Global “Solar Cell Market,” The solar cell market size was valued at $84.91 billion in 2021, and solar cell industry is estimated to reach $367.23 billion by 2031, growing at a CAGR of 15.8% from 2022 to 2031. Solar cell technology converts energy from solar radiation directly into electricity using semiconductor materials. It has no mechanical moving parts, thus, it has a prolonged service life, requiring minimal maintenance. Solar cell technology is used in renewable energy systems range from small-scale systems for lighting and pumping to large-scale systems for whole buildings and utility-scale solar farms.
Continuous supply of energy and comparatively lower expenses of solar energy than conventional energy sources have made PV technology lucrative for application in industrial sectors such as telecommunication, aerospace & defense, agriculture, and automotive. This factor is expected to escalate the market growth during the forecast period. In addition, increase in popularity of solar technology owing to its employment in electricity generation, to provide electricity for residential buildings at a low cost is expected to drive the growth of the solar cell market.
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The growth of the global solar cell market growth is driven by adoption of renewable electricity generation methods along with focus on carbon emission reduction. In addition, rise in concern from governments across the globe on increased global warming issues is expected to augment the demand for solar farms. Governments across different countries are offering new rebate and incentive schemes on installation of solar farms. Such tax incentive programs are expected to encourage commercial as well as industrial end users to install solar farms, thereby contributing toward the growth of the global solar cell market opportunities.
The use of solar energy by commercial buildings such as offices, malls, and airports helps reduce the load on traditional fossil fuel power plants and further decreases the carbon footprint. With growth in use of solar photovoltaic, the use of solar farm is expected to rise to generate electricity in an efficient way, owing to surge in use of solar photovoltaic.
Market Scope and Structure Analysis
| Report Metric | Details |
| Market Size Available for Years | 2022–2031 |
| Base Year Considered | 2021 |
| Forecast Period | 2022–2031 |
| Forecast Unit | Value (USD) |
| Segments Covered | Type, Installation Type, and Region |
| Companies Covered | First Solar, Inc., Yingli Solar, SunPower Corporation, SunEdison, Inc., Indosolar Limited, Tata Power Systems Limited, Sharp Corporation, Borg Inc., SolarWorld AG, GreenBrilliance, Canadian Solar Inc, Trina Solar Limited, Abengoa SE, Acciona S.A., Kaneka Corporation |
The global solar cell market is segmented on the basis of type, installation type and region. On the basis of type, it is segmented into thin film solar cell which is further segmented into CdTe, a-Si, CIGS; and crystalline solar cell which is further segmented into multi-Si, mono-Si; and others. On the basis of installation type, the market is classified into residential, commercial, and utility-scale.
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Region wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. Presently, Asia-Pacific accounts for the largest share of the market, followed by North America and Europe. Asia-Pacific has emerged as a global leader in the solar cell market, due to surge in energy demand in the developing economies such as India, China, and Thailand, owing to decrease in dependency on conventional energy sources, including coal & crude oil, and increase in urbanization. In addition, development of rural electrification activities in countries such as India, China, and Thailand and rise in government initiatives to promote the use of renewable energy are anticipated to boost the growth of the global solar cell market from 2022 to 2030.
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Covid-19 Scenario
- The outbreak of the Covid-19 pandemic affected several economies and caused lockdown in many countries. This, in turn, limited the growth of the global solar cell market.
- The temporary shutdown of several industries led to decline in demand for solar related equipment in most of the countries across the world. The decrease in utilization of power in the industrial facilities across the globe during the outbreak led to a negative impact on the development of the solar cell market.
- Nevertheless, during the post-pandemic period, the governments of various countries have taken initiatives to improve the national energy security through increase in investment in the renewable energy related industries, especially solar and wind power systems.
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