Solar Cells Market Report 2025 (Global Edition)

Global Solar Cells Market Report 2025 Market Size Split by Material (Crystalline, N Material, P Material, Thin Film), by Product (BSF, PERC/PERL/PERT/TOPCON, HJT, IBC & MWT, Others), by Technology ,...

Solar Cells Market Report Description

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Competitive Landscape of the Solar Cells Market

The market for solar cells is very competitive, with many major competitors present, such as suppliers, installers, and manufacturers. Businesses compete on the basis of things like pricing, product quality, innovation in technology, and worldwide market presence. JinkoSolar Holding Co., Ltd., First Solar Inc., and SunPower Corporation are some of the major companies in the industry.

Solar Cells Industry News

In Dec 2022, Meyer Burger Collaborates with Leading Institutions to Advance Perovskite Tandem Solar Technology for Industrial Scale Production and High Efficiency. 

(Source: https://www.pv-tech.org/meyer-burger-in-partnerships-to-develop-perovskite-tandem-technology-targeting-industrial-scale/)

Top Companies Market Share in Solar Cells Industry: (In no particular order of Rank)

• JinkoSolar Holding Co. Ltd.
• Trina Solar Co. Ltd.
• Canadian Solar Inc.
• JA Solar Holdings Co. Ltd.
• Hanwha Q Cells Co. Ltd.
• LONGi Green Energy Technology Co. Ltd.
• First Solar Inc.
• Yingli Green Energy Holding Company Limited
• SunPower Corporation
• Risen Energy Co. Ltd.
• GCL-Poly Energy Holdings Limited
• LG Electronics Inc.
• REC Solar ASA
• Neo Solar Power Corporation
• Sharp Corporation
• Motech Industries Inc.
• SolarWorld AG
• AU Optronics Corp.
• Kyocera Corporation
• Hareon Solar Technology Co. Ltd.
• Confidential Data
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*List of Second Tier Companies, List of Third Tier/ Start-up Companies (Inquire with sales executive) Request Any Company Profile for Preview Purpose OR Data Validation!

If any Company(ies) of your interest has/have not been disclosed in the above list then please let us know the same so that we will check the data availability in our database and provide you the confirmation or include it in the final deliverables.

Regional Analysis of Solar Cells

Which Region Dominates the Solar Cells Market in 2024?

According to Cognitive Market Research, North America dominated the market in 2024 and accounted for around 40% of the global revenue. With a sizable portion of worldwide income, North America emerges as the leader in the solar cell business. North America has seen a significant increase in solar installations throughout the residential, commercial, and utility sectors because to its sophisticated technical infrastructure and government regulations that encourage the use of renewable energy. Growing environmental consciousness among consumers and companies is fueling the need for sustainable energy solutions, which in turn is supporting the region's thriving solar industry. Programs like renewable portfolio requirements, net metering laws, and tax breaks have encouraged solar deployment and investment, solidifying North America's position as the world leader in the solar cell industry.

Which Region is Expanding at The Fastest CAGR?

In 2024, the area with the fastest-growing solar cell market is clearly Asia Pacific. Asia Pacific nations are increasingly looking to solar energy to satisfy their electricity demands sustainably as a result of fast industrialization, urbanization, and rising energy demand. The region's adoption of solar power has surged due to falling solar panel costs and rising expenditures in renewable energy infrastructure. The market for solar cells has grown in Asia Pacific, which has made it a major growth engine for the global solar industry. This growth has been made possible by encouraging government policies, aggressive objectives for renewable energy, and advantageous regulatory frameworks.

The current report Scope analyzes Solar Cells Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com

• North America (United States, Canada, Mexico)
• Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Netherlands, Switzerland, Belgium)
• Asia-Pacific (China, Japan, Korea, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest of APAC)
• South America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America)
• Middle East and Africa (Saudi Arabia, Turkey, Nigeria, UAE, Egypt, South Africa, GCC Countries, Rest of MEA)

The above graph is for illustrative purposes only.

North America Solar Cells Market

According to Cognitive Market Research, the global solar cells market size was estimated at USD 85948.2 Million out of which North America held the major market of more than 40% of the global revenue with a market size of USD 34379.28 million in 2024 and will grow at a compound annual growth rate (CAGR) of 14.2% from 2024 to 2031. The solar cell market is expanding in North America due to a number of causes. The adoption of solar power in the residential, commercial, and utility sectors has been aided by favorable government regulations and incentives including state-level renewable portfolio mandates and federal investment tax credits.  Technological developments in energy storage and solar panel efficiency have increased the dependability and affordability of solar energy, propelling industry expansion.  The need for clean energy alternatives has increased due to rising environmental consciousness and corporate sustainability efforts, which is further driving the growth of the solar cells market in the area. The utility-scale market segment has become the most important one in North America. The potential for solar energy in the region is mostly influenced by large-scale solar installations, especially in regions with lots of sunshine like Texas and California. These utility-scale projects solidify the segment's dominance in the North American solar cell market by taking advantage of economies of scale, long-term power purchase agreements, and advantageous regulatory frameworks.

