Solar Cell Market by Type, Technology, Application

List of Tables

[185 Pages Report] The Solar Cell Market size was estimated at USD 103.46 billion in 2023 and expected to reach USD 116.27 billion in 2024, at a CAGR 13.23% to reach USD 247.02 billion by 2030.

Global Solar Cell Market

KEY MARKET STATISTICS
Base Year [2023]	USD 103.46 billion
Estimated Year [2024]	USD 116.27 billion
Forecast Year [2030]	USD 247.02 billion
CAGR (%)	13.23%

A solar cell, also known as a photovoltaic cell, converts light energy into electrical energy through the photovoltaic effect. This technology is the fundamental building block of photovoltaic panels, commonly referred to as solar cells or panels. Solar cells generate a direct current (DC) of electricity by harnessing the energy from sunlight to power a vast array of devices or can be converted to alternating current (AC) for use in residential or commercial electrical grids. The efficiency, durability, and versatility of solar energy are key factors increasing the adoption of solar cells as a renewable and sustainable source of power. Further, increasing environmental awareness and governmental policies promoting clean energy are major drivers of the solar cell market. The rising global energy demand, coupled with the depletion of fossil fuel reserves, is also propelling the adoption of solar cell solutions. Despite the growth prospects, the solar cell market faces challenges owing to the high initial investment costs for installation and the dependence on climatic conditions, which can limit solar energy generation. However, the development of more efficient energy storage systems, which could mitigate the intermittent issue of solar power, innovations in building-integrated photovoltaics (BIPV), and floating solar panels present lucrative opportunities for expansion of the solar cell market.

Regional Insights

The solar cell market in the Americas has been showing robust growth, driven by significant investments in renewable energy and favorable government policies. The United States contributes significantly to the region with impressive adoption rates and large-scale solar projects. Initiatives such as the Solar Investment Tax Credit (ITC) have substantially supported market expansion in this region. Latin American countries are also displaying strong market potential, with Brazil and Mexico pioneering solar energy integration into their national grids. The EMEA region has implemented rigorous renewable energy targets and mechanisms, such as feed-in tariffs and auctions, which drive the demand for solar cells. The Middle East, while traditionally reliant on fossil fuels, is rapidly expanding its solar capacity, leveraging its vast solar resources for energy diversification. The APAC region demonstrates robust growth in the global solar cell market, with countries having ambitious solar deployment targets backed by government incentives and declining costs of solar technology. The proliferation of solar projects is contributing to a booming market, with Southeast Asian nations increasingly participating in the solar energy space.

FPNV Positioning Matrix

The FPNV Positioning Matrix is pivotal in evaluating the Solar Cell Market. It offers a comprehensive assessment of vendors, examining key metrics related to Business Strategy and Product Satisfaction. This in-depth analysis empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The Market Share Analysis is a comprehensive tool that provides an insightful and in-depth examination of the current state of vendors in the Solar Cell Market. By meticulously comparing and analyzing vendor contributions in terms of overall revenue, customer base, and other key metrics, we can offer companies a greater understanding of their performance and the challenges they face when competing for market share. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With this expanded level of detail, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Key Company Profiles

The report delves into recent significant developments in the Solar Cell Market, highlighting leading vendors and their innovative profiles. These include Alfa Chemistry, Canadian Solar Inc., CubicPV Technologies Inc., EneCoat Technologies Co., Ltd., G24 Power, Greatcell Solar Materials Pty. Ltd., Hangzhou Microquanta Co. Ltd., Hanwha Group, Kaneka Corporation, LONGi Green Energy Technology Co. Ltd., Lucintech Inc., MiaSole Hi-Tech Corp. by Hanergy Holding Group Ltd., Microquanta Semiconductor, Mitsubishi Electric Corporation, Oxford Photovoltaics Ltd., P3C Technology and Solutions Pvt. Ltd., Peccell Technologies, Inc., Perovskia Solar AG, PowerFilm Solar, Inc., QD Solar Inc., Rayleigh Solar Tech Inc., Saule Technologies, SEKISUI CHEMICAL CO., LTD., Solactron, Inc., Solaires Entreprises Inc., Solar-Tectic LLC, Solaronix SA, SoloPower Systems, Inc., Trony Solar Holdings Co., Ltd., and UniTest Inc..

