Solar Cell Market

Segmentation by Type (Mono Crystalline, Thin-Film, Organic Photovoltaic, and Others); by Installation (Rooftop, Ground Mounted, and Building Integrated); by Application (Solar Electricity, Heating, Water Heating, Lighting, and Others); and by End-User (Residential, and Commercial) – Global Demand Analysis & Opportunity Outlook 2029

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Report ID: 103 | Published On: Feb 14, 2023
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Market Segmentation

Our in-depth analysis of the global solar cell market includes the following segments:

By Type

  • Mono Crystalline
  • Thin-Film
  • Organic Photovoltaic
  • Others

By Installation

  • Rooftop
  • Ground Mounted
  • Building Integrated

By Application

  • Solar Electricity
  • Heating
  • Water Heating
  • Lighting
  • Others

By End-User

  • Residential
  • Commercial

Solar Cell Market Graph
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Global Solar Cell Market Regional Synopsis

Regionally, the global solar cell market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in North America region is estimated to witness major share over the forecast period on the back of technological advancement and public awareness in the region. Moreover, increasing adoption of solar farms as a commercial activity, is estimated to boost the market growth. According to the data provided by the U.S. Energy Information Administration (EIA), there were more than 2,500 utility scale solar power plants in the U.S. in 2018.

The market in the Asia Pacific is growing rapidly and is estimated to record highest CAGR in the forecast period owing to the growing government investment in renewable energy sources, in countries such as China, India, Japan, and Thailand. China currently is the largest producer of solar energy in APAC region, producing more than 170 GW electricity in the year 2018. Moreover, the region has immense growth potential, owing to the latitudinal location of countries, such as, India, Sri Lanka, South Korea and Malaysia, among others, where abundant sunlight is available all around the year. This is estimated to boost the market growth in the region.

Solar Cell Market Share Image

The global solar cell market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
  • Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis.
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis

Growth Drivers

  • Escalating Demand for Clean and Environment Friendly Energy Sources to Drive the Market Growth
  • Increasing Government Initiatives to Promote the Use of Solar Energy to Boost the Market Growth
  • Rapidly Depleting Fossil Fuels to Promote the Demand for Solar Cells


  • High Cost of Solar Cells to Challenge the Market Growth
  • Lack of Proper Infrastructure in Developing Nations to Hamper the Market Growth

Solar Cell Market Share Image
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Top Featured Companies Dominating the Market

    • Canadian Solar Inc, S.A.
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis 
    • Trina Solar Co., Ltd
    • GreenBrilliance Renewable Energy LLP
    • Sharp Corporation
    • TATA Power Solar Systems Limited (TATA Group)
    • SunPower Corporation
    • First Solar, Inc.
    • Shanghai Aiko Solar Energy Co., Ltd.
    • JA Solar Technology Co., Ltd.
    • Jinko Solar Denmark ApS

In The News

Global Economic Impact

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Despite Inflation & Fearing Recession, Businesses Across the Globe Expected to Do Better in 2023:

In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.

Key Questions Answered in the Report

1) What are the major factors driving the growth of the solar cell market?

Ans: Rising environment awareness and increasing government initiatives to promote the use of solar energy are the major factors driving the market growth.

2) What would be the CAGR of solar cell market over the forecast period?

Ans: The market is anticipated to attain a notable CAGR over the forecast period, i.e., 2021-2029.

3) What are the challenges affecting the solar cell market growth?

Ans: High cost of solar cells and lack of proper infrastructure are some of the factors estimated to hamper the market growth.

4) Which region will provide more business opportunities for growth of solar cell market in future?

Ans: The market in North America is estimated to garner the largest market share owing to the large number of successful solar farms already functioning in the region, which creates further growth opportunities.

5) Who are the major players dominating the solar cell market?

Ans: The major players in the market are Trina Solar Co., Ltd, Sharp Corporation, TATA Power Solar Systems Limited, SunPower Corporation, and others.

6) How are the company profiles selected?

Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.

7) What are the segments in the solar cell market?

Ans: The market is segmented by type, installation, application, end-user, and by region.

8) Which sub-segment captures the largest market size in the installation segment in the market?

Ans: The rooftop segment is anticipated to hold largest market over the forecast period on the back of ease of installation for residential end-users.

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