According to predictions, the market for solar cells and modules would rise dramatically, from $163.7 billion in 2023 to $360.8 billion in 2029. Sales of solar cells and modules are anticipated to expand at a compound annual growth rate (CAGR) of 8.1% over the upcoming ten years (from 2023 to 2033).

The global market for solar cells and modules was valued at $150.2 billion in 2023 Anticipated demand in the industrial sector is set to remain robust. According to the most recent analysis, the industrial segment is poised for a robust 7.10% CAGR through 2029.

Key Trends Shaping Market Dynamics:

Solar energy, especially solar energy, is becoming increasingly popular, which is causing a boom in demand for solar cells and modules.

Sales of solar cells and modules have seen a considerable increase as solar PV panels are increasingly used to generate electricity on a global scale.

Solar cell and module prices are expected to decline, which would help the market.

Depletion of fossil fuels coupled with escalating energy prices are driving a favorable market environment for solar cell and module sales.

Favorable government policies and the introduction of enticing incentives are contributing to a steady rise in demand for solar cells and modules.

Rooftop solar power systems, which include solar panels, are becoming more and more popular, opening up attractive potential for producers in the solar cell and module sector.

Bifacial solar modules and smart solar solutions are being more widely used, which is creating new market opportunities.

Escalating demand for solar-powered consumer electronics is expected to further boost the solar cells and modules industry.

Due to issues including the depletion of fossil resources, rising energy costs, and the rise in carbon emissions, the attention has recently shifted towards the renewable energy sector. The use of solar cells and modules to generate electricity at a reasonable price has become increasingly common.

A solar cell, sometimes referred to as a photovoltaic (PV) device, uses sunlight to generate energy, while a solar module or solar panel is made up of a collection of connected solar cells. These devices offer an increasingly economical method of generating power.

Globally, individuals are increasingly adopting solar panels to generate their own electricity, driving the growth of the solar cells and modules industry. The declining costs of these products are expected to open up new avenues for market expansion, as manufacturers employ advanced production technologies to offer more cost-effective options and broaden their customer base.

Anticipated is a rapid surge in solar cell and module sales over the next decade, fueled by the growing demand for electricity.

reports that the demand for energy increased by 5% in 2021, and that this trend is anticipated to continue. As a result, consumers are using solar cells and modules more frequently to meet their energy demands and lower their expenses, which is expected to benefit the industry.

New government programs and incentives are expected to increase demand for solar cells and modules.

A burgeoning interest in space-based solar power is emerging as a significant trend that is anticipated to create fresh avenues for market growth.

Ongoing research and development in solar cell and module design are advancing PV technologies, making them more sophisticated, efficient, and reliable. This will contribute to further market expansion over the next decade.

Comparison of Solar Cells & Modules Sales from 2023 to 2029 with Projected Demand from 2023 to 2029

According to the global sales of solar cells & modules experienced a notable 9.4% Compound Annual Growth Rate (CAGR) from 2023 to 2029. Anticipated for the forecasted period (2023 to 2033) is a robust CAGR of 8.2%.

Growing interest in solar cells and modules is a result of the global trend toward renewable energy and a low-carbon economy.

Governments all over the world are enacting new regulations and providing incentives to promote the use of solar energy, which is anticipated to increase demand for solar cells and modules in the anticipated period.

Solar panel usage is surging in both the residential and commercial sectors, and this trend is anticipated to keep growing in the near future. For instance, over the previous five years, almost 70,000 solar panels were added every hour.

Due to the falling prices of solar cells and panels, solar energy is becoming more and more cost-effective. As a result, an increase in the global usage of solar cells and modules is projected. This surge is set to open up a multitude of growth prospects for the global solar cells and modules industry.

Primary Drivers Boosting Demand for Solar Cells & Modules

Supportive Regulatory Measures: Governments worldwide are enacting favorable policies and regulations to advance renewable energy, particularly solar power. Initiatives like feed-in tariffs and renewable energy targets are incentivizing the adoption of solar PV panels, consequently driving global demand for solar cells & modules.

Reduced Costs of Solar Technology: Recent years have witnessed a substantial reduction in the cost of solar cells and panels. This affordability surge has spurred greater acceptance and uptake of solar energy solutions, including solar cells and panels.

Ongoing Technological Innovations: Continuous progress in solar PV technologies stands as a significant factor positively influencing sales of solar cells & modules. Leading manufacturers are developing new products with enhanced designs and improved efficiencies.

Pursuit of Energy Independence and Security: The aspiration for energy autonomy and security is a driving force behind the demand for solar cells & modules. These solutions empower individuals, communities, and businesses to independently generate their own electricity. This pursuit of energy self-reliance is set to create lucrative revenue opportunities for solar cell & module manufacturers.

Why is there a rise in demand for solar cells and modules in the US?

By 2029, the US market for solar cells and modules is expected to be worth $71.5 billion, according to The demand for solar cells and modules in the United States is predicted to increase at a compound annual growth rate (CAGR) of 8.2% from 2023 to 2029.

The market's expansion is propelled by the increasing embrace of green technologies, augmented investments in renewable energy infrastructure, and the escalating power supply challenges.

Mounting apprehensions about fossil fuel depletion and the surging frequency of power outages are motivating industries and governmental bodies to channel resources into greener technologies like solar cells. Consequently, this trend is poised to sustain and amplify the demand for solar cells and modules within the United States market.

