Solar Cells & Modules Market - Global Solar Cells & Modules Industry Analysis, Size, Share, Growth, Trends and Forecast 2024-2031 - (By Technology Coverage,By Application Coverage,By Geographic Coverage and By Company)

Description

The global solar cells and modules market is experiencing a significant surge, with projections indicating remarkable growth in the coming years. Recent industry forecasts suggest that the market size is set to reach an impressive US$ 360.5 billion by 2031, soaring from US$ 163.5 billion in 2024. This expansion is anticipated to maintain an estimated Compound Annual Growth Rate (CAGR) of 11.96% from 2024 to 2031.

Driving Factors for Growth:

Technological Advancements Fuel Momentum:

Continuous innovation in solar cell and module technology is a pivotal driver of market growth. Advancements such as higher efficiency cells, improved durability, and reduced manufacturing costs contribute to enhancing the performance and affordability of solar products. Breakthroughs in materials science, manufacturing processes, and design play a crucial role in expanding market demand.

Government Policies and Incentives Stimulate Expansion:

Favorable regulatory frameworks, subsidies, tax credits, and feed-in tariffs provided by governments worldwide incentivize investment in solar energy infrastructure. Supportive policies aimed at promoting renewable energy adoption, reducing carbon emissions, and achieving energy independence foster market growth by encouraging both residential and commercial installations.

Increasing Environmental Awareness and Energy Demands:

Growing concerns about climate change and the environmental impacts of fossil fuels are driving the adoption of solar energy as a clean and sustainable alternative. Rising energy demands, coupled with the need for decentralized power generation and grid resilience, are fostering the deployment of solar cells and modules across various applications, further propelling market expansion.

Challenges to Growth:

Cost Challenges Persist:

Despite significant advancements, the initial cost of solar cells and modules remains relatively high compared to conventional energy sources. The cost of materials, manufacturing, and installation can deter widespread adoption, particularly in regions with limited financial incentives or subsidies.

Intermittency and Storage Requirements:

Solar energy production is subject to intermittency due to weather conditions, such as cloud cover and nighttime. This intermittency necessitates efficient energy storage solutions to ensure continuous power supply, adding complexity and cost to solar installations.

Regulatory and Policy Uncertainty:

The solar industry is heavily influenced by government policies, incentives, and regulations. Changes in tariffs, subsidies, or net metering policies can significantly impact the economic viability of solar projects, leading to uncertainty for investors and developers.

Emerging Trends and Opportunities:

Increased Adoption of Solar Energy:

With growing awareness of climate change and the need for sustainable energy sources, there has been a significant increase in the adoption of solar energy across various sectors. Governments worldwide are implementing policies to promote renewable energy, offering incentives such as tax credits, feed-in tariffs, and subsidies for solar installations. This trend is driving the demand for solar cells and modules.

Technological Advancements:

The solar industry is experiencing rapid technological advancements aimed at improving the efficiency and affordability of solar cells and modules. Innovations such as Passivated Emitter and Rear Cell (PERC) technology, bifacial modules, and thin-film solar cells are enhancing the performance and durability of solar panels while reducing manufacturing costs. Additionally, advancements in energy storage technologies are enabling better integration of solar power into the grid, further boosting the market for solar cells and modules.

Geographical Outlook:

North America:

Leading the Solar Frontier The United States leads the North American solar market, driven by supportive government policies, incentives, and decreasing solar technology costs. States like California and Texas emerge as leaders in solar installations, motivated by high electricity prices and abundant sunlight. Meanwhile, Canada's solar market experiences steady growth, supported by federal and provincial policies such as feed-in tariffs and renewable energy targets.

Asia Pacific:

A Global Solar Powerhouse China spearheads the global solar market with ambitious renewable energy targets, supportive policies, and large-scale manufacturing capabilities. Dominance in both solar cell and module production and installations, coupled with economies of scale and technological advancements, propels China's solar industry. India's solar market undergoes rapid expansion due to initiatives like the Jawaharlal Nehru National Solar Mission, falling equipment costs, and abundant solar potential, particularly in utility-scale projects.

