Solar Cell and Module Market By Type (Polycrystalline, Monocrystalline, Bificial, Thin Film, Others), By Product Type (N-Type, P-Type) By Module Efficiency (13-16%, 16-20%, 20-22%, 22-23.5%) By Application (Residential, Commercial, Others) : Global Opport

Solar Cell and Module Market By Type (Polycrystalline, Monocrystalline, Bificial, Thin Film, Others), By Product Type (N-Type, P-Type) By Module Efficiency (13-16%, 16-20%, 20-22%, 22-23.5%) By Application (Residential, Commercial, Others) : Global Opportunity Analysis and Industry Forecast, 2024-2033

According to a new report published The global solar cell and modules market was valued at $166.6 billion in 2023, and is projected to reach $373.6 billion by 2033, growing at a CAGR of 8.3% from 2024 to 2033.
Solar cell—also referred to as photovoltaic cell—is a device that converts light directly into electricity by the photovoltaic effect. Solar cells and modules reduce the cost of solar electricity by improving the efficiency of photovoltaic cell, thereby lowering manufacturing costs while increasing the service life of module.
The growth of the global solar cell and modules market is majorly driven by increase in demand for electricity coupled with rise in awareness and adoption of renewable energy. According to a report published by the International Renewable Energy Agency (IRENA), solar power is estimated to contribute to 86% of global power demand by 2050. In addition, the goal of many countries to achieve net-zero emissions has shifted their preference toward cleaner and more sustainable energy sources, which significantly fuels the demand for solar cell and modules. This is attributed to the fact that solar energy significantly reduces carbon dioxide and other greenhouse gas emission. For instance, according to the U.S. Energy Information Administration, North Carolina is the second highest solar-producing state in the U.S. that generated 5.4% of its electricity from solar power in 2019. However, high installation cost of solar modules and efficiency issues of solar cells hinder the growth of the market. For instance, solar module exhibits efficiency ranging from 15% to 22%, which implies that merely 15–22% of the sunlight that falls on the modules gets converted into electricity and utilized as a power source. On the contrary, increase in government initiatives to promote the use of solar cells and modules is expected to offer remunerative opportunities for the expansion of the global market during the forecast period. For instance, the U.S. Department of Energy (DOE) Solar Energy Technologies Office (SETO) Small Innovative Projects in Solar (SIPS) 2022 Funding Program funds innovative R&D projects, which focus on accelerating the development and deployment of photovoltaics and concentrating solar-thermal power technologies. Furthermore, technological developments are expected to open new avenues for the growth of the market. Although perovskite solar cells are highly efficient, cost-effective, and lightweight, they have demonstrated durability issues that reduce the technology’s usefulness in solar energy production. Thus, researchers from Monash University, the University of Oxford, and the City University of Hong Kong have developed perovskite solar cells with enhanced stability and performance by applying a material engineering strategy, called “self-healing.” This property enables the solar cells to repair minute defects caused by exposure to heat and moisture.
The global solar cell and modules market is segmented on the basis by type, product type, module efficiency, application, and region. By type, the market is classified polycrystalline, monocrystalline, bifacial, thin film, and others. On the basis of product type, it is bifurcated into N-Type and P-Type. Depending on module efficiency, it is categorized into 13-16%, 16-20%, 20-22%, and 22-23.5%. By application, it is fragmented into residential, commercial, and utility scale. Region wise, the market is studied across areas such as North America, Europe, Asia-Pacific, and LAMEA.

Key Findings

By type, the mono-crystalline segment is expected to maintain its lead position by 2023.
Depending on product type, the P-Type segment is projected to lead the market in the coming future.
On the basis of module efficiency, the 20-22% segment is anticipated to gain high prominence in the coming future.
As per application, the commercial segment is expected to exhibit the highest CAGR during the forecast period.
Region wise, Asia-Pacific to maintain its dominance by 2033.

Competitive Analysis

The major players operating in the solar cell and modules include Novasys, Saatvik Solar, Insolation Energy Ltd., SunGarner Energies Ltd., Allesun, AIKO, Centro Energy Co., Ltd, aolisolar, DAS Solar, and AIDU ENERGY. Other players include Rhine Solar Ltd., VIKRAM SOLAR LTD., EMMVEE SOLAR, RenewSys India Pvt. Ltd., and Photon Energy Systems. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, and agreements to maintain their dominance in the market and sustain the intense competition.

Key Market Segments

By Type

Polycrystalline
Monocrystalline
Bificial
Thin Film
Others

By Product Type

N-Type
P-Type

By Module Efficiency

13-16%
16-20%
20-22%
22-23.5%

By Application

Residential
Commercial
Others

By Region

North America
U.S.
Canada
Mexico
Europe
Germany
UK
France
Spain
Italy
Rest of Europe
Asia-Pacific
China
India
Japan
South Korea
Australia
Rest of Asia-Pacific
LAMEA
Brazil
Saudi Arabia
South Africa
Rest of LAMEA
Key Market Players
Novasys
Saatvik Solar
Insolation Energy Ltd.
SunGarner Energies Ltd
Allesun
AIKO
Centro Energy Co., Ltd
aolisolar
DAS Solar
AIDU ENERGY