What Has Been the Growth of the Solar Cells Market So Far?
The solar cells market has seen considerable growth due to a variety of factors.
• In the last few years, the solar cells market has seen rapid expansion. Rising from $82.76 billion in 2024, it is projected to hit $95.94 billion in 2025, with a compound annual growth rate (CAGR) of 15.9%.
The historic period's growth can be credited to factors such as government incentives, reduced manufacturing costs, heightened environmental consciousness, aspirations for energy independence, increasing electricity demand, and initiatives for corporate sustainability.
What Is the Forecasted Market Size and Growth Rate for The Solar Cells Market Size In The Coming Years?
The solar cells market is expected to maintain its strong growth trajectory in upcoming years.
• Anticipated to experience substantial expansion in the coming years, the market size of solar cells is likely to surge to $157.93 billion by 2029, boosted by a compound annual growth rate (CAGR) of 13.3%.
The anticipated growth within this forecasted period can be ascribed to factors such as energy storage integration, smart grid connectivity, international commitments to green energy, community led solar initiatives, and a rise in urbanization alongside distributed energy systems. The period is likely to see trends such as flexible and lightweight solar cells, perovskite solar cells, bifacial solar cells, transparent solar cells and a heightened focus on sustainability, energy storage integration, and intelligent solar technologies.
What Factors Are Driving Growth In The Solar Cells Market?
The surge in reliance upon renewable energy resources for power production is anticipated to fuel the expansion of the solar cells market in the future. The basis for renewable energy comes from naturally occurring elements capable of continuous regeneration, such as sunlight, wind, rain, tides, waves, and geothermal heat. Direct conversion of sunlight into electricity is carried out by solar cells, offering a green, sustainable form of energy that doesn't contribute to greenhouse gas emissions or deplete natural resources. As an example, the Department for Energy Security and Net Zero, a government department in the UK, released data in September 2024 indicating that renewable energy made up 51.6% of total energy production in the UK during Q2 2024, marking a rise of 9.9 PP relative to the same timeframe in 2023. Hence, the escalating reliance on renewable energy resources for power production is serving as a propellant for the advancement of the solar cell market.
What Are The Main Segments Of The Global Solar Cells Market?
The solar cells market covered in this report is segmented –
1) By Product: Back Surface Field (BSF), Passivated Emitter And Rear Contact Or Tunnel Oxide Passivated Contact (PERC Or TOPCON), Heterojunction (HJT), Interdigitated Back Contact And Metal Wrap Through (IBC And MWT), Other Products
2) By Technology: Monocrystalline, Polycrystalline, Cadmium Telluride (CDTE), Amorphous Silicon (A-Si), Copper Indium Gallium Diselenide
3) By Installation Type: Residential, Commercial, Utility-Scale
Subsegments:
1) By Back Surface Field (BSF): P-type BSF Cells, N-type BSF Cells
2) By Passivated Emitter And Rear Contact (PERC) Or Tunnel Oxide Passivated Contact (TOPCON): PERC Mono-Silicon Cells, PERC Multi-Silicon Cells, TOPCON Cells
3) By Heterojunction (HJT): HJT Mono-Silicon Cells, HJT Multi-Silicon Cells
4) By Interdigitated Back Contact (IBC) And Metal Wrap Through (MWT): IBC Mono-Silicon Cells, IBC Multi-Silicon Cells, MWT Cells
5) By Other Products: Organic Photovoltaics (OPV), Thin-Film Solar Cells, Bifacial Solar Cells
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What Trends Are Reshaping The Future Of The Solar Cells Market?
Top firms in the solar cell industry are seeking greater profits by introducing innovative new products, such as the n-type solar modules. N-type solar modules consist of multiple solar cells comprised of N-type silicon cells. These are renowned for their improved efficiency and longevity that is attained due to the incorporation of silicon doped with elements that increase electron numbers and, thus, enhance their sunlight-to-electricity conversion capacity. For instance, Trina Solar Co. Ltd., based in China, debuted its 595W Vertex n-type module in October 2022. This product surpasses traditional modules by 30W, improving efficiency and energy yield with 80% battery longevity and compatibility with trackers. This strategic move aims to escalate production to 20-30 GW, aiming to reduce BOS costs and LCOE for solar projects. The selection also features the 690W module for utility usage and the 445W module for rooftop applications.
Who Are the Key Players In The Solar Cells Market?
Major companies operating in the solar cells market are:
• Panasonic Corporation
• Hanwha Group
• Sharp Corporation
• LONGi Green Energy Technology Co. Ltd.
• Trina Solar Co. Ltd.
• Acciona S.A.
• JA Solar Technology Co. Ltd.
• Canadian Solar Inc.
• JinkoSolar Holding Co. Ltd.
• Kaneka Corporation
• Risen Energy Co. Ltd.
• First Solar Inc.
• Abengoa SE
• SolarWorld AG
• Tata Power Systems Limited
• Yingli Solar
• Hevel Group
• GreenBrilliance
• ReneSola Ltd.
• GAF Energy LLC
• SunEdison Inc.
• Indosolar Limited
• United Renewable Energy LLC
• Jinneng Clean Energy Technology Ltd.
• Premier Energies Ltd.
What Is The Most Dominant Region In The Solar Cells Market?
Asia-Pacific was the largest region in the solar cells market in 2024. The regions covered in the solar cells market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