• According to Cognitive Market Research, the US had a major share in the solar cells market with a market size of USD 27125.25 million in 2024 and is projected to grow at a CAGR of 14.0% during the forecast period. The US market for solar cells is expanding due to a number of factors, including plentiful solar resources, favorable government regulations, and rising demand for sustainable energy.
• The Canada solar cells market had a market share of USD 4125.51 million in 2024 and is projected to grow at a CAGR of 15.0% during the forecast period. The need for energy diversification, government incentives, and growing environmental consciousness are driving growth in the Canadian solar cell industry.
• The Mexico solar cells market is projected to witness growth at a CAGR of 14.7% during the forecast period with a market size of USD 3128.51 million in 2024.

 

Europe Solar Cells Market

According to Cognitive Market Research, with a market value of USD 85948.2 million in 2024 and projected to expand at a compound annual growth rate (CAGR) of 14.5% from 2024 to 2031. Europe accounted for a share of over 30% of the global market size of USD 25784.46 million. The market for solar cells is expanding in Europe due to a number of causes. First off, the region's solar energy projects are encouraged to attract investment by the implementation of favorable government policies and incentives including feed-in tariffs and renewable energy objectives. In addition, there is a growing need for renewable energy sources like solar power due to sustainability and carbon reduction goals. Furthermore, solar energy is becoming more affordable and appealing throughout Europe for use in residential, commercial, and utility-scale applications due to developments in solar technology and falling solar panel costs. The rooftop solar segment is the largest one in the European market for solar cells. Europe has seen a rise in the popularity of rooftop solar systems as an effective and space-saving method of utilizing solar energy due to a lack of available land and rising urbanization. Because of its adaptability and scalability, rooftop solar systems enable individuals, companies, and organizations to produce clean electricity, lessen their dependency on the grid, and support local initiatives to cut carbon emissions.

• The United Kingdom solar cells market had a market share of USD 4331.79 million in 2024 and is projected to grow at a CAGR of 15.3% during the forecast period. Growing public awareness, supportive regulations, and government incentives are propelling the UK's solar cell market's expansion.
• The France solar cells market is projected to witness growth at a CAGR 13.7% during the forecast period with a market size of USD 2372.17 million in 2024.
• According to Cognitive Market Research, the Germany solar cells market size was valued at USD 5105.32 million in 2024 and is projected to grow at a CAGR of 14.7% during the forecast period. The industry is growing mostly because of Germany's strong legislative backing, substantial solar infrastructure, and dedication to renewable energy.
• The Italy solar cells market is projected to witness growth at a CAGR of 13.9% during the forecast period with a market size of USD 2217.46 million in 2024.
• The Russia solar cells market is projected to witness growth at a CAGR of 13.5% during the forecast period with a market size of USD 3996.59 million in 2024.
• The Spain solar cells market is projected to witness growth at a CAGR of 13.6% during the forecast period with a market size of USD 2114.33 million in 2024.
• The Luxembourg solar cells market is projected to witness growth at a CAGR of 14.6% during the forecast period with a market size of USD 799.32 million in 2024.
• The Portugal solar cells market is projected to witness growth at a CAGR of 14.3% during the forecast period with a market size of USD 541.47 million in 2024.
• The Greece solar cells market is projected to witness growth at a CAGR of 14.8% during the forecast period with a market size of USD 309.41 million in 2024.
• Rest of Europe Solar cells market is projected to witness growth at a CAGR of 13.2% during the forecast period with a market size of USD 3996.59 million in 2024.

Asia Pacific Solar Cells Market

According to Cognitive Market Research, the global solar cells market size was estimated at USD 85948.2 Million out of which Asia Pacific held the market of around 23% of the global revenue with a market size of USD 19768.09 million in 2024 and will grow at a compound annual growth rate (CAGR) of 18.0% from 2024 to 2031. The solar cell market in Asia Pacific is expanding quickly due to a number of causes.  Governments in the area are prioritizing the development of renewable energy sources due to the region's growing population and increasing urbanization, which is driving up energy consumption. Renewable energy objectives and feed-in tariffs, among other supporting regulatory frameworks, are encouraging investment in solar systems.  Technology breakthroughs and falling solar panel prices are making solar energy more accessible and inexpensive throughout Asia Pacific. The market for solar cells is dominated in Asia Pacific by residential solar installations. Residential solar adoption has increased dramatically as a result of growing home power use and rapid urbanization. The rise of this market is fueled by government incentives like subsidies and net metering laws, which further encourage households to purchase rooftop solar systems.

