The solar cells market size has grown rapidly in recent years. It will grow from $94.51 billion in 2025 to $106.66 billion in 2026 at a compound annual growth rate (CAGR) of 12.9%. The growth in the historic period can be attributed to early adoption of crystalline silicon technologies, demand for cost effective photovoltaic solutions, expansion of grid connected solar installations, improvements in photovoltaic manufacturing processes, rising deployment of commercial rooftop solar systems.
The solar cells market size is expected to see rapid growth in the next few years. It will grow to $172.13 billion in 2030 at a compound annual growth rate (CAGR) of 12.7%. The growth in the forecast period can be attributed to growth in utility scale solar capacity additions, increasing investment in high efficiency cell technologies, rising demand for lightweight and flexible solar modules, advancements in bifacial and passivated cell designs, expansion of solar applications in urban infrastructure. Major trends in the forecast period include rising adoption of high efficiency cell architectures, growing demand for thin film and flexible solar cells, increasing use of bifacial cell designs for higher output, shift toward advanced surface passivation technologies, expansion of organic and next gen photovoltaic materials.
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 in the solar cell market are emphasizing the development of high-efficiency modules and innovative cell designs to meet the increasing demand for affordable and sustainable energy solutions. High-efficiency modules are solar panels that generate more electricity from the same area by employing advanced technologies and optimized designs to achieve superior conversion rates compared to conventional panels. For example, in April 2025, LONGi, a China-based solar technology company, introduced the upgraded Hi-MO 9 module with a record efficiency of 24.8%. The Hi-MO 9 module features advanced n-type passivated contact technology, enhanced bifacial performance, and optimized thermal management, enabling greater energy yield and reliability for utility-scale and commercial PV installations. This launch highlights LONGi’s focus on advancing technology to support global clean energy adoption and reduce electricity costs.
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., JA Solar Technology Co. Ltd., Canadian Solar Inc., JinkoSolar Holding Co. Ltd., Kaneka Corporation, Risen Energy Co. Ltd., First Solar Inc., SolarWorld AG, 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.
Note that the outlook for this market is being affected by rapid changes in trade relations and tariffs globally. The report will be updated prior to delivery to reflect the latest status, including revised forecasts and quantified impact analysis. The report’s Recommendations and Conclusions sections will be updated to give strategies for entities dealing with the fast-moving international environment.
Tariffs on photovoltaic cells, wafers, and related solar components have increased manufacturing and import costs, affecting pricing and supply chain stability across major markets including Asia Pacific, Europe, and North America. Utility scale and commercial segments face the highest impact due to their reliance on large volumes of imported high efficiency cells. However, tariffs are also encouraging domestic cell production, technological innovation, and localized supply chains, which can improve long term market resilience and reduce dependency on international suppliers.
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.
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.Asia-Pacific was the largest region in the solar cells market in 2025. The regions covered in the solar cells market report are Asia-Pacific, South East Asia, 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, Taiwan, 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).
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.
This product will be delivered within 1-3 business days.
The solar cells market size is expected to see rapid growth in the next few years. It will grow to $172.13 billion in 2030 at a compound annual growth rate (CAGR) of 12.7%. The growth in the forecast period can be attributed to growth in utility scale solar capacity additions, increasing investment in high efficiency cell technologies, rising demand for lightweight and flexible solar modules, advancements in bifacial and passivated cell designs, expansion of solar applications in urban infrastructure. Major trends in the forecast period include rising adoption of high efficiency cell architectures, growing demand for thin film and flexible solar cells, increasing use of bifacial cell designs for higher output, shift toward advanced surface passivation technologies, expansion of organic and next gen photovoltaic materials.
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 in the solar cell market are emphasizing the development of high-efficiency modules and innovative cell designs to meet the increasing demand for affordable and sustainable energy solutions. High-efficiency modules are solar panels that generate more electricity from the same area by employing advanced technologies and optimized designs to achieve superior conversion rates compared to conventional panels. For example, in April 2025, LONGi, a China-based solar technology company, introduced the upgraded Hi-MO 9 module with a record efficiency of 24.8%. The Hi-MO 9 module features advanced n-type passivated contact technology, enhanced bifacial performance, and optimized thermal management, enabling greater energy yield and reliability for utility-scale and commercial PV installations. This launch highlights LONGi’s focus on advancing technology to support global clean energy adoption and reduce electricity costs.
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., JA Solar Technology Co. Ltd., Canadian Solar Inc., JinkoSolar Holding Co. Ltd., Kaneka Corporation, Risen Energy Co. Ltd., First Solar Inc., SolarWorld AG, 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.
Note that the outlook for this market is being affected by rapid changes in trade relations and tariffs globally. The report will be updated prior to delivery to reflect the latest status, including revised forecasts and quantified impact analysis. The report’s Recommendations and Conclusions sections will be updated to give strategies for entities dealing with the fast-moving international environment.
Tariffs on photovoltaic cells, wafers, and related solar components have increased manufacturing and import costs, affecting pricing and supply chain stability across major markets including Asia Pacific, Europe, and North America. Utility scale and commercial segments face the highest impact due to their reliance on large volumes of imported high efficiency cells. However, tariffs are also encouraging domestic cell production, technological innovation, and localized supply chains, which can improve long term market resilience and reduce dependency on international suppliers.
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.
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.Asia-Pacific was the largest region in the solar cells market in 2025. The regions covered in the solar cells market report are Asia-Pacific, South East Asia, 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, Taiwan, 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).
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.
This product will be delivered within 1-3 business days.
