Solar Cells Market Size, By Material (Crystalline {N Material, P Material}, Thin Film), By Product (BSF, PERC/PERL/PERT/TOPCON, HJT, IBC & GWT), By Technology (Monocrystalline, Polycrystalline, Cadmium Telluride (CDTE), Amorphous Silicon (A-Si), Copper In

Solar Cells Market Size, By Material (Crystalline {N Material, P Material}, Thin Film), By Product (BSF, PERC/PERL/PERT/TOPCON, HJT, IBC & GWT), By Technology (Monocrystalline, Polycrystalline, Cadmium Telluride (CDTE), Amorphous Silicon (A-Si), Copper Indium Gallium Diselenide), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2022 - 2028

The global solar cells market is expected to expand substantially by 2028 on account of burgeoning demand for sustainable sources of energy around the world. In addition, rising investments across utility-scale projects are estimated to propel industry growth over the forecast period.

Mounting number of favorable government initiatives focused on promoting renewable sources of energy, along with stringent solar PV targets, has augmented market uptake over the past few years. Notably, industry participants have been implementing gainful strategies to tap into the emerging trends in the market, thereby enhancing the overall business landscape.

For instance, in October 2021, SunPower Corp., a prominent energy services and solar technology provider, announced the acquisition of Blue Raven Solar, a U.S.-based manufacturer of residential solar technology. The deal enabled SunPower to broaden its product portfolio and cater to the escalating demand for solar technology in the region.

The global solar cells market has been segmented based on product, material, technology, and region. With respect to technology, the market has further been classified into copper indium gallium diselenide, monocrystalline, amorphous silicon (A-Si), polycrystalline, and cadmium telluride (CDTE).

The amorphous silicon (A-Si) sub-segment is projected to observe robust growth through the assessment timeline owing to recent technological advancements and research to improve the amorphous silicon technology in terms of efficiency and power output across large scale solar applications.

The copper indium gallium diselenide sub-segment is speculated to progress at a significant CAGR to reach a notable revenue valuation by the end of 2028. Increasing installation of large modules and surging demand for effective product configurations is likely to bolster market growth over 2022-2028. Moreover, the copper indium gallium diselenide technology offers higher efficiency compared to its crystalline counterparts, which is set to accelerate product adoption in the coming time period.

From the product point of view, the global solar cells market has been bifurcated into IBC & MWT, BSF, HJT, PERC/PERL/PERT/TOPCON, and others. The HJT sub-segment is anticipated to garner considerable gains by the end of 2028 due to the ability of HJT to combine the best qualities of crystalline silicon with amorphous thin-film silicon to deliver increased efficiency and high-power output levels. The IBC & MWT sub-segment is estimated to account for a sizable share in the overall market by 2028. High product efficiency and performance index are likely to fuel segmental development over the forthcoming years.

On the regional spectrum, apart from Europe, North America, and Asia Pacific, the Rest of the World solar cells market is poised to showcase a solid growth trajectory over the study timeline due to favorable governmental schemes to promote renewable energy sources.