Europe's Solar Renaissance:

Profiting from Sustainability Germany leads solar adoption in Europe, driven by generous feed-in tariffs, robust environmental policies, and public support. Despite tariff reductions, Germany remains a significant market for solar, fueled by a steadfast commitment to renewable energy and sustainability. Spain experiences a resurgence in its solar market, supported by favorable government policies, competitive auctions, and ideal solar irradiation conditions. The country aims to achieve renewable energy targets, driving growth in utility-scale and distributed solar installations.

Competitive Landscape:

Leaders in the Solar Cells & Modules Space: Bharat Heavy Electricals Ltd, BYD Co., Ltd., and Canadian Solar, Inc. are among the top performers in the solar cells & modules market. These companies demonstrate innovations and strategic developments, striving for market dominance through innovative product offerings, strategic partnerships, and expansion into emerging markets.

Leaders in the Solar Cells & Modules Market Include:

Bharat Heavy Electricals Ltd
BYD Co., Ltd.
Canadian Solar, Inc.
Ascent Solar Technologies, Inc.
CESI SpA
AVANCIS GmbH
Atecom Technology Co.Ltd.
Chint Group
AZUR Space Solar Power GmbH
BiPVco

Global Solar Cells & Modules Market Segmentation:

By Technology:

Thin Film
Crystalline Silicon
Others

By Application:

Industrial
Residential
Commercial

By Region:

North America
Latin America
Europe
Asia Pacific
Middle East and Africa

1. Executive Summary

1.1. Global Solar Cells & Modules Market Snapshot
1.2. Future Projections
1.3. Key Market Trends
1.4. Regional Snapshot, By Volume, 2023
1.5. Analyst Recommendations

2. Market Overview

2.1. Market Definitions and Segmentations
2.2. Market Dynamics
- 2.2.1. Drivers
- 2.2.2. Restraints
- 2.2.3. Market Opportunities
2.3. Value Chain Analysis
2.4. Porter's Five Forces Analysis
2.5. Covid-19 Impact Analysis
- 2.5.1. Supply
- 2.5.2. Demand
2.6. Impact of Ukraine-Russia Conflict
2.7. Economic Overview
2.8. PESTLE Analysis

3. Production Output and Trade Statistics

3.1. Key Highlights
3.2. Global Solar Cells & Modules Production, By Region
- 3.2.1. North America
- 3.2.2. Europe
- 3.2.3. Asia Pacific
- 3.2.4. Latin America
- 3.2.5. Middle East & Africa

4. Price Trends Analysis and Future Projects, 2019 - 2031

4.1. Global Average Price Analysis, By Technology
4.2. Prominent Factors Affecting Solar Cells & Modules Prices
4.3. Global Average Price Analysis, By Region

5. Global Solar Cells & Modules Market Outlook, 2019 - 2031

5.1. Global Solar Cells & Modules Market Outlook, By Technology, Volume (Units) and Value (US$ Bn), 2019 - 2031
- 5.1.1. Key Highlights
  - 5.1.1.1. Thin Film
  - 5.1.1.2. Crystalline Silicon
  - 5.1.1.3. Others
5.2. Global Solar Cells & Modules Market Outlook, By Application, Volume (Units) and Value (US$ Bn), 2019 - 2031
- 5.2.1. Key Highlights
  - 5.2.1.1. Industrial
  - 5.2.1.2. Residential
  - 5.2.1.3. Commercial
5.3. Global Solar Cells & Modules Market Outlook, By Region, Volume (Units) and Value (US$ Bn), 2019 - 2031
- 5.3.1. Key Highlights
  - 5.3.1.1. North America
  - 5.3.1.2. Europe
  - 5.3.1.3. Asia Pacific
  - 5.3.1.4. Latin America
  - 5.3.1.5. Middle East & Africa

