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Solar Cells and Modules - Global Market Trajectory & Analytics

  • ID: 338398
  • Report
  • February 2022
  • Region: Global
  • 518 Pages
  • Global Industry Analysts, Inc

FEATURED COMPANIES

  • BYD Co., Ltd
  • Chint Group
  • Hanwha Corporation
  • ReneSola Ltd
  • Sharp Solar
  • SunPower Corporation

Global Solar Cells and Modules Market to Reach $136.5 Billion by 2027


Amid the COVID-19 crisis, the global market for Solar Cells and Modules estimated at US$87.7 Billion in the year 2020, is projected to reach a revised size of US$136.5 Billion by 2027, growing at aCAGR of 6.5% over the period 2020-2027. Crystalline Silicon, one of the segments analyzed in the report, is projected to record 6.6% CAGR and reach US$120.5 Billion by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Thin Film segment is readjusted to a revised 5.6% CAGR for the next 7-year period.



The U.S. Market is Estimated at $9.2 Billion, While China is Forecast to Grow at 7.7% CAGR


The Solar Cells and Modules market in the U.S. is estimated at US$9.2 Billion in the year 2020. China, the world`s second largest economy, is forecast to reach a projected market size of US$49.8 Billion by the year 2027 trailing a CAGR of 7.7% over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 4.4% and 5.9% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 4.2% CAGR.

Select Competitors (Total 131 Featured) -

  • BYD Co., Ltd
  • Canadian Solar, Inc
  • Chint Group
  • EGing Photovoltaic Technology Co., Ltd
  • First Solar, Inc.
  • GCL System Integration Technology Co., Ltd
  • Hanwha Corporation
  • Hyundai Energy Solutions Co., Ltd
  • JA Solar Holdings Co., Ltd
  • Jiangsu Shunfeng Photovoltaic Technology Co., Ltd
  • JinkoSolar Holding Co., Ltd
  • Kyocera Corporation
  • LONGi Solar Technology Co, Ltd
  • ReneSola Ltd
  • Risen Energy Co., Ltd
  • Shanghai Aerospace Automobile Electromechanical Co., Ltd
  • Sharp Solar
  • Solar Frontier K.K
  • SunPower Corporation
  • Trina Solar Ltd
  • Yingli
Frequently Asked Questions about the Global Market for Solar Cells and Modules

What is the estimated value of the Global Market for Solar Cells and Modules?

The Global Market for Solar Cells and Modules was estimated to be valued at $87.7 Billion in 2020.

What is the growth rate of the Global Market for Solar Cells and Modules?

The growth rate of the Global Market for Solar Cells and Modules is 6.5%, with an estimated value of $136.5 Billion by 2027.

What is the forecasted size of the Global Market for Solar Cells and Modules?

The Global Market for Solar Cells and Modules is estimated to be worth $136.5 Billion by 2027.

Who are the key companies in the Global Market for Solar Cells and Modules?

Key companies in the Global Market for Solar Cells and Modules include BYD Co., Ltd, Canadian Solar, Inc, Chint Group, EGing Photovoltaic Technology Co., Ltd, First Solar, Inc., GCL System Integration Technology Co., Ltd, Hanwha Corporation, Hyundai Energy Solutions Co., Ltd and Jiangsu Shunfeng Photovoltaic Technology Co., Ltd.
Note: Product cover images may vary from those shown

FEATURED COMPANIES

  • BYD Co., Ltd
  • Chint Group
  • Hanwha Corporation
  • ReneSola Ltd
  • Sharp Solar
  • SunPower Corporation

