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Solar Cells Market Size
Solar Cells Market was valued USD 32.5 billion in 2023 and is anticipated to grow at a CAGR of 2.9% between 2024 and 2032. Solar cells, also known as photovoltaic (PV) cells, are devices that convert light energy directly into electricity through the photovoltaic effect. Most solar cells are made from semiconductor materials like silicon. When light hits the cell, it excites electrons in the material, causing them to flow and generate electricity.
Advancements in technology, decreasing costs, and increasing awareness of the need for sustainable energy solutions are set to influence the product demand. Ongoing research and development have led to more efficient solar cells, allowing more energy to be generated from the same amount of sunlight. 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.
| Report Attributes | Details |
|---|---|
| Base Year: | 2023 |
| Market Size in 2023: | USD 32.5 Billion |
| Forecast Period: | 2024 - 2032 |
| Forecast Period 2024 - 2032 CAGR: | 2.9% |
| 2032 Value Projection: | USD 42.1 Billion |
| Historical Data for: | 2021 - 2023 |
| No. of Pages: | 100 |
| Tables, Charts & Figures: | 20 |
| Segments covered: | Technology, Material, Product and Region |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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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 focus on recycling and reusing solar panels and materials at the end of their life cycle, reducing the environmental impact of solar energy systems are driving the market growth. Ongoing integration into building designs, as rooftop installations and building materials, such as solar windows or facades, will foster the business scenario. In addition, significant investment from both public and private sectors is set to strengthen the product adoption.
Solar Cells Market Analysis
Based on material, the crystalline solar cells industry is anticipated to cross over USD 37 billion by 2032, on account of high efficiency and low costs. The technology is well-established leading to reliable, efficient, and cost-effective products. Continued advancements in monocrystalline technology lead to higher efficiency rates, often exceeding 20% for commercially available panels, leading to enhanced product adoption across limited spaces. Additionally, introduction of PERC technology has further enhanced the efficiency of crystalline solar cells by improving the light absorption and reducing electron recombination, thereby contributing to the business scenario.
Based on technology, the monocrystalline segment is set to grow at a CAGR of over 3% through 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 predicted to hit 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 competitive landscape of the solar cells industry is dynamic and multifaceted, driven by technological advancements, market demands, and evolving government policies. The industry is characterized by a diverse range of players, including large multinational corporations, emerging companies, and specialized manufacturers. Companies are increasingly focusing on sustainable manufacturing practices and the recyclability of solar panels to meet consumer and regulatory demands. 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 2024, the research team of Ulsan National Institute of Science and Technology developed the world's most efficient quantum dot (QD) solar cell, marking a significant leap towards the commercialization of next-generation solar cells. This approach enables the synthesis of organic cation-based perovskite quantum dots (PQDs), ensuring exceptional stability while suppressing internal defects in the photoactive layer of solar cells.
- In December 2022, MIT engineers developed ultralight fabric solar cells which can easily and quickly turn any surface into a power source. The flexible solar cells are durable, much thinner than a human hair, and are glued to a lightweight and strong fabric making them easy to install on a fixed surface. Further, the technology can be easily integrated into built environments with minimal installation needs.
This 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
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