Solar Cells Market: Current Analysis and Forecast 2021-2027

Solar Cells Market is expected to exceed the market valuation of more than US$ XX billion in 2027 and is expected to grow at a significant CAGR of XX% during the forecast period (2021-2027). Solar panels collect clean renewable energy from sunlight and convert that into electricity which is used to power electrical loads. Solar panels are made from several combined solar cells with layers of silicon, phosphorus (negative charge) and boron (positive charge). Solar panels initiate the electric current by absorbing photons which knocks of electrons front their atomic orbits and form an electric field which then pull these free electrons into a directional current. This entire process is known as the photovoltaic effect. Solar panels placed on a house roof transfer all the electricity into the main power grid which can be stored and used at night. In a well-balanced grid, power is generated by solar panels during the day which is stored and then can be utilized at night. In some countries, additional power generated by solar panel owners at home can sell it to the electricity produces.
The popularity of solar panels is increasing as they have become affordable. Cost of Solar PVs have decreased from US$ 0.37/kWh in 2010 to US$ 0.085/kWh in 2018 and is further expected to decrease to US$ 0.05-0.01/kWh by 2050. In addition to this, the changing government policies, and awareness about the benefits of sustainable energy is also influencing the market growth. If 8,500 GW of solar energy can be produced, this will generate more than 25% of the electricity requirement by 2050 and mitigate 4.9 Gt of CO2 emissions. Furthermore, with the increasing demand for electricity and low maintenance cost of solar panels, they are cheaper in the long run which makes them a good investment in private households. In the long run one can save up to US$ 43,735 on electricity by using solar panels in 20 years. Apart from this, the efficiency of solar panels has also significantly increased over time. Multi-Crystalline PV reached 17% efficiency and mono-crystalline PV have reached 18% efficiency since 2018. All these developments are boosting the growth in the solar cells market.
Abengoa Se, Acciona S.A., Canadian Solar, Inc., Esolar, Inc., United Renewable Energy Co. Ltd., Sunpower Corporation, Kaneka Corporation, Tata Power Solar Systems Ltd., Wuxi Suntech Power Co., Ltd., and Brightsource Energy, Inc. are some of the prominent players operating in the Solar Cells market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
"Amongst Technology, Photovoltaic segment holds the major share"
Based on Technology, the Solar Cells market is segmented into Photovoltaic Systems and Concentrated Solar Power Systems. Amongst technology, the Photovoltaic Systems segment of the Solar Cells market was valued at US$ XX billion in 2020 and is likely to reach US$ XX billion by 2027 and is growing at a CAGR of XX% from 2021-2027. Photovoltaic (PV) Systems are composed of one or more solar panels which are combined with an inverter and some electrical and mechanical hardware which uses energy from the sun to generate electricity. The global solar photovoltaic capacity has grown from 5 GW in 2005 to around 509.3 GW in 2018.
"Amongst Solar Modules, Monocrystalline Segment holds the major share"
Based on Solar Module, the Solar Cells market is segmented into Monocrystalline, Polycrystalline, Cadmium Telluride, Amorphous Silicon Cells, and Others. Amongst Solar Module, Monocrystalline segment accounted for a market valuation of US$ XX billion in 2020 and is expected to reach US$ XX billion by the year 2027, at a CAGR of XX% over the analyzed period. Monocrystalline panels are single, flat black color panels which makes them popular among homeowners because of their better design and look. Monocrystalline panels traditionally contain from 60 to 72 solar cells depending on the size of the panels.
"Amongst Application, Industrial Segment holds the major share"
Based on Application, the Solar Cells market is segmented into Residential, Commercial, Industrial, and Others. The industrial segment generated revenue of US$ XX billion in 2020 and is expected to grow at a CAGR of XX% during the forecast period to reach a market valuation of US$ XX billion by 2027F. Solar panels are increasingly being used in industries because of their capability to reduce electrical expenses. For example, in a typical industry, the electricity bill of warehouses is 15% of the total cost. Using Solar energy can decrease this cost by 20%.
