As per the report published by The Brainy Insights, the global solar cell market is expected to grow from USD 90 billion in 2022 to USD 414.5 billion by 2032, at a CAGR of 16.50% during the forecast period 2023-2032.
Key Findings
• In 2022, the crystalline segment dominated the market with the largest market share of 85.50% and market revenue of USD 77 billion.
The material segment is divided into crystalline and thin film. The crystalline segment is divided into N material and P material. In 2022, the crystalline segment dominated the market with the largest market share of 85.5% and market revenue of USD 77 billion.
• In 2022, the BSF segment accounted for the largest share of the market, with 27.56% and a market revenue of USD 24.8 billion.
The product segment is divided into BSF, PERC/PERL/PERT/TOPCON, HJT, IBC & MWT and others. In 2022, the BSF segment accounted for the largest share of the market, with 27.56% and a market revenue of USD 24.8 billion.
• In 2022, the monocrystalline segment dominated the market with the largest market share of 28.12% and market revenue of USD 25.3 billion.
The technology segment is divided into monocrystalline, polycrystalline, cadmium telluride (CDTE), amorphous silicon (A-Si) and copper indium gallium diselenide. In 2022, the monocrystalline segment dominated the market with the largest market share of 28.12% and market revenue of USD 25.3 billion.
• In 2022, the utility segment dominated the market with the largest market share of 42.14% and market revenue of USD 37.9 billion.
The end user segment is divided into residential, commercial and utility. In 2022, the utility segment dominated the market with the largest market share of 42.14% and market revenue of USD 37.9 billion.
Among all regions, the North American region emerged as the largest market for the global solar cell market, with a market share of around 39.95% and USD 36 billion of the market revenue in 2022. The Asia Pacific region is expected to be the largest market forecast period. The solar cell market in Asia Pacific has been growing quickly. Due to ambitious government goals and policies, India’s solar energy capacity has grown rapidly. Large-scale solar projects, distributed rooftop installations, and solar parks were multiplying in the nation. A few South-East Asian nations, including Thailand, Malaysia, Indonesia, and Vietnam, have shown expanding interest in solar energy. Governments in these countries have been implementing policies and regulatory frameworks to facilitate solar investments, attract foreign capital, and expand their renewable energy portfolios. Progresses in innovation, like the reception of higher-proficiency solar cells, energy capacity arrangements, and savvy framework combinations, had been driving development in the region.
