Solar Cell Market By Type (Crystalline, Thin film, Others), By Installation Type (Residential, Commercial, Utility-Scale): Global Opportunity Analysis and Industry Forecast, 2021-2031

Solar Cell Market By Type (Crystalline, Thin film, Others), By Installation Type (Residential, Commercial, Utility-Scale): Global Opportunity Analysis and Industry Forecast, 2021-2031

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.

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

Please Note: It will take 7-10 business days to complete the report upon order confirmation.