Solar Cell Market Size to Rise at 16.50% CAGR by 2032, Value to Cross USD 414.5 Billion – Says The Brainy Insights

Newark, Sept. 18, 2023 (GLOBE NEWSWIRE) — As per the report published by The Brainy Insights, the global solar cell market is expected to grow from USD 90 billion in 2022 to USD 414.5 billion by 2032, at a CAGR of 16.50% during the forecast period 2023-2032.

A solar cell, otherwise called a photovoltaic cell, is an electrical device that changes sunlight directly into power through a physical and compound cycle known as the photovoltaic impact. Solar cells are the building blocks of solar panels. They are utilized to capture and harness solar energy for different applications, including creating power for homes, organizations, and off-grid systems. Solar cells are generally made of semiconductor materials, most commonly crystalline silicon. When presented to daylight, these materials retain photons from the sun. At the point when photons are absorbed, they move their energy to electrons in the semiconductor material, making them become empowered and move to higher energy levels. The semiconductor material, generally made of glass-like silicon, is the core of the solar cell. It is responsible for retaining daylight and producing electron-opening matches. An anti-reflective coating is frequently applied to the front surface of the solar cell to decrease the impression of daylight, permitting more photons to be absorbed. Solar power gives an open door to people and associations to lessen their dependence on customary petroleum products, advancing energy freedom. Worries about environmental change and natural maintainability have driven the expanded adoption of solar cells as a sustainable power source. The advancement of proficient and reasonable energy stockpiling arrangements can improve the attractiveness of solar power.


Complex guidelines and permitting processes can frustrate the adoption of solar energy in specific regions. Storing excess energy for use during cloudy days or around evening time stays a test. The economic viability of solar installations can be affected by changes in government regulations and policies. Many manufacturers and suppliers are competing for market share in the solar cell market, which is very competitive.

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Report Coverage Details

Report Coverage Details
Forecast Period 2023-2032
Base Year 2022
Market Size in 2022 USD 90 Billion
Market Size in 2032 USD 414.5 Billion
CAGR 16.50%
No. of Pages in Report 232
Segments Covered Material, Product, Technology, End User
Drivers Rising Environmental Concerns
Opportunities Government Incentives
Restraints High Initial Costs

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Market Growth & Trends

Solar power capacity has been developing consistently, with utility-scale and appropriate sun-based establishments on the ascent. The development is driven by lowering solar cell costs, government motivating initiatives, and the rising acknowledgement of solar energy as a perfect and feasible power source. This pattern is anticipated to continue as solar becomes more cost-competitive with conventional energy sources. Solar energy has become more affordable as the cost of manufacturing solar panels, particularly crystalline silicon panels, has decreased. Lower solar panel costs are essential for the widespread adoption of solar energy. The pattern will endure as economies of scale, innovative progressions, and rivalry among makers keep driving expense decreases. Innovative progressions, like higher-effectiveness solar cells and bifacial boards, had been working on the exhibition and adaptability of sun-powered establishments. As a result of these advancements, more people are turning to solar energy because it is more cost-effective and efficient. The examination into advancements like perovskite solar cells might prompt considerably more forward leaps from now on. Utility-scale solar projects were increasingly using solar tracking systems to maximize panel angles and increase energy capture. Solar trackers work on the proficiency of solar farms, making them more serious with different types of energy age. Their adoption is probably going to go on as their cost-effectiveness improves. Floating solar photovoltaic (PV) establishments on water bodies were acquiring notoriety because of their property saving and cooling consequences for boards. Floating solar farms offer a promising solution for boosting land use proficiency and can be especially significant in thickly populated regions or locales with restricted accessible land.

Key Findings

• In 2022, the crystalline segment dominated the market with the largest market share of 85.50% and market revenue of USD 77 billion.

The material segment is divided into crystalline and thin film. The crystalline segment is divided into N material and P material. In 2022, the crystalline segment dominated the market with the largest market share of 85.5% and market revenue of USD 77 billion.

• In 2022, the BSF segment accounted for the largest share of the market, with 27.56% and a market revenue of USD 24.8 billion.

The product segment is divided into BSF, PERC/PERL/PERT/TOPCON, HJT, IBC & MWT and others. In 2022, the BSF segment accounted for the largest share of the market, with 27.56% and a market revenue of USD 24.8 billion.

• In 2022, the monocrystalline segment dominated the market with the largest market share of 28.12% and market revenue of USD 25.3 billion.

The technology segment is divided into monocrystalline, polycrystalline, cadmium telluride (CDTE), amorphous silicon (A-Si) and copper indium gallium diselenide. In 2022, the monocrystalline segment dominated the market with the largest market share of 28.12% and market revenue of USD 25.3 billion.

• In 2022, the utility segment dominated the market with the largest market share of 42.14% and market revenue of USD 37.9 billion.

The end user segment is divided into residential, commercial and utility. In 2022, the utility segment dominated the market with the largest market share of 42.14% and market revenue of USD 37.9 billion.

Regional Segment Analysis of the Solar Cell Market

• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

Among all regions, the North American region emerged as the largest market for the global solar cell market, with a market share of around 39.95% and USD 36 billion of the market revenue in 2022. The Asia Pacific region is expected to be the largest market forecast period. The solar cell market in Asia Pacific has been growing quickly. Due to ambitious government goals and policies, India’s solar energy capacity has grown rapidly. Large-scale solar projects, distributed rooftop installations, and solar parks were multiplying in the nation. A few South-East Asian nations, including Thailand, Malaysia, Indonesia, and Vietnam, have shown expanding interest in solar energy. Governments in these countries have been implementing policies and regulatory frameworks to facilitate solar investments, attract foreign capital, and expand their renewable energy portfolios. Progresses in innovation, like the reception of higher-proficiency solar cells, energy capacity arrangements, and savvy framework combinations, had been driving development in the region.

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Key players operating in the global solar cell market are:

• Panasonic Corporation
• First Solar
• SunPower Corporation
• Premier Energies
• JinkoSolar
• SolarWorld AG
• SunEdison, Inc
• Tata Power Systems Limited
• Sharp Corporation
• Trina Solar Limited
• Yingli
• ReneSola
• Canadian Solar Inc.
• Indosolar Limited

This study forecasts global, regional, and country revenue from 2019 to 2030. The Brainy Insights has segmented the global Solar Cell market based on the below-mentioned segments:

Global Solar Cell Market by Material:

• Crystalline

o N Material
o P Material

• Thin Film

Global Solar Cell Market by Product:

• Others

Global Solar Cell Market by Technology:

• Monocrystalline
• Polycrystalline
• Cadmium Telluride (CDTE)
• Amorphous Silicon (A-Si)
• Copper Indium Gallium Diselenide

Global Solar Cell Market by End User:

• Residential
• Commercial
• Utility

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About the report:

The global solar cell market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.

About The Brainy Insights:

The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients’ objectives of high-quality output within a short span of time. We provide both customized (clients’ specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients’ requirements whether they are looking to expand or planning to launch a new product in the global market.

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