New Study from StrategyR Highlights a $127.7 Billion Global Market for Solar Cells and Modules by 2026

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Mar 22, 2022, 04:00 ET

SAN FRANCISCO, March 22, 2022 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Solar Cells and Modules - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.

FACTS AT A GLANCE
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New Study from StrategyR Highlights a $127.7 Billion Global Market for Solar Cells and Modules by 2026

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Edition: 20; Released: February 2022
Executive Pool: 5697
Companies: 131 - Players covered include BYD Co., Ltd; Canadian Solar, Inc; Chint Group; EGing Photovoltaic Technology Co., Ltd; First Solar, Inc.; GCL System Integration Technology Co., Ltd; Hanwha Corporation; Hyundai Energy Solutions Co., Ltd; JA Solar Holdings Co., Ltd; Jiangsu Shunfeng Photovoltaic Technology Co., Ltd; JinkoSolar Holding Co., Ltd; Kyocera Corporation; LONGi Solar Technology Co, Ltd; ReneSola Ltd; Risen Energy Co., Ltd; Shanghai Aerospace Automobile Electromechanical Co., Ltd; Sharp Solar; Solar Frontier K.K; SunPower Corporation; Trina Solar Ltd; Yingli and Others.
Coverage: All major geographies and key segments
Segments: Technology (Crystalline Silicon, Thin Film); Application (Industrial, Commercial, Residential)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia-Pacific; Australia; India; South Korea; Rest of Asia-Pacific; Latin America; Argentina; Brazil; Mexico; Rest of Latin America; Middle East; Africa.

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ABSTRACT-

Global Solar Cells and Modules Market to Reach $127.7 Billion by 2026
Solar energy is considered to be a highly reliable source of clean energy. Solar cell relates to a device that is produced using thin film or crystalline silicon which transforms sunlight into electricity through a process referred to as the photovoltaic effect. Solar modules leverage light energy from the sun's rays to produce electricity via the photovoltaic effect. Majority of solar modules are typically rigid, however semi-flexible modules (thin film cell based) are also available. Growth in the global market is supported by growing demand for electricity, rising investments in the renewable energy sector, and favorable government policies globally which are encouraging the deployment of solar-based systems. Various governmental schemes such as feed in tariff, reduced import duty, financial assistance, net metering, subsidies, and tax benefits are expected to fuel the adoption of solar cell modules. Further, slumping prices, enhancements in conversion efficiencies, and increasing focus on optimizing LCOE are expected to fuel demand for solar cell modules. Growing number of energy storage systems in the residential sector that are equipped with solar