Why is China a Prominent Player in the Solar Cells & Modules Market?

China is poised to maintain its prominence in the solar cells and modules market throughout the projected period. According to the latest insights, the solar cells and panels market in China is projected to achieve a substantial valuation of US$ 90.1 billion by 2033.

Historically, from 2018 to 2022, sales of solar cells and modules in China exhibited a 9.3% compound annual growth rate (CAGR). Looking ahead, the Chinese market is expected to thrive at an 8.1% CAGR between 2023 and 2029.

The increasing interest in renewable energy sources and the favorable support from the government are pivotal factors propelling the Chinese market.

Moreover, advancements in photovoltaic technologies and the presence of leading manufacturers of solar cells and modules will further drive market expansion in China.

What is the Sales Projection for Solar Cells & Modules in the United Kingdom?

In the UK, the market for solar cells and modules expanded significantly, with a compound annual growth rate (CAGR) of 9.0% from 2018 to 2022. Sales in this industry are anticipated to soar at an 8.1% CAGR over the following ten years, valuing the market at US$ 14.1 billion by 2033.

Because of numerous government incentives, more people are choosing to generate their own electricity around the United Kingdom. As a result, installing solar panels and cells on the roofs of residences, businesses, and farms is becoming increasingly popular as a dependable source of electricity. It is anticipated that this rise will greatly increase sales in the solar cell and module market.

Furthermore, mounting environmental concerns, continuous technological advancements in solar panels, and a sustained high demand for energy will further propel the expansion of the market in the United Kingdom.

Insights by Category

Which Technology Holds Preeminence in the Market?

The global market is categorized by technology, including thin film, crystalline silicon, and other variants. Among these, thin film technology is poised to maintain its position as the preferred choice. This is attributed to the manifold advantages offered by thin film solar panels and modules.

As indicated by the thin film segment demonstrated a robust CAGR of 9.2% from 2018 to 2022. Looking ahead to the next decade (2023 to 2033), it is anticipated to sustain a commendable CAGR of 7.8%.

Thin film silicon solar cell technology stands out among the promising photovoltaic technologies for producing solar electricity affordably.

One or more thin layers of photovoltaic material are deposited onto a substrate to create the thin film solar cells and modules. Chemical vapor deposition (CVD) and plasma-enhanced chemical vapor deposition (PECVD) are two scalable methods that are frequently used to produce them.

Thin film solar cells and PV panels have advantages over their first-generation crystalline silicon equivalents in terms of cost, as well as being lighter and more flexible.

Moreover, they come at a lower price point compared to crystalline solar panels and other technologies, and necessitate fewer installation materials, resulting in reduced setup costs.

Additionally, thin film solar panels exhibit enhanced light absorption across a broader spectrum. This boosts their efficiency even in low-light environments, such as during sunrise or sunset. Given these compelling advantages, the thin film technology segment is expected to maintain its dominance in the global market for solar cells and modules.

As deposition systems and related technologies become more prevalent and widely accepted, the popularity of thin film panels is poised for rapid ascent in the solar cells and modules industry. This, in turn, will further propel the growth of this pivotal segment.

Which Application Yields the Highest Returns for Solar Cells & Modules?

As indicated by the industrial sector is poised to generate substantial revenues in the market. This is primarily due to the sector's frequent need for large-scale power generation to fulfill its energy requirements.

In contrast to the 9.3% CAGR seen from 2018 to 2022, the demand for solar cells and modules within the industrial sector is anticipated to expand at a 7.9% compound annual growth rate (CAGR) through 2033.

Solar cell and module use has significantly increased during the past few years across many industries, and this trend is anticipated to continue through 2033. This increase is the result of rising energy costs, diminishing fossil fuel supplies, and a move toward greener energy sources.

A noteworthy reduction in the costs of solar cells and modules serves as another pivotal factor motivating industries to integrate them into their facilities. Consequently, this trend is set to create profitable revenue-generating opportunities for manufacturers of solar cells and modules.

Competitive Landscape

The report features leading manufacturers of solar cells and modules, including Atecom Technology Co. Ltd., BYD Co., Ltd., AZUR Space Solar Power GmbH, Bharat Heavy Electricals Ltd, Chint Group, Canadian Solar, Inc., CESI SpA, Ascent Solar Technologies, Inc., BiPVco, and AVANCIS GmbH.

Pioneering manufacturers of solar cells and modules have shown a keen interest in developing new solutions with enhanced features. This has led to substantial investments in research and development aimed at exploring novel materials, designs, and production technologies.

Numerous companies are also demonstrating interest in implementing strategies such as mergers, partnerships, acquisitions, collaborations, facility expansions, and agreements to expand their market presence.

Recent Developments:

In September 2022, LONGi, a world-renowned solar technology company, unveiled a new solar module - the Hi-MO 5 54-cell module. This innovative module is designed for both commercial and residential applications in the United States market.

In March 2023, UKSOL, a leading manufacturer of solar energy products, introduced the 700W N-Type bifacial solar PV module. With its exceptional efficiency and groundbreaking technology, this new module is poised to revolutionize the solar energy industry.

In July 2020, Canadian Solar Inc. launched new solar modules, including the high-powered Series 5 and Series 6 PV modules.

Scope of the Report

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