Solar Cells Global Market Report 2024

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 observed in the historic period can be attributed to various factors, including government incentives, declining manufacturing costs, heightened environmental awareness, goals for energy independence, increasing electricity demand, and initiatives by corporations to promote sustainability.

The solar cells market size is expected to see rapid growth in the next few years. It will grow to $140.1 billion in 2028 at a compound annual growth rate (CAGR) of 14.1%. In the forecast period, growth can be attributed to factors such as the integration of solar energy storage, incorporation into smart grids, global commitments to renewable energy, community-driven solar initiatives, and the trends associated with urbanization and distributed energy. Key trends expected in this period include the development of flexible and lightweight solar cells, advancements in perovskite solar cell technology, the adoption of bifacial solar cells, transparent solar cells, a heightened focus on sustainability, increased integration with energy storage solutions, and the implementation of smart solar technologies.

The anticipated increase in the utilization of renewable energy sources for electricity generation is set to drive the growth of the solar cells market. Renewable energy, sourced from natural elements such as sunlight, wind, rain, tides, waves, and geothermal heat, plays a crucial role in meeting energy needs sustainably. Solar cells, specifically, have the capability to directly convert sunlight into electricity, providing a clean and renewable energy alternative that neither emits greenhouse gases nor depletes natural resources. Notably, in May 2022, the International Energy Agency reported a 6% surge in renewable capacity additions in 2021, reaching a record-breaking installation of nearly 295 GW. This underscores the pivotal role of increasing renewable energy use in propelling the growth of the solar cells market.

Key players in the solar cells market are channeling their efforts into product innovation, exemplified by the development of n-type solar modules, to enhance market profitability. N-type solar modules consist of multiple solar cells utilizing N-type silicon, which is doped with elements to add extra electrons, thereby increasing efficiency and durability in converting sunlight into electricity. In October 2022, Trina Solar Co. Ltd., a prominent Chinese photovoltaics company, introduced the 595W Vertex n-type module. This product boasts a 30W improvement over conventional modules, enhancing overall efficiency and energy yield with an 80% battery life and compatibility with trackers. The innovation aims to scale up production to 20-30 GW, reducing Balance of System (BOS) costs and Levelized Cost of Electricity (LCOE) for solar projects. Trina Solar's portfolio also includes the 690W module designed for utility applications and the 445W module tailored for rooftop installations.

In October 2021, Reliance New Energy Solar Limited, an India-based solar energy company, acquired REC Solar Holdings AS for an undisclosed amount. This acquisition forms part of Reliance Industries' broader strategy to strengthen its position in the global solar energy sector by integrating advanced technologies and enhancing production capabilities. REC Solar Holdings AS, based in the United States, is a solar power company specializing in the manufacturing of solar cells, aligning with Reliance Industries' vision to excel in the evolving landscape of new energy.

Major companies operating in the solar cells market report 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.

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. The countries covered in the solar cells market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Solar cells are devices designed to directly convert light energy into electrical energy through the photovoltaic effect. These cells find widespread applications, ranging from small-scale devices such as calculators and road signs to large-scale solar power plants. By harnessing the photovoltaic effect, solar cells contribute to generating a renewable and clean energy source.

Solar cells come in various product types, including back surface field (BSF), passivated emitter and rear contact/tunnel oxide passivated contact (PERC/TOPCON), heterojunction (HJT), interdigitated back contact and metal wrap-through (IBC and MWT), and other products. BSF solar cells incorporate a back layer that reflects electrons into the cell, optimizing efficiency by minimizing electron loss. These cells utilize different technologies such as monocrystalline, polycrystalline, cadmium telluride (CDTE), amorphous silicon (A-Si), and copper indium gallium diselenide. Installations can be categorized as residential, commercial, and utility-scale.

The solar cells market research report is one of a series of new reports that provides solar cells market statistics, including solar cells industry global market size, regional shares, competitors with a solar cells market share, detailed solar cells market segments, market trends, and opportunities, and any further data you may need to thrive in the solar cells industry. This solar cells market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The solar cell market consists of sales of solar panel frames, glass coverings, back sheets, junction boxes, and solar inverters. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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