Solar Cells & Modules Market to Hit US$ 360.8 Billion by 2033, According to Persistence Market Research
Persistence Market Research
10 min read
Rising demand for solar cells & modules fueled by global adoption of solar energy and renewable sources. Decreasing costs, government incentives, and innovative solutions drive market growth.
New York, Jan. 16, 2024 (GLOBE NEWSWIRE) -- Solar PV modules and cells have surged to prominence within the renewable energy sector. The capacity of solar energy to attain cost competitiveness with traditional energy forms has been instrumental in its ascendancy. Technological progress has been a key driver in effectively harnessing solar energy. Consequently, this market is poised to guide us toward a more sustainable and eco-friendly future.. 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.
Solar panels are essential in harnessing sunlight for renewable solar energy. Comprising photovoltaic cells and modules, they offer an eco-friendly alternative to fossil fuels, curbing greenhouse gas emissions and countering global warming. PV modules, consisting of photovoltaic cells, convert sunlight into direct current electricity. Arrays of PV panels generate power from solar energy, driving electrical equipment. The rising demand for renewable energy, driven by environmental concerns and resource depletion, has spurred the production of solar cells, modules, and panels. The global solar PV cell and module market is poised for substantial growth, buoyed by government incentives, solar system initiatives, and the shift away from fossil fuels to combat environmental pollution.
Bathed in sunshine, the Solar Cells & Modules Market is booming. Driven by a global hunger for clean energy, falling panel costs, and supportive policies, This heat wave is fueled by diversifying module technologies like perovskite and thin-film, a race for efficiency, and smart integrations like sensors and microinverters. As costs cool and accessibility rises, residential, commercial, and even off-grid applications are basking in the sun's bounty. Emerging markets like India and China are adding fuel to the fire, creating a vibrant landscape for established giants and rising stars alike. While supply chain hiccups and grid challenges cast a shadow, the future shines bright for solar, promising a sustainable and brighter tomorrow for all.
North America, Latin America, Europe, Asia Pacific, The Middle East & Africa
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
Solar Cells & Modules: Market Dynamics:
Drivers:
More people know we should use cleaner technology to reduce pollution. Solar panels are getting cheaper. We make more solar panels because we're using up natural resources. Rules from the government support using solar power. Governments give rewards to use solar energy. We make more solar panels because we have better technology and make them in bigger amounts. People use solar panels instead of fossil fuels to help the environment. Solar panels work better now. More money goes into solar power projects. Big groups from around the world are making electricity grids stronger and adding more solar panels. People are using solar panels in homes and businesses. In some countries, more people are using electricity
Restraints:
While the solar cells and modules market is growing, it faces significant challenges. Solar power generation's intermittent nature due to factors like weather and night hours hampers continuous energy supply. High initial installation costs, especially for residential users, can deter adoption. Effective and affordable energy storage solutions are still evolving. Geographical limitations mean solar power is more viable in sunny regions, leading to uneven benefits. Environmental concerns arise from rare materials and energy-intensive manufacturing. Aesthetic and regulatory issues can hinder solar installations. To address these challenges, ongoing innovation, regulatory support, and public awareness are vital for the sustainable growth of solar energy worldwide.
Rising utilization of bifacial solar panels and floating solar energy facilities Advancements in materials for manufacturing solar cells Growth of the solar industry in off-grid and remote regions Incorporation of solar power into electric vehicle charging infrastructure Growing consumer demand for solar-powered electronics A transition towards higher-efficiency solar cells for increased power generation Extensive deployment of solar-based equipment in agriculture Continuous endeavors to enhance the levelized cost of energy Partnerships between solar firms and the construction sector Deployment of solar-driven micro-grids in developing areas
Challenges:
Substantial upfront expenses deter the broad adoption of solar technology.
Recycling and disposal difficulties associated with solar panels.
Reliance on weather conditions and sunlight availability restricts consistent power generation.
Limited grid infrastructure availability hampers solar power integration.
Fierce competition from alternative renewable energy sources.
Reliability concerns due to limited solar energy storage capabilities.
Grid connection challenges, interconnection delays, and insufficient capacity.
Top 10 Key Trends inSolar Cells & Modules Market
The sun is shining bright on the Solar Cells & Modules Market, illuminating a landscape brimming with exciting trends and future-proof potential. Here are some key trends to keep your sights on:
1. Diversification of Module Technologies:
Beyond the silicon dominance, new players like perovskite and thin-film modules are entering the game, offering advantages like higher efficiency, flexibility, and affordability. This diversifies choices for specific applications and opens up new market segments.
2. Focus on Efficiency and Performance:
The race for higher efficiency heats up, with manufacturers pushing the boundaries of light conversion and reducing energy losses. This translates to more power generation per unit area, ideal for space-constrained installations or maximizing output.
