The global solar cell market size was valued at $84.91 billion in 2021, and is estimated to reach $367.23 billion by 2031, with a CAGR of 15.8% from 2022 to 2031.
Solar power is the energy produced by the sun’s radiation, which is transformed into electricity in solar cells. The electricity is then fed into the electricity network for can then be used in electrical equipment. Solar technology is widely used in rooftop solar installations to provide stored energy for residential buildings at a low cost. In addition, on a commercial scale, solar cell technology is used in solar lamps, parking meters, emergency telephones, trash compactors, temporary traffic signs, charging stations, and remote guard posts & signals. Moreover, it is used in solar buses and cars to provide electricity to run the vehicle motor. Furthermore, in the agricultural sector, solar cell technology is widely used in solar drying to dry crops faster. It is further used in photovoltaic panels, which generate electricity to run water pumps, and serves as an economical option as compared to new electric lines to provide power to remote locations. Moreover, solar cell technology is used in aerospace & defense sector for manufacturing of solar panels to be used in satellite to generate electricity for smooth working of satellite in space. In addition, in telecommunication industry, it is widely used in PV modules consisting of silicon solar cells connected in series or parallel that provide the required charging current for batteries, thus enabling maintenance-free operation and reduced storage costs for the entire system.
The growth of the global solar cell market is majorly driven by increase in energy demand due to rising population. In addition, surge in need for sustainable energy resources has been witnessed across the globe, coupled with favorable government regulations. These regulations focus on the reduced dependency on fossil fuels and help in controlling environmental pollution. This in turn is favoring the demand for renewable energy sources such as solar energy, and is the key factor that fuels the demand for solar energy. In addition, reduction of carbon footprint and upsurge in need for low-cost energy generation are expected to propel the growth of the solar cell market.
However, factors such as high cost of installation, storage, and power conversion devices and low efficiency of solar module are expected to hinder the growth of this market. On the contrary, decrease in cost of solar systems and an energy storage device is expected to offer lucrative opportunity for market growth. In addition, increase in prices of fossil fuels is anticipated to provide remunerative opportunities for market expansion, as rise in prices of fossil fuels, such as coal, will boost the cost of electricity generation, which in turn will result in increase in usage of solar energy.
The global solar cell market is segmented on the basis of by type, by installation type and region. On the basis of type, it is segmented into thin film solar cell, which is further segmented into CdTe, a-Si, CIGS; and crystalline solar cell which is further segmented into multi-Si, mono-Si; and others. On the basis of installation type, the market is classified into residential, commercial, and utility-scale. Region wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. Presently, Asia-Pacific accounts for the largest share of the market, followed by North America and Europe.
The major companies profiled in this report include AAbengoa SA, Acciona SA, Borg Inc., Canadian Solar Inc., First Solar, Green Brilliance, Indosolar Limited, JA Solar Holdings Co. Ltd., Jinkosolar Holdings Co. Ltd., Kaneka Corporation, LG Electronics, LONGi, Solarworld AG, Sharp Corporation, Sunedison Inc., Sunpower Corporation, Tata Power System Limited, Trina Solar, Wuxi Suntech Power Co., Ltd. and Yingli Solar. Due to rapidly development of industrialization, modernization and spread of information through internet led to the development of tourism industry which in-turn has fueled the demand for solar cell. Additional growth strategies such as expansion of production capacities, acquisition, partnership and research & innovation in the solar energy application led to developments in the global solar cell market trends.
After the global vaccination, the governments of various countries have taken initiatives to improve the national energy security during these kinds of pandemic situations through increase in investment in the renewable energy related industries, especially solar and wind power systems. Increase in investment is mostly to improve the national energy security during the pandemic and other crisis. The presence of above mentioned activities and change in policies due to outbreak of pandemic have positive impact on the development of the market during the forecast period.
Solar power is the energy produced by the sun’s radiation, which is transformed into electricity in solar cells. The electricity is then fed into the electricity network for can then be used in electrical equipment. Solar technology is widely used in rooftop solar installations to provide stored energy for residential buildings at a low cost. In addition, on a commercial scale, solar cell technology is used in solar lamps, parking meters, emergency telephones, trash compactors, temporary traffic signs, charging stations, and remote guard posts & signals. Moreover, it is used in solar buses and cars to provide electricity to run the vehicle motor. Furthermore, in the agricultural sector, solar cell technology is widely used in solar drying to dry crops faster. It is further used in photovoltaic panels, which generate electricity to run water pumps, and serves as an economical option as compared to new electric lines to provide power to remote locations. Moreover, solar cell technology is used in aerospace & defense sector for manufacturing of solar panels to be used in satellite to generate electricity for smooth working of satellite in space. In addition, in telecommunication industry, it is widely used in PV modules consisting of silicon solar cells connected in series or parallel that provide the required charging current for batteries, thus enabling maintenance-free operation and reduced storage costs for the entire system.
