Solar Cell Market by Type (Crystalline Silicon Cells, Thin Film Solar Cells, Third Generation Solar Cells), Technology (HJT, PERC, TOPCon), Arrangement, Application - Global Forecast 2024-2030

Solar Cell Market by Type (Crystalline Silicon Cells, Thin Film Solar Cells, Third Generation Solar Cells), Technology (HJT, PERC, TOPCon), Arrangement, Application - Global Forecast 2024-2030

The Solar Cell Market size was estimated at USD 114.44 billion in 2023 and expected to reach USD 128.58 billion in 2024, at a CAGR 12.71% to reach USD 264.47 billion by 2030.

A solar cell, also known as a photovoltaic cell, converts light energy into electrical energy through the photovoltaic effect. This technology is the fundamental building block of photovoltaic panels, commonly referred to as solar cells or panels. Solar cells generate a direct current (DC) of electricity by harnessing the energy from sunlight to power a vast array of devices or can be converted to alternating current (AC) for use in residential or commercial electrical grids. The efficiency, durability, and versatility of solar energy are key factors increasing the adoption of solar cells as a renewable and sustainable source of power. Further, increasing environmental awareness and governmental policies promoting clean energy are major drivers of the solar cell market. The rising global energy demand, coupled with the depletion of fossil fuel reserves, is also propelling the adoption of solar cell solutions. Despite the growth prospects, the solar cell market faces challenges owing to the high initial investment costs for installation and the dependence on climatic conditions, which can limit solar energy generation. However, the development of more efficient energy storage systems, which could mitigate the intermittent issue of solar power, innovations in building-integrated photovoltaics (BIPV), and floating solar panels present lucrative opportunities for expansion of the solar cell market.

Regional Insights

The solar cell market in the Americas has been showing robust growth, driven by significant investments in renewable energy and favorable government policies. The United States contributes significantly to the region with impressive adoption rates and large-scale solar projects. Initiatives such as the Solar Investment Tax Credit (ITC) have substantially supported market expansion in this region. Latin American countries are also displaying strong market potential, with Brazil and Mexico pioneering solar energy integration into their national grids. The EMEA region has implemented rigorous renewable energy targets and mechanisms, such as feed-in tariffs and auctions, which drive the demand for solar cells. The Middle East, while traditionally reliant on fossil fuels, is rapidly expanding its solar capacity, leveraging its vast solar resources for energy diversification. The APAC region demonstrates robust growth in the global solar cell market, with countries having ambitious solar deployment targets backed by government incentives and declining costs of solar technology. The proliferation of solar projects is contributing to a booming market, with Southeast Asian nations increasingly participating in the solar energy space.

Market Insights

Market Dynamics

The market dynamics represent an ever-changing landscape of the Solar Cell Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.

Market Drivers

• Growing awareness and shift towards renewable energy sources to fulfill electricity demand
• Supportive government initiatives for encouraging solar energy applications
• Surge in rooftop installations of solar energy generation panels

Market Restraints

• High initial cost associated with the installation of solar cells and panels

Market Opportunities

• Ongoing advancements in solar cells to boost cell efficiency
• Growing emphasis on recycling materials from end-of-life solar panels

Market Challenges

• Concerns associated with product longevity and potential environmental impact associated with solar cell

Market Segmentation Analysis

• Type: Ongoing R&D in third generation cells possessing potential for cost reduction and efficiency improvements
• Technology: Higher preferences for HJT for its superior performance in extreme conditions
• Application: Higher deployment of solar cells in the commercial sector to align with corporate sustainability goals

Market Disruption Analysis

• Porter’s Five Forces Analysis
• Value Chain & Critical Path Analysis
• Pricing Analysis
• Technology Analysis
• Patent Analysis
• Trade Analysis
• Regulatory Framework Analysis

FPNV Positioning Matrix

The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Solar Cell Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Solar Cell Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Recent Developments

Golden Solar Launches 33.94% Perovskite/Hybrid Solar Cell

Golden Solar has made a groundbreaking entry into the photovoltaic market with its innovative perovskite/hybrid BC Tandem Solar Cells, achieving a remarkable conversion efficiency of 33.94%, a figure developed through a strategic alliance with Jinshi, Fujian, and Huaqiao University. This state-of-the-art technology marries the light-harvesting capabilities of perovskite with the robustness of silicon, setting a new benchmark for dual-material solar cells, especially pertinent under varying light conditions.