I. METHODOLOGY


II. EXECUTIVE SUMMARY

1. MARKET OVERVIEW

  • Influencer Market Insights
  • World Market Trajectories
  • Impact of COVID-19 and Looming Global Recession
  • COVID-19 Impact on Solar Power Market: Solar PV Installed Capacity (in GW) in China for the Period Q1 2019 to Q1 2020
  • Impact of Pandemic on Various Regional Markets
  • COVID-19 Pandemic Chokes Supply from China
  • Solar Industry Participants Embrace New Strategies to Survive during COVID-19
  • Prevailing Weak Global Economic Environment & Negative Tide in GDP Forecasts Discourage Solar PV Market
  • World Economic Growth Projections (Real GDP, annual % Change) for 2019, 2020 & 2021
  • Solar Cells and Modules: An Introduction
  • Elements of Solar Cells
  • Types of Solar Cells and Modules
  • Cell and Module Efficiency of Commercial PV Technologies: A Comparison
  • Crystalline Silicon Vs Thin Film Technologies
  • Comparison Chart of Solar Cell Efficiencies for Crystalline Silicon and Thin Films with respect to Temperature
  • Solar Power Cells and Modules: Global Market Prospects & Outlook
  • Crystalline Si Solar Cells Leads Market
  • China and Asia-Pacific Spearhead Growth
  • Solar Cells and Modules: Production Scenario
  • Solar PV Module Manufacturing Capacity (in GW) for 2014-2019
  • Plummeting Prices of Solar Modules to Boost Solar PV Installations
  • Competition
  • Solar Modules Competitor Market Share Scenario Worldwide (in %): 2019
  • World Brands
  • Recent Market Activity
  • Solar Cells and Modules - Global Key Competitors Percentage Market Share in 2022 (E)
  • Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2022 (E)

2. FOCUS ON SELECT PLAYERS

3. MARKET TRENDS & DRIVERS

  • As Solar Power Becomes Indispensable to Energy Mix, Solar Power Capacities to Determine Dynamics of Solar Cells and Modules Market
  • Top 10 Countries Worldwide by Annual PV Installed Capacity (2019)
  • Top 10 Countries Worldwide by Cumulative PV Installed Capacity in GW (2019)
  • Global Cumulative PV Installation by Region/Country for 2019
  • COVID-19 Impact on Solar Industry: Solar PV Capacity Additions (in GW) by Sector for 2019 and 2020
  • Solar PV Capacity Additions (in GW) by Sector for China, Europe, USA and India: 2019
  • Sustained Rise in Global Electricity Demand Creates Conducive Environment for Solar Power Generation, Driving Wider Demand for Solar Cells & Modules
  • Projected Global Demand for Electricity (MWh): 2015, 2020, 2025, 2030 & 2035
  • Global Primary Energy Consumption (Billion toe): Growth Trajectory for the Period 1990-2040
  • Global Energy Consumption (in Billion toe) by Country/Region (1995, 2017 and 2040)
  • Estimated Global Power Generation Infrastructure Requirement (in US$ Billion) for China, India, Latin America, and North America over the Period 2010-2030
  • Favorable Government Regulations and Policies: Critical for Market Penetration
  • Domestic Targets for Greenhouse Gas Emissions of Select Regions/Countries
  • Growing Deployment of Renewable Energy Sources Amidst Rising Concerns over Fossil Fuel Usage Bodes Well for the Market
  • Global CO2 Emissions: Percentage Breakdown of Volume Emissions by Fuel Type (2015, 2020, 2040 & 2050)
  • Global Investments (US$ Billion) in Renewable Energy by Source: 2018
  • Leading Countries with Renewable Energy as % of total Energy
  • Targets for Electricity Production from Renewable Energy Sources in Select Countries
  • Market to Benefit from the Shift Towards Decentralized Power Generation & Rural Electrification in Emerging Nations
  • Solar Photovoltaic Technology Leading the Growth Run
  • Global Distributed PV Capacity Growth (in GW) by End-Use for the Period 2007-12, 2012-18 and 2019-24
  • Long-term Penetration of Distributed Generation to Impact Utilities
  • Microgrids and Distributed Generation Transform Electricity Management Forever
  • Global Distributed Generation Capacity in Microgrids: Percentage Breakdown of Capacity Installations by Type for 2019
  • Government Boost to Solar Energy Adoption to Spur Opportunities in Solar Cells & Modules Market
  • Thin Film Photovoltaic Cells Technology: Poised for Strong Long-term Growth
  • A Peek into Applications of Photovoltaic Thin Films
  • CdTe and CIGS Thin Film PV Cells to Foster Market Growth
  • Thin Film Solar PV Market Breakdown (%) by Technology for 2019
  • CIGS: An Emerging Thin Film Technology Gaining Immense Popularity
  • Miniaturization Trend in Electronics Favors Growth in Thin Films Market
  • Flexible Thin Film Cells Gain Attention
  • BIPV: The New Age ‘Building Envelope Material’ and ‘Power Generator’ to Boost Market Prospects
  • Global Building Integrated Photovoltaics (BIPV) Market by Region (in US$ Million) for the Years 2020 and 2027
  • Roofing Remains the Largest Application Segment for BIPV Market
  • Technology Developments Support Growth of Solar Power Market
  • Select Innovations in Solar Cells and Modules Market
  • Research Developments in Solar Technology Drive Growth
  • Perovskite Solar Technology Holds Potential to Transform Future of Solar PV
  • CaTiO3 Solar Cells: A Panacea for Urban Solar Projects?
  • Long-term Prospects Remain Favorable Amid Growing Population & Urbanization Drive
  • World Population (in Thousands) by Geographic Region for the Years 2019, 2030, 2050, 2100
  • Degree of Urbanization Worldwide: Urban Population as a % of Total Population by Geographic Region for the Years 1950, 1970, 1990, 2018, 2030 and 2050

