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Solar Cells & Modules Market

A Detailed Analysis of the Solar Cells & Modules Market on the Basis of Thin Film and Crystalline Silicon

Market Study on Solar Cells & Modules: With Solar PV-led Energy Revolution on the Cards, PMR Foresees Various Opportunities for Solar Cell & Module Manufacturers on the Horizon!

Solar Cells & Modules Market Outlook (2023 to 2033)

The global solar cells & modules market size is projected to expand from US$ 163.7 billion in 2023 to US$ 360.8 billion by 2033. Over the next ten years (2023 to 2033), global solar cell & module sales are likely to rise at 8.2% CAGR.

In 2022, the worldwide solar cells & modules industry was valued at US$ 150.2 billion. Demand for solar cells & modules is expected to remain high in the industrial sector. As per the latest analysis, industrial segment is likely to thrive at 7.9% CAGR through 2033.

Key Trends Shaping Market Dynamics:

  • Growing inclination towards renewable energy sources such as solar energy will create high demand for solar cells & modules
  • Increasing adoption of solar PV panels globally to generate electricity is likely to bolster solar cell & module sales
  • Decreasing costs of solar cells & modules is expected to positively impact the market
  • Depletion in fossil fuels along with rising energy prices will positively impact solar cell & module sales
  • Favorable government policies and introduction of attractive incentives to elevate solar cell & module demand have been on steady rise
  • Growing popularity of rooftop solar power systems or rooftop solar panels to create lucrative opportunities for solar cell & module manufacturers
  • Surging popularity of bifacial solar modules and smart solar solutions to open new windows for the market
  • Burgeoning demand for solar-powered consumer electronics is expected to boost the solar cells & modules industry

Over the years, factors such as depletion of fossil fuels, rising energy prices, and increasing carbon emissions have put the renewable energy sector into limelight. Products such as solar cells & modules are gaining wider popularity as a means of generating cost-efficient electricity.

A single PV device is referred to as a solar cell while the assembly of connected solar cells is called a solar module or solar panel. Photovoltaic cells or solar cells absorb sunlight to generate electricity. These devices are becoming cost-effective means of generating electricity.

People across the world are continuously employing solar panels to generate their own electricity. High adoption of these solar energy technologies in turn is boosting the global solar cells & modules industry.

Declining costs of solar cells & modules is anticipated to create new growth prospects for the market. Manufacturers are employing advanced manufacturing technologies to produce cost-effective products. This will help them to expand their customer base.

Solar cell & module sales are anticipated to surge rapidly during the next ten years. This is due to rising demand for electricity.

As per the International Energy Agency (IEA), there was a 5% rise in electricity demand in 2021 and this percentage is likely to increase further during the next few years. To meet this demand as well as reduce energy bills, people are installing solar cells & modules. This will positively impact the market.

Introduction of new government schemes and incentives is another key factor that is likely to bolster solar cell & module sales.

Growing interest in space-based solar power is emerging as a key trend that is expected to open new growth prospects for the market.

Continuous research into solar cell & module design is making PV technologies more sophisticated, efficient, and reliable. This will further boost the market during the next ten years.

Attributes Key Insights
Estimated Global Solar Cells & Modules Market Size (2023) US$ 163.7 billion
Projected Solar Cells & Modules Market Value (2033) US$ 360.8 billion
Value-based CAGR (2023 to 2033) 8.2%
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2018 to 2022 Solar Cells & Modules Sales Outlook Compared to Demand Forecast from 2023 to 2033

As per Persistence Market Research (PMR), global sales of solar cells & modules increased at 9.4% CAGR from 2018 to 2022. Over the projection period (2023 to 2033), the market is expected to progress at a robust CAGR of 8.2%.

Rapid transition towards renewable energy sources and a low-carbon economy is increasing interest in solar cells & modules globally.

Governments worldwide are introducing new policies and incentives for going solar. This is expected to elevate demand for solar cells & modules during the forecast period.

Both residential and commercial sectors are witnessing a high adoption rate of solar panels and the trend is likely to escalate further during the forthcoming period. For instance, as per the World Economic Forum, around 70,000 solar panels were installed every hour during the last 5 years.

Solar energy is becoming more cost-effective due to the declining costs of solar cells & panels. As a result, it is estimated that there will be an uptick in solar cell & module adoption globally. This will create a plethora of growth opportunities for the global solar cells & modules industry.

