Solar Cell Market Size & Trends
The size of the global solar cell market in 2023 was USD 116.1 billion and is expected to grow at a CAGR of 16.4% during the forecast period of 2024-2030. The increasing green awareness and the necessity of curbing carbon emissions compel governments and consumers to move towards renewable sources of energy.
Improved solar cell efficiency and production technologies reduce solar energy costs and make it more available. Moreover, policies favorable to solar power deployment, subsidies, and incentives promote the use of solar power. The rising demand for renewable energy and increased solar infrastructure investment drive market growth.
Regulatory frameworks significantly influence the solar cell market by fostering an environment conducive to expansion and advancement. Policies like Renewable Portfolio Standards (RPS) set minimum renewable energy generation requirements, shaping market dynamics and innovation.
Feed-in Tariffs (FiTs) and Power Purchase Agreements (PPAs) offer financial security to solar producers and support long-term investments. The U.S. Investment Tax Credit (ITC) lets homeowners and businesses deduct part of solar system costs from federal taxes, boosting cost-effectiveness.
Lastly, tax credits and subsidies lighten the financial load on solar projects, rendering them more appealing to investors and developers.
Technology Insights
43.7% of the revenues in the international solar cell market in 2023 came from the polycrystalline segment. Polycrystalline solar cells, or multi-crystalline cells, are less expensive and have a comparatively easier manufacturing process than monocrystalline cells.
As a result, they are highly popular for commercial installations, which is why they hold a significant market share.
Although polycrystalline cells are less efficient than monocrystalline, they offer a good balance of cost.
Performance, making them suitable for everything from residential roofs to large solar farms. Their popularity is driven by proven stability and extensive manufacturing experience.
Regional Insights
North America solar cell market dominated a major portion in the global industry in 2023. Solar cell market of the U.S., in turn, is undergoing remarkable growth spearheaded by government. The state initiatives, declining prices of solar installation, and raised public awareness over climate change issues.
The expanded solar Investment Tax Credit (ITC) was a game-changing development that will inspire residential as well as business solar technology spending.
In addition, as additional utilities add solar to their energy mix, the market will continue to grow, mirroring a wider trend toward sustainability throughout the region.
U.S. Solar Cell Market Trends
The U.S. solar cell market is expected to witness high growth during the forecast period, driven by policy measures, technological improvements, and rising demand for clean energy. The commitment of the U.S. administration to climate change mitigation has generated a more supportive regulatory framework for investments in renewable energy. This encompasses proposed incentives for low-income community solar deployment and higher research and development spending.
Application Insights
The utility segment led the global solar cell market in 2023 due to the growing demand for renewable energy from utilities and the necessity of responding to regulatory demands for renewable energy mandates. Furthermore, improvements in solar technology and economies of scale have lowered the cost of utility-scale solar projects, rendering them more economically feasible. Other countries like the U.S. and China have been at the forefront of utility-scale solar installations, with heavy investments in the solar infrastructure to facilitate their energy transition plans.
Europe Solar Cell Market Trends
The solar cell market in Europe is forecast to advance at a CAGR of 15.9% between 2024 and 2030. The EU’s ambitious renewable energy targets and green gas reduction objectives are prime movers behind this expansion. Nations like Germany and Spain are leading the way through strong solar energy policies involving feed-in tariffs and tax credits on solar installations.
The EU’s September 2023 Green Deal seeks to substantially increase the proportion of renewables to 42.5% by 2030 in its energy mix, giving a strong push to the solar industry. Interestingly, European manufacturers also emphasize sustainability in their manufacturing processes, with firms like Group leading the way in green solar technologies. With the demand for clean energy continuing to grow, Europe is set to become a key hub for solar innovation and investment.
Key Solar Cell Firm Insights
These are some of the major companies in the solar cell industry, namely Panasonic Corporation, JINERGY, Hevel, ReneSola, United Renewable Energy, LLC, SunPower Corporation, Risen Solar, Trina Solar, and Jinko Solar.
Jinko Solar is one of the largest solar module manufacturers in the world. The company specializes in its high-efficiency N-type monocrystalline silicon solar cells, featuring a conversion efficiency of 26.4%.
Risen Solar has the reputation for cutting-edge technology, including its heterojunction (HJT) Hyper-ion Modules, which has a record 23.9% efficiency rate. Risen Solar invests heavily in energy storage and building-integrated photovoltaics (BIPV).
Recent Developments
In August 2024, Tongwei debuted the TNC-G12/G12R series modules, which marked an industry milestone. These modules provide better power output, efficiency, and quality by relying on its self-owned solar cell technology. The raising the industry’s benchmark for high-performance solar solutions.
In July 2024, First First Solar, Inc. bought intellectual property rights pertaining to TetraSun, Inc.’s revolutionary thin-film solar technology. The company filed lawsuits against some crystalline silicon solar producers for allegedly violating its patent portfolio.
In February 2024 ECOKRAFT bought Fenix Solar, a world-class solar panel monitoring and optimization expert. Fenix Solar’s advanced technology should make it possible for ECOKRAFT to provide its customers with more integrated and sophisticated solutions. With Fenix Solar’s expertise in troubleshooting and data analytics, ECOKRAFT can enhance the performance and reliability of its solar installations.
In December 2023, Qcells completed the acquisition of complete intellectual property rights to LECO technology. This cutting-edge technology is known for its ability to enhance the efficiency of PERC and TOPCon solar cells dramatically.