• According to Cognitive Market Research, the China solar cells market size was valued at USD 8895.64 million in 2024 and is projected to grow at a CAGR of 17.5% during the forecast period. China's solar cell market is expanding due to a number of factors, including abundant manufacturing capacity, government assistance in the form of subsidies and programs, and rising urbanization.
• The Japan solar cells market is projected to witness growth at a CAGR of 19.8% during the forecast period with a market size of USD 2728.00 million in 2024.
• The India solar cells market had a market share of USD 2372.17 million in 2024 and is projected to grow at a CAGR of 19.8% during the forecast period. India's solar cell industry is expanding as a result of robust government programs like the National Solar Mission, falling solar rates, and rising energy consumption.
• The South Korea solar cells market is projected to witness growth at a CAGR of 17.1% during the forecast period with a market size of USD 1976.81 million in 2024.
• The Australia solar cells market is projected to witness growth at a CAGR of 17.7% during the forecast period with a market size of USD 1027.94 million in 2024.
• The South East Asia solar cells market is projected to witness growth at a CAGR of 19.0% during the forecast period with a market size of USD 1364.00 million in 2024.
• The Rest of Asia Pacific solar cells market is projected to witness growth at a CAGR of 17.8% during the forecast period with a market size of USD 1403.53 million in 2024.

South America Solar Cells Market

According to Cognitive Market Research, the global solar cells market size was estimated at USD 85948.2 Million out of which Latin America market of more than 5% of the global revenue with a market size of USD 4297.41 million in 2024 and will grow at a compound annual growth rate (CAGR) of 15.4% from 2024 to 2031. The market for solar cells is expanding significantly in Latin America due to a number of causes. The region's plentiful solar resources are a major development element. With high levels of sun irradiation in nations like Chile, Mexico, and Brazil, solar energy is an appealing choice for power generation.  Investment in solar installations is being stimulated by favorable government policies and incentives, such as net metering programs and renewable energy objectives, across the region.  The use of solar energy in Latin America is further encouraged by the need to diversify energy sources, lessen reliance on fossil fuels, and address environmental issues. In Latin America, the market for solar cells is dominated by the utility-scale category. The expansion of this market is being driven by large-scale solar installations, especially in nations with good sun conditions like Brazil and Chile. By supplying clean, sustainable power to satisfy rising demand while lowering carbon emissions, these utility-scale projects greatly aid in the region's energy transition efforts.

• According to Cognitive Market Research, the Brazil solar cells market size was valued at USD 1839.29 million in 2024 and is projected to grow at a CAGR of 16.0% during the forecast period. Brazil's market for solar cells is expanding due to a number of factors, including plenty of sunshine, pro-renewable energy laws, and rising consumer demand.
• The Argentina solar cells market had a market share of USD 721.96 million in 2024 and is projected to grow at a CAGR of 16.3% during the forecast period. Increasing energy demand, favorable regulatory environment, and government incentives propel growth in Argentina's solar cells market.
• The Colombia solar cells market is projected to witness growth at a CAGR of 15.2% during the forecast period with a market size of USD 382.47 million in 2024. 
• The Peru solar cells market is projected to witness growth at a CAGR of 15.6% during the forecast period with a market size of USD 352.39 million in 2024.
• The Chile solar cells market is projected to witness growth at a CAGR of 15.7% during the forecast period with a market size of USD 309.41 million in 2024.
• The Rest of Latin America solar cells market is projected to witness growth at a CAGR of 14.5% during the forecast period with a market size of USD 691.88 million in 2024.

Middle East and Africa Solar Cells Market

According to Cognitive Market Research, the global Solar cells market size was estimated at USD 85948.2 Million out of which Middle East and Africa held the major market of around 2% of the global revenue with a market size of USD 1718.96 million in 2024 and will grow at a compound annual growth rate (CAGR) of 15.7% from 2024 to 2031. The solar cell market in the Middle East and Africa (MEA) region is expanding significantly due to a number of factors. First off, adopting solar energy has a lot of potential due to plenty of sunlight and ideal weather. To diversify their energy sources and lessen their reliance on fossil fuels, governments around the area are putting renewable energy regulations and incentives into place. The need for dependable and sustainable power solutions is also being driven by growing urbanization and industrialization, which is propelling the market for solar cells in MEA. The utility-scale solar market category is the most significant one in the MEA area. Large-scale solar projects, such utility-scale solar parks and solar farms, are becoming more popular because they may offer scalable and reasonably priced solutions to the area's expanding energy demands. Furthermore, large sums of money are being invested in utility-scale solar projects throughout MEA thanks to programs supporting renewable energy investments and alliances with foreign organizations.

