Solar Cell Market Size

Solar Cell Market size was valued at USD 127.5 billion in 2023 and is projected to exceed USD 1100 billion by the end of 2036, expanding at over 18.7% CAGR during the forecast period i.e., between 2024-2036. In 2024, the industry size of solar cell is evaluated at USD 149.4 billion.

The solar cell market is driven by the rising focus on renewable energy sources and mitigating greenhouse emissions from oil, coal, and gas. Photovoltaic (PV) modules currently render almost 4% of global electricity and collectively provide more than 300 gigawatts (GW) of power capacity. But to decarbonize the present energy systems, PV capacity must grow rapidly in the coming years, supplying approximately 40% of the electricity by 2050. To cater to the growing solar energy requirements, new technologies including sophisticated grid-edge controls are being developed to facilitate peak load mitigation, asset performance optimization, and value stream additions. The ongoing efforts to harvest and store solar energy effectively are projected to provide an impetus to the solar cell market.