The growth of the global solar cell market is majorly driven by increase in energy demand due to rising population. In addition, surge in need for sustainable energy resources has been witnessed across the globe, coupled with favorable government regulations. These regulations focus on the reduced dependency on fossil fuels and help in controlling environmental pollution. This in turn is favoring the demand for renewable energy sources such as solar energy, and is the key factor that fuels the demand for solar energy. In addition, reduction of carbon footprint and upsurge in need for low-cost energy generation are expected to propel the growth of the solar cell market.
However, factors such as high cost of installation, storage, and power conversion devices and low efficiency of solar module are expected to hinder the growth of this market. On the contrary, decrease in cost of solar systems and an energy storage device is expected to offer lucrative opportunity for market growth. In addition, increase in prices of fossil fuels is anticipated to provide remunerative opportunities for market expansion, as rise in prices of fossil fuels, such as coal, will boost the cost of electricity generation, which in turn will result in increase in usage of solar energy.
The global solar cell market is segmented on the basis of by type, by installation type and region. On the basis of type, it is segmented into thin film solar cell, which is further segmented into CdTe, a-Si, CIGS; and crystalline solar cell which is further segmented into multi-Si, mono-Si; and others. On the basis of installation type, the market is classified into residential, commercial, and utility-scale. Region wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. Presently, Asia-Pacific accounts for the largest share of the market, followed by North America and Europe.
The major companies profiled in this report include AAbengoa SA, Acciona SA, Borg Inc., Canadian Solar Inc., First Solar, Green Brilliance, Indosolar Limited, JA Solar Holdings Co. Ltd., Jinkosolar Holdings Co. Ltd., Kaneka Corporation, LG Electronics, LONGi, Solarworld AG, Sharp Corporation, Sunedison Inc., Sunpower Corporation, Tata Power System Limited, Trina Solar, Wuxi Suntech Power Co., Ltd. and Yingli Solar. Due to rapidly development of industrialization, modernization and spread of information through internet led to the development of tourism industry which in-turn has fueled the demand for solar cell. Additional growth strategies such as expansion of production capacities, acquisition, partnership and research & innovation in the solar energy application led to developments in the global solar cell market trends.
Covid-19 Analysis
COVID-19 has severely impacted the global economy with devastating effects on global trade, which has simultaneously affected households, business, financial institution, industrial establishments and infrastructure companies. The novel coronavirus has affected several economies and caused lockdown in many countries, which has limited the growth of the market. The shutdown of industrial manufacturers led to decline in demand for solar related equipment in most of the countries across the world. The decrease in utilization of power in the industrial facilities across the globe during the outbreak has a negative impact on the development of the market.After the global vaccination, the governments of various countries have taken initiatives to improve the national energy security during these kinds of pandemic situations through increase in investment in the renewable energy related industries, especially solar and wind power systems. Increase in investment is mostly to improve the national energy security during the pandemic and other crisis. The presence of above mentioned activities and change in policies due to outbreak of pandemic have positive impact on the development of the market during the forecast period.
KEY BENEFITS FOR STAKEHOLDERS
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the solar cell market analysis from 2021 to 2031 to identify the prevailing solar cell market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the solar cell market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global solar cell market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Type
- Crystalline
- Type
- Multi-Si
- Mono-Si
- Thin film
- Type
- CdTe
- a-Si
- CI(G)S
- Others
By Installation Type
- Residential
- Commercial
- Utility-Scale
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Spain
- Germany
- Italy
- UK
- France
- Turkey
- Netherlands
- Greece
- Belgium
- Czech Republic
- Switzerland
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Thailand
- Vietnam
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Chile
- South Africa
- UAE
- Israel
- Rest of LAMEA
Key Market Players
- First Solar, Inc.
- Yingli Solar
- SunPower Corporation
- SunEdison, Inc.
- Indosolar Limited
- Tata Power Systems Limited
- Sharp Corporation
- Borg Inc.
- SolarWorld AG
- GreenBrilliance
- Canadian Solar Inc
- Trina Solar Limited
- Abengoa SE
- Acciona S.A.
- Kaneka Corporation
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: SOLAR CELL MARKET, BY TYPE
CHAPTER 5: SOLAR CELL MARKET, BY INSTALLATION TYPE
CHAPTER 6: SOLAR CELL MARKET, BY REGION
CHAPTER 7: COMPANY LANDSCAPE
CHAPTER 8: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to the report, titled, “Solar Cell Market," the solar cell market size was valued at $84.91 billion in 2021, and solar cell industry is estimated to reach $367.23 billion by 2031, growing at a CAGR of 15.8% from 2022 to 2031.Solar cell technology converts energy from solar radiation directly into electricity using semiconductor materials. It has no mechanical moving parts, thus, it has a prolonged service life, requiring minimal maintenance. Solar cell technology is used in renewable energy systems range from small-scale systems for lighting and pumping to large-scale systems for whole buildings and utility-scale solar farms.