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Key Factors Fueling Demand for Solar Cells & Modules

Favorable Regulatory Environment: Governments worldwide are implementing supportive policies and regulations to promote renewable energy, including solar power. Steps such as feed-in tariffs and renewable energy targets are encouraging the adoption of solar PV panels. This in turn is expected to uplift solar cell & module demand globally.

Declining Costs of Solar Cells & Modules: In recent years, the cost of solar cells and panels has significantly decreased. This cost reduction has made solar energy more affordable and increased acceptance of products such as solar cells and panels.

Technological Advancements: Continuous advancements in solar PV technologies is another key factor that will positively impact solar cell & module sales. New products with improved design and better efficiencies are being developed by leading solar cell & module manufacturers.

Energy Independence & Security: The desire for energy independence and security is acting as a catalyst driving demand for solar cells & modules. These solutions allow individuals, communities, and businesses to generate their own electricity. This desire for energy self-sufficiency will create lucrative revenue-generation opportunities for the manufacturers of solar cells & modules.

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Country-wise Insights

Countries United States
Projected CAGR (2023 to 2033) 8.2%
Market Value (2033) US$ 72.5 billion
Absolute Incremental Opportunity (2023 to 2033) US$ 39.5 billion
Countries United Kingdom
Projected CAGR (2023 to 2033) 8.1%
Market Value (2033) US$ 14.1 billion
Absolute Incremental Opportunity (2023 to 2033) US$ 7.6 billion
Countries China
Projected CAGR (2023 to 2033) 8.1%
Market Value (2033) US$ 90.1 billion
Absolute Incremental Opportunity (2023 to 2033) US$ 48.9 billion
Countries Japan
Projected CAGR (2023 to 2033) 8.1%
Market Value (2033) US$ 54.9 billion
Absolute Incremental Opportunity (2023 to 2033) US$ 29.8 billion
Countries South Korea
Projected CAGR (2023 to 2033) 8.0%
Market Value (2033) US$ 17.6 billion
Absolute Incremental Opportunity (2023 to 2033) US$ 9.4 billion

Why is the Demand for Solar Cells & Modules Rising across the United States?

As per Persistence Market Research (PMR), the United States solar cells & modules market size is projected to reach US$ 72.5 billion by 2033. From 2023 to 2033, solar cell & module demand in the United States is likely to rise at 8.2% CAGR.

Growth in the market is driven by rising adoption of green technologies, rising investments in renewable energy infrastructure, and escalating power crisis.

Rising concerns about depletion of fossil fuels and growing incidence of power outage is prompting industries and the government to invest in greener technologies such as solar cells. This in turn will continue to elevate demand for solar cells & modules in the United States market.

What Makes China a Prominent Solar Cells & Modules Market?

China is expected to remain a dominant market for solar cells & modules during the forecast period. As per the latest insights, China solar cells & panels market is anticipated to reach a massive valuation of US$ 90.1 billion by 2033.

Historically, from 2018 to 2022, solar cell & module sales in China increased at 9.3% CAGR. Looking ahead, China market is likely to thrive at 8.1% CAGR between 2023 and 2033.

Growing interest in renewable energy resources and favorable government support are key factors driving China market.

Similarly, advancements in PV technologies and presence of leading solar cell & module manufacturers will fuel market expansion in China.

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

The United Kingdom solar cells & modules industry expanded at a CAGR of 9.0% from 2018 to 2022. Over the next decade, sales of solar cells & modules in the country are forecast to soar at 8.1% CAGR, taking the market valuation to US$ 14.1 billion by 2033.

People across the United Kingdom are seeking to generate their own electricity and benefit from various government incentives. They are increasingly installing solar cells & modules on the rooftops of their houses, commercial buildings, and farms as a source of electricity. This in turn is anticipated to bolster solar cell & module sales.

Further, growing environmental concerns, technological advancements in solar panels, and high energy demand will fuel market expansion in the United Kingdom.

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Category-wise Insights

Which is the Frequently Preferred Technology in the Market?

Based on technology, the global market is segmented into thin film, crystalline silicon, and others. Among these, thin film will remain the most popular technology in the market. This is due to various benefits of thin film solar panels & modules.

According to Persistence Market Research (PMR), the thin film segment grew at a CAGR of 9.2% from 2018 to 2022. Over the next ten years (2023 to 2033), it is expected to exhibit a CAGR of 7.8%.

