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Classified in: Environment, Covid-19 virus
Subjects: SVY, MRR

Solar Cell Market to Reach $367.23 Billion, Globally, by 2031 at 15.8% CAGR: Allied Market Research


Increase in awareness regarding the use of low carbon intensive technologies to mitigate greenhouse gas (GHG) emission and the presence of government incentives drive the growth of the global solar cell market.

PORTLAND, Ore., Aug. 11, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Solar Cell Market by Type (Crystalline, Thin film, Others), by Installation Type (Residential, Commercial, Utility-Scale): Global Opportunity Analysis and Industry Forecast, 2021-2031". According to the report, the global solar cell industry generated $84.91 billion in 2021, and is anticipated to generate $367.23 billion by 2031, witnessing a CAGR of 15.8% from 2022 to 2031.

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Prime determinants of growth

Rise in installations of renewable energy sources for power generation across the globe, increase in awareness regarding the use of low carbon intensive technologies to mitigate greenhouse gas (GHG) emission, and the presence of government incentives drive the growth of the global solar cell market. Moreover, increase in investment in green energy resources among the developing and developed countries present new opportunities in the coming years.

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Covid-19 Scenario

The crystalline segment to maintain its leadership status throughout the forecast period

Based on type, the crystalline segment held the highest market share in 2021, accounting for nearly 89% of the global solar cell market, and is estimated to maintain its leadership status throughout the forecast period, owing to heightened demand of renewable energy and increase in electricity demand, which is further supported by the rise in population globally. Limited availability of fossil fuels and strict government regulations on carbon emission create the strong need for efficient and cost-effective renewable energy sources such as solar energy. The report also analyzes thin film segment.

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The utility-scale segment to maintain its lead position during the forecast period

Based on installation type, the utility-scale segment accounted for the largest share in 2021, contributing to nearly two-fifths of the global solar cell market, and is projected to maintain its lead position during the forecast period. This is attributed to the rapid industrialization and decrease in fossil fuel resources across the globe. However, the residential segment is expected to portray the largest CAGR of 16.6% from 2022 to 2031. Implementation of government initiatives in developed as well as developing economies to curb carbon emissions and reduce the usage of conventional fuels to generate energy led to increase in usage of rooftop solar PV systems to generate electricity for household purposes. To encourage more usage of this technology than before, governments have offered various types of subsidies such as lowering the property tax of residents who install solar cells over their houses.

Asia-Pacific to maintain its dominance by 2031

Based on region, Asia-Pacific held the highest market share in terms of revenue 2021, accounting for more than half of the global solar cell industry. Moreover, the same region is expected to witness the fastest CAGR of 16.2% from 2022 to 2031. This is attributed to rise in usage of solar energy in standalone systems such as solar street lamps and telecommunication & signaling towers. Rapid industrialization and urbanization across countries of Asia-Pacific region such as India, China, and Thailand have led to increase in infrastructure development activities, including construction of highways and new residential complexes. This, in turn, is expected to fuel the demand for standalone systems. The research also analyzes regions including North America, Europe, and LAMEA.

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Leading Market Players: -

The report provides a detailed analysis of these key players of the 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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Similar Reports We Have:   

Thin-Film Solar Cell Market is projected to reach $25.3 billion by 2030, growing at a CAGR of 8.4% from 2020 to 2030.

Perovskite Solar Cell Market is forecasted to reach $6.6 billion by 2030, growing at a CAGR of 32.4% from 2021 to 2030.

Solar Simulator Market is projected to reach $364.6 million by 2031, growing at a CAGR of 5.8% from 2022 to 2031.

Solar Charge Controller Market is projected to reach $3.4 billion by 2031, growing at a CAGR of 6.6% from 2022 to 2031.

Bifacial Solar Market is projected to reach $31.1 billion by 2031, growing at a CAGR of 13.6% from 2022 to 2031.

Solar Energy Market is projected to reach $223.3 billion by 2026, growing at a CAGR of 20.5% from 2019 to 2026.

Solar PV Module Market is projected to reach $260.2 billion by 2030, growing at a CAGR of 7.4% from 2021 to 2030.

Flexible Solar Panels Market is projected to reach $914.07 million by 2030, with a CAGR of 7.1% from 2021 to 2030.

Solar Encapsulation Market is projected to reach $6.1 billion by 2030, growing at a CAGR of 8.7% from 2021 to 2030.

Pre-Book Now with 10% Discount:

Polymer Solar Cells Market: Global Opportunity Analysis and Industry Forecast, 2020?2027

Organic Solar Cells Market: Global Opportunity Analysis and Industry Forecast, 2020?2029

Solar Cell Films Market - Global Opportunity Analysis and Industry Forecast, 2022-2030

Next-Generation Organic Solar Cell Market: Global Analysis and Industry Forecast, 2020?2030

About us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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