Continuous supply of energy and comparatively lower expenses of solar energy than conventional energy sources have made PV technology lucrative for application in industrial sectors such as telecommunication, aerospace & defense, agriculture, and automotive. This factor is expected to escalate the market growth during the forecast period. In addition, increase in popularity of solar technology owing to its employment in electricity generation, to provide electricity for residential buildings at a low cost is expected to drive the growth of the solar cell market.
The growth of the global solar cell market growth is driven by adoption of renewable electricity generation methods along with focus on carbon emission reduction. In addition, rise in concern from governments across the globe on increased global warming issues is expected to augment the demand for solar farms. Governments across different countries are offering new rebate and incentive schemes on installation of solar farms. Such tax incentive programs are expected to encourage commercial as well as industrial end users to install solar farms, thereby contributing toward the growth of the global solar cell market opportunities.
The use of solar energy by commercial buildings such as offices, malls, and airports helps reduce the load on traditional fossil fuel power plants and further decreases the carbon footprint. With growth in use of solar photovoltaic, the use of solar farm is expected to rise to generate electricity in an efficient way, owing to surge in use of solar photovoltaic.
The global solar cell market is segmented on the basis of type, installation type and region. On the basis of type, it is segmented into thin film solar cell which is further segmented into CdTe, a-Si, CIGS; and crystalline solar cell which is further segmented into multi-Si, mono-Si; and others. On the basis of installation type, the market is classified into residential, commercial, and utility-scale.
Region wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. Presently, Asia-Pacific accounts for the largest share of the market, followed by North America and Europe. Asia-Pacific has emerged as a global leader in the solar cell market, due to surge in energy demand in the developing economies such as India, China, and Thailand, owing to decrease in dependency on conventional energy sources, including coal & crude oil, and increase in urbanization. In addition, development of rural electrification activities in countries such as India, China, and Thailand and rise in government initiatives to promote the use of renewable energy are anticipated to boost the growth of the global solar cell market from 2022 to 2030.
The major companies profiled in this report include Abengoa SA, Acciona SA, Borg Inc., Canadian Solar Inc., First Solar, Green Brilliance, Indosolar Limited, JA Solar Holdings Co. Ltd., Jinkosolar Holdings Co. Ltd., Kaneka Corporation, LG Electronics, LONGi, Solarworld AG, Sharp Corporation, Sunedison Inc., Sunpower Corporation, Tata Power System Limited, Trina Solar, Wuxi Suntech Power Co., Ltd. and Yingli Solar Due to rapidly development of industrialization, modernization and spread of information through internet led to the development of tourism industry which in-turn has fueled the demand for solar cell. Additional growth strategies such as expansion of production capacities, acquisition, partnership and research & innovation in the solar energy application have led to the development in the global solar cell market trends.
Key Findings of the Study
- The crystalline segment accounted for 89.5% solar cell market share in 2021, and is anticipated to grow at a rate of 15.7% in terms of revenue, increasing its share in the global solar cell market during the forecast period.
- As per solar cell market analysis, the residential segment is the fastest-growing installation type segment in the global solar cell market, and is expected to grow at a CAGR of 16.6% during 2022-2031.
- In 2021, Asia-Pacific region dominated the global solar cell market with more than 55.5% of the share, in terms of revenue.
COVID-19 Analysis
- COVID-19 has severely impacted the global economy with devastating effects on global trade, which has simultaneously affected households, business, financial institution, industrial establishments and infrastructure companies. The novel coronavirus has affected several economies and caused lockdown in many countries, which has limited the growth of the market. The shutdown of industrial manufacturers led to decline in demand for solar related equipment in most of the countries across the world. The decrease in utilization of power in the industrial facilities across the globe during the outbreak has a negative impact on the development of the solar cell market forecast.
- After the global vaccination, the governments of various countries have taken initiatives to improve the national energy security during these kinds of pandemic situations through increase in investment in the renewable energy related industries, especially solar and wind power systems. Increase in investment is mostly to improve the national energy security during the pandemic and other crisis. The presence of above mentioned activities and change in policies due to outbreak of pandemic have positive impact on the development of the market during the forecast period.
Companies Mentioned
- First Solar, Inc.
- Yingli Solar
- Sunpower Corporation
- Sunedison, Inc.
- Indosolar Limited
- Tata Power Systems Limited
- Sharp Corporation
- Borg Inc.
- Solarworld AG
- Greenbrilliance
- Canadian Solar Inc
- Trina Solar Limited
- Abengoa Se
- Acciona S.A.
- Kaneka Corporation
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 488 |
| Published | July 2022 |
| Forecast Period | 2021 - 2031 |
| Estimated Market Value ( USD | $ 84.91 billion |
| Forecasted Market Value ( USD | $ 367.23 billion |
| Compound Annual Growth Rate | 15.8% |
| Regions Covered | Global |
| No. of Companies Mentioned | 15 |
