Solar Cell Market Insights by Growth, Emerging Trends and Forecast By 2031

The growth of the global solar cell market 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.

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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.

The global solar cell market is segmented on the basis of type, installation type and region

Based on type, the crystalline segment held the highest market share in 2021, accounting for nearly 89% of the global solar cell market, and is estimated to maintain its leadership status throughout the forecast period, owing to heightened demand of renewable energy and increase in electricity demand, which is further supported by the rise in population globally. Limited availability of fossil fuels and strict government regulations on carbon emission create the strong need for efficient and cost-effective renewable energy sources such as solar energy. The report also analyzes thin film segment.

Based on installation type, the utility-scale segment accounted for the largest share in 2021, contributing to nearly two-fifths of the global solar cell market, and is projected to maintain its lead position during the forecast period. This is attributed to the rapid industrialization and decrease in fossil fuel resources across the globe. However, the residential segment is expected to portray the largest CAGR of 16.6% from 2022 to 2031. Implementation of government initiatives in developed as well as developing economies to curb carbon emissions and reduce the usage of conventional fuels to generate energy led to increase in usage of rooftop solar PV systems to generate electricity for household purposes. To encourage more usage of this technology than before, governments have offered various types of subsidies such as lowering the property tax of residents who install solar cells over their houses.

Based on region, Asia-Pacific held the highest market share in terms of revenue 2021, accounting for more than half of the global solar cell industry. Moreover, the same region is expected to witness the fastest CAGR of 16.2% from 2022 to 2031. This is attributed to rise in usage of solar energy in standalone systems such as solar street lamps and telecommunication & signaling towers. Rapid industrialization and urbanization across countries of Asia-Pacific region such as India, China, and Thailand have led to increase in infrastructure development activities, including construction of highways and new residential complexes. This, in turn, is expected to fuel the demand for standalone systems. The research also analyzes regions including North America, Europe, and LAMEA.

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The major companies profiled in this report include Abengoa SA, Acciona SA, Borg Inc., Canadian Solar Inc., First Solar, Green Brilliance, Indosolar Limited, JA Solar Holdings Co. Ltd., Jinkosolar Holdings Co. Ltd., Kaneka Corporation, LG Electronics, LONGi, Solarworld AG, Sharp Corporation, Sunedison Inc., Sunpower Corporation, Tata Power System Limited, Trina Solar, Wuxi Suntech Power Co., Ltd. and Yingli Solar Due to rapidly development of industrialization, modernization and spread of information through internet led to the development of tourism industry which in-turn has fueled the demand for solar cell. Additional growth strategies such as expansion of production capacities, acquisition, partnership and research & innovation in the solar energy application have led to the development in the global solar cell market trends.

Key findings of the study:
• The crystalline segment accounted for 89.5% solar cell market share in 2021, and is anticipated to grow at a rate of 15.7% in terms of revenue, increasing its share in the global solar cell market during the forecast period.
• As per solar cell market analysis, the residential segment is the fastest-growing installation type segment in the global solar cell market, and is expected to grow at a CAGR of 16.6% during 2022-2031.
• In 2021, Asia-Pacific region dominated the global solar cell market with more than 55.5% of the share, in terms of revenue.

Key Segment of market:

By Type
• Crystalline
• Thin Film
By Installation Type:
• Residential
• Commercial
• Utility-Scale
By region
• North America
• Europe
• Asia- Pacific
• LAMEA

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