Solar Cells and Modules Market Size, Share, Growth, and Industry Analysis, By Type (Mono-Si Modules, Multi-Si Modules, CDTE Modules, CIGS Modules, A-Si Modules and Others), By Application (PV Power Station, Commercial, Residential and Others), Regional Insights, and Forecast To 2031

Solar Cells and Modules Market Report Overview

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The global solar cells and modules market size was USD 37080 million in 2022 and market is projected to touch USD 90045.1 million by 2031, exhibiting a compound annual growth rate (CAGR) of 9.2% during the forecast period.

Solar panels, which are used to turn sunlight into solar energy, are typically made from photovoltaic cells and modules. Solar energy is a practical renewable alternative to fossil fuels that effectively reduces greenhouse gas emissions and combats global warming. An assembly of photovoltaic cells installed in a framework for installation is known as a PV module. Solar energy is used by photovoltaic cells to produce direct current electricity. A system of PV Panels is known as an Array, and a collection of PV modules is referred to as a PV Panel. Electrical equipment is powered by solar energy from photovoltaic arrays.

Due to the growing popularity of renewable energy as a result of the damaging environmental effects of fossil fuels and the depletion of natural resources such crude oil, coal, and natural gas, demand for renewable energy has been rising. This has prompted other companies to start producing solar cells, modules, and panels. The global market for solar PV cells and modules is anticipated to expand significantly over the course of the forecast period. This growth will be fueled by an increase in government incentives and programmes to install solar systems as well as an increase in the use of solar PV cells and modules as alternatives to fossil fuels, which increase environmental pollution.

COVID-19 Impact: Disruption of Supply Chains to Impede Market Expansion

The Covid-19 problem has affected the supply chains for solar cells and modules across many industry sectors, first destroyed customer demand, limited employment possibilities, and brought to a halt permission and interconnections in many countries. On the other hand, interest in solar with backup power actually surged when homeowners had to work from home and learned they couldn't rely on utility power. During the shelter-in-place period, commercial customer interest slowed down, but utility demand for solar and storage persisted. People began seeing brighter skies due to lower levels of air pollution as the Covid-19 shutdowns and stay-at-home orders brought most of the world's travel and trade to a halt. Currently, scientists can show that the brighter sky had a discernible effect on solar photovoltaic panel production, resulting in a more than percent increase in the power output from installations in Delhi. Although such an increase in output was not a surprise, the researchers claim that this is the first study to measure and show the effect of lower air pollution on solar output.

Latest Trends

"Demand for solar energy will drive the market in both the public and private sectors."

The most abundant and cleanest source of renewable energy is solar energy. Solar energy can be captured by solar technology for a number of purposes, including as power production, interior lighting, and water heating for household, commercial, and industrial use. Globally, numerous public and commercial organizations are undertaking extensive investment projects, including the installation of solar panels, to fortify electrical systems. For instance, India's major public sector energy corporations are expanding into the production of renewable energy. Over the following 15 to 20 years, the country's shift to renewable energy is anticipated to be greatly aided by this decision.

Solar Cells and Modules Market Segmentation

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• By Type Analysis

According to type, the market can be segmented into mono-SI modules, multi-SI modules, CDTE modules, cigs modules, A-Si modules and others.

In terms of product, CDTE modules is the largest segment.

• By Application Analysis

Based on application, the market can be divided into PV power station, commercial, residential and others.

In terms of application, PV power station is the largest segment.

Driving Factors

"Commercial Efficiency of Monocrystalline Silicon PV Cells to Fuel Market Grtowth"

The market for solar PV cells and modules has been segmented into several categories based on type, including silicon photovoltaic cells, thin-film photovoltaic cells, and others. There are several subcategories of silicon photovoltaic cells, including nanocrystalline, monocrystalline, polycrystalline, and others. A sizeable share was held by the monocrystalline sub-segment of silicon photovoltaic cells among these in 2021. With an excellent growth rate for the forecast year it is anticipated to sustain the current situation. Although thin film PV panel innovations are growing, it has been shown that these panels need more protection than silicon to enable outdoor operation for an extended period of time. As a result, businesses are broadening their product lines to include various PV module solar panel varieties in order to increase their revenue sources.

"Favorable Government Initiatives to Fuel Market Growth"

Government policies that are supportive are driving the installation of solar power. The installed capacity of solar energy generation has rapidly increased, and prices, performance, and technology have all improved. Through initiatives and programmes, governments from a number of nations are assisting solar energy projects in providing solar power at a reduced price. The Indian government has launched measures to encourage more people and businesses to choose solar energy. The Jawaharlal Nehru National Solar Mission, Rooftop Scheme, Solar Park Scheme, VGF (Viability Gap Funding) Scheme, and UDAY Scheme are a few of the programmes and efforts mentioned. This is anticipated to drive the solar cells and modules market growth.

Restraining Factors

"Lack of Materials and Technologies to Hamper Market Growth"

Silicon (sand), a semiconductor primarily utilised in electronic devices like phones and computers, makes up the majority of PV solar panels. The issue is that you require pure silicon to make solar cells. Additionally, silicon is the eighth most frequent element on earth, yet it cannot be found in its pure form in nature because it is highly reactive. As a result, silicon needs to be purified, which is an energy- and resource-intensive process that has a high production cost. PV systems are not like panel optimizers or microinverters. They actually produce less energy and are more harmful. Shade-related problems can be solved by systems like SolarEdge, which also offer a greater rate of return on investment.

Solar Cells and Modules Market Regional Insights

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"North America to Dominate the Market Due to Numerous Solar Power Plants"

North America dominates the market and owns largest portion of solar cells and modules market share. Solar PV cells and modules are also widely used in North America. Each of these regions held a portion of the global market in terms of value. Large-scale solar power facilities that are now being built can be blamed for the growth. Within the upcoming years, these plants are anticipated to be in operation. Different regulations are being put into place in various nations to facilitate the expansion of solar power. During the projection period, these elements are anticipated to increase demand in the area for PV module-based solar panels.

Key Industry Players

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

The market for  solar cells and modules is fragmented, with a significant number of large-scale vendors contributing substantially to the market share. Most of these firms are spending extensively on comprehensive research and development activities, primarily to develop environmentally-friendly products. Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

LIST OF TOP Solar Cells and Modules COMPANIES

• JinkoSolar (China)
• LONGi (China)
• JA Solar (China)
• First Solar (U.S.)
• Canadian Solar (Canada)
• Trina Solar (China)
• Hanwha Solutions (South Korea)
• Risen Energy (China)
• Seraphim (India)

Report Coverage

This research profiles a report on market for solar cells and modules with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, etc. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.