energy sources, which may impact their competitiveness in some markets.
  • Variability of solar power: The output of solar cells can vary depending on weather conditions, time of day, and other factors, which can make it difficult to rely on solar power as a primary energy source.

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Solar Cells Market Competitive Landscape

The market is fragmented in nature. The prominent players operating in the market are constantly adopting various growth strategies in order to stay afloat in the market. Product launches, innovations, mergers, and acquisitions, collaborations and partnerships, and intensive R&D are some of the growth strategies that are adopted by these key players to thrive in the competitive market. The key market players are also constantly focused on R&D in order to supply industries with the most efficient and cost-effective solutions.

Solar Cells Market Top Players Company Profiles

  • JinkoSolar Holding Co., Ltd.
  • Trina Solar Co., Ltd.
  • Canadian Solar Inc.
  • JA Solar Holdings Co., Ltd.
  • Hanwha Q Cells Co. Ltd.
  • LONGi Green Energy Technology Co., Ltd.
  • First Solar, Inc.
  • Yingli Green Energy Holding Company Limited
  • SunPower Corporation
  • Risen Energy Co., Ltd.
  • GCL-Poly Energy Holdings Limited
  • LG Electronics Inc.
  • REC Solar ASA
  • Neo Solar Power Corporation
  • Sharp Corporation
  • Motech Industries Inc.
  • SolarWorld AG
  • AU Optronics Corp.
  • Kyocera Corporation
  • Hareon Solar Technology Co., Ltd.

Solar Cells Market Recent Developments

  • In September 2022, in addition to the Vertex S+ modules for home installations, Trina Solar also debuted its Vertex N solar panels for commercial, industrial, and utility-scale projects.
  • A new distribution agreement for Latin America was signed by Jinko Solar Co., Ltd. and Aldo Solar in May 2022. JinkoSolar, the nation's top supplier of solar energy products with a market share of over 30% in the Distributed Generation category, will supply the most recent N-Type ultra-efficiency photovoltaic Tiger Neo modules to Aldo Solar.

Solar Cells Key Market Trends

  • Artificial intelligence's enhanced prediction capabilities are enabling improved forecasting and asset management, and its automation capability is driving operational excellence, giving stakeholders a competitive advantage and cost savings. With the backing of other cutting-edge technologies like big data, the Internet of Things (IoT), sensors, and distributed ledger technology, artificial intelligence can unleash the enormous potential of solar energy.
  • For instance, the U.S. DOE launched a study in February 2021 that involved using Artificial Intelligence (AI) diagnostic capability to improve solar power system performance. The work will consist of a significant solar technology programme proposed by the DOE in 2020, including USD 7.3 million mostly for engine learning and other solar-powered AI solutions. The effort will be funded by a USD 750,000 USD 3-year grant. Over the projected period, the aforementioned factor is anticipated to stimulate market potential along with technological advancements made by significant companies in the development of innovative PV and Concentrated Solar Power (CSP) technologies.

Solar Cells Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.

According to our analysis, Global Solar Cells market is segmented based on type, installation type and region. Based on the type, the crystalline segment of the market is projected to hold the most lucrative share. Based on the installation type, the utility type segment of the market is projected to hold the most lucrative share. Based on the region, the Asia-Pacific region of the market is projected to hold the most lucrative share.

Report Metric Details
Market size value in 2023 USD 85 billion
Market size value in 2031 USD 317.93 billion
Growth Rate 15.8%
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Type
    • Crystalline (Multi-Si, Mono-Si), Thin film (CdTe, a-Si, CI(G)S), Others
  • Installation Type
    • Residential, Commercial, and Utility-Scale
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • JinkoSolar Holding Co., Ltd.
  • Trina Solar Co., Ltd.
  • Canadian Solar Inc.
  • JA Solar Holdings Co., Ltd.
  • Hanwha Q Cells Co. Ltd.
  • LONGi Green Energy Technology Co., Ltd.
  • First Solar, Inc.
  • Yingli Green Energy Holding Company Limited
  • SunPower Corporation
  • Risen Energy Co., Ltd.
  • GCL-Poly Energy Holdings Limited
  • LG Electronics Inc.
  • REC Solar ASA
  • Neo Solar Power Corporation
  • Sharp Corporation
  • Motech Industries Inc.
  • SolarWorld AG
  • AU Optronics Corp.
  • Kyocera Corporation
  • Hareon Solar Technology Co., Ltd.
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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Solar Cells Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Solar Cells Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Solar Cells Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Solar Cells Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Solar Cells Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Solar Cells Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Solar Cells Market size was valued at USD 85 billion in 2021 and is poised to grow from USD 100.07 billion in 2022 to USD 317.93 billion by 2030, growing at a CAGR of 15.8% in the forecast period (2023-2030).

The market is fragmented in nature. The prominent players operating in the market are constantly adopting various growth strategies in order to stay afloat in the market. Product launches, innovations, mergers, and acquisitions, collaborations and partnerships, and intensive R&D are some of the growth strategies that are adopted by these key players to thrive in the competitive market. The key market players are also constantly focused on R&D in order to supply industries with the most efficient and cost-effective solutions. 'JinkoSolar Holding Co., Ltd.', 'Trina Solar Co., Ltd.', 'Canadian Solar Inc.', 'JA Solar Holdings Co., Ltd.', 'Hanwha Q Cells Co. Ltd.', 'LONGi Green Energy Technology Co., Ltd.', 'First Solar, Inc.', 'Yingli Green Energy Holding Company Limited', 'SunPower Corporation', 'Risen Energy Co., Ltd.', 'GCL-Poly Energy Holdings Limited', 'LG Electronics Inc.', 'REC Solar ASA', 'Neo Solar Power Corporation', 'Sharp Corporation', 'Motech Industries Inc.', 'SolarWorld AG', 'AU Optronics Corp.', 'Kyocera Corporation', 'Hareon Solar Technology Co., Ltd.'

Globally, an energy shift is urgently required to keep the average surface temperature increase to within 2° Celsius. As a result, there will be a tremendous growth in the installation of renewable energy sources over the next few years, which will cause the market to grow. Since that energy-related carbon dioxide emissions make about two-thirds of total greenhouse gas emissions, the switch from fossil fuels to low-carbon alternatives will be crucial. The market size has benefited from new energy targets set by various governments to promote a switch to sustainable energy. For instance, by the end of 2023, Brazil wants to derive 42.5% of its main energy from renewable sources.

Artificial intelligence's enhanced prediction capabilities are enabling improved forecasting and asset management, and its automation capability is driving operational excellence, giving stakeholders a competitive advantage and cost savings. With the backing of other cutting-edge technologies like big data, the Internet of Things (IoT), sensors, and distributed ledger technology, artificial intelligence can unleash the enormous potential of solar energy.

In 2022, Asia-Pacific region held significant share in the Solar Cells market. Asia-Pacific, which includes China, Japan, India, South Korea, Thailand, Australia, and the rest of Asia-Pacific, dominates the worldwide solar cell market. PV energy is widely employed in Asia and the Pacific region to generate electricity for stand-alone systems and rural electrification. Also, the Asia-Pacific area is using more PV energy thanks to the expansion of the aerospace and defence industries. In the Asia-Pacific region, countries like India, China, and Thailand have experienced rapid industrialization and urbanisation, which has increased infrastructure development activities. These activities include building new residential complexes and highways, which is expected to increase demand for standalone systems. Moreover, photovoltaic panels are employed in satellites to produce electricity for the satellites' efficient operation in space. Hence, an increase in government spending on satellite research and development is anticipated to drive up demand for PV energy.

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Global Solar Cells Market

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