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 a CAGR 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
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
3. MARKET TRENDS & DRIVERS
III. MARKET ANALYSIS
UNITED STATES
GERMANY
UNITED KINGDOM
SPAIN
RUSSIA
REST OF EUROPE
ASIA-PACIFIC
INDIA
REST OF ASIA-PACIFIC
LATIN AMERICA
ARGENTINA
BRAZIL
MEXICO
REST OF LATIN AMERICA
MIDDLE EAST
AFRICA
IV. COMPETITION
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
- Influencer Market Insights
- World Market Trajectories
- Impact of COVID-19 and Looming Global Recession
- Exhibit 1: 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
- Exhibit 2: 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
- Exhibit 3: Solar PV Module Manufacturing Capacity (in GW) for 2014-2019
- Plummeting Prices of Solar Modules to Boost Solar PV Installations
- Competition
- Exhibit 4: Solar Modules Competitor Market Share Scenario Worldwide (in %): 2019
- World Brands
- Recent Market Activity
3. MARKET TRENDS & DRIVERS
- As Solar Power Becomes Indispensable to Energy Mix, Solar Power Capacities to Determine Dynamics of Solar Cells and Modules Market
- Exhibit 5: Top 10 Countries Worldwide by Annual PV Installed Capacity (2019)
- Exhibit 6: Top 10 Countries Worldwide by Cumulative PV Installed Capacity in GW (2019)
- Exhibit 7: Global Cumulative PV Installation by Region/Country for 2019
- Exhibit 8: COVID-19 Impact on Solar Industry: Solar PV Capacity Additions (in GW) by Sector for 2019 and 2020
- Exhibit 9: 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
- Exhibit 10: Projected Global Demand for Electricity (MWh): 2015, 2020, 2025, 2030 & 2035
- Exhibit 11: Global Primary Energy Consumption (Billion toe): Growth Trajectory for the Period 1990-2040
- Exhibit 12: Global Energy Consumption (in Billion toe) by Country/Region (1995, 2017 and 2040)
- Exhibit 13: 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
- Exhibit 14: Global CO2 Emissions: Percentage Breakdown of Volume Emissions by Fuel Type (2015, 2020, 2040 & 2050)
- Exhibit 15: Global Investments (US$ Billion) in Renewable Energy by Source: 2018
- Exhibit 16: Leading Countries with Renewable Energy as % of total Energy
- Exhibit 17: 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
- Exhibit 18: 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
- Exhibit 19: 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
- Exhibit 20: 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
- Exhibit 21: 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
- Exhibit 22: World Population (in Thousands) by Geographic Region for the Years 2019, 2030, 2050, 2100
- Exhibit 23: Degree of Urbanization Worldwide: Urban Population as a % of Total Population by Geographic Region for the Years 1950, 1970, 1990, 2018, 2030 and 2050
III. MARKET ANALYSIS
UNITED STATES
- The United States: Major Market for Solar Cells and Modules
- Exhibit 24: Cumulative Installed Solar PV Capacity (in MWdc) in the US for Years 2014, 2017 and 2020
- Exhibit 25: US Annual Solar PV Installations (in MWdc) for Years 2010, 2015 and 2020
- Exhibit 26: 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
- Exhibit 27: Residential Solar PV Installations (in MWdc) for Years 2015, 2020 and 2025
- Utility Investments on Solar PV Continue to Soar
- Exhibit 28: Utility Solar PV Installations (in MWdc) for Years 2015, 2020 and 2025
- Corporate Procurement and Community Solar Model Amplify Non-Residential Solar Vertical
- Exhibit 29: Non-Residential Solar PV Installations (in MWdc) for Years 2015, 2020 and 2025
- Exhibit 30: Corporate Solar Capacity in the US: Installed Capacity (in MW) for Select Companies in H1 2020
- Falling Prices Accelerate Market Expansion
- Exhibit 31: Solar PV Prices (in $/Watt) in the US for Years 2010 through 2020
- Exhibit 32: 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
- Market Overview
- Market Overview
- Exhibit 33: Average Sales Prices of Solar PV Modules in Japan (As of Aug 2020)
- Exhibit 34: Average Generation Costs of Residential Solar PVs and Average Residential Electricity Rates in Japan (JPY/kWh) (As of Aug 2020)
- China: Most Vibrant Market for Solar Cells and Modules
- Exhibit 35: 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
- Market Overview
- Exhibit 36: Cumulative Installed Solar PV Capacity (in GW) in EU for Years 2010, 2015, 2020, 2025 and 2030
- Exhibit 37: 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
- Exhibit 38: 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
GERMANY
- Germany: A Prelude into the Solar Market
UNITED KINGDOM
SPAIN
RUSSIA
REST OF EUROPE
ASIA-PACIFIC
- Asia-Pacific Leads Solar PV Installations
- Focus on Renewable Energy Mix and Favorable Government Policies Bodes Well for Market Growth
INDIA
- 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
REST OF ASIA-PACIFIC
LATIN AMERICA
ARGENTINA
BRAZIL
MEXICO
REST OF LATIN AMERICA
MIDDLE EAST
AFRICA
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
