PUBLISHER: Global Market Insights Inc. | PRODUCT CODE: 1577087
PUBLISHER: Global Market Insights Inc. | PRODUCT CODE: 1577087
The Global Solar Cells Market was valued at USD 32.5 billion in 2023 and is expected to grow at a CAGR of 2.9% through 2032. Solar cells, or photovoltaic (PV) cells, convert light energy into electricity using the photovoltaic effect. These cells, primarily made from semiconductor materials like silicon, generate electricity when exposed to light, driving growth in demand due to technological advancements, decreasing costs, and increasing awareness of sustainable energy solutions. Ongoing research and development have enhanced the efficiency of solar cells, allowing more electricity to be generated from the same amount of sunlight.
The market expansion is supported by policies promoting renewable energy, such as net metering and renewable portfolio standards. These policies are accelerating the installation of solar energy systems globally, further boosting the solar cells industry.
The solar cells market is segmented by material into crystalline and thin film types. Crystalline solar cells are expected to reach over USD 37 billion by 2032, driven by their high efficiency and low costs. These cells are reliable, efficient, and cost-effective due to well-established technology. Further advancements, including Passivated Emitter and Rear Cell (PERC) technology, have improved efficiency by enhancing light absorption and reducing electron recombination, contributing to the growth of crystalline solar cells.
In terms of technology, the market is divided into monocrystalline, polycrystalline, CdTe, A-Si, and CIGS. Monocrystalline solar cells are projected to grow at a CAGR of over 3% by 2032, as they are the most efficient type of silicon-based solar cells, with efficiencies ranging from 18% to 22%. Technological innovations like PERC, heterojunction technology (HJT), and N-type silicon have further boosted efficiency and performance, leading to widespread adoption. Additionally, improvements in manufacturing processes and economies of scale are expected to reduce costs, driving market expansion.
Asia Pacific solar cells market is anticipated to exceed USD 39 billion by 2032, driven by government incentives and a focus on high-efficiency solar technology. Strong adoption of solar cells across developing economies, combined with policies supporting solar energy and rural electrification projects, is expected to bolster the market in the region.