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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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Extensive insights into the Growth of Solar Cell Market amidst COVID-19

Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.

Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.

We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.

In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months.                                                         Request Insights

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Global Solar Cell Market Highlights over 2020-2029

The global solar cell market is estimated to garner notable CAGR over the forecast period, i.e., 2021 – 2029. The growth of the market can be attributed to growing awareness for the use of clean and renewable energy to curb the rising pollution level. Burning of fossil fuels in thermal power plants is one of the biggest causes of air pollution. Solar energy offers a green and clean energy alternative, by using sunlight to make electricity, using solar cells. Rising government initiatives to promote the use of solar energy for various applications is estimated to drive the market growth. Moreover, fossil fuels are rapidly depleting, which has up-surged the need to adopt a renewable source, which is anticipated to boost the market growth.   

Solar Cell Market Graph

The market is segmented by type into mono crystalline, thin-film, organic photovoltaic, and others, out of which, the mono crystalline segment is anticipated to hold a notable share in the market during the forecast period on account of its high efficiency, easy availability and popularity in the market. Moreover, these cells save space, which increases their scope for installation in different places. Such factors are projected to boost the segment growth. On the basis of installation, the market is segmented into rooftop, ground mounted, and building integrated, out of which, the rooftop segment is anticipated to hold the largest market share by the end of 2029. Rooftop installation is feasible, especially for residential use, as it takes up less space and is easier to install, which is estimated to boost the growth of the segment. CLICK TO DOWNLOAD SAMPLE REPORT

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

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

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

Challenges

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

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

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