6. North America Solar Cells & Modules Market Outlook, 2019 - 2031

6.1. North America Solar Cells & Modules Market Outlook, By Technology, Volume (Units) and Value (US$ Bn), 2019 - 2031
- 6.1.1. Key Highlights
  - 6.1.1.1. Thin Film
  - 6.1.1.2. Crystalline Silicon
  - 6.1.1.3. Others
6.2. North America Solar Cells & Modules Market Outlook, By Application, Volume (Units) and Value (US$ Bn), 2019 - 2031
- 6.2.1. Key Highlights
  - 6.2.1.1. Industrial
  - 6.2.1.2. Residential
  - 6.2.1.3. Commercial
6.3. North America Solar Cells & Modules Market Outlook, By Country, Volume (Units) and Value (US$ Bn), 2019 - 2031
- 6.3.1. Key Highlights
  - 6.3.1.1. U.S. Solar Cells & Modules Market By Technology, Volume (Units) and Value (US$ Bn), 2019 - 2031
  - 6.3.1.2. U.S. Solar Cells & Modules Market By Application, Volume (Units) and Value (US$ Bn), 2019 - 2031
  - 6.3.1.3. Canada Solar Cells & Modules Market By Technology, Volume (Units) and Value (US$ Bn), 2019 - 2031
  - 6.3.1.4. Canada Solar Cells & Modules Market By Application, Volume (Units) and Value (US$ Bn), 2019 - 2031
- 6.3.2. BPS Analysis/Market Attractiveness Analysis

7. Europe Solar Cells & Modules Market Outlook, 2019 - 2031

7.1. Europe Solar Cells & Modules Market Outlook, By Technology, Volume (Units) and Value (US$ Bn), 2019 - 2031
- 7.1.1. Key Highlights
  - 7.1.1.1. Thin Film
  - 7.1.1.2. Crystalline Silicon
  - 7.1.1.3. Others
7.2. Europe Solar Cells & Modules Market Outlook, By Application, Volume (Units) and Value (US$ Bn), 2019 - 2031
- 7.2.1. Key Highlights
  - 7.2.1.1. Industrial
  - 7.2.1.2. Residential
  - 7.2.1.3. Commercial
7.3. Europe Solar Cells & Modules Market Outlook, By Country, Volume (Units) and Value (US$ Bn), 2019 - 2031
- 7.3.1. Key Highlights
  - 7.3.1.1. Germany Solar Cells & Modules Market By Technology, Volume (Units) and Value (US$ Bn), 2019 - 2031
  - 7.3.1.2. Germany Solar Cells & Modules Market By Application, Volume (Units) and Value (US$ Bn), 2019 - 2031
  - 7.3.1.3. U.K. Solar Cells & Modules Market By Technology, Volume (Units) and Value (US$ Bn), 2019 - 2031
  - 7.3.1.4. U.K. Solar Cells & Modules Market By Application, Volume (Units) and Value (US$ Bn), 2019 - 2031
  - 7.3.1.5. France Solar Cells & Modules Market By Technology, Volume (Units) and Value (US$ Bn), 2019 - 2031
  - 7.3.1.6. France Solar Cells & Modules Market By Application, Volume (Units) and Value (US$ Bn), 2019 - 2031
  - 7.3.1.7. Italy Solar Cells & Modules Market By Technology, Volume (Units) and Value (US$ Bn), 2019 - 2031
  - 7.3.1.8. Italy Solar Cells & Modules Market By Application, Volume (Units) and Value (US$ Bn), 2019 - 2031
  - 7.3.1.9. Russia Solar Cells & Modules Market By Technology, Volume (Units) and Value (US$ Bn), 2019 - 2031
  - 7.3.1.10. Russia Solar Cells & Modules Market By Application, Volume (Units) and Value (US$ Bn), 2019 - 2031
  - 7.3.1.11. Rest of Europe Solar Cells & Modules Market By Technology, Volume (Units) and Value (US$ Bn), 2019 - 2031
  - 7.3.1.12. Rest of Europe Solar Cells & Modules Market By Application, Volume (Units) and Value (US$ Bn), 2019 - 2031
- 7.3.2. BPS Analysis/Market Attractiveness Analysis