AmpIn Energy Transition, Jupiter International Partner To Set Up 1.3 GW Cell, Module Unit

AmpIn Energy Transition, in collaboration with Jupiter International, has announced the establishment of an advanced 1.3 GW manufacturing facility for solar cells and modules in India as part of the PLI tranche-II scheme. This modern plant is poised to manufacture premium solar cells and modules, supporting the Indian government's mission to fortify domestic production capabilities, mitigate supply chain risks, and curtail the nation's dependence on solar imports.

Vermont startup partners with NIU, NREL on perovskite solar cells

Verde Technologies Inc., an innovator in perovskite thin-film solar solutions, has embarked on an exclusive, collaborative journey with the U.S. Department of Energy's National Renewable Energy Laboratory (NREL) and Northern Illinois University (NIU) to propel the commercial uptake of perovskite solar cells. This partnership is set to leverage recent scientific advances from NREL and NIU, alongside Verde's advanced manufacturing prowess, to spearhead the mass production of cost-effective, high-efficiency, and environmentally safe perovskite solar panels.

Strategy Analysis & Recommendation

The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Solar Cell Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.

Key Company Profiles

The report delves into recent significant developments in the Solar Cell Market, highlighting leading vendors and their innovative profiles. These include Alfa Chemistry, Canadian Solar Inc., CubicPV Technologies Inc., EneCoat Technologies Co., Ltd., G24 Power, Greatcell Solar Materials Pty. Ltd., Hangzhou Microquanta Co. Ltd., Hanwha Group, Kaneka Corporation, LONGi Green Energy Technology Co. Ltd., Lucintech Inc., MiaSolé Hi-Tech Corp. by Hanergy Holding Group Ltd., Microquanta Semiconductor, Mitsubishi Electric Corporation, Oxford Photovoltaics Ltd., P3C Technology and Solutions Pvt. Ltd., Peccell Technologies, Inc., Perovskia Solar AG, PowerFilm Solar, Inc., QD Solar Inc., Rayleigh Solar Tech Inc., Saule Technologies, SEKISUI CHEMICAL CO., LTD., Solactron, Inc., Solaires Entreprises Inc., Solar-Tectic LLC, Solaronix SA, SoloPower Systems, Inc., Trony Solar Holdings Co., Ltd., and UniTest Inc..

Market Segmentation & Coverage

This research report categorizes the Solar Cell Market to forecast the revenues and analyze trends in each of the following sub-markets:

Type

• Crystalline Silicon Cells
• Mono-Si
• Multi-Si
• Thin Film Solar Cells
• a-Si
• CdTe
• CI(G)S
• Third Generation Solar Cells
• Dye-Sensitized Solar Cells (DSSCs)
• Perovskite Solar Cells
• Technology
• HJT
• PERC
• TOPCon
• Arrangement
• Solar Busbar Ribbon
• Zero Busbar Solar

Application

• Commercial
• Residential

Region

• Americas
• Argentina
• Brazil
• Canada
• Mexico
• United States
• California
• Florida
• Illinois
• New York
• Ohio
• Pennsylvania
• Texas
• Asia-Pacific
• Australia
• China
• India
• Indonesia
• Japan
• Malaysia
• Philippines
• Singapore
• South Korea
• Taiwan
• Thailand
• Vietnam
• Europe, Middle East & Africa
• Denmark
• Egypt
• Finland
• France
• Germany
• Israel
• Italy
• Netherlands
• Nigeria
• Norway
• Poland
• Qatar
• Russia
• Saudi Arabia
• South Africa
• Spain
• Sweden
• Switzerland
• Turkey
• United Arab Emirates
• United Kingdom

Please Note: PDF & Excel + Online Access - 1 Year