New York, Sept. 06, 2023 (GLOBE NEWSWIRE) -- According to Persistence Market Research (PMR), the global solar cells & modules market value is estimated to total US$ 163.7 billion in 2023. From 2023 to 2033, solar cell & module sales are projected to rise at 8.2% CAGR. Total market size is projected to reach US$ 360.8 billion by 2033.
Rapid transition towards renewable energy resources and favourable government support are key factors driving the global solar cells & modules industry.
In recent years, popularity of renewable energy sources such as solar energy has increased significantly and the trend is expected to continue during the next ten years. This is due to depletion of conventional energy sources and rising environmental concerns.
People are increasingly installing solar panels on the rooftops of their houses to generate their own electricity. This in turn is elevating demand for solar cells & modules in the market.
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Reduction in solar cell & module costs due to advancements in manufacturing technologies is another key factor that is expected to boost the global market.
Similarly, governments are offering various incentives to encourage the adoption of solar energy. This is expected to create lucrative opportunities for solar cell & module manufacturers.
Another key factor that will boost the global solar cells & modules industry is the technological advancements in solar panels.
Key Takeaways from the Solar Cells & Modules Market Report:
- Global sales of solar cells & modules are likely to soar at 8.2% CAGR during the assessment period.
- Based on technology, thin film segment is projected to expand at 7.8% CAGR through 2033.
- By application, the industrial segment is likely to thrive at 7.9% CAGR during the next ten years.
- The United States solar cells & modules industry is anticipated to reach US$ 72.5 billion by 2033.
- China solar cells & modules industry is forecast to surpass a valuation of US$ 90.1 billion by 2033.
- Demand for solar cells & modules in Korea market is expected to increase at 8.1% CAGR from 2023 to 2033.
- Japan market is expected to progress at a CAGR of 8.1% from 2023 to 2033.
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“The transition towards renewable energy resources due to depletion of fossil fuels, growing environmental concerns, and high energy costs is expected to create a conducive environment for the expansion of the solar cells & modules industry. To gain profits, key companies are launching new solutions and increasing their production capacities.” - says a lead analyst at Persistence Market Research (PMR)
The growth of the Solar Cells & Modules market is influenced by several key factors, including:
Environmental Awareness: Increasing awareness of environmental issues and the need for clean and sustainable energy sources is driving the adoption of solar cells and modules.
Government Incentives: Government incentives, such as tax credits, subsidies, and feed-in tariffs, encourage individuals and businesses to invest in solar energy systems.
Declining Solar Panel Costs: Advances in technology and economies of scale have led to a significant decrease in the cost of solar panels, making them more affordable for consumers and businesses.
Energy Independence: Solar energy provides individuals and businesses with a degree of energy independence, reducing reliance on traditional utility providers.
Energy Storage Solutions: Advances in energy storage technologies, such as batteries, make it possible to store excess solar energy for use during periods of low sunlight, increasing the attractiveness of solar power systems.
Grid Integration: Improved grid integration allows for better management of solar power generation and distribution, making solar energy more reliable and accessible.
Innovations in Solar Technology: Ongoing research and development efforts lead to innovations in solar cell and module technologies, increasing their efficiency and durability.
Corporate Sustainability Goals: Many companies are setting sustainability goals and are investing in renewable energy sources like solar to meet these commitments.
Rising Energy Demand: As global energy demand continues to rise, solar energy plays a crucial role in meeting these needs while reducing greenhouse gas emissions.
Technological Advancements: Advancements in materials science and manufacturing techniques are leading to more efficient and durable solar cells and modules.
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Who is Winning?
BYD Co., Ltd., BiPVco., Canadian Solar, Inc., Bharat Heavy Electricals Ltd, Ascent Solar Technologies, Inc., CESI SpA, Atecom Technology Co. Ltd., AVANCIS GmbH, and Chint Group, AZUR Space Solar Power GmbH are few of the leading manufacturers of solar cells & modules profiled in the report.
These key companies are focusing on introducing new products as well as increasing their production capacities. They are also adopting strategies such as mergers, agreements, partnerships, acquisitions, etc. to expand their footprint.
Recent developments:
- In March 2022, Canadian Solar Inc. started mass production of new 54-cell format module.
More Insights Available:
Persistence Market Research (PMR), in its new offering, presents an unbiased analysis of the solar cells & modules market presenting historical data (2018 to 2022) and forecast statistics for the period from 2023 to 2033.
The study reveals market projections based on technologies (thin film, crystalline silicone, and others) and application (industrial, residential, and commercial) across various regions.
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