8. Asia Pacific Solar Cells & Modules Market Outlook, 2019 - 2031

8.1. Asia Pacific Solar Cells & Modules Market Outlook, By Technology, Volume (Units) and Value (US$ Bn), 2019 - 2031
- 8.1.1. Key Highlights
  - 8.1.1.1. Thin Film
  - 8.1.1.2. Crystalline Silicon
  - 8.1.1.3. Others
8.2. Asia Pacific Solar Cells & Modules Market Outlook, By Application, Volume (Units) and Value (US$ Bn), 2019 - 2031
- 8.2.1. Key Highlights
  - 8.2.1.1. Industrial
  - 8.2.1.2. Residential
  - 8.2.1.3. Commercial
8.3. Asia Pacific Solar Cells & Modules Market Outlook, By Country, Volume (Units) and Value (US$ Bn), 2019 - 2031
- 8.3.1. Key Highlights
  - 8.3.1.1. China Solar Cells & Modules Market By Technology, Volume (Units) and Value (US$ Bn), 2019 - 2031
  - 8.3.1.2. China Solar Cells & Modules Market By Application, Volume (Units) and Value (US$ Bn), 2019 - 2031
  - 8.3.1.3. Japan Solar Cells & Modules Market By Technology, Volume (Units) and Value (US$ Bn), 2019 - 2031
  - 8.3.1.4. Japan Solar Cells & Modules Market By Application, Volume (Units) and Value (US$ Bn), 2019 - 2031
  - 8.3.1.5. South Korea Solar Cells & Modules Market By Technology, Volume (Units) and Value (US$ Bn), 2019 - 2031
  - 8.3.1.6. South Korea Solar Cells & Modules Market By Application, Volume (Units) and Value (US$ Bn), 2019 - 2031
  - 8.3.1.7. India Solar Cells & Modules Market By Technology, Volume (Units) and Value (US$ Bn), 2019 - 2031
  - 8.3.1.8. India Solar Cells & Modules Market By Application, Volume (Units) and Value (US$ Bn), 2019 - 2031
  - 8.3.1.9. Southeast Asia Solar Cells & Modules Market By Technology, Volume (Units) and Value (US$ Bn), 2019 - 2031
  - 8.3.1.10. Southeast Asia Solar Cells & Modules Market By Application, Volume (Units) and Value (US$ Bn), 2019 - 2031
  - 8.3.1.11. Rest of Asia Pacific Solar Cells & Modules Market By Technology, Volume (Units) and Value (US$ Bn), 2019 - 2031
  - 8.3.1.12. Rest of Asia Pacific Solar Cells & Modules Market By Application, Volume (Units) and Value (US$ Bn), 2019 - 2031
- 8.3.2. BPS Analysis/Market Attractiveness Analysis

9. Latin America Solar Cells & Modules Market Outlook, 2019 - 2031

9.1. Latin America Solar Cells & Modules Market Outlook, By Technology, Volume (Units) and Value (US$ Bn), 2019 - 2031
- 9.1.1. Key Highlights
  - 9.1.1.1. Thin Film
  - 9.1.1.2. Crystalline Silicon
  - 9.1.1.3. Others
9.2. Latin America Solar Cells & Modules Market Outlook, By Application, Volume (Units) and Value (US$ Bn), 2019 - 2031
- 9.2.1. Key Highlights
  - 9.2.1.1. Industrial
  - 9.2.1.2. Residential
  - 9.2.1.3. Commercial
9.3. Latin America Solar Cells & Modules Market Outlook, By Country, Volume (Units) and Value (US$ Bn), 2019 - 2031
- 9.3.1. Key Highlights
  - 9.3.1.1. Brazil Solar Cells & Modules Market By Technology, Volume (Units) and Value (US$ Bn), 2019 - 2031
  - 9.3.1.2. Brazil Solar Cells & Modules Market By Application, Volume (Units) and Value (US$ Bn), 2019 - 2031
  - 9.3.1.3. Mexico Solar Cells & Modules Market By Technology, Volume (Units) and Value (US$ Bn), 2019 - 2031
  - 9.3.1.4. Mexico Solar Cells & Modules Market By Application, Volume (Units) and Value (US$ Bn), 2019 - 2031
  - 9.3.1.5. Rest of Latin America Solar Cells & Modules Market By Technology, Volume (Units) and Value (US$ Bn), 2019 - 2031
  - 9.3.1.6. Rest of Latin America Solar Cells & Modules Market By Application, Volume (Units) and Value (US$ Bn), 2019 - 2031
- 9.3.2. BPS Analysis/Market Attractiveness Analysis

