PUBLISHER: The Business Research Company | PRODUCT CODE: 1695069
PUBLISHER: The Business Research Company | PRODUCT CODE: 1695069
Solar Cells Global Market Report 2025
Solar cells are devices that convert light energy directly into electrical energy through the photovoltaic effect. They are widely used in various applications, from small-scale devices like calculators and road signs to large-scale solar power plants, providing a renewable and clean energy source.
The main product types of solar cells are back surface field (BSF), passivated emitter and rear contact/tunnel oxide passivated contact (PERC/TOPCON), heterojunction (HJT), interdigitated back contact and metal wrap-through (IBC and MWT), and other products. Back surface field (BSF) solar cells feature a layer at the back that reflects electrons into the cell, enhancing efficiency by minimizing electron loss. The various technologies involved are monocrystalline, polycrystalline, cadmium telluride (CDTE), amorphous silicon (A-Si), and copper indium gallium diselenide. The various types of installation are residential, commercial, and utility-scale.
The main product types of solar cells are back surface field (BSF), passivated emitter and rear contact/tunnel oxide passivated contact (PERC/TOPCON), heterojunction (HJT), interdigitated back contact and metal wrap-through (IBC and MWT), and other products. Back surface field (BSF) solar cells feature a layer at the back that reflects electrons into the cell, enhancing efficiency by minimizing electron loss. The various technologies involved are monocrystalline, polycrystalline, cadmium telluride (CDTE), amorphous silicon (A-Si), and copper indium gallium diselenide. The various types of installation are residential, commercial, and utility-scale.
The solar cells market size has grown rapidly in recent years. It will grow from $82.76 billion in 2024 to $95.94 billion in 2025 at a compound annual growth rate (CAGR) of 15.9%. The growth in the historic period can be attributed to government incentives, decreasing manufacturing costs, increasing environmental awareness, energy independence goals, rising electricity demand, and corporate sustainability initiatives.
The solar cells market size is expected to see rapid growth in the next few years. It will grow to $157.93 billion in 2029 at a compound annual growth rate (CAGR) of 13.3%. The growth in the forecast period can be attributed to energy storage integration, smart grid integration, global commitments to renewable energy, community solar initiatives, and urbanization and distributed energy. Major trends in the forecast period include flexible and lightweight solar cells, perovskite solar cells, bifacial solar cells, transparent solar cells, increased focus on sustainability, energy storage integration, and smart solar technologies.
The growing use of renewable energy sources for electricity generation is expected to drive the expansion of the solar cells market in the future. Renewable energy is sourced from natural resources that replenish themselves over short periods, including sunlight, wind, rain, tides, waves, and geothermal heat. Solar cells convert sunlight directly into electricity, providing a clean, sustainable, and renewable energy source that does not emit greenhouse gases or deplete natural resources. For example, in September 2024, the Department for Energy Security and Net Zero, a UK-based governmental department, reported that in Q2 2024, renewable energy accounted for 51.6% of total energy generation in the UK, reflecting a 9.9 percentage point increase compared to the same period in 2023. Therefore, the rising use of renewable energy sources is driving the growth of the solar cell market.
Major companies operating in the solar cell market are focused on innovating new products, such as n-type solar modules, to increase their profitability in the market. N-type solar modules are assemblies of multiple solar cells made with N-type silicon cells that offer higher efficiency and durability by utilizing silicon doped with elements that add extra electrons, enhancing their ability to convert sunlight into electricity. For instance, in October 2022, Trina Solar Co. Ltd., a China-based photovoltaics company, unveiled its 595W Vertex n-type module. This product surpasses conventional modules by 30W, enhancing efficiency and energy yield with an 80% battery life and compatibility with trackers. This advancement aims to boost production to 20-30 GW, offering lower BOS costs and LCOE for solar projects. The portfolio also includes the 690W module for utilities and the 445W module for rooftop installations.
In May 2023, First Solar, a US-based company specializing in comprehensive photovoltaic (PV) solar solutions, acquired Evolar AB for approximately $38 million. This acquisition allows First Solar to integrate advanced perovskite technology, improving the efficiency of its solar modules and accelerating innovation in its photovoltaic solutions. Evolar AB, based in Sweden, is known for its high-volume production of perovskite solar cells.
Major companies operating in the solar cells market are Panasonic Corporation, Hanwha Group, Sharp Corporation, LONGi Green Energy Technology Co. Ltd., Trina Solar Co. Ltd., Acciona S.A., JA Solar Technology Co. Ltd., Canadian Solar Inc., JinkoSolar Holding Co. Ltd., Kaneka Corporation, Risen Energy Co. Ltd., First Solar Inc., Abengoa SE, SolarWorld AG, Tata Power Systems Limited, Yingli Solar, Hevel Group, GreenBrilliance, ReneSola Ltd., GAF Energy LLC, SunEdison Inc., Indosolar Limited, United Renewable Energy LLC, Jinneng Clean Energy Technology Ltd., Premier Energies Ltd.
Asia-Pacific was the largest region in the solar cells market in 2024. The regions covered in the solar cells market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the solar cells market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The solar cell market consists of sales of solar panel frames, glass coverings, back sheets, junction boxes, and solar inverters. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Solar Cells Global Market Report 2025 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on solar cells market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
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Scope
Table of Contents
1. Executive Summary
2. Solar Cells Market Characteristics
3. Solar Cells Market Trends And Strategies
4. Solar Cells Market - Macro Economic Scenario Including The Impact Of Interest Rates, Inflation, Geopolitics, Covid And Recovery On The Market
5. Global Solar Cells Growth Analysis And Strategic Analysis Framework
- 5.1. Global Solar Cells PESTEL Analysis (Political, Social, Technological, Environmental and Legal Factors, Drivers and Restraints)
- 5.2. Analysis Of End Use Industries
- 5.3. Global Solar Cells Market Growth Rate Analysis
- 5.4. Global Solar Cells Historic Market Size and Growth, 2019 - 2024, Value ($ Billion)
- 5.5. Global Solar Cells Forecast Market Size and Growth, 2024 - 2029, 2034F, Value ($ Billion)
- 5.6. Global Solar Cells Total Addressable Market (TAM)
6. Solar Cells Market Segmentation
7. Solar Cells Market Regional And Country Analysis
8. Asia-Pacific Solar Cells Market
9. China Solar Cells Market
10. India Solar Cells Market
11. Japan Solar Cells Market
12. Australia Solar Cells Market
13. Indonesia Solar Cells Market
14. South Korea Solar Cells Market
15. Western Europe Solar Cells Market
16. UK Solar Cells Market
17. Germany Solar Cells Market
18. France Solar Cells Market
19. Italy Solar Cells Market
20. Spain Solar Cells Market
21. Eastern Europe Solar Cells Market
22. Russia Solar Cells Market
23. North America Solar Cells Market
24. USA Solar Cells Market
25. Canada Solar Cells Market
26. South America Solar Cells Market
27. Brazil Solar Cells Market
28. Middle East Solar Cells Market
29. Africa Solar Cells Market
30. Solar Cells Market Competitive Landscape And Company Profiles
31. Solar Cells Market Other Major And Innovative Companies
32. Global Solar Cells Market Competitive Benchmarking And Dashboard
33. Key Mergers And Acquisitions In The Solar Cells Market
34. Recent Developments In The Solar Cells Market
35. Solar Cells Market High Potential Countries, Segments and Strategies
36. Appendix
