Overview and Scope
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.
Sizing and Forecast
The solar cells market size has grown rapidly in recent years. It will grow from $71.43 billion in 2023 to $82.76 billion in 2024 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 $140.10 billion in 2028 at a compound annual growth rate (CAGR) of 14.1%. 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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Segmentation & Regional Insights
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
Asia-Pacific was the largest region in the solar cells market in 2023. The regions covered in the solar cells market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
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 May 2022, according to the International Energy Agency (IEA), a France-based intergovernmental organization, renewable capacity additions surged by 6% in 2021, setting a new record with nearly 295 GW installed. Therefore, the increasing use of renewable energy sources for electricity generation is driving the growth of the solar cell market.
Key Industry Players
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.
The solar cells market report table of contents includes:
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