Solar Cell Market Analysis

Material (Crystalline, Thin Film)

The crystalline segment in solar cell market was valued at USD 28.5 billion in 2023 and is predicted to grow at a significant CAGR. The segment's tremendous growth rate can be boosted by their integration into building roofs with the use of smart mounting systems, which replace roof sections while maintaining the structural integrity of the building. A report by Research Nester in 2023 predicted that by 2025, about 57% of homes will have a smart home device in the U.S. Additionally, this kind of integration offers great efficiency without requiring major investments.

Crystalline silicon cells have the potential to achieve energy conversion efficiencies of 18–22% when tested under typical operating conditions, which will promote the technology's adoption. Reduced energy losses and resistance to boron-oxygen defects are two other advantages of N-type cells, which will support the growth of the crystalline silicon material industry. This trend has accelerated the demand for solar panel mounting structures as well.

Technology (Monocrystalline, Polycrystalline, Cadmium Telluride, Amorphous Silicon, Copper Indium Gallium Selenide)

Monocrystalline segment is likely to dominate around 28.2% solar cell market share by the end of 2037, driven by their increasing demand in commercial and residential as they provide more than 20% commercial efficiency. Furthermore, increasing awareness regarding the infrastructure with zero-emission acts as a growing factor for the solar cell sector. According to the Global Infrastructure Hub in 2023, the private investments globally in green infrastructure are increasing and were propelled to be about 60% of their total private investment in 2021.

Our in-depth analysis of the global solar cell market includes the following segments: