Solar Cell Market – A Backbone of renewable energy
The global solar cell market is projected to grow at a CAGR of 17.72% from 2022 to 2030, with a market size estimated at USD 85 billion in 2021 and expected to reach USD 369 billion by 2030. The increasing demand for renewable energy, driven by technological advancements and the shift towards sustainable and cleaner energy, is fueling the growth of solar energy. Government regulations, incentives, and initiatives are creating lucrative opportunities for market growth. The Asia Pacific region dominates the market, accounting for over 40% of the global share in 2021, led by China and its supportive policies for zero carbon emissions. India is also expected to grow significantly in the solar PV market. Major market players include Panasonic, JINERGY, Trina Solar, and SunPower Corporation.
The global solar cell market is expected to reach a compound annual growth rate (CAGR) of 17.72% over the forecast period from 2022 to 2030. The solar cell market size was estimated at USD 85 billion in 2021 and it is projected to surpass around USD 369 billion by 2030.
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The demand for renewable energy has experienced a significant surge in recent years. The growing advancement of technology and increasing demand for sustainable and cleaner energy is increasing the demand for solar energy. Solar energy has gained significant importance as it is environmentally friendly and leads to no emissions. Additionally, rising awareness regarding the harmful effects associated with the usage of fossil fuels is shifting the demand toward solar energy.
The renewable share of power generation is growing owing to the increasing penetration towards zero emissions.
Solar energy is a sustainable and eco-friendly modern alternative to fossil fuels. A solar cell is also known as a photovoltaic cell that converts sunlight into electrical energy. These cells are the semi-conductor of electricity. When sunlight strikes the surface of the solar cell, it absorbs and transfers it to the negatively charged particles known as electrons. These cells are generally made up of silicon. They come in various shapes and sizes and can be used to power a wide range of devices, from calculators to homes and even entire cities.
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Approximately half of the ultraviolet and infrared light spectrum as well as the majority of the visible light spectrum are converted into usable (electrical) energy by solar panels. The ability of a solar cell to convert sunlight into electricity is gauged by its efficiency. Only particular energies from sunlight may effectively produce electricity, and a large portion of this energy is lost due to reflection or absorption by the components of the cell.
Fertilizers are widely used in various applications including transportation, residential, industrial, and commercial sector. Moreover, along with being a cost-effective option solar cells can also provide power to remote villages.
The National Programme on High-Efficiency Solar PV Modules has a budget of Rs. 19,500 crore, and the Ministry of New & Renewable Energy has released Scheme Guidelines for implementation of the Production Linked Incentive Scheme (Tranche II) in response to the Cabinet approval dated 21.09.2022. It is anticipated that the Tranche-II would lead to the establishment of 65 GW of completely or partially integrated solar PV production.
Market Overview
The global solar cell market is expected to grow during the upcoming years on account of the growing environmental benefits of renewable energy. Increasing advancement of technology along with growing demand for electricity is also driving the growth of the market. Moreover, manufacturing industries are focusing on reducing the overall cost and increasing efficiency which will further direct the market towards a sustainable source of energy.
Stringent regulations imposed by the government to reduce carbon emissions along with the introduction of various initiatives by the government of economies such as tax benefits, subsidies, financial benefits, and low import duty is expected to create lucrative opportunities for market growth.
Key factors propelling the growth of the market
Growing penetration towards renewable power along with increasing awareness regarding the benefits of sustainable and cleaner energy is expected to propel the growth of the market.
- In 2022, China announced its 14th 5-year plan, which aims to generate 33% of the total electricity through renewable sources. The target includes 18% of renewable energy from solar and wind technology.
- In June 2022, the Inflation reduction act was introduced by the federal government of the United States. The act aims to expand renewable technology by various measures including tax credits.
- The European Commission suggested raising the 2030 renewable energy target for the union from 32% to 40% in July 2021. The REPowerEU Plan revised the projected objective, raising it to 45% in May 2022 (which would require 1 236 GW of installed renewable capacity overall). In order to speed capacity expansion in anticipation of the 2030 objectives and in reaction to the energy crisis brought on by Russia's invasion of Ukraine, many European nations have already increased their renewable support mechanisms.
- India established new aims for 2030 during COP26, which was held in Glasgow in November 2021. These targets include net zero emissions by 2070, 500 GW of total non-fossil producing capacity, and a 50% share of renewable power generation by 2030.
