The Global Solar Cells And Modules Market was valued at USD 40.49 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 9.2% over the forecast period 2024-2032. Solar panels, consisting of photovoltaic (PV) cells and modules, convert sunlight into usable energy, offering a clean and renewable alternative to fossil fuels. This market growth is driven by the increasing demand for renewable energy sources amid rising concerns about environmental degradation, depletion of fossil fuels, and the urgency to reduce greenhouse gas emissions.

Governments across the world have introduced various incentives and programs to encourage the adoption of solar energy, further fueling the growth of solar cells and modules. The shift towards solar power is not only driven by environmental concerns but also by technological advancements that improve the efficiency of photovoltaic systems. As a result, the market for solar PV cells and modules is set to expand rapidly, with applications ranging from large-scale power stations to residential and commercial installations.

However, the COVID-19 pandemic initially disrupted supply chains across multiple industries, including solar energy. The pandemic slowed down production and hampered the approval process for solar projects, causing a temporary lull in the market. Nevertheless, interest in renewable energy, particularly solar power, rebounded as people and businesses recognized the benefits of having backup power during times of uncertainty.

The key regions considered in the study include Asia Pacific, North America, Europe, Latin America, and the Middle East and Africa. The North American region dominated the market in 2023, owing to its significant investments in large-scale solar power plants. The region's regulatory support and financial incentives have facilitated the widespread adoption of solar PV cells and modules, especially in countries like the United States. During the forecast period, Asia-Pacific is also expected to witness rapid growth due to expanding government-led renewable energy initiatives and the increasing installation of solar panels in countries like China and India.

Major market players included in this report are:
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)
Risen Energy Co., Ltd.
Shunfeng International Clean Energy Limited
GCL-Poly Energy Holdings Limited
LG Electronics Inc.
Panasonic Corporation
The detailed segments and sub-segments of the market are explained below:
By Type:
Mono-SI Modules
Multi-SI Modules
CDTE Modules
CIGS Modules
A-Si Modules
Others
By Application:
PV Power Station
Commercial
Residential
Others
By Region
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
Rest of Europe
Asia Pacific
China
India
Japan
Australia
South Korea
Rest of Asia Pacific
Latin America
Brazil
Mexico
Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa
Years considered for the study are as follows:
Historical Year - 2022
Base Year - 2023
Forecast Period - 2024 to 2032
Key Takeaways:
Market Estimates & Forecast for 10 years from 2022 to 2032.
Annualized revenues and regional level analysis for each market segment.
Detailed analysis of geographical landscape with country-level analysis of major regions.
Competitive landscape with information on major players in the market.
Analysis of key business strategies and recommendations on future market approach.
Analysis of competitive structure of the market.
Demand-side and supply-side analysis of the market.