A promising photovoltaic technology for delivering low-cost solar electricity is thin film silicon solar cell technology.

Thin film solar cells & modules are produced by depositing one or more thin photovoltaic material layers onto a substrate. They are generally produced by using scalable manufacturing processes such as chemical vapor deposition (CVD) or plasma-enhanced chemical vapor deposition (PECVD).

Thin film solar cells or PV panels have become cost-effective alternatives to crystalline silicon-based solar PV panels. They have several advantages over first-generation silicone panels, including lightweight and more flexibility.

Thin film solar cells & modules are often less expensive than crystalline solar panels and others. They also require fewer installation materials, resulting in a lower setup cost.

Further, thin film solar panels can absorb light from a wide spectrum. This increases their efficiency in low-light settings, such as sunset or sunrise. Thanks to these advantages, thin film technology segment will continue to dominate the global market for solar cells & modules.

With deposition systems and other technologies becoming more commonplace and widely accepted, popularity of thin film panels will rise rapidly in the solar cells & modules industry. This will further boost growth of the target segment.

Which is the Highly Remunerative Application of Solar Cells & Modules?

According to Persistence Market Research (PMR), industrial application will create lucrative revenues in the market. This is because the industrial sector often requires large scale power generation to meet its energy demand.

Solar cell & module demand in the industrial sector is expected to rise at 7.9% CAGR through 2033, in comparison to 9.3% CAGR recorded from 2018 to 2022

In recent years, adoption of solar cells & modules has increased dramatically across various industries and the trend is expected to continue through 2033. This is due to rising energy costs, depletion of fossil fuels, and shift towards clean energy.

Reduction in solar cell & module costs is another key factor that is encouraging industries to adopt them in their facilities. This in turn will create lucrative revenue-generation opportunities for solar cell & module manufacturers.

Competitive Landscape

Leading solar cell & module manufacturers listed in the report include 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,

Developing new solutions with better features has been a key area of interest for key manufacturers of solar cells & modules. As a result, large amounts are being spent on research & development to explore new materials, designs, and production technologies.

Several companies are also showing interest in employing strategies such as mergers, partnerships, acquisitions, collaborations, facility expansions, and agreements to expand their presence.

Recent developments:

  • In September 2022, a new solar module (Hi-MO 5 54-cell module) was introduced by LONGi, the world’s prominent solar technology company. The new solar module is designed for commercial and residential applications in the United States market.
  • In March 2023, UKSOL, a prominent manufacturer of solar energy products, launched 700W N-Type bifacial solar PV module. With its exceptional efficiency and groundbreaking technology, the new module will revolutionize the solar energy industry.
  • In July 2020, new solar modules, including the super-high power Series 5 & Series 6 PV modules, were launched by Canadian Solar Inc.

Scope of the Report

Attribute Details
Estimated Market Value (2023) US$ 163.7 billion
Projected Market Value (2033) US$ 360.8 billion
Anticipated Growth Rate (2023 to 2033) 8.2% CAGR
Historical Data 2018 to 2022
Forecast Period 2023 to 2033
Quantitative Units
  • Revenue in US$ billion
  • Volume in Units
  • CAGR from 2023 to 2033
Report Coverage
  • Revenue Forecast
  • Volume Forecast
  • Company Ranking
  • Competitive Landscape
  • Growth Factors
  • Trends and Pricing Analysis
Segments Covered
  • Technology
  • Application
  • Region
Regions Covered
  • North America
  • Latin America
  • Europe
  • Asia Pacific
  • The Middle East & Africa
Key Countries Covered
  • United States
  • Canada
  • Brazil
  • Mexico
  • Germany
  • United Kingdom
  • France
  • Italy
  • Spain
  • Nordic
  • Russia
  • Poland
  • China
  • India
  • Thailand
  • Indonesia
  • Australia and New Zealand
  • Japan
  • GCC countries
  • North Africa
  • South Africa
  • Others
Key Companies Profiled
  • 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

- Companies Covered in This Report -

  • 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

- Frequently Asked Questions -

As per PMR, the global solar cells & modules market value reached around US$ 150.2 billion in 2022.

The global solar cells & modules market size is estimated to reach US$ 163.7 billion in 2023.

Global solar cell & module demand is anticipated to rise at 8.2% CAGR from 2023 to 2033.

The worldwide solar cells industry is expected to reach US$ 360.8 billion by the end of 2033.

Thin film segment is likely to retain its dominance in the global market.

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