COVID-19 has declined the manufacturing activities
The outburst of the coronavirus pandemic has declined the growth of almost every industry. The spread of the pandemic has led to worldwide restrictions. The lockdown imposed by the government of various economies has led to the shutdown of manufacturing units. Moreover, the pandemic posed a risk to investment for small or medium-sized companies in renewable technologies. The large-scale projects were paused due to worldwide restrictions. Many households and businesses faced financial crises due to the slowdown of business that further hampered the growth of the market.
However, the market is expected to regain its growth during the upcoming years owing to a resumption of all the development projects and the removal of travel and manufacturing restrictions across the globe.
Asia Pacific acquired more than 40% of the share in 2021
Based on regions, the global cell market is bifurcated into the Middle East, Asia Pacific, North America, Latin America, Europe, and Africa. In 2021, the Asia Pacific region acquired more than 48% of the global market share. The growth of the region is attributed to the increasing government regulations and incentives for solar power installation. The decline in the prices of PV along with surging demand for thin film solar cells in residential areas is anticipated to expand the growth of the market. For instance, In 2020, the government of India aimed to achieve 40 GW of electricity by solar power.
In 2010, 82% of PV module was produced in Asia Pacific. In 2021, the percentage increased to 93% of the total global production. Moreover, according to IEA China accounted for 75% of the global module production in 2021.
China accounted for the majority of PV installations in 2021. The market is expected to grow significantly during the upcoming years as well. The growth of the country is attributed to supportive government policies in order to achieve the goal of zero carbon emissions. Moreover, the country is investing extensively in renewable energy projects. Moreover, the country accounted for more than 25% of the global emission, in order to neutralize the effect of carbon the country is working towards the development of sustainable energy. China also aims to enhance its share of non-fossil fuel power generation to 25% by 2030.
Major developments in China
- Covestro announced the signing of numerous multi-year power purchase agreements with Chinese supplier CGN in January 2023. The agreement calls for the annual purchase from CGN of 300 GWh of solar and wind energy.
- In Erdos, China, JA Solar, and the local government entered into a contract in January 2023 to construct a new vertically integrated production plant. The manufacturer of solar modules in China would invest $5.9 billion in the new facility. Once finished, the plant will be able to produce 100,000 metric tonnes of polysilicon, 20 GW of ingots and wafers, and 30 GW of solar cells.
- In China's Shandong province, Huaneng Power International put into 320 MW floating solar PV array into service in January 2022.
India is expected to grow significantly
The installed solar PV capacity in India increased from 34.86 GW in 2019 to around 38.98 GW in 2020, according to the International Renewable Energy Agency (IRENA), marking a gain of almost 11% over the course of the year. Large-scale solar PV installation deployments in India, notably for utility projects, were the cause of the rise. The Indian government has further plans to boost the installed solar PV capacity.
In December 2021, MNRE invited applications for the Expression of Interest for conducting the evaluation study of Phase II of the Grid Connected Rooftop Solar Program. The program is a component of the National Solar Mission, which seeks to develop grid-connected rooftop solar installation systems with a 40 GW capacity by 2022.
Moreover, the government of Gujarat signed a contract with Reliance Industries to invest 5 lakh crores in Gujarat to set up 100 GW renewable energy power plants and green hydrogen ecosystems. Reliance Industries is expected to invest 60,000 crores in manufacturing facilities for renewable projects.
Furthermore, the Gujarat government implemented the "Surya Urja Rooftop Yojana" in order to install solar rooftops for more than 5 lakh people by March.
Key Market Players
- Panasonic Corporation
- JINERGY
- Hevel
- ReneSola
- United Renewable Energy, LLC
- SunPower Corporation
- Risen Solar
- Trina Solar
- Jinko Solar
Segments Covered in the Report
By Material
- Crystalline
- N Material
- P Material
- Thin Film
By Product
- BSF
- PERC/PERL/PERT/TOPCON
- HJT
- IBC & MWT
- Others
By Technology
- Monocrystalline
- Polycrystalline
- Cadmium Telluride (CDTE)
- Amorphous Silicon (A-Si)
- Copper Indium Gallium Diselenide
By Installation Type
- Residential
- Commercial
- Utility
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa (MEA)
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