Market Segmentation & Coverage

This research report categorizes the Solar Cell Market to forecast the revenues and analyze trends in each of the following sub-markets:

Type
- Crystalline Silicon Cells
  - Mono-Si
  - Multi-Si
- Thin Film Solar Cells
  - a-Si
  - CdTe
  - CI(G)S
- Third Generation Solar Cells
  - Dye-Sensitized Solar Cells (DSSCs)
  - Perovskite Solar Cells
Technology
- HJT
- PERC
- TOPCon
Application
- Commercial
- Residential
Region
- Americas
  - Argentina
  - Brazil
  - Canada
  - Mexico
  - United States
    - California
    - Florida
    - Illinois
    - New York
    - Ohio
    - Pennsylvania
    - Texas
- Asia-Pacific
  - Australia
  - China
  - India
  - Indonesia
  - Japan
  - Malaysia
  - Philippines
  - Singapore
  - South Korea
  - Taiwan
  - Thailand
  - Vietnam
- Europe, Middle East & Africa
  - Denmark
  - Egypt
  - Finland
  - France
  - Germany
  - Israel
  - Italy
  - Netherlands
  - Nigeria
  - Norway
  - Poland
  - Qatar
  - Russia
  - Saudi Arabia
  - South Africa
  - Spain
  - Sweden
  - Switzerland
  - Turkey
  - United Arab Emirates
  - United Kingdom

The report offers valuable insights on the following aspects:

1. Market Penetration: It presents comprehensive information on the market provided by key players.

2. Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.

3. Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.

4. Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.

5. Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.

The report addresses key questions such as:

1. What is the market size and forecast of the Solar Cell Market?

2. Which products, segments, applications, and areas should one consider investing in over the forecast period in the Solar Cell Market?

3. What are the technology trends and regulatory frameworks in the Solar Cell Market?

4. What is the market share of the leading vendors in the Solar Cell Market?

5. Which modes and strategic moves are suitable for entering the Solar Cell Market?

Product Code: MRR-5E190E91F18F

1. Preface

1.1. Objectives of the Study
1.2. Market Segmentation & Coverage
1.3. Years Considered for the Study
1.4. Currency & Pricing
1.5. Language
1.6. Limitations
1.7. Assumptions
1.8. Stakeholders

2. Research Methodology

2.1. Define: Research Objective
2.2. Determine: Research Design
2.3. Prepare: Research Instrument
2.4. Collect: Data Source
2.5. Analyze: Data Interpretation
2.6. Formulate: Data Verification
2.7. Publish: Research Report
2.8. Repeat: Report Update

3. Executive Summary

4. Market Overview

4.1. Introduction
4.2. Solar Cell Market, by Region

5. Market Insights

5.1. Market Dynamics
- 5.1.1. Drivers
  - 5.1.1.1. Growing awareness and shift towards renewable energy sources to fulfill electricity demand
  - 5.1.1.2. Supportive government initiatives for encouraging solar energy applications
  - 5.1.1.3. Surge in rooftop installations of solar energy generation panels
- 5.1.2. Restraints
  - 5.1.2.1. High initial cost associated with the installation of solar cells and panels
- 5.1.3. Opportunities
  - 5.1.3.1. Ongoing advancements in solar cells to boost cell efficiency
  - 5.1.3.2. Growing emphasis on recycling materials from end-of-life solar panels
- 5.1.4. Challenges
  - 5.1.4.1. Concerns associated with product longevity and potential environmental impact associated with solar cell
5.2. Market Segmentation Analysis
- 5.2.1. Type: Ongoing R&D in third generation cells possessing potential for cost reduction and efficiency improvements
- 5.2.2. Technology: Higher preferences for HJT for its superior performance in extreme conditions
- 5.2.3. Application: Higher deployment of solar cells in the commercial sector to align with corporate sustainability goals
5.3. Market Trend Analysis
5.4. Cumulative Impact of High Inflation
5.5. Porter's Five Forces Analysis
- 5.5.1. Threat of New Entrants
- 5.5.2. Threat of Substitutes
- 5.5.3. Bargaining Power of Customers
- 5.5.4. Bargaining Power of Suppliers
- 5.5.5. Industry Rivalry
5.6. Value Chain & Critical Path Analysis
5.7. Regulatory Framework