3. Smart Modules and Integrated Solutions:
Solar modules are getting smarter! Integration with sensors, microinverters, and communication capabilities enables real-time monitoring, performance optimization, and even grid-interactive functionalities. This empowers smarter energy management and grid resilience.
4. Cost Reductions and Market Accessibility:
Advancements in materials, automation, and economies of scale continue to drive down production costs, making solar energy more accessible than ever. This trend opens doors for wider adoption across residential, commercial, and even off-grid applications.
5. Sustainability Concerns and Circular Economy:
Environmental considerations are gaining traction, with a focus on responsible sourcing of materials, minimizing waste, and promoting recycling of end-of-life modules. This aligns with the circular economy principles and fosters a more sustainable solar future.
6. Regional Growth and Diversification:
The solar market is no longer solely focused on Europe and North America. Emerging markets like India, China, and Brazil are witnessing explosive growth, driven by supportive policies, falling costs, and increasing energy demand. This diversifies the market and creates new opportunities for players.
7. Integration with Building Infrastructure:
Buildings are becoming solar powerhouses! Building-integrated photovoltaic (BIPV) solutions seamlessly integrate solar panels into roof tiles, facades, and windows, creating aesthetically pleasing and energy-efficient structures.
8. Digitalization and Online Platforms:
Technology is disrupting the market, with online platforms facilitating sales, comparisons, and even installation services. This increases transparency, empowers consumers, and creates new business models for innovative players.
9. Focus on Energy Storage and Grid Integration:
Solar energy needs a reliable storage partner. The rise of lithium-ion batteries and advancements in grid-integration technologies allow storing excess solar power and feeding it back into the grid, maximizing its utilization and contributing to grid stability.
10. Policy and Regulatory Landscape:
Government policies and incentives play a crucial role in shaping market growth. Continued support through feed-in tariffs, net metering programs, and carbon pricing initiatives can further accelerate solar adoption and unlock its full potential.
These are just some of the key trends shaping the future of the Solar Cells & Modules Market. Staying informed and adapting to these advancements will enable businesses and individuals to capitalize on the immense potential of solar energy, illuminating a sustainable and brighter future for all.
Top key players in Solar Cells & Modules Market
JinkoSolar: JinkoSolar is one of the largest and leading solar module manufacturers globally. They are known for producing high-efficiency solar modules and have a significant market share.
Trina Solar: Trina Solar is another major player in the solar industry, with a strong presence in both solar cell and module manufacturing. They are known for their innovative solar products.
Canadian Solar: Canadian Solar is a global energy provider and solar module manufacturer. They have a wide range of solar products and are known for their quality and reliability.
First Solar: First Solar is known for its advanced thin-film solar technology. They focus on utility-scale solar projects and have a strong presence in the solar module market.
Hanwha Q Cells: Hanwha Q Cells is a well-known solar cell and module manufacturer. They are recognized for their high-quality solar products and have a global presence.
LONGi Solar: LONGi Solar is one of the world's largest manufacturers of monocrystalline silicon wafers and solar cells. They have a significant share in the solar market.
SunPower: SunPower specializes in high-efficiency solar panels and systems for residential, commercial, and utility-scale applications. They are known for their premium solar products.
JA Solar: JA Solar is a leading manufacturer of high-performance solar cells and modules. They have a strong presence in the global solar market.
Risen Energy: Risen Energy is a China-based solar company known for its high-quality solar panels and modules. They have been expanding their global presence.
REC Group: REC Group is a Norwegian solar company known for its premium solar panels. They are recognized for their advanced solar technology.
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
Key Questions Answered in the Report:
What are the factors contributing to the growth trends in the market?
What is the current market size, and how do experts expect it to change in the coming years?
What are the key elements that are currently influencing the market?
How is the Solar Cells & Modules Market categorized, considering factors such as types, fuels, applications, or other relevant criteria?
Who are the main participants in the Solar Cells & Modules Market?
What strategies are these players employing to establish a competitive advantage?
What factors are propelling the expansion of the Solar Cells & Modules Market?
Which regions are projected to experience significant growth, and what are the underlying reasons for it?
What recent technological advancements are making an impact on the Solar Cells & Modules industry?
About Persistence Market Research:
Business intelligence is the foundation of every business model employed by Persistence Market Research. Multi-dimensional sources are being put to work, which include big data, customer experience analytics, and real-time data collection. Thus, working on “micros” by Persistence Market Research helps companies overcome their “macro” business challenges.
Persistence Market Research is always way ahead of its time. In other words, it tables market solutions by stepping into the companies’/clients’ shoes much before they themselves have a sneak pick into the market. The pro-active approach followed by experts at Persistence Market Research helps companies/clients lay their hands on techno-commercial insights beforehand, so that the subsequent course of action could be simplified on their part.