10. Middle East & Africa Solar Cells & Modules Market Outlook, 2019 - 2031

10.1. Middle East & Africa Solar Cells & Modules Market Outlook, By Technology, Volume (Units) and Value (US$ Bn), 2019 - 2031
- 10.1.1. Key Highlights
  - 10.1.1.1. Thin Film
  - 10.1.1.2. Crystalline Silicon
  - 10.1.1.3. Others
10.2. Middle East & Africa Solar Cells & Modules Market Outlook, By Application, Volume (Unit) and Value (US$ Bn), 2019 - 2031
- 10.2.1. Key Highlights
  - 10.2.1.1. Industrial
  - 10.2.1.2. Residential
  - 10.2.1.3. Commercial
10.3. Middle East & Africa Solar Cells & Modules Market Outlook, By Country, Volume (Units) and Value (US$ Bn), 2019 - 2031
- 10.3.1. Key Highlights
  - 10.3.1.1. GCC Solar Cells & Modules Market By Technology, Volume (Units) and Value (US$ Bn), 2019 - 2031
  - 10.3.1.2. GCC Solar Cells & Modules Market By Application, Volume (Units) and Value (US$ Bn), 2019 - 2031
  - 10.3.1.3. South Africa Solar Cells & Modules Market By Technology, Volume (Units) and Value (US$ Bn), 2019 - 2031
  - 10.3.1.4. South Africa Solar Cells & Modules Market By Application, Volume (Units) and Value (US$ Bn), 2019 - 2031
  - 10.3.1.5. Egypt Solar Cells & Modules Market By Technology, Volume (Units) and Value (US$ Bn), 2019 - 2031
  - 10.3.1.6. Egypt Solar Cells & Modules Market By Application, Volume (Units) and Value (US$ Bn), 2019 - 2031
  - 10.3.1.7. Rest of Middle East & Africa Solar Cells & Modules Market By Technology, Volume (Units) and Value (US$ Bn), 2019 - 2031
  - 10.3.1.8. Rest of Middle East & Africa Solar Cells & Modules Market By Application, Volume (Units) and Value (US$ Bn), 2019 - 2031
- 10.3.2. BPS Analysis/Market Attractiveness Analysis

11. Competitive Landscape

11.1. Product vs Application Heatmap
11.2. Manufacturer vs Application Heatmap
11.3. Company Market Share Analysis, 2023
11.4. Competitive Dashboard
11.5. Company Profiles
- 11.5.1. Bharat Heavy Electricals Ltd
  - 11.5.1.1. Company Overview
  - 11.5.1.2. Product Portfolio
  - 11.5.1.3. Financial Overview
  - 11.5.1.4. Business Strategies and Development
- 11.5.2. BYD Co., Ltd.
  - 11.5.2.1. Company Overview
  - 11.5.2.2. Product Portfolio
  - 11.5.2.3. Financial Overview
  - 11.5.2.4. Business Strategies and Development
- 11.5.3. Canadian Solar, Inc.
  - 11.5.3.1. Company Overview
  - 11.5.3.2. Product Portfolio
  - 11.5.3.3. Financial Overview
  - 11.5.3.4. Business Strategies and Development
- 11.5.4. Ascent Solar Technologies, Inc.
  - 11.5.4.1. Company Overview
  - 11.5.4.2. Product Portfolio
  - 11.5.4.3. Financial Overview
  - 11.5.4.4. Business Strategies and Development
- 11.5.5. CESI SpA
  - 11.5.5.1. Company Overview
  - 11.5.5.2. Product Portfolio
  - 11.5.5.3. Financial Overview
  - 11.5.5.4. Business Strategies and Development
- 11.5.6. AVANCIS GmbH
  - 11.5.6.1. Company Overview
  - 11.5.6.2. Product Portfolio
  - 11.5.6.3. Financial Overview
  - 11.5.6.4. Business Strategies and Development
- 11.5.7. Atecom Technology Co.Ltd.
  - 11.5.7.1. Company Overview
  - 11.5.7.2. Product Portfolio
  - 11.5.7.3. Financial Overview
  - 11.5.7.4. Business Strategies and Development
- 11.5.8. Chint Group
  - 11.5.8.1. Company Overview
  - 11.5.8.2. Product Portfolio
  - 11.5.8.3. Business Strategies and Development
- 11.5.9. AZUR Space Solar Power GmbH
  - 11.5.9.1. Company Overview
  - 11.5.9.2. Product Portfolio
  - 11.5.9.3. Financial Overview
  - 11.5.9.4. Business Strategies and Development
- 11.5.10. BiPVco
  - 11.5.10.1. Company Overview
  - 11.5.10.2. Product Portfolio
  - 11.5.10.3. Financial Overview
  - 11.5.10.4. Business Strategies and Development

12. Appendix

12.1. Research Methodology
12.2. Report Assumptions
12.3. Acronyms and Abbreviations