• According to Cognitive Market Research, the GCC Countries solar cells market size was valued at USD 735.72 million in 2024 and is projected to grow at a CAGR of 16.5% during the forecast period. Government initiatives promoting renewable energy, favorable sunlight conditions, and increasing energy demand are driving the growth of the solar cells market in GCC countries.
• The Egypt solar cells market is projected to witness growth at a CAGR of 16.0% during the forecast period with a market size of USD 180.49 million in 2024.
• The South Africa solar cells market is projected to witness growth at a CAGR of 16.7% during the forecast period with a market size of USD 16.7 million in 2024. Policy support, abundant solar resources, and the need for energy diversification are key factors fueling the growth of the solar cells market in South Africa.
• The Turkey solar cells market is projected to witness growth at a CAGR of 15.2% during the forecast period with a market size of USD 15.2 million in 2024.
• The Nigeria solar cells market is projected to witness growth at a CAGR of 14.8% during the forecast period with a market size of USD 180.49 million in 2024.
• The Rest of MEA solar cells market is projected to witness growth at a CAGR of 14.7% during the forecast period with a market size of USD 202.84 million in 2024.

Solar Cells Market Analysis

Solar Cells By Material Segment Analysis

According to Cognitive Market Research, the crystalline component of the solar cell market stands out as the dominant segment, accounting for a sizeable portion of the worldwide demand. Crystalline silicon solar cells are highly favored due to their high efficiency, dependability, and well-established production techniques. This includes both monocrystalline and polycrystalline versions. Particularly monocrystalline cells are a popular option for a variety of applications because to their superior performance qualities, which include greater efficiency rates and better space usage. On the other hand, large-scale solar projects and cost-conscious consumers choose polycrystalline cells due to their cheaper production costs. The crystalline segment of the solar cell industry is dominant due to well-established supply chains and significant research and development activities aimed at improving efficiency and lowering production costs.

Thin-film solar cells are the fastest-growing category of the market, thanks to increased applications across a variety of industries and technological developments. Due to their flexibility and low weight, thin-film solar cells are advantageous in some specialized applications where crystalline silicon cells might not be as appropriate. These include flexible solar panels for curved or uneven surfaces, portable electronics, and building-integrated photovoltaics (BIPV).  Thin-film technology is becoming more and more popular in emerging countries and utility-scale solar projects because it can produce products at cheaper prices and with better throughput than crystalline silicon. With continuous research and development aimed at enhancing durability and efficiency, the thin-film industry is well-positioned for quick growth and innovation, which will greatly augment the market for solar cells as a whole.

• Crystalline
• N Material
• P Material
• Thin Film

The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Solar Cells Industry. Request a Free Sample PDF!

Solar Cells By Application Segment Analysis

According to Cognitive Market Research, With a substantial portion of worldwide sales, the PERC/PERL/PERT/TOPCON category gains prominence as the leading player in the solar cells industry. The improved efficiency and performance attributes provided by PERC (Passivated Emitter Rear Cell) technology are responsible for this domination. In comparison to conventional solar cell technologies, PERC cells have a rear-side passivation layer that increases light absorption and decreases electron recombination, leading to a greater energy conversion efficiency. Cell efficiency and reliability are further enhanced by developments in PERC technology, such as PERT (Passivated Emitter and Rear Totally Diffused) and PERL (Passivated Emitter and Rear Locally Diffused) designs. The industry dominance of the PERC-based solar module segment is demonstrated by the broad adoption of these modules by utility-scale, commercial, and residential projects. 

The HJT category emerges as the fastest-growing section in the solar cell industry, propelled by its high efficiency and performance features. HJT solar cells use a mix of crystalline silicon and thin-film materials, which results in higher energy conversion efficiency and a lower temperature coefficient than typical silicon-based cells. HJT technology's excellent efficiency and dependability make it especially appealing for residential and commercial applications where space limits and aesthetics are important considerations.  The scalability and potential for cost savings through economies of scale drive the adoption of HJT solar modules. The HJT sector of the solar cells market is expected to continue its strong development trajectory as demand for high-efficiency solar solutions rises due to rising environmental consciousness and falling solar panel costs.

• BSF
• PERC/PERL/PERT/TOPCON
• HJT
• IBC & MWT
• Others

The above Graph is for representation purposes only. This chart does not depict actual Market share.

Author's Detail

Vinayak Bali

Senior Research Analyst at Cognitive Market Research

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