Solar Cells and Modules - Global Strategic Business Report

The global market for Solar Cells and Modules was estimated at US$182.0 Billion in 2024 and is projected to reach US$267.9 Billion by 2030, growing at a CAGR of 6.7% from 2024 to 2030. This comprehensive report provides an in-depth analysis of market trends, drivers, and forecasts, helping you make informed business decisions. The report includes the most recent global tariff developments and how they impact the Solar Cells and Modules market.

Global Solar Cells and Modules Market - Key Trends & Drivers Summarized

Solar cells and modules are pivotal components in the renewable energy landscape, converting sunlight into electricity through photovoltaic (PV) technology. Solar cells, the building blocks of solar modules, are typically made from silicon and other semiconductor materials that generate electric current when exposed to sunlight. These cells are assembled into modules, also known as solar panels, which can be installed on rooftops, ground-mounted systems, and solar farms. Advances in materials science and manufacturing processes have significantly improved the efficiency and affordability of solar cells and modules, making solar energy a viable alternative to traditional fossil fuels.

The application of solar cells and modules is extensive, ranging from residential and commercial installations to large-scale utility projects. In residential settings, solar panels are used to reduce electricity bills and provide a sustainable energy source for homes. Commercial buildings utilize solar installations to lower operational costs and meet corporate sustainability goals. Utility-scale solar farms contribute to the grid by generating large amounts of renewable energy, helping to reduce greenhouse gas emissions and dependence on non-renewable energy sources. The versatility of solar technology also allows for innovative applications such as building-integrated photovoltaics (BIPV), where solar cells are embedded into building materials.

The growth in the solar cells and modules market is driven by several factors. Increasing global awareness of climate change and the need for sustainable energy solutions are major drivers, prompting both governments and private sectors to invest heavily in solar technology. Technological advancements have led to higher efficiency rates and lower production costs, making solar power more accessible and affordable. Government policies and incentives, such as tax credits, subsidies, and renewable energy mandates, are also crucial in promoting the adoption of solar energy. Additionally, the rise of energy storage solutions and smart grid technologies is enhancing the integration and reliability of solar power systems, further boosting market growth. These factors highlight the robust and dynamic expansion of the solar cells and modules market.

SCOPE OF STUDY:

The report analyzes the Solar Cells and Modules market in terms of units by the following Segments, and Geographic Regions/Countries:

• Segments: Technology (Thin Film, Crystalline Silicon, Other Technologies); Application (Industrial, Residential, Commercial)
• Geographic Regions/Countries: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia-Pacific; Australia; India; South Korea; Rest of Asia-Pacific; Latin America; Argentina; Brazil; Mexico; Rest of Latin America; Middle East; Iran; Israel; Saudi Arabia; UAE; Rest of Middle East; Africa.

Key Insights:

• Market Growth: Understand the significant growth trajectory of the Thin Film segment, which is expected to reach US$46.3 Billion by 2030 with a CAGR of a 9.2%. The Crystalline Silicon segment is also set to grow at 5.2% CAGR over the analysis period.
• Regional Analysis: Gain insights into the U.S. market, valued at $18.9 Billion in 2024, and China, forecasted to grow at an impressive 8.7% CAGR to reach $110.9 Billion by 2030. Discover growth trends in other key regions, including Japan, Canada, Germany, and the Asia-Pacific.

Why You Should Buy This Report:

• Detailed Market Analysis: Access a thorough analysis of the Global Solar Cells and Modules Market, covering all major geographic regions and market segments.
• Competitive Insights: Get an overview of the competitive landscape, including the market presence of major players across different geographies.
• Future Trends and Drivers: Understand the key trends and drivers shaping the future of the Global Solar Cells and Modules Market.
• Actionable Insights: Benefit from actionable insights that can help you identify new revenue opportunities and make strategic business decisions.

Key Questions Answered:

• How is the Global Solar Cells and Modules Market expected to evolve by 2030?
• What are the main drivers and restraints affecting the market?
• Which market segments will grow the most over the forecast period?
• How will market shares for different regions and segments change by 2030?
• Who are the leading players in the market, and what are their prospects?

Report Features:

• Comprehensive Market Data: Independent analysis of annual sales and market forecasts in US$ Million from 2024 to 2030.
• In-Depth Regional Analysis: Detailed insights into key markets, including the U.S., China, Japan, Canada, Europe, Asia-Pacific, Latin America, Middle East, and Africa.
• Company Profiles: Coverage of players such as Bharat Heavy Electricals Ltd., BYD Co., Ltd., Canadian Solar, Inc., Ascent Solar Technologies, Inc., CESI SpA and more.
• Complimentary Updates: Receive free report updates for one year to keep you informed of the latest market developments.

Some of the 228 companies featured in this Solar Cells and Modules market report include:

• Bharat Heavy Electricals Ltd.
• BYD Co., Ltd.
• Canadian Solar, Inc.
• Ascent Solar Technologies, Inc.
• CESI SpA
• AVANCIS GmbH
• Atecom Technology Co., Ltd.
• Chint Group
• AZUR Space Solar Power GmbH
• BiPVco
• BSQ Solar SL
• Daqo Group Co., Ltd.
• AmberWave Inc
• DASOL
• Choshu Industry Company Limited

This edition integrates the latest global trade and economic shifts as of June 2025 into comprehensive market analysis. Key updates include:

• Tariff and Trade Impact: Insights into global tariff negotiations across 180+ countries, with analysis of supply chain turbulence, sourcing disruptions, and geographic realignment. Special focus on 2025 as a pivotal year for trade tensions, including updated perspectives on the Trump-era tariffs.
• Adjusted Forecasts and Analytics: Revised global and regional market forecasts through 2030, incorporating tariff effects, economic uncertainty, and structural changes in globalization. Includes segmentation by product, technology, type, material, distribution channel, application, and end-use, with historical analysis since 2015.
• Strategic Market Dynamics: Evaluation of revised market prospects, regional outlooks, and key economic indicators such as population and urbanization trends.
• Innovation & Technology Trends: Latest developments in product and process innovation, emerging technologies, and key industry drivers shaping the competitive landscape.
• Competitive Intelligence: Updated global market share estimates for 2025, competitive positioning of major players (Strong/Active/Niche/Trivial), and refined focus on leading global brands and core players.
• Expert Insight & Commentary: Strategic analysis from economists, trade experts, and domain specialists to contextualize market shifts and identify emerging opportunities.
• Complimentary Update: Buyers receive a free July 2025 update with finalized tariff impacts, new trade agreement effects, revised projections, and expanded country-level coverage.