4. GLOBAL MARKET PERSPECTIVE


III. MARKET ANALYSIS

UNITED STATES

  • Solar Cells and Modules Market Presence - Strong/Active/Niche/Trivial - Key Competitors in the United States for 2022 (E)
  • The United States: Major Market for Solar Cells and Modules
  • Cumulative Installed Solar PV Capacity (in MWdc) in the US for Years 2014, 2017 and 2020
  • US Annual Solar PV Installations (in MWdc) for Years 2010, 2015 and 2020
  • Electricity Generating Capacity in the US: Percentage Breakdown of Annual Additions by Type for 2010, 2015 & 2020
  • COVID-19 Crisis Puts Tremendous Pressure on the US Solar Industry
  • Residential Segment Characterized by Continued Diversification
  • Residential Solar PV Installations (in MWdc) for Years 2015, 2020 and 2025
  • Utility Investments on Solar PV Continue to Soar
  • Utility Solar PV Installations (in MWdc) for Years 2015, 2020 and 2025
  • Corporate Procurement and Community Solar Model Amplify Non-Residential Solar Vertical
  • Non-Residential Solar PV Installations (in MWdc) for Years 2015, 2020 and 2025
  • Corporate Solar Capacity in the US: Installed Capacity (in MW) for Select Companies in H1 2020
  • Falling Prices Accelerate Market Expansion
  • Solar PV Prices (in $/Watt) in the US for Years 2010 through 2020
  • Prices of Residential Solar PV System by Segment (in $/Watt) for 2014, 2017 and 2020
  • Crystalline Silicon Leads Solar PV Projects, Thin Film Technology to Witness High Growth
  • Commercial Availability of Aesthetically-Pleasing Solutions to Spur Long-term Growth for BiPV in the US, Boosting Market Prospects
  • Green Constructions and LEED Certification to Favor Growth Post COVID-19 Pandemic

CANADA

  • Market Overview

JAPAN

  • Solar Cells and Modules Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Japan for 2022 (E)
  • Market Overview
  • Average Sales Prices of Solar PV Modules in Japan (As of Aug 2020)
  • Average Generation Costs of Residential Solar PVs and Average Residential Electricity Rates in Japan (JPY/kWh) (As of Aug 2020)

CHINA

  • Solar Cells and Modules Market Presence - Strong/Active/Niche/Trivial - Key Competitors in China for 2022 (E)
  • China: Most Vibrant Market for Solar Cells and Modules
  • China’s Solar Power Installed Capacity in GW for the Years 2019 and 2025
  • China Reports Investments in Additional Solar Cell Capacity amid Escalating Cell Prices
  • BIPV: Focus on Building Energy Conservation to Drive Market Growth Post COVID-19 Pandemic
  • Competitive Scenario
  • Vendors Emphasize Expansion Strategies

