Solar Cells Market on Track for Strong Growth, Estimated to Grow at 12.8% CAGR Through 2029

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What Is the Expected CAGR for the Solar Cells Market Through 2025?
The market size for solar cells has witnessed a speedy expansion in the past few years. It is projected to increase from $82.76 billion in 2024 to $94.51 billion in 2025, showcasing a compound annual growth rate (CAGR) of 14.2%. Various factors like governmental incentives, reducing production costs, heightened ecological awareness, goals for energy autonomy, a surge in electricity requirements, and initiatives for corporate sustainability have contributed to this growth in the historic period.

What's the Projected Size of the Global Solar Cells Market by 2029?
It is anticipated that the solar cells market will experience significant expansion in the coming years, with an estimated valuation of $152.92 billion by 2029, exhibiting a compound annual growth rate (CAGR) of 12.8%. The expected surge during this period can be linked to factors such as integration of energy storage, incorporation of smart grids, global agreements on renewable energy, community solar endeavours, and the growth of urbanization and distributed energy. Some key trends expected to dominate this period are the development of flexible and lightweight solar cells, the advent of perovskite and bifacial solar cells, and transparent solar cells, heightened emphasis on sustainability, convergence of energy storage, and the introduction of intelligent solar technologies.

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Top Growth Drivers in the Solar Cells Industry: What's Accelerating the Market?
The anticipated growth of the solar cells market is linked to the escalating usage of renewable energy sources for the production of electricity. Renewable energy is sourced from naturally replenishing entities like sunlight, wind, rain, tides, waves, and geothermal heat. Solar cells, which convert sunlight into electricity directly, present a sustainable and renewable energy solution that neither gives off greenhouse gases nor exhaust natural resources. In September 2024, data revealed by the Department for Energy Security and Net Zero, a governmental department in the UK, stated that renewable energy represented 51.6% of total energy generation in the UK in Q2 2024, marking an increase of 9.9 percentage points (PP) compared to the same duration in 2023. Thus, the rising utilization of renewable energy sources for the production of electricity is propelling the expansion of the solar cell market.

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Which Emerging Trends Are Transforming the Solar Cells Market in 2025?
Major corporations involved in the solar cell market are focused on product innovation such as n-type solar modules in an effort to enhance their market profitability. N-type solar modules, comprised of numerous solar cells constructed with N-type silicon cells, boast superior efficiency and durability thanks to the use of silicon doped with elements that provide additional electrons, improving their sunlight-to-electricity conversion strength. As an example, Trina Solar Co. Ltd., a photovoltaic company headquartered in China, launched its 595W Vertex n-type module in October 2022. This product outperforms traditional modules by 30W, increasing efficiency and energy yield with 80% battery longevity and tracker compatibility. This innovative step is intended to escalate production to between 20-30 GW, offering lower BOS costs and LCOE for solar projects. The lineup also features the 690W module for utilities and the 445W module suitable for rooftop installations.

What Are the Main Segments in the Solar Cells Market?
The solar cells market covered in this report is segmented -

1) By Product: Back Surface Field (BSF), Passivated Emitter And Rear Contact Or Tunnel Oxide Passivated Contact (PERC Or TOPCON), Heterojunction (HJT), Interdigitated Back Contact And Metal Wrap Through (IBC And MWT), Other Products
2) By Technology: Monocrystalline, Polycrystalline, Cadmium Telluride (CDTE), Amorphous Silicon (A-Si), Copper Indium Gallium Diselenide
3) By Installation Type: Residential, Commercial, Utility-Scale

Subsegments:
1) By Back Surface Field (BSF): P-type BSF Cells, N-type BSF Cells
2) By Passivated Emitter And Rear Contact (PERC) Or Tunnel Oxide Passivated Contact (TOPCON): PERC Mono-Silicon Cells, PERC Multi-Silicon Cells, TOPCON Cells
3) By Heterojunction (HJT): HJT Mono-Silicon Cells, HJT Multi-Silicon Cells
4) By Interdigitated Back Contact (IBC) And Metal Wrap Through (MWT): IBC Mono-Silicon Cells, IBC Multi-Silicon Cells, MWT Cells
5) By Other Products: Organic Photovoltaics (OPV), Thin-Film Solar Cells, Bifacial Solar Cells

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Which Top Companies are Driving Growth in the Solar Cells Market?
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.

Which Regions Will Dominate the Solar Cells Market Through 2029?
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.

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