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Solar Cells Global Market Report 2024: Size, Share, Growth, Trends, Competitive Landscape to 2033
Solar Cells Market
According to The Business Research Company's, the solar cells market size has grown rapidly in recent years. It will grow from $71.43 billion in 2023 to $82.76 billion in 2024 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 $140.10 billion in 2028 at a compound annual growth rate (CAGR) of 14.1%. 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.
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Market Drivers and Trends:
The increasing use of renewable energy sources for electricity generation is expected to propel the growth of the solar cells market going forward. Renewable energy is derived from natural sources that replenish themselves over short periods, such as sunlight, wind, rain, tides, waves, and geothermal heat. Solar cells convert sunlight directly into electricity, providing a clean, sustainable, renewable energy source without emitting greenhouse gases or depleting natural resources. For instance, in May 2022, according to the International Energy Agency (IEA), a France-based intergovernmental organization, renewable capacity additions surged by 6% in 2021, setting a new record with nearly 295 GW installed. Therefore, the increasing use of renewable energy sources for electricity generation 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.
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• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
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• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
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.
Solar Cells Market 2024 Key Insights:
• The solar cells market is expected to grow to $140.10 billion in 2028 at a compound annual growth rate (CAGR) of 14.1%.
• Navigating The Solar Cell Market Expansion Powered By Renewable Energy Shifts
• Trina Solar Unveils High-Efficiency N-Type Solar Module
• Asia-Pacific was the largest region in the solar cells market in 2023
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