Global Solar Cells Market

Solar Cells Market Size, Share, Growth Analysis, By Type(Crystalline (Multi-Si, Mono-Si), Thin film (CdTe, a-Si), By Installation Type(Residential, Commercial, and Utility-Scale), By Region - 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.

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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

Product ID: SQMIG55E2013

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