Solar Cell Market Size To Reach $333.8 Billion By 2030

Solar Cell Market Growth & Trends

The global solar cell market size is expected to reach USD 333.8 billion by 2030, registering a CAGR of 16.4%, owing to increasing demand for electricity coupled with rising consumer awareness regarding environmental benefits of renewable energy sources. Stringent government regulations in various economies to encourage use of solar energy through incentives and feed-in-tariffs is also anticipated to drive demand over the forecast period. 

Technological advancements have led to efficient performance and reduction in manufacturing cost of the cells which is expected to fuel growth. Moreover, rising demand for eco-friendly energy sources in order to reduce dependence on fossil fuels and achieve energy security is expected to propel growth over the next seven years. 

Increasing demand for PV systems in residential, utility and commercial applications is expected to have a positive impact on the industry. Increasing government support coupled with rising R&D investments in the sector is projected to propel growth. In addition, rapid development in the industrial sector together with growing infrastructure improvements particularly in emerging economies is forecasted to fuel product utilization over the next seven years. 

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Solar Cell Market Report Highlights

• The polycrystalline segment accounted for 43.7% of the total revenue generated in the global solar cell market in 2023. Polycrystalline solar cells, or multi-crystalline cells, are known for their cost-effectiveness and relatively simpler manufacturing process than monocrystalline cells.

• The utility segment dominated the global solar cell market in 2023 attributed to the increasing demand for renewable energy from utility companies and the need to meet regulatory requirements for renewable energy quotas.

• Asia Pacific dominated the global solar cell market with a revenue share of 60.0% in 2023, driven by rapid industrialization, increasing energy demands, and government policies promoting renewable energy sources.

Solar Cell Market Segmentation

Grand View Research has segmented the global solar cell market based on technology, application, and region:

Solar Cell Technology Outlook (Revenue, USD Million, 2018 - 2030)

• Monocrystalline

• Polycrystalline

• Cadmium Telluride (CDTE)

• Amorphous Silicon (A-Si)

• Copper Indium Gallium Diselenide

Solar Cell Application Outlook (Revenue, USD Million, 2018 - 2030)

• Residential

• Commercial

• Utility

Solar Cell Regional Outlook (Revenue, USD Million, 2018 - 2030)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • Germany

  • UK

  • France

  • Italy

  • Spain

  • Russia

• Asia Pacific

  • China

  • India

  • Japan

  • Australia

  • South Korea

• Latin America

  • Brazil

  • Argentina

• Middle East and Africa (MEA)

  • UAE

  • Saudi Arabia

  • South Africa

List of Key Players in Solar Cell Market

• Panasonic Corporation

• JINERGY

• Hevel

• ReneSola

• United Renewable Energy, LLC

• SunPower Corporation

• Risen Solar

• Trina Solar

• Jinko Solar

• Yingli Green Energy Holding Company Limited

• SunPower Corporation

• Canadian Solar Inc.

• GCL-Poly Energy Holdings Limited