Table of Contents
1. Executive Summary
2. Solar Cells Market Characteristics
3. Solar Cells Market Supply Chain Analysis
4. Global Solar Cells Market Trends and Strategies
5. Solar Cells Market Analysis of End Use Industries
7. Global Solar Cells Strategic Analysis Framework, Current Market Size, Market Comparisons and Growth Rate Analysis
8. Global Solar Cells Total Addressable Market (TAM) Analysis for the Market
9. Solar Cells Market Segmentation
10. Solar Cells Market Regional and Country Analysis
11. Asia-Pacific Solar Cells Market
12. China Solar Cells Market
13. India Solar Cells Market
14. Japan Solar Cells Market
15. Australia Solar Cells Market
16. Indonesia Solar Cells Market
17. South Korea Solar Cells Market
18. Taiwan Solar Cells Market
19. South East Asia Solar Cells Market
20. Western Europe Solar Cells Market
21. UK Solar Cells Market
22. Germany Solar Cells Market
23. France Solar Cells Market
24. Italy Solar Cells Market
25. Spain Solar Cells Market
26. Eastern Europe Solar Cells Market
27. Russia Solar Cells Market
28. North America Solar Cells Market
29. USA Solar Cells Market
30. Canada Solar Cells Market
31. South America Solar Cells Market
32. Brazil Solar Cells Market
33. Middle East Solar Cells Market
34. Africa Solar Cells Market
36. Solar Cells Market Competitive Landscape and Company Profiles
37. Solar Cells Market Other Major and Innovative Companies
40. Solar Cells Market High Potential Countries, Segments and Strategies
41. Appendix
Executive Summary
Solar Cells Market Global Report 2026 provides strategists, marketers and senior management with the critical information they need to assess the market.This report focuses solar cells market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
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Description
Where is the largest and fastest growing market for solar cells? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward, including technological disruption, regulatory shifts, and changing consumer preferences? The solar cells market global report answers all these questions and many more.The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, total addressable market (TAM), market attractiveness score (MAS), competitive landscape, market shares, company scoring matrix, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.
- The market characteristics section of the report defines and explains the market. This section also examines key products and services offered in the market, evaluates brand-level differentiation, compares product features, and highlights major innovation and product development trends.
- The supply chain analysis section provides an overview of the entire value chain, including key raw materials, resources, and supplier analysis. It also provides a list competitor at each level of the supply chain.
- The updated trends and strategies section analyses the shape of the market as it evolves and highlights emerging technology trends such as digital transformation, automation, sustainability initiatives, and AI-driven innovation. It suggests how companies can leverage these advancements to strengthen their market position and achieve competitive differentiation.
- The regulatory and investment landscape section provides an overview of the key regulatory frameworks, regularity bodies, associations, and government policies influencing the market. It also examines major investment flows, incentives, and funding trends shaping industry growth and innovation.
- The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
- The forecasts are made after considering the major factors currently impacting the market. These include the technological advancements such as AI and automation, Russia-Ukraine war, trade tariffs (government-imposed import/export duties), elevated inflation and interest rates.
- The total addressable market (TAM) analysis section defines and estimates the market potential compares it with the current market size, and provides strategic insights and growth opportunities based on this evaluation.
- The market attractiveness scoring section evaluates the market based on a quantitative scoring framework that considers growth potential, competitive dynamics, strategic fit, and risk profile. It also provides interpretive insights and strategic implications for decision-makers.
- Market segmentations break down the market into sub markets.
- The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth.
- Expanded geographical coverage includes Taiwan and Southeast Asia, reflecting recent supply chain realignments and manufacturing shifts in the region. This section analyzes how these markets are becoming increasingly important hubs in the global value chain.
- The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
- The company scoring matrix section evaluates and ranks leading companies based on a multi-parameter framework that includes market share or revenues, product innovation, and brand recognition.
Scope
Markets Covered:
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 Products2) 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 Cells2) 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
Companies Mentioned: Panasonic Corporation; Hanwha Group; Sharp Corporation; LONGi Green Energy Technology Co. Ltd.; Trina Solar Co. Ltd.; JA Solar Technology Co. Ltd.; Canadian Solar Inc.; JinkoSolar Holding Co. Ltd.; Kaneka Corporation; Risen Energy Co. Ltd.; First Solar Inc.; SolarWorld AG; 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.
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Taiwan; Russia; South Korea; UK; USA; Canada; Italy; Spain.
Regions: Asia-Pacific; South East Asia; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita.
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Delivery Format: Word, PDF or Interactive Report + Excel Dashboard
Added Benefits:
- Bi-Annual Data Update
- Customisation
- Expert Consultant Support
Companies Mentioned
The companies featured in this Solar Cells market report include:- Panasonic Corporation
- Hanwha Group
- Sharp Corporation
- LONGi Green Energy Technology Co. Ltd.
- Trina Solar Co. Ltd.
- JA Solar Technology Co. Ltd.
- Canadian Solar Inc.
- JinkoSolar Holding Co. Ltd.
- Kaneka Corporation
- Risen Energy Co. Ltd.
- First Solar Inc.
- SolarWorld AG
- 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.
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 250 |
| Published | January 2026 |
| Forecast Period | 2026 - 2030 |
| Estimated Market Value ( USD | $ 106.66 Billion |
| Forecasted Market Value ( USD | $ 172.13 Billion |
| Compound Annual Growth Rate | 12.7% |
| Regions Covered | Global |
| No. of Companies Mentioned | 23 |
