Crystalline Solar Cells Market Size - By Material (N Material, P Material), By Technology (Monocrystalline, Polycrystalline), By Product (BSF, PERC/PERL/PERT/TOPCON, HJT, IBC & MWT), Regional Outlook & Forecast, 2024 – 2032

Crystalline Solar Cells Market Size

Crystalline Solar Cells Market was valued at USD 30.8 billion in 2023 and is anticipated to grow at over 3% CAGR from 2024 to 2032. Increasing demand for renewable energy sources coupled with growing government incentives, subsidies, and renewable energy targets will augment the industry landscape.
 

Ongoing technological advancements in cell manufacturing to increase efficiency, reduce production costs, and improve durability will improve business statistics. Additionally, shifting focus toward energy independence and grid stability will stimulate the demand for distributed generation solutions leading to enhance the business outlook.
 

Crystalline Solar Cells Market Trends

Shifting focus toward higher efficiency modules and lower space requirements along with advancements in technology and manufacturing processes will augment the market statistics. Decreasing costs of solar energy systems coupled with ongoing research and development initiatives to improve cell efficiency will stimulate the business landscape. Manufacturers in the industry are increasingly prioritizing sustainable manufacturing practices, including the use of environmentally friendly materials, energy-efficient processes, and recycling initiatives will positively influence the market expansion.
 

Crystalline Solar Cells Market Analysis

Based on material, the P material segment holds a market share of around 75% in 2023. Key factors including higher efficiency and better performance compared to other materials will enhance the product penetration. Advancements in the material production processes have led to cost reductions, making it more economically viable for large-scale solar installations. Furthermore, the material, particularly P-type silicon is highly favored due to its readily availability and easy production leading to improved cost-effectiveness and scalability in manufacturing.
 

Based on technology, the monocrystalline segment is set to observe gain at nearly 3% up to 2032. Enhanced efficiency due to the uniformity of the silicon crystal structure compared to other solar cell technologies along with continuous advancements will drive the business scenario. Furthermore, higher power production per square foot of space makes the cell ideal for applications with limited roof space or where maximizing power output per area is critical. Companies are expanding their production units leading to a boost in the industry’s growth trajectory.
 

Based on application, the PERC/PERL/PERT/TOPCON segment will significantly grow owing to its ability to enhance solar cell efficiency by improving light absorption and reduce energy loss, leading to increased electricity generation per unit area. Better performance in low-light conditions, higher temperature environments, and partial shading scenarios are some of the additional factors contributing to the business scenario.
 

Asia-Pacific crystalline solar cells market revenue to cross USD 37 billion by 2032. Rapid industrialization, urbanization, and increasing electricity demand will augment the business landscape. Supportive government policies, incentives, and initiatives aimed at promoting renewable energy deployment will lead to enhanced product adoption. Countries including China, South Korea, and Japan have shown unprecedented growth due to favorable policies, subsidies, and incentives that encourage investments in solar projects and manufacturing facilities. Chinese players are coming up with high-efficiency products, aiming to improve the industry statistics.
 

Crystalline Solar Cells Market Share

Eminent market players are expanding production capacity to meet increasing demand, investing in research and development to enhance cell efficiency and reduce manufacturing costs leading to improving their global presence. New players are forming strategic partnerships and collaborations to strengthen their market presence and access new regions. Additionally, companies are focusing on product innovation, such as developing bifacial and PERC technologies, to differentiate themselves and capture market share.
 

Crystalline Solar Cells Market Companies

Eminent players operating in the crystalline solar cells industry are:

• Canadian Solar
• DuPont
• Havells
• JA Solar
• Jinko Solar
• Meyer Burger
• Motech Industries, Inc.
• REC Solar Holdings AS
• Silfab Solar Inc.
• Singulus Technologies
• Shanghai Aiko Solar Energy Co., Ltd.
• Suniva, Inc
• SunPower Corporation
• United Renewable Energy, LLC
• Vikram Solar Limited
• Wuxi Suntech Power Co., Ltd.
   

Crystalline Solar Cells Industry News

• In November 2023, LONGi, a China-based photovoltaics company developed a crystalline silicon-perovskite tandem solar cell with a power conversion efficiency of 33.9%, which is the highest on record for this type of cell. The company is aiming to target broader application areas with its highly efficient cells.
   
• In October 2023, Canadian Solar announced to build of a 5 GW module manufacturing plant in Mesquite, Texas, and planning to initiate production by the end of 2023. The aim is to reduce dependency on Monocrystalline PERC solar modules by shifting towards manufacturing modules with TOPCon cells.
   

This crystalline solar cells market research report includes an in-depth coverage of the industry with estimates & forecast in terms of volume and revenue in “MW & USD Billion” from 2019 to 2032, for the following segments:

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Market, By Material

• N Material
• P Material

Market, By Technology

• Monocrystalline
• Polycrystalline

Market, By Product

• BSF
• PERC/PERL/PERT/TOPCON
• HJT
• IBC & MWT
• Others

The above information has been provided for the following regions and countries:

• North America
  • U.S. 
• Europe
  • Germany
  • Spain
  • France
  • Netherlands
• Asia Pacific
  • China
  • Malaysia
  • South Korea
  • Japan
  • Taiwan
  • India
• Rest of the World