Solar Cells and Modules

Global Solar Cells and Modules Market to Reach US$267.9 Billion by 2030

The global market for Solar Cells and Modules estimated at US$182.0 Billion in the year 2024, is expected to reach US$267.9 Billion by 2030, growing at a CAGR of 6.7% over the analysis period 2024-2030. Thin Film, one of the segments analyzed in the report, is expected to record a 9.2% CAGR and reach US$46.3 Billion by the end of the analysis period. Growth in the Crystalline Silicon segment is estimated at 5.2% CAGR over the analysis period.

The U.S. Market is Estimated at US$18.9 Billion While China is Forecast to Grow at 8.7% CAGR

The Solar Cells and Modules market in the U.S. is estimated at US$18.9 Billion in the year 2024. China, the world`s second largest economy, is forecast to reach a projected market size of US$110.9 Billion by the year 2030 trailing a CAGR of 8.7% over the analysis period 2024-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 3.0% and 5.3% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 3.5% CAGR.

Global Solar Cells and Modules Market - Key Trends & Drivers Summarized

Solar cells and modules are pivotal components in the renewable energy landscape, converting sunlight into electricity through photovoltaic (PV) technology. Solar cells, the building blocks of solar modules, are typically made from silicon and other semiconductor materials that generate electric current when exposed to sunlight. These cells are assembled into modules, also known as solar panels, which can be installed on rooftops, ground-mounted systems, and solar farms. Advances in materials science and manufacturing processes have significantly improved the efficiency and affordability of solar cells and modules, making solar energy a viable alternative to traditional fossil fuels.

The application of solar cells and modules is extensive, ranging from residential and commercial installations to large-scale utility projects. In residential settings, solar panels are used to reduce electricity bills and provide a sustainable energy source for homes. Commercial buildings utilize solar installations to lower operational costs and meet corporate sustainability goals. Utility-scale solar farms contribute to the grid by generating large amounts of renewable energy, helping to reduce greenhouse gas emissions and dependence on non-renewable energy sources. The versatility of solar technology also allows for innovative applications such as building-integrated photovoltaics (BIPV), where solar cells are embedded into building materials.

The growth in the solar cells and modules market is driven by several factors. Increasing global awareness of climate change and the need for sustainable energy solutions are major drivers, prompting both governments and private sectors to invest heavily in solar technology. Technological advancements have led to higher efficiency rates and lower production costs, making solar power more accessible and affordable. Government policies and incentives, such as tax credits, subsidies, and renewable energy mandates, are also crucial in promoting the adoption of solar energy. Additionally, the rise of energy storage solutions and smart grid technologies is enhancing the integration and reliability of solar power systems, further boosting market growth. These factors highlight the robust and dynamic expansion of the solar cells and modules market.

SCOPE OF STUDY:

The report analyzes the Solar Cells and Modules market in terms of units by the following Segments, and Geographic Regions/Countries:

Segments:
Technology (Thin Film, Crystalline Silicon, Other Technologies); Application (Industrial, Residential, Commercial)

Geographic Regions/Countries:
World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia-Pacific; Australia; India; South Korea; Rest of Asia-Pacific; Latin America; Argentina; Brazil; Mexico; Rest of Latin America; Middle East; Iran; Israel; Saudi Arabia; UAE; Rest of Middle East; Africa.

Select Competitors (Total 228 Featured) -

• Bharat Heavy Electricals Ltd.
• BYD Co., Ltd.
• Canadian Solar, Inc.
• Ascent Solar Technologies, Inc.
• CESI SpA
• AVANCIS GmbH
• Atecom Technology Co., Ltd.
• Chint Group
• AZUR Space Solar Power GmbH
• BiPVco
• BSQ Solar SL
• Daqo Group Co., Ltd.
• AmberWave Inc
• DASOL
• Choshu Industry Company Limited

TARIFF IMPACT FACTOR

Our new release incorporates impact of tariffs on geographical markets as we predict a shift in competitiveness of companies based on HQ country, manufacturing base, exports and imports (finished goods and OEM). This intricate and multifaceted market reality will impact competitors by artificially increasing the COGS, reducing profitability, reconfiguring supply chains, amongst other micro and macro market dynamics.

We are diligently following expert opinions of leading Chief Economists (14,949), Think Tanks (62), Trade & Industry bodies (171) worldwide, as they assess impact and address new market realities for their ecosystems. Experts and economists from every major country are tracked for their opinions on tariffs and how they will impact their countries.

We expect this chaos to play out over the next 2-3 months and a new world order is established with more clarity. We are tracking these developments on a real time basis.

As we release this report, U.S. Trade Representatives are pushing their counterparts in 183 countries for an early closure to bilateral tariff negotiations. Most of the major trading partners also have initiated trade agreements with other key trading nations, outside of those in the works with the United States. We are tracking such secondary fallouts as supply chains shift.

To our valued clients, we say, we have your back. We will present a simplified market reassessment by incorporating these changes!

APRIL 2025: NEGOTIATION PHASE

Our April release addresses the impact of tariffs on the overall global market and presents market adjustments by geography. Our trajectories are based on historic data and evolving market impacting factors.

JULY 2025 FINAL TARIFF RESET

Complimentary Update: Our clients will also receive a complimentary update in July after a final reset is announced between nations. The final updated version incorporates clearly defined Tariff Impact Analyses.

Reciprocal and Bilateral Trade & Tariff Impact Analyses:

USA
CHINA
MEXICO
CANADA
EU
JAPAN
INDIA
176 OTHER COUNTRIES.

Leading Economists - Our knowledge base tracks 14,949 economists including a select group of most influential Chief Economists of nations, think tanks, trade and industry bodies, big enterprises, and domain experts who are sharing views on the fallout of this unprecedented paradigm shift in the global econometric landscape. Most of our 16,491+ reports have incorporated this two-stage release schedule based on milestones.

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