Wilmington, Delaware, Aug. 16, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Solar Cell and Module Market by Type (Polycrystalline, Monocrystalline, Bificial, Thin Film and Others), Product Type (N-Type and P-Type) , Module Efficiency (13-16%, 16-20%, 20-22% and 22-23.5%) , and Application (Residential, Commercial and Others) : Global Opportunity Analysis and Industry Forecast, 2024-2033". According to the report, the solar cell and module market was valued at $166.6 billion in 2023, and is estimated to reach $373.6 billion by 2033, growing at a CAGR of 8.3% from 2024 to 2033.
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Prime determinants of growth
The global solar cell and modules market is driven by rise in government incentives provided in countries such as India, China, and others for installation solar cell and modules in different facilities. For instance, in February 2024, the Prime Minister of India has launched the PM Surya Ghar Muft Bijli Yojana for installing solar panels on rooftops. Furthermore, the Indian government is providing several subsidies over purchase of solar panels. This factor has surged the adoption of solar cell and modules across both residential and commercial facilities; thus, fueling the growth of the solar cell and modules market However, high initial costs and limited efficiency of solar cell and modules may restrain the growth of the solar cell and modules market.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2024–2033 |
| Base Year | 2023 |
| Market Size in 2023 | $166.6 billion |
| Market Size in 2033 | $373.6 billion |
| CAGR | 8.3% |
| No. of Pages in Report | 550 |
| Segments covered | Type, Product Type, Module Efficiency, Application, and Region. |
| Drivers |
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| Opportunities |
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| Restraints |
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The mono-crystalline segment is expected to maintain its lead position during the forecast period.
The demand for monocrystalline solar cell and modules is increasing due to their superior efficiency and performance compared to other types of solar cell. Monocrystalline cell, made from high-purity silicon, have higher energy conversion rates, which translates to greater electricity output per square meter. This efficiency advantage makes them particularly attractive for residential and commercial installations where space is at a premium. Additionally, technological advancements have reduced the cost difference between monocrystalline and other solar cell types, making them more economically viable. Their durability and longer lifespan further enhance their appeal, providing better long-term returns on investment. The combination of higher efficiency, improved affordability, and longer-lasting performance drives the growing preference for monocrystalline solar cell in the solar cell and modules market.
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The P-Type segment is projected to dominate the market during the forecast period.
P-type solar modules are the most used in the market. This is largely due to their long-established manufacturing processes, cost-effectiveness, and widespread availability. P-type silicon wafers, typically doped with boron, have been the standard in the solar industry for many years, making them the best choice for most solar cell and module manufacturers.
However, n-type solar modules, which use phosphorus-doped silicon wafers, are gaining popularity due to their higher efficiency and better performance in various conditions, including lower light environments and higher temperatures. N-type cell are less prone to light-induced degradation (LID) and have a higher tolerance for impurities, potentially leading to longer lifespans and improved energy yields. Despite these advantages, the p-type modules' established production infrastructure and cost advantages currently maintain their dominance in the market
The 20-22% segment accounted for the highest share during the forecast period.
The demand for solar cell and modules with 20-22% efficiency is increasing because they offer significantly higher energy output per unit area, making them highly attractive for both residential and commercial applications where space is limited. Higher efficiency translates to more electricity generated from the same amount of sunlight, enhancing the overall return on investment, and reducing the payback period. This efficiency range, achievable with advanced monocrystalline technologies, aligns with the industry's push towards maximizing energy production while minimizing installation footprint and costs. Additionally, as technological advancements make these high-efficiency modules more affordable, they become accessible to a broader market, driving their popularity. The combination of improved performance, cost-effectiveness, and the growing emphasis on renewable energy adoption fuels the rising demand for these high-efficiency solar cell and modules.
The commercial segment is projected to grow at the highest CAGR during the forecast period
Rapid advances in cell manufacturing technology have led to higher efficiency rates, meaning that commercial installations can generate more electricity from a given amount of sunlight. This efficiency translates to better utilization of available roof space or land area.
Furthermore, solar photovoltaic (PV) cell are known for their durability and long operational life. With warranties often extending 25 years or more, businesses can rely on these systems for consistent performance over decades.
In addition, many governments offer incentives to encourage the adoption of solar energy. These incentives include tax credits, rebates, grants, and accelerated depreciation benefits. For instance, in the U.S., the Investment Tax Credit (ITC) allows businesses to deduct a significant percentage of the installation cost from their federal taxes on installation of solar panels. This factor may augment the growth of the solar cell and modules market for commercial applications.
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Asia-Pacific to maintain its dominance by 2033
The solar cell and modules market is growing rapidly in the Asia-Pacific (APAC) region due to a combination of supportive government policies, rising energy demand, and decreasing costs of solar technology. Governments in countries like China, India, Japan, and South Korea have implemented favorable policies, including subsidies, tax incentives, and ambitious renewable energy targets, to promote solar adoption. For instance, according to a report published by the Indian Ministry of New and Renewable Energy, the Indian government is providing surplus incentive under the Production Linked Incentive (PLI) scheme for high efficiency solar modules. The region's growing economies and expanding industrial sectors are driving increased energy consumption, prompting a shift towards sustainable and reliable energy sources. Additionally, advancements in manufacturing and economies of scale have reduced the cost of solar panels, making them more accessible and attractive for both residential and commercial use. The region's abundant solar resources further enhance the viability of solar power, contributing to the market's robust growth in the APAC region.
Leading Market Players: -
- Novasys
- Saatvik Solar
- Insolation Energy Ltd.
- SunGarner Energies Ltd
- Allesun
- AIKO
- Centro Energy Co., Ltd
- Aolisolar
- DAS Solar
- AIDU ENERGY
The report provides a detailed analysis of these key players in the global solar cell and modules market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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