"Amongst End-User, Electricity Generation Segment holds the major share"
Based on End-User, the Solar Cells market is segmented into Electricity Generation, Lighting, Heating, and Charging. Amongst end-user, the Electricity Generation segment of the Solar Cells market was valued at US$ XX billion in 2020 and is likely to reach US$ XX billion by 2027 and is growing at a CAGR of XX% from 2021-2027. A single photovoltaic cell generates about 2 watts of electricity. Hundreds of solar cells can be connected to form solar panels which can then generates thousands of kilowatts of electric power. Most present-day photovoltaic cells have the efficiency of about 15-20%.
"Asia Pacific represents one of the largest markets of Solar Cells market"
For a better understanding of the market dynamics of the Solar Cells market, a detailed analysis was conducted for different regions across the globe including North America (the U.S, Canada, and the Rest of North America), Europe (Germany, France, Italy, United Kingdom, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC) and Rest of the World. Asia Pacific dominated the market and grabbed around XX% market share owing to increasing demand for electricity in the region.
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts
- The report presents a quick review of overall industry performance at one glance
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
- The study comprehensively covers the market across different segments
- Deep dive regional level analysis of the industry
Customization Options:
Solar Cells market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

Solar panels collect clean renewable energy from sunlight and convert that into electricity which is used to power electrical loads. Solar panels are made from several combined solar cells with layers of silicon, phosphorus (negative charge) and boron (positive charge). Solar panels initiate the electric current by absorbing photons which knocks of electrons front their atomic orbits and form an electric field which then pull these free electrons into a directional current. This entire process is known as the photovoltaic effect. Solar panels placed on a house roof transfer all the electricity into the main power grid which can be stored and used at night.
In a well-balanced grid, power is generated by solar panels during the day which is stored and then can be utilized at night. In some countries, additional power generated by solar panel owners at home can sell it to the electricity producers. In the off grid solar systems, charge controller, battery bank, and an inverter are the needed components. Direct current from the solar array is sent through the charge controller to the battery bank in these cases. The power is then drawn from the battery bank into the invertor, which converts DC to AC which can be used for non-DC appliances.
Based on Technology, the Solar Cells market is segmented into Photovoltaic Systems and Concentrated Solar Power Systems. Amongst technology, the Photovoltaic Systems segment of the Solar Cells market was valued at US$ XX billion in 2020 and is likely to reach US$ XX billion by 2027 and is growing at a CAGR of XX% from 2021-2027.
Based on Solar Module, the Solar Cells market is segmented into Monocrystalline, Polycrystalline, Cadmium Telluride, Amorphous Silicon Cells, and Others. Amongst Solar Module, Monocrystalline segment accounted for a market valuation of US$ XX billion in 2020 and is expected to reach US$ XX billion by the year 2027, at a CAGR of XX% over the analysed period.
Based on Application, the Solar Cells market is segmented into Residential, Commercial, Industrial, and Others. The industrial segment generated revenue of US$ XX billion in 2020 and is expected to grow at a CAGR of XX% during the forecast period to reach a market valuation of US$ XX billion by 2027F.
Based on End-User, the Solar Cells market is segmented into Electricity Generation, Lighting, Heating, and Charging. Amongst end-user, the Electricity Generation segment of the Solar Cells market was valued at US$ XX billion in 2020 and is likely to reach US$ XX billion by 2027 and is growing at a CAGR of XX% from 2021-2027.
For a better understanding of the market adoption of Solar Cells Industry, the market is analysed based on its worldwide presence in the countries such as North America (United States, Canada, and the Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. Asia-Pacific will dominate the Solar Cells market on account of increasing efficiency and decreasing cost of solar cells.
Some of the major players operating in the market include Abengoa Se, Acciona S.A., Canadian Solar, Inc., Esolar, Inc., United Renewable Energy Co. Ltd., Sunpower Corporation, Kaneka Corporation, Tata Power Solar Systems Ltd., Wuxi Suntech Power Co., Ltd., and Brightsource Energy, Inc. Several M&As along with partnerships have been undertaken by these players to boost their presence in different regions.
Solar Cells Market was valued at US$ XX billion in 2020 and is projected to expand significantly with a CAGR of XX% from 2021-2027F to US$ XX billion in 2027. The Solar Cells Market is expected to witness a boost on account of its high adoption in the Asia-Pacific region.