Global Solar Cells and Modules Market Size Study, by Type (Mono-SI Modules, Multi-SI Modules, CDTE Modules, CIGS Modules, A-Si Modules, Others), by Application (PV Power Station, Commercial, Residential, Others), and Regional Forecasts 2022-2032

Description

The Global Solar Cells And Modules Market was valued at USD 40.49 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 9.2% over the forecast period 2024-2032. Solar panels, consisting of photovoltaic (PV) cells and modules, convert sunlight into usable energy, offering a clean and renewable alternative to fossil fuels. This market growth is driven by the increasing demand for renewable energy sources amid rising concerns about environmental degradation, depletion of fossil fuels, and the urgency to reduce greenhouse gas emissions.

Governments across the world have introduced various incentives and programs to encourage the adoption of solar energy, further fueling the growth of solar cells and modules. The shift towards solar power is not only driven by environmental concerns but also by technological advancements that improve the efficiency of photovoltaic systems. As a result, the market for solar PV cells and modules is set to expand rapidly, with applications ranging from large-scale power stations to residential and commercial installations.

However, the COVID-19 pandemic initially disrupted supply chains across multiple industries, including solar energy. The pandemic slowed down production and hampered the approval process for solar projects, causing a temporary lull in the market. Nevertheless, interest in renewable energy, particularly solar power, rebounded as people and businesses recognized the benefits of having backup power during times of uncertainty.

The key regions considered in the study include Asia Pacific, North America, Europe, Latin America, and the Middle East and Africa. The North American region dominated the market in 2023, owing to its significant investments in large-scale solar power plants. The region's regulatory support and financial incentives have facilitated the widespread adoption of solar PV cells and modules, especially in countries like the United States. During the forecast period, Asia-Pacific is also expected to witness rapid growth due to expanding government-led renewable energy initiatives and the increasing installation of solar panels in countries like China and India.

Major market players included in this report are:

JinkoSolar (China)
LONGi (China)
JA Solar (China)
First Solar (U.S.)
Canadian Solar (Canada)
Trina Solar (China)
Hanwha Solutions (South Korea)
Risen Energy (China)
Seraphim (India)
Risen Energy Co., Ltd.
Shunfeng International Clean Energy Limited
GCL-Poly Energy Holdings Limited
LG Electronics Inc.
Panasonic Corporation

The detailed segments and sub-segments of the market are explained below:

By Type:

Mono-SI Modules
Multi-SI Modules
CDTE Modules
CIGS Modules
A-Si Modules
Others

By Application:

PV Power Station
Commercial
Residential
Others

By Region

North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
Rest of Europe
Asia Pacific
China
India
Japan
Australia
South Korea
Rest of Asia Pacific
Latin America
Brazil
Mexico
Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa

Years considered for the study are as follows:

Historical Year - 2022
Base Year - 2023
Forecast Period - 2024 to 2032

Key Takeaways:

Market Estimates & Forecast for 10 years from 2022 to 2032.
Annualized revenues and regional level analysis for each market segment.
Detailed analysis of geographical landscape with country-level analysis of major regions.
Competitive landscape with information on major players in the market.
Analysis of key business strategies and recommendations on future market approach.
Analysis of competitive structure of the market.
Demand-side and supply-side analysis of the market.

Chapter 1. Global Solar Cells and Modules Market Executive Summary

1.1. Global Solar Cells and Modules Market Size & Forecast (2022-2032)
1.2. Regional Summary
1.3. Segmental Summary
- 1.3.1. By Type
- 1.3.2. By Application
1.4. Key Trends
1.5. Recession Impact
1.6. Analyst Recommendation & Conclusion

Chapter 2. Global Solar Cells and Modules Market Definition and Research Assumptions

2.1. Research Objective
2.2. Market Definition
2.3. Research Assumptions
- 2.3.1. Inclusion & Exclusion
- 2.3.2. Limitations
- 2.3.3. Supply-Side Analysis
  - 2.3.3.1. Availability
  - 2.3.3.2. Infrastructure
  - 2.3.3.3. Regulatory Environment
  - 2.3.3.4. Market Competition
  - 2.3.3.5. Economic Viability (Consumer's Perspective)
- 2.3.4. Demand-Side Analysis
  - 2.3.4.1. Regulatory Frameworks
  - 2.3.4.2. Technological Advancements
  - 2.3.4.3. Environmental Considerations
  - 2.3.4.4. Consumer Awareness & Acceptance
2.4. Estimation Methodology
2.5. Years Considered for the Study
2.6. Currency Conversion Rates

Chapter 3. Global Solar Cells and Modules Market Dynamics

3.1. Market Drivers
- 3.1.1. Increasing Demand for Renewable Energy
- 3.1.2. Government Incentives and Programs
3.2. Market Challenges
- 3.2.1. High Cost of Pure Silicon and Other Materials
3.3. Market Opportunities
- 3.3.1. Technological Advancements in PV Cells
- 3.3.2. Growth in Public and Private Sector Investments

Chapter 4. Global Solar Cells and Modules Market Industry Analysis

4.1. Porter's 5 Force Model
- 4.1.1. Bargaining Power of Suppliers
- 4.1.2. Bargaining Power of Buyers
- 4.1.3. Threat of New Entrants
- 4.1.4. Threat of Substitutes
- 4.1.5. Competitive Rivalry
- 4.1.6. Futuristic Approach to Porter's 5 Force Model
- 4.1.7. Porter's 5 Force Impact Analysis
4.2. PESTEL Analysis
- 4.2.1. Political
- 4.2.2. Economical
- 4.2.3. Social
- 4.2.4. Technological
- 4.2.5. Environmental
- 4.2.6. Legal
4.3. Top Investment Opportunities
4.4. Top Winning Strategies
4.5. Disruptive Trends
4.6. Industry Expert Perspective
4.7. Analyst Recommendation & Conclusion

Chapter 5. Global Solar Cells and Modules Market Size & Forecasts by Type 2022-2032

5.1. Segment Dashboard
5.2. Global Solar Cells and Modules Market: Type Revenue Trend Analysis, 2022 & 2032 (USD Billion)
- 5.2.1. Mono-SI Modules
- 5.2.2. Multi-SI Modules
- 5.2.3. CDTE Modules
- 5.2.4. CIGS Modules
- 5.2.5. A-Si Modules
- 5.2.6. Others

Chapter 6. Global Solar Cells and Modules Market Size & Forecasts by Application 2022-2032

6.1. Segment Dashboard
6.2. Global Solar Cells and Modules Market: Application Revenue Trend Analysis, 2022 & 2032 (USD Billion)
- 6.2.1. PV Power Station
- 6.2.2. Commercial
- 6.2.3. Residential
- 6.2.4. Others

Chapter 7. Global Solar Cells and Modules Market Size & Forecasts by Region 2022-2032

7.1. North America Solar Cells and Modules Market
- 7.1.1. U.S. Solar Cells and Modules Market
  - 7.1.1.1. Type breakdown size & forecasts, 2022-2032
  - 7.1.1.2. Application breakdown size & forecasts, 2022-2032
- 7.1.2. Canada Solar Cells and Modules Market
7.2. Europe Solar Cells and Modules Market
- 7.2.1. UK Solar Cells and Modules Market
- 7.2.2. Germany Solar Cells and Modules Market
- 7.2.3. France Solar Cells and Modules Market
- 7.2.4. Spain Solar Cells and Modules Market
- 7.2.5. Italy Solar Cells and Modules Market
- 7.2.6. Rest of Europe Solar Cells and Modules Market
7.3. Asia-Pacific Solar Cells and Modules Market
- 7.3.1. China Solar Cells and Modules Market
- 7.3.2. India Solar Cells and Modules Market
- 7.3.3. Japan Solar Cells and Modules Market
- 7.3.4. Australia Solar Cells and Modules Market
- 7.3.5. South Korea Solar Cells and Modules Market
- 7.3.6. Rest of Asia Pacific Solar Cells and Modules Market
7.4. Latin America Solar Cells and Modules Market
- 7.4.1. Brazil Solar Cells and Modules Market
- 7.4.2. Mexico Solar Cells and Modules Market
- 7.4.3. Rest of Latin America Solar Cells and Modules Market
7.5. Middle East & Africa Solar Cells and Modules Market
- 7.5.1. Saudi Arabia Solar Cells and Modules Market
- 7.5.2. South Africa Solar Cells and Modules Market
- 7.5.3. Rest of Middle East & Africa Solar Cells and Modules Market

Chapter 8. Competitive Intelligence

8.1. Key Company SWOT Analysis
8.2. Top Market Strategies
8.3. Company Profiles
- 8.3.1. JinkoSolar (China)
  - 8.3.1.1. Key Information
  - 8.3.1.2. Overview
  - 8.3.1.3. Financial (Subject to Data Availability)
  - 8.3.1.4. Product Summary
  - 8.3.1.5. Market Strategies
- 8.3.2. LONGi (China)
- 8.3.3. JA Solar (China)
- 8.3.4. First Solar (U.S.)
- 8.3.5. Canadian Solar (Canada)
- 8.3.6. Trina Solar (China)
- 8.3.7. Hanwha Solutions (South Korea)
- 8.3.8. Risen Energy (China)
- 8.3.9. Seraphim (India)
- 8.3.10. Risen Energy Co., Ltd.
- 8.3.12. Shunfeng International Clean Energy Limited
- 8.3.13. GCL-Poly Energy Holdings Limited
- 8.3.14. LG Electronics Inc.
- 8.3.15. Panasonic Corporation

Chapter 9. Research Process

9.1. Research Process
- 9.1.1. Data Mining
- 9.1.2. Analysis
- 9.1.3. Market Estimation
- 9.1.4. Validation
- 9.1.5. Publishing
9.2. Research Attributes