How large is the solar cells market, and what is its growth trajectory?
The solar cells market size has grown rapidly in recent years. It will grow from $82.76 billion in 2024 to $95.94 billion in 2025 at a compound annual growth rate (CAGR) of 15.9%. The growth in the historic period can be attributed to government incentives, decreasing manufacturing costs, increasing environmental awareness, energy independence goals, rising electricity demand, and corporate sustainability initiatives.
The solar cells market size is expected to see rapid growth in the next few years. It will grow to $157.93 billion in 2029 at a compound annual growth rate (CAGR) of 13.3%. The growth in the forecast period can be attributed to energy storage integration, smart grid integration, global commitments to renewable energy, community solar initiatives, and urbanization and distributed energy. Major trends in the forecast period include flexible and lightweight solar cells, perovskite solar cells, bifacial solar cells, transparent solar cells, increased focus on sustainability, energy storage integration, and smart solar technologies.
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What are the key forces behind the solar cells market’s growth in recent years?
The increasing use of renewable energy sources for electricity generation is expected to propel the growth of the solar cells market going forward. Renewable energy is derived from natural sources that replenish themselves over short periods, such as sunlight, wind, rain, tides, waves, and geothermal heat. Solar cells convert sunlight directly into electricity, providing a clean, sustainable, renewable energy source without emitting greenhouse gases or depleting natural resources. For instance, in September 2024, according to data published by the Department for Energy Security and Net Zero, a UK-based governmental department, In Q2 2024, renewable energy accounted for 51.6% of total energy generation in the UK saw an increase of 9.9% points (PP) in Q2 2024 compared to the same period in 2023. Therefore, the increasing use of renewable energy sources for electricity generation is driving the growth of the solar cell market.
What are the major segments of the solar cells market?
The solar cells market covered in this report is segmented –
1) By Product: Back Surface Field (BSF), Passivated Emitter And Rear Contact Or Tunnel Oxide Passivated Contact (PERC Or TOPCON), Heterojunction (HJT), Interdigitated Back Contact And Metal Wrap Through (IBC And MWT), Other Products
2) By Technology: Monocrystalline, Polycrystalline, Cadmium Telluride (CDTE), Amorphous Silicon (A-Si), Copper Indium Gallium Diselenide
3) By Installation Type: Residential, Commercial, Utility-Scale
Subsegments:
1) By Back Surface Field (BSF): P-type BSF Cells, N-type BSF Cells
2) By Passivated Emitter And Rear Contact (PERC) Or Tunnel Oxide Passivated Contact (TOPCON): PERC Mono-Silicon Cells, PERC Multi-Silicon Cells, TOPCON Cells
3) By Heterojunction (HJT): HJT Mono-Silicon Cells, HJT Multi-Silicon Cells
4) By Interdigitated Back Contact (IBC) And Metal Wrap Through (MWT): IBC Mono-Silicon Cells, IBC Multi-Silicon Cells, MWT Cells
5) By Other Products: Organic Photovoltaics (OPV), Thin-Film Solar Cells, Bifacial Solar Cells
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Which companies dominate the solar cells market?
Major companies operating in the solar cells market are Panasonic Corporation, Hanwha Group, Sharp Corporation, LONGi Green Energy Technology Co. Ltd., Trina Solar Co. Ltd., Acciona S.A., JA Solar Technology Co. Ltd., Canadian Solar Inc., JinkoSolar Holding Co. Ltd., Kaneka Corporation, Risen Energy Co. Ltd., First Solar Inc., Abengoa SE, SolarWorld AG, Tata Power Systems Limited, Yingli Solar, Hevel Group, GreenBrilliance, ReneSola Ltd., GAF Energy LLC, SunEdison Inc., Indosolar Limited, United Renewable Energy LLC, Jinneng Clean Energy Technology Ltd., Premier Energies Ltd.
What major trends will shape the solar cells market during the forecast period?
Major companies operating in the solar cell market are focused on innovating new products, such as n-type solar modules, to increase their profitability in the market. N-type solar modules are assemblies of multiple solar cells made with N-type silicon cells that offer higher efficiency and durability by utilizing silicon doped with elements that add extra electrons, enhancing their ability to convert sunlight into electricity. For instance, in October 2022, Trina Solar Co. Ltd., a China-based photovoltaics company, unveiled its 595W Vertex n-type module. This product surpasses conventional modules by 30W, enhancing efficiency and energy yield with an 80% battery life and compatibility with trackers. This advancement aims to boost production to 20–30 GW, offering lower BOS costs and LCOE for solar projects. The portfolio also includes the 690W module for utilities and the 445W module for rooftop installations.
What are the key regional dynamics of the solar cells market, and which region leads in market share?
Asia-Pacific was the largest region in the solar cells market in 2024. The regions covered in the solar cells market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Does The Solar Cells Market Report 2025 Offer?
The solar cells market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
Solar cells are devices that convert light energy directly into electrical energy through the photovoltaic effect. They are widely used in various applications, from small-scale devices like calculators and road signs to large-scale solar power plants, providing a renewable and clean energy source.
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