Solar Cells Market Size - By Material (Crystalline, Thin Film), By Technology (Monocrystalline, Polycrystalline, Cadmium Telluride, Amorphous Silicon, Copper Indium Gallium Diselenide), By Product, By Mounting, 2024 – 2032

Solar Cells Market Size

The global solar cells market size was valued USD 32.5 Billion in 2023 and is anticipated to grow at a CAGR of 2.9% by 2032. Solar cells are also recognized as photovoltaic (PV) cells which are devices that transform light energy directly into electrical energy using the photovoltaic effect. The majority of solar cells are constructed using silicon, a semiconductor material. As light falls on the cell, electrons in the material are set into motion which eventually leads to the generation of electricity.
 

Key drivers including technology development, cost reduction, and a rising consciousness for sustainable energy solutions will affect the market growth. The solar cells are developed owing to constant research and development efforts which enable a higher yield of energy from a given amount of sunshine. Furthermore, policies supporting renewable energy targets, net metering, and renewable portfolio standards are driving the expansion of solar energy installations, which will augment the industry landscape.
 

Large corporations are increasingly adopting solar power to reduce operational costs and meet sustainability goals, thereby complementing the market growth. Solar panels are being used in agriculture for powering irrigation systems, greenhouses, and other farm operations, contributing to the sector's energy independence. Furthermore, rising community solar projects allows multiple individuals or households to invest in a shared solar power system, making solar energy accessible to those who cannot install panels on their own property, driving the product demand.
 

Solar Cells Market Trends

Growing adoption of solar power owing to improving operational efficiencies as well as sustainability objectives will drive the business scenario. During farm operations, solar energy is used to power irrigation systems and greenhouses, increasing the independency of the sector. In addition, the rise of community solar projects enables more than one individual or household to invest in the same solar power system. This makes solar energy available for people who cannot place panels on their property, which increases the product demand.
 

Solar Cells Market Analysis

Based on material, the market is segmented into crystalline and thin film. Crystalline is anticipated to grow over USD 37 Billion by 2032 on account of high efficiency and low costs. The technological maturity of the industry enables reliable, effective and competitively priced products. Advancement in monocrystalline technology continues to result in greater efficiency rates which are often above 20% for commercially available panels, improving the product adoption in space limited areas. Moreover, the introduction of PERC technology has also increased the efficiency of crystalline solar cells by enhancing the light absorption and diminishing electron recombination, thus supplementing the business scenario.
 

Based on technology, the solar cells market is segmented into monocrystalline, polycrystalline, CdTe, A-Si and CIGS. Monocrystalline is set to grow at a CAGR of over 3% by 2032 on account of being the most efficient type of silicon-based solar cells, with efficiencies typically ranging from 18% to over 22%. Innovations such as Passivated Emitter and Rear Cell (PERC) technology, heterojunction technology (HJT), and N-type silicon have further boosted the efficiency and performance of the technology. Further, improvements in manufacturing processes, economies of scale, and competition within the solar industry will lower the costs, thereby augmenting the industry landscape.
 

Asia Pacific solar cells market is anticipated to grow over USD 39 Billion by 2032 driven by strong governmental policies, incentives, and a focus on high-efficiency solar technology. Growing adoption across developing economies requiring reliable power generation is set to drive the business scenario. Countries like Vietnam, Thailand, and the Philippines are experiencing rapid growth in solar adoption. Ongoing rural electrification projects across Southeast Asia providing power to off-grid communities along with growing large-scale solar farms and hybrid projects combining solar with wind and battery storage will complement the industry landscape.
 

Solar Cells Market Share

The current market scenario among the players in the industry of solar cells is constantly changing and is influenced by government policies, technology, and business. The industry is composed of many players, including large multinational corporations, beginners, and specialized firms. There are growing concerns from consumers and from passable regulations, so companies are concentrating more on the sustainability of manufacturing processes and the solar panel’s recyclability. This focus is becoming a differentiator in markets with stringent environmental regulations.
 

Solar Cells Market Companies

Eminent players operating in the solar cells industry are:

• Canadian Solar
• DuPont
• Hevel
• Hanwha Q Cells
• Jinko Solar
• JINERGY
• JA SOLAR Technology Co., Ltd.
• Meyer Burger
• MOTECH Industries Inc.
• RENESOLA
• REC Solar Holdings AS
• Silfab Solar Inc.
• SINGULUS TECHNOLOGIES AG.
• SunPower Corporation
• Sunport Power
• AIKO
• Tongwei Co., Ltd.
• United Renewable Energy LLC
• Vikram Solar Ltd.
• Wuxi Suntech Power Co., Ltd.
• Yingli Solar
   

Solar Cells Industry News:

• In February of 2024, a research group at the Ulsan National Institute of Science and Technology achieved a breakthrough in the development of the most efficient quantum dot solar cell (QD) in the world ever created, which accelerates the commercialization of the next generation of solar cells. This approach allows to synthesize organic cation-based perovskite quantum dots (PQDs) which have excellent stability and suppress internal defects in the photoactive layer of solar cells.
   
• In December 2022, the MIT engineers developed new ultralight fabric solar cells that are quickly and easily installed. The technology is also easy to customize with construction work as it has low installation requirements. In addition, the flexible solar cells are lightweight, extremely durable, and remarkably thinner than a human hair, making it easy to glue them onto strong, lightweight fabric for better installation on a surface.
   

The solar cells market research report includes an in-depth coverage of the industry with estimates & forecast in terms of volume and revenue in “(USD Million & MW)” from 2021 to 2032, for the following segments:

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Market, By Material

• Crystalline
  • N Material
  • P Material
• Thin Film

Market, By Technology

• Monocrystalline
• Polycrystalline
• Cadmium Telluride (CDTE)
• Amorphous Silicon (A-Si)
• Copper Indium Gallium Diselenide

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 World