6. Solar Cell Market, by Type

6.1. Introduction
6.2. Crystalline Silicon Cells
- 6.3.1. Mono-Si
- 6.3.2. Multi-Si
6.3. Thin Film Solar Cells
- 6.4.1. a-Si
- 6.4.2. CdTe
- 6.4.3. CI(G)S
6.4. Third Generation Solar Cells
- 6.5.1. Dye-Sensitized Solar Cells (DSSCs)
- 6.5.2. Perovskite Solar Cells

7. Solar Cell Market, by Technology

7.1. Introduction
7.2. HJT
7.3. PERC
7.4. TOPCon

8. Solar Cell Market, by Application

8.1. Introduction
8.2. Commercial
8.3. Residential

9. Americas Solar Cell Market

9.1. Introduction
9.2. Argentina
9.3. Brazil
9.4. Canada
9.5. Mexico
9.6. United States

10. Asia-Pacific Solar Cell Market

10.1. Introduction
10.2. Australia
10.3. China
10.4. India
10.5. Indonesia
10.6. Japan
10.7. Malaysia
10.8. Philippines
10.9. Singapore
10.10. South Korea
10.11. Taiwan
10.12. Thailand
10.13. Vietnam

11. Europe, Middle East & Africa Solar Cell Market

11.1. Introduction
11.2. Denmark
11.3. Egypt
11.4. Finland
11.5. France
11.6. Germany
11.7. Israel
11.8. Italy
11.9. Netherlands
11.10. Nigeria
11.11. Norway
11.12. Poland
11.13. Qatar
11.14. Russia
11.15. Saudi Arabia
11.16. South Africa
11.17. Spain
11.18. Sweden
11.19. Switzerland
11.20. Turkey
11.21. United Arab Emirates
11.22. United Kingdom

12. Competitive Landscape

12.1. FPNV Positioning Matrix
12.2. Market Share Analysis, By Key Player
12.3. Competitive Scenario Analysis, By Key Player
- 12.3.1. Agreement, Collaboration, & Partnership
  - 12.3.1.1. AmpIn Energy Transition, Jupiter International Partner To Set Up 1.3 GW Cell, Module Unit
  - 12.3.1.2. Vermont startup partners with NIU, NREL on perovskite solar cells
- 12.3.2. New Product Launch & Enhancement
  - 12.3.2.1. Golden Solar Launches 33.94% Perovskite/Hybrid Solar Cell

13. Competitive Portfolio

13.1. Key Company Profiles
- 13.1.1. Alfa Chemistry
- 13.1.2. Canadian Solar Inc.
- 13.1.3. CubicPV Technologies Inc.
- 13.1.4. EneCoat Technologies Co., Ltd.
- 13.1.5. G24 Power
- 13.1.6. Greatcell Solar Materials Pty. Ltd.
- 13.1.7. Hangzhou Microquanta Co. Ltd.
- 13.1.8. Hanwha Group
- 13.1.9. Kaneka Corporation
- 13.1.10. LONGi Green Energy Technology Co. Ltd.
- 13.1.11. Lucintech Inc.
- 13.1.12. MiaSole Hi-Tech Corp. by Hanergy Holding Group Ltd.
- 13.1.13. Microquanta Semiconductor
- 13.1.14. Mitsubishi Electric Corporation
- 13.1.15. Oxford Photovoltaics Ltd.
- 13.1.16. P3C Technology and Solutions Pvt. Ltd.
- 13.1.17. Peccell Technologies, Inc.
- 13.1.18. Perovskia Solar AG
- 13.1.19. PowerFilm Solar, Inc.
- 13.1.20. QD Solar Inc.
- 13.1.21. Rayleigh Solar Tech Inc.
- 13.1.22. Saule Technologies
- 13.1.23. SEKISUI CHEMICAL CO., LTD.
- 13.1.24. Solactron, Inc.
- 13.1.25. Solaires Entreprises Inc.
- 13.1.26. Solar-Tectic LLC
- 13.1.27. Solaronix SA
- 13.1.28. SoloPower Systems, Inc.
- 13.1.29. Trony Solar Holdings Co., Ltd.
- 13.1.30. UniTest Inc.
13.2. Key Product Portfolio

14. Appendix

14.1. Discussion Guide
14.2. License & Pricing