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Solar Cells Market - By Material (Crystalline, Thin Film), By Product (BSF, PERC/PERL/PERT/TOPCON, HJT, IBC & GWT), By Technology (Monocrystalline, Polycrystalline, Cadmium Telluride, Amorphous Silicon, Copper Indium Gallium Diselenide) & Forecast, 2022-2028

  • Report ID: GMI304
  • Published Date: Mar 2022
  • Report Format: PDF

Solar Cells Market Size

Solar Cells Market size valued at USD 26 billion in 2021 and is anticipated to grow at over 3% CAGR from 2022 to 2028. The soaring influx of renewable sources in the energy mix across major countries has driven the demand for sustainable technologies including solar cells.

Solar Cells Market

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Promising government incentives including auctions, tariffs, and tax exemptions are likely to foster investments across the solar market. In addition, rapid technological innovations and growing public awareness will transform solar cells from expensive and risk-driven to an economical & highly efficient industry, thus boosting demand in the coming years.

Solar cells are projected to witness substantial growth during the forecast period owing to the growing concerns toward rising carbon footprints across the globe coupled with the efforts by the policymakers to introduce cleaner fuels & technologies across the residential, commercial, and industrial sectors.

Solar Cells Market Analysis

Solar Cells Market Share

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Crystalline silicon is the most recognized solar cell material adopted across the globe. These units are predicted to showcase noteworthy growth during the forecast timeframe due to their high availability and comparatively economic cost. Crystalline silicon cells can attain 18% to 22% energy conversion efficiency when tested under standard operating conditions, which in turn, will further propel the technology penetration. Moreover, decreased energy losses coupled with immunity to boron-oxygen defects are a few of the key features offered by the N-type cells, which will further proliferate the market growth from crystalline silicon material.


Monocrystalline cells offer a commercial efficiency of 20% to 24% and are manufactured using a single crystal growth method, which in turn, reduces the overall cost of the unit & makes them highly affordable over other alternatives. These units provide high efficiency, longevity, high embedded energy per panel, and low operational costs, thereby complementing product deployment over the last few years. Additionally, policymakers across the globe are launching favorable schemes and incentives to promote solar technology, which is further poised to enhance the global industry growth during the forecast period.


The BSF segment accounted for USD 4 billion in 2021 led by the deployment of efficient substitutes. Major players involved across the industry are readily investing in R&D activities to develop innovative solar products to gain a competitive edge, therefore fostering the business outlook. These units are coated black to trap the sunlight, thereby reflecting less light and offering higher energy than standard painted cells. Although the technology is expected to register a subdued growth, however, maximum light absorption, reduced module cost, improved cell efficiency, increased environmental safety, and reduced capital costs are a few of the prominent factors that will accelerate the adoption of BSF units over standard cells in the coming years.


Solar Cells Market Size

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North America solar cells market is estimated to reach USD 1 billion by 2028. Rising energy demand coupled with governmental efforts to deploy more renewable sources in their energy mix to curb the growing carbon emissions will complement the product demand. Regulators have further offered various fiscal incentives, investment tax credits, and renewable energy grid policies & rebates to promote the use of sustainable technologies including solar cells. Moreover, the rising voluntary procurement of solar systems by utilities along with growing PV installations across corporate offices and offsite commercial & industrial premises will further impel the regional growth.

Solar Cells Market Share

Key companies operating in the market include

  • Panasonic Corporation
  • Hevel
  • ReneSola
  • United Renewable Energy, LLC
  • SunPower Corporation
  • Risen Solar
  • Trina Solar
  • Jinko Solar.

Major participants are engaged in increased R&D activities to develop innovative technologies and attain an economy of scale to enhance their market share. These leaders are also adopting strategic collaborations, acquisitions, agreements, and joint ventures to expand their reach & serve a bigger customer base, which will favor the industry expansion over the years. Furthermore, the major market shareholders are also engaged in forward and backward integration with after-sale service providers and raw material suppliers to further influence their presence in the market, thereby stimulating demand growth across the market.

The global solar cells market research report includes in-depth coverage of the industry with estimates & forecast in terms of MW and USD from 2018 to 2028 for the following segments:

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Market, By Material

  • Crystalline
    • N Material
    • P Material
  • Thin Film

Market, By Product

  • BSF
  • HJT
  • IBC & MWT
  • Others

Market, By Technology

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

The above information has been provided for the following regions and countries:

  • North America
    • U.S.
  • Europe
    • Germany
    • Spain
    • France
    • Netherlands
  • Asia Pacific
    • China
    • Malaysia
    • South Korea
    • Japan
    • Taiwan
    • India
  • Rest of the World


Authors: Ankit Gupta, Riya Gupta

Frequently Asked Questions (FAQ) :

Market size of solar cells was valued at USD 26 billion in 2021 and is expected to grow at a CAGR of 3% between 2022 and 2028 driven by promising government incentives like tariffs, auctions, and tax exemptions.

BSF product segment surpassed USD 4 billion in 2021 and will depict considerable growth owing to the increasing R&D investments by major market players.

North America solar cells market is estimated to cross USD 1 billion until 2028 considering the increasing energy demand and growing government efforts for the deployment of more renewable sources in their energy mix.

Leading companies in the solar cells industry comprise Panasonic Corporation, JINERGY, Hevel, ReneSola, United Renewable Energy, LLC, SunPower Corporation, Risen Solar, Trina Solar, and Jinko Solar.

Solar Cells Market Scope

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Premium Report Details

  • Base Year: 2021
  • Companies covered: 22
  • Tables & Figures: 408
  • Countries covered: 11
  • Pages: 315
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