Solar Cell Market Size to Reach USD 730.74 Bn by 2034

PUNE, India - March 19, 2025 - PRLog -- Key Insights

• Asia Pacific has accounted highest revenue share of 48% in 2023.
• The Asia Pacific solar cell market size is expected to hit around USD 361.72 billion by 2034 and growing at a CAGR of 17.32% from 2024 to 2034.
• By material, the crystalline segment has accounted revenue share of 87% in 2023.
• By installation type, the utility-scale segment has generated revenue share of 65% in 2023.
• By technology, the monocrystalline segment has accounted highest revenue share in 2023.
• By technology, the polycrystalline segment is anticipated to witness significant growth during the forecast period.

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Regional Stance
Asia Pacific dominated the market in 2023. Favorable government policies and incentives have boosted the installation of solar systems, thus boosting the demand for solar cells. The increased demand for solar energy in the utility and commercial sectors bolstered the market in the region. A significant decrease in photovoltaic prices and advancements in renewable energy technology aimed at increasing their operational efficiency further contributed to market growth. India stands 4th across the globe in solar power capacity due to the rising number of solar farms, thus propelling the market in the region.
For instance,

• India's solar installed capacity reached 70,096 MW in 2023, increasing from 21,651 MW in the last five years.

The market in North America is expected to grow at the fastest rate during the forecast period, owing to the rising installation of solar systems, government initiatives promoting green energy solutions, feed-in-tariff legislation, and awareness among people about the advantages of using solar power.
Recent Developments

• In September 2024, Reliance Industries intends to begin production of PV modules by the end of this year. The company is set to develop its integrated solar production facilities, which will include modules, glass, cells, wafers, polysilicon, and ingots with an annual capacity of 10 GW.
• In August 2024, Airbus Defence and Space partnered with Hanwha Systems' Flexell Space to produce tandem photovoltaics designed specifically for use on satellites.

Key Players Operating in the Solar Cell Market

• Panasonic Corporation
• JINERGY
• Hevel
• ReneSola
• United Renewable Energy, LLC
• SunPower Corporation
• Risen Solar
• Trina Solar
• Jinko Solar

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