According to Future Market Insight, the global solar cells and modules market is projected to reach a value of USD 360.8 billion by 2033, registering a CAGR of 8.2%. This represents a significant rise from its projected value of USD 163.7 billion in 2023.
The market growth can be attributed to the rising demand for clean electricity sourced from renewable sources. Additionally, the implementation of government policies that provide tax rebates and incentives for installing solar panels also drives market expansion. Furthermore, the rise in investments in green energy resources by both developing and developed nations is fueling the growth of the solar cell market.
Solar energy is experiencing a global surge in popularity. There are several advantages associated with solar energy that encourage individuals to transition to renewable sources. The increasing adoption of solar energy can be attributed to the significant decline in equipment prices, reaching an all-time low. This has made solar energy competitive with other fuel sources.
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The increasing deployment of renewable energy sources for power generation is driving the demand for solar panel module systems. This is consequently boosting the solar cells market. Manufacturers are prioritizing the enhancement of solar panel drawbacks. Conversely, the decreasing cost of photovoltaic modules is anticipated to further drive market growth.
Government initiatives and subsidies are crucial for market expansion. They aim to control pollution generated by various industries. These schemes, therefore, create a positive impact on the solar modules market. Financial assistance, tax benefits, favorable tariff plans, and reduced import duties are anticipated to play important roles in driving the market forward.
Key Takeaways from the Solar Cells and Modules Market:
- The solar cells and modules industry size recorded USD 150.2 billion in 2022
- The solar cells and modules industry in the United States is predicted to reach USD 72.5 billion by 2033
- The solar cells and modules industry in the United Kingdom is estimated to expand at a CAGR of 8.1% between 2023 and 2033
- During the forecast period, the solar cells and modules industry in China is expected to reach a market valuation of USD 90.1 billion
- The solar cells and modules industry in Japan is predicted to boom at an 8.1% CAGR through 2033
- South Korea’s solar cells and modules industry is predicted to achieve a market revenue of USD 17.6 billion by 2033
- With a CAGR of 7.8% from 2023 to 2033, the thin film technology segment is expected to dominate the solar cells and modules industry
- With a CAGR of 7.9%, the industrial application segment is expected to dominate the solar cells and modules industry until 2033
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Competitive Landscape
Manufacturers are actively engaged in various strategies to drive growth and stay competitive in the solar cells and modules market. They concentrate on extensive research and development to enhance solar cell efficiency and reduce costs. They also focus on product innovation to offer advanced and sustainable solutions.
Furthermore, manufacturers seek partnerships and collaborations to expand market reach. Additionally, they also emphasize mergers and acquisitions to consolidate resources and expand their global footprint.
Key Players
- Bharat Heavy Electricals Ltd.
- BYD Co., Ltd.
- Canadian Solar, Inc.
- Ascent Solar Technologies, Inc.
- CESI SpA
Recent Developments
- Ascent Solar Technologies, Inc. completed the acquisition of the production facilities of Flisom AG, a thin-film solar panel manufacturer in April 2023. They are going to utilize their newly acquired 15MW roll-to-roll thin-film manufacturing equipment for production. It enables the establishment of new revenue streams in the Building Integrated Photovoltaics (BIPV) markets.
- India’s leading floating Solar PV plant was inaugurated by Bharat Heavy Electricals Limited in September 2021. The project, spanning 100 acres, has a capacity of 25 MW. This initiative helps conserve land resources and reduces water evaporation.
- Canadian Solar Inc. stated in April 2021 that it has begun mass-producing high-power, high-efficiency modules with a maximum output of 665 W. These new modules, known as the mono-facial HiKu7 and bifacial BiHiKu7, utilize 210 mm cells. These are expected to produce competitive levelized costs of electricity (LCOE) in the industry.
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Solar Cells and Modules Market Segmentation
By Technology:
- Thin Film
- Crystalline Silicon
- Others
By Application:
- Industrial
- Residential
- Commercial
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- The Middle East and Africa(MEA)
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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