Solar Cells Market Report 2025

This report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.

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.

The growing use of renewable energy sources for electricity generation is expected to drive the expansion of the solar cells market in the future. Renewable energy is sourced from natural resources that replenish themselves over short periods, including sunlight, wind, rain, tides, waves, and geothermal heat. Solar cells convert sunlight directly into electricity, providing a clean, sustainable, and renewable energy source that does not emit greenhouse gases or deplete natural resources. For example, in September 2024, the Department for Energy Security and Net Zero, a UK-based governmental department, reported that in Q2 2024, renewable energy accounted for 51.6% of total energy generation in the UK, reflecting a 9.9 percentage point increase compared to the same period in 2023. Therefore, the rising use of renewable energy sources is driving the growth of the solar cell market.

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.

In May 2023, First Solar, a US-based company specializing in comprehensive photovoltaic (PV) solar solutions, acquired Evolar AB for approximately $38 million. This acquisition allows First Solar to integrate advanced perovskite technology, improving the efficiency of its solar modules and accelerating innovation in its photovoltaic solutions. Evolar AB, based in Sweden, is known for its high-volume production of perovskite solar cells.

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.

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. 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.

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).

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.

The main product types of solar cells are 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. Back surface field (BSF) solar cells feature a layer at the back that reflects electrons into the cell, enhancing efficiency by minimizing electron loss. The various technologies involved are monocrystalline, polycrystalline, cadmium telluride (CDTE), amorphous silicon (A-Si), and copper indium gallium diselenide. The various types of installation are residential, commercial, and utility-scale.

The main product types of solar cells are 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. Back surface field (BSF) solar cells feature a layer at the back that reflects electrons into the cell, enhancing efficiency by minimizing electron loss. The various technologies involved are monocrystalline, polycrystalline, cadmium telluride (CDTE), amorphous silicon (A-Si), and copper indium gallium diselenide. The various types of installation are residential, commercial, and utility-scale.

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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