According to a new report published The global solar cell and modules market was valued at $166.6 billion in 2023, and is projected to reach $373.6 billion by 2033, growing at a CAGR of 8.3% from 2024 to 2033.
Solar cell - also referred to as photovoltaic cell - is a device that converts light directly into electricity by the photovoltaic effect. Solar cells and modules reduce the cost of solar electricity by improving the efficiency of photovoltaic cell, thereby lowering manufacturing costs while increasing the service life of module.
The growth of the global solar cell and modules market is majorly driven by increase in demand for electricity coupled with rise in awareness and adoption of renewable energy. According to a report published by the International Renewable Energy Agency (IRENA), solar power is estimated to contribute to 86% of global power demand by 2050. In addition, the goal of many countries to achieve net-zero emissions has shifted their preference toward cleaner and more sustainable energy sources, which significantly fuels the demand for solar cell and modules. This is attributed to the fact that solar energy significantly reduces carbon dioxide and other greenhouse gas emission. For instance, according to the U.S. Energy Information Administration, North Carolina is the second highest solar-producing state in the U.S. that generated 5.4% of its electricity from solar power in 2019. However, high installation cost of solar modules and efficiency issues of solar cells hinder the growth of the market. For instance, solar module exhibits efficiency ranging from 15% to 22%, which implies that merely 15-22% of the sunlight that falls on the modules gets converted into electricity and utilized as a power source. On the contrary, increase in government initiatives to promote the use of solar cells and modules is expected to offer remunerative opportunities for the expansion of the global market during the forecast period. For instance, the U.S. Department of Energy (DOE) Solar Energy Technologies Office (SETO) Small Innovative Projects in Solar (SIPS) 2022 Funding Program funds innovative R&D projects, which focus on accelerating the development and deployment of photovoltaics and concentrating solar-thermal power technologies. Furthermore, technological developments are expected to open new avenues for the growth of the market. Although perovskite solar cells are highly efficient, cost-effective, and lightweight, they have demonstrated durability issues that reduce the technology’s usefulness in solar energy production. Thus, researchers from Monash University, the University of Oxford, and the City University of Hong Kong have developed perovskite solar cells with enhanced stability and performance by applying a material engineering strategy, called “self-healing.” This property enables the solar cells to repair minute defects caused by exposure to heat and moisture.
The global solar cell and modules market is segmented on the basis by type, product type, module efficiency, application, and region. By type, the market is classified polycrystalline, monocrystalline, bifacial, thin film, and others. On the basis of product type, it is bifurcated into N-Type and P-Type. Depending on module efficiency, it is categorized into 13-16%, 16-20%, 20-22%, and 22-23.5%. By application, it is fragmented into residential, commercial, and utility scale. Region wise, the market is studied across areas such as North America, Europe, Asia-Pacific, and LAMEA.
Key Findings
By type, the mono-crystalline segment is expected to maintain its lead position by 2023.
Depending on product type, the P-Type segment is projected to lead the market in the coming future.
On the basis of module efficiency, the 20-22% segment is anticipated to gain high prominence in the coming future.
As per application, the commercial segment is expected to exhibit the highest CAGR during the forecast period.
Region wise, Asia-Pacific to maintain its dominance by 2033.
Competitive Analysis
The major players operating in the solar cell and modules include Novasys, Saatvik Solar, Insolation Energy Ltd., SunGarner Energies Ltd., Allesun, AIKO, Centro Energy Co., Ltd, aolisolar, DAS Solar, and AIDU ENERGY. Other players include Rhine Solar Ltd., VIKRAM SOLAR LTD., EMMVEE SOLAR, RenewSys India Pvt. Ltd., and Photon Energy Systems. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, and agreements to maintain their dominance in the market and sustain the intense competition.
Solar cell - also referred to as photovoltaic cell - is a device that converts light directly into electricity by the photovoltaic effect. Solar cells and modules reduce the cost of solar electricity by improving the efficiency of photovoltaic cell, thereby lowering manufacturing costs while increasing the service life of module.
The growth of the global solar cell and modules market is majorly driven by increase in demand for electricity coupled with rise in awareness and adoption of renewable energy. According to a report published by the International Renewable Energy Agency (IRENA), solar power is estimated to contribute to 86% of global power demand by 2050. In addition, the goal of many countries to achieve net-zero emissions has shifted their preference toward cleaner and more sustainable energy sources, which significantly fuels the demand for solar cell and modules. This is attributed to the fact that solar energy significantly reduces carbon dioxide and other greenhouse gas emission. For instance, according to the U.S. Energy Information Administration, North Carolina is the second highest solar-producing state in the U.S. that generated 5.4% of its electricity from solar power in 2019. However, high installation cost of solar modules and efficiency issues of solar cells hinder the growth of the market. For instance, solar module exhibits efficiency ranging from 15% to 22%, which implies that merely 15-22% of the sunlight that falls on the modules gets converted into electricity and utilized as a power source. On the contrary, increase in government initiatives to promote the use of solar cells and modules is expected to offer remunerative opportunities for the expansion of the global market during the forecast period. For instance, the U.S. Department of Energy (DOE) Solar Energy Technologies Office (SETO) Small Innovative Projects in Solar (SIPS) 2022 Funding Program funds innovative R&D projects, which focus on accelerating the development and deployment of photovoltaics and concentrating solar-thermal power technologies. Furthermore, technological developments are expected to open new avenues for the growth of the market. Although perovskite solar cells are highly efficient, cost-effective, and lightweight, they have demonstrated durability issues that reduce the technology’s usefulness in solar energy production. Thus, researchers from Monash University, the University of Oxford, and the City University of Hong Kong have developed perovskite solar cells with enhanced stability and performance by applying a material engineering strategy, called “self-healing.” This property enables the solar cells to repair minute defects caused by exposure to heat and moisture.
The global solar cell and modules market is segmented on the basis by type, product type, module efficiency, application, and region. By type, the market is classified polycrystalline, monocrystalline, bifacial, thin film, and others. On the basis of product type, it is bifurcated into N-Type and P-Type. Depending on module efficiency, it is categorized into 13-16%, 16-20%, 20-22%, and 22-23.5%. By application, it is fragmented into residential, commercial, and utility scale. Region wise, the market is studied across areas such as North America, Europe, Asia-Pacific, and LAMEA.
Key Findings
By type, the mono-crystalline segment is expected to maintain its lead position by 2023.
Depending on product type, the P-Type segment is projected to lead the market in the coming future.
On the basis of module efficiency, the 20-22% segment is anticipated to gain high prominence in the coming future.
As per application, the commercial segment is expected to exhibit the highest CAGR during the forecast period.
Region wise, Asia-Pacific to maintain its dominance by 2033.
Competitive Analysis
The major players operating in the solar cell and modules include Novasys, Saatvik Solar, Insolation Energy Ltd., SunGarner Energies Ltd., Allesun, AIKO, Centro Energy Co., Ltd, aolisolar, DAS Solar, and AIDU ENERGY. Other players include Rhine Solar Ltd., VIKRAM SOLAR LTD., EMMVEE SOLAR, RenewSys India Pvt. Ltd., and Photon Energy Systems. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, and agreements to maintain their dominance in the market and sustain the intense competition.
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Key Market Segments
By Type
- Polycrystalline
- Monocrystalline
- Bificial
- Thin Film
- Others
By Product Type
- N-Type
- P-Type
By Module Efficiency
- 13-16%
- 16-20%
- 20-22%
- 22-23.5%
By Application
- Residential
- Commercial
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Spain
- Italy
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Australia
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Saudi Arabia
- South Africa
- Rest of LAMEA
- Novasys
- Saatvik Solar
- Insolation Energy Ltd.
- SunGarner Energies Ltd
- Allesun
- AIKO
- Centro Energy Co., Ltd
- aolisolar
- DAS Solar
- AIDU ENERGY
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET LANDSCAPE
CHAPTER 4: SOLAR CELL AND MODULE MARKET, BY TYPE
CHAPTER 5: SOLAR CELL AND MODULE MARKET, BY PRODUCT TYPE
CHAPTER 6: SOLAR CELL AND MODULE MARKET, BY MODULE EFFICIENCY
CHAPTER 7: SOLAR CELL AND MODULE MARKET, BY APPLICATION
CHAPTER 8: SOLAR CELL AND MODULE MARKET, BY REGION
CHAPTER 9: COMPETITIVE LANDSCAPE
CHAPTER 10: COMPANY PROFILES
LIST OF TABLES
LIST OF FIGURES
Companies Mentioned
Key Market Players in the Solar Cell and Module Market include:- Novasys
- Saatvik Solar
- Insolation Energy Ltd.
- SunGarner Energies Ltd
- Allesun
- AIKO
- Centro Energy Co., Ltd
- aolisolar
- DAS Solar
- AIDU ENERGY
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 550 |
| Published | June 2024 |
| Forecast Period | 2023 - 2033 |
| Estimated Market Value ( USD | $ 166.6 billion |
| Forecasted Market Value ( USD | $ 373.6 billion |
| Compound Annual Growth Rate | 8.3% |
| Regions Covered | Global |
| No. of Companies Mentioned | 11 |