EUROPE

  • Solar Cells and Modules Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Europe for 2022 (E)
  • Market Overview
  • Cumulative Installed Solar PV Capacity (in GW) in EU for Years 2010, 2015, 2020, 2025 and 2030
  • Cumulative Grid-Connected PV Capacity (in GWp) in EU for Years 2010, 2015, and 2020
  • Need to Reduce Energy Consumption Drives Demand for BIPV Products
  • BiPV Drives EU Energy Market towards Renewable and Decentralized System
  • BIPV Product Pricing Impacts Technology Adoption
  • Price Comparison of BIPV Roofing Solutions, Traditional Roofing Materials and In-Roof Mounting System in Europe
  • European Companies Seek Newer PV Materials
  • Favorable Policy Framework to Stimulate Adoption of PV Systems, Driving Demand for Solar Cells and Modules

FRANCE

  • Solar Cells and Modules Market Presence - Strong/Active/Niche/Trivial - Key Competitors in France for 2022 (E)

GERMANY

  • Solar Cells and Modules Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Germany for 2022 (E)
  • Germany: A Prelude into the Solar Market

ITALY

UNITED KINGDOM

  • Solar Cells and Modules Market Presence - Strong/Active/Niche/Trivial - Key Competitors in the United Kingdom for 2022 (E)

SPAIN


RUSSIA


REST OF EUROPE

ASIA-PACIFIC

  • Solar Cells and Modules Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Asia-Pacific for 2022 (E)
  • Asia-Pacific Leads Solar PV Installations
  • Focus on Renewable Energy Mix and Favorable Government Policies Bodes Well for Market Growth

AUSTRALIA

  • Solar Cells and Modules Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Australia for 2022 (E)

INDIA

  • Solar Cells and Modules Market Presence - Strong/Active/Niche/Trivial - Key Competitors in India for 2022 (E)
  • An Insight into the Indian Solar PV Modules Market
  • Solar Manufacturing Lags Behind
  • COVID-19 Impact on Indian Solar Industry
  • Lockdowns Help Produce More Solar Power
  • COVID-19 Likely to Negatively Impact Indian Solar Power Installations
  • Heavy Reliance on Chinese Solar Cells & Modules: Wakeup Call for India amid Likely Trade Restrictions
  • Batting for Self-Reliance
  • Pandemic Casts Shadow on Implementation of New and Ongoing Solar Projects in India
  • India Eyes Self-Reliance in Solar Wafer & Ingot Manufacturing

SOUTH KOREA


REST OF ASIA-PACIFIC

LATIN AMERICA

  • Solar Cells and Modules Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Latin America for 2022 (E)

ARGENTINA


BRAZIL


MEXICO


REST OF LATIN AMERICA

MIDDLE EAST

  • Solar Cells and Modules Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Middle East for 2022 (E)

AFRICA

  • Solar Cells and Modules Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Africa for 2022 (E)

IV. COMPETITION

  • Total Companies Profiled: 131
Note: Product cover images may vary from those shown

A selection of companies mentioned in this report includes:

  • BYD Co., Ltd
  • Canadian Solar, Inc
  • Chint Group
  • EGing Photovoltaic Technology Co., Ltd
  • First Solar, Inc.
  • GCL System Integration Technology Co., Ltd
  • Hanwha Corporation
  • Hyundai Energy Solutions Co., Ltd
  • JA Solar Holdings Co., Ltd
  • Jiangsu Shunfeng Photovoltaic Technology Co., Ltd
  • JinkoSolar Holding Co., Ltd
  • Kyocera Corporation
  • LONGi Solar Technology Co, Ltd
  • ReneSola Ltd
  • Risen Energy Co., Ltd
  • Shanghai Aerospace Automobile Electromechanical Co., Ltd
  • Sharp Solar
  • Solar Frontier K.K
  • SunPower Corporation
  • Trina Solar Ltd
  • Yingli
Note: Product cover images may vary from those shown