PUBLISHER: Global Market Insights Inc. | PRODUCT CODE: 1577087
PUBLISHER: Global Market Insights Inc. | PRODUCT CODE: 1577087
Solar Cells Market, Opportunity, Growth Drivers, Industry Trend Analysis and Forecast, 2024-2032
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.
Table of Contents
Chapter 1 Methodology and Scope
- 1.1 Research design
- 1.2 Base estimates and calculations
- 1.3 Forecast model
- 1.4 Primary research and validation
- 1.4.1 Primary sources
- 1.4.2 Data mining sources
- 1.5 Market Definitions
Chapter 2 Executive Summary
- 2.1 Industry 360° synopsis, 2021 - 2032
Chapter 3 Industry Insights
- 3.1 Industry ecosystem
- 3.2 Regulatory landscape
- 3.3 Industry impact forces
- 3.3.1 Growth drivers
- 3.3.2 Industry pitfalls and challenges
- 3.4 Growth potential analysis
- 3.5 Porter's analysis
- 3.5.1 Bargaining power of suppliers
- 3.5.2 Bargaining power of buyers
- 3.5.3 Threat of new entrants
- 3.5.4 Threat of substitutes
- 3.6 PESTEL analysis
Chapter 4 Competitive landscape, 2023
- 4.1 Introduction
- 4.2 Strategic dashboard
- 4.3 Innovation and technology landscape
Chapter 5 Market Size and Forecast, By Material, 2021 - 2032 (USD Million and MW)
- 5.1 Key trends
- 5.2 Crystalline
- 5.2.1 N material
- 5.2.2 P material
- 5.3 Thin Film
Chapter 6 Market Size and Forecast, By Technology, 2021 - 2032 (USD Million and MW)
- 6.1 Key trends
- 6.2 Monocrystalline
- 6.3 Polycrystalline
- 6.4 Cadmium telluride (CDTE)
- 6.5 Amorphous silicon (A-Si)
- 6.6 Copper indium gallium diselenide (CIGS)
Chapter 7 Market Size and Forecast, By Product, 2021 - 2032 (USD Million and MW)
- 7.1 Key trends
- 7.2 BSF
- 7.3 PERC/PERL/PERT/TOPCON
- 7.4 HJT
- 7.5 IBC and MWT
- 7.6 Others
Chapter 8 Market Size and Forecast, By Region, 2021 - 2032 (USD Million and MW)
- 8.1 Key trends
- 8.2 North America
- 8.2.1 U.S.
- 8.3 Europe
- 8.3.1 Germany
- 8.3.2 Spain
- 8.3.3 France
- 8.3.4 Netherlands
- 8.4 Asia Pacific
- 8.4.1 China
- 8.4.2 Malaysia
- 8.4.3 South Korea
- 8.4.4 Japan
- 8.4.5 Taiwan
- 8.4.6 India
- 8.5 Rest of World
Chapter 9 Company Profiles
- 9.1 Canadian Solar
- 9.2 DuPont
- 9.3 Hevel
- 9.4 Hanwha Q Cells
- 9.5 Jinko Solar
- 9.6 JINERGY
- 9.7 JA SOLAR Technology Co., Ltd.
- 9.8 Meyer Burger
- 9.9 MOTECH Industries Inc.
- 9.10 RENESOLA
- 9.11 REC Solar Holdings AS
- 9.12 Silfab Solar Inc.
- 9.13 SINGULUS TECHNOLOGIES AG.
- 9.14 SunPower Corporation
- 9.15 Sunport Power
- 9.16 AIKO
- 9.17 Tongwei Co., Ltd.
- 9.18 United Renewable Energy LLC
- 9.19 Vikram Solar Ltd.
- 9.20 Wuxi Suntech Power Co., Ltd.
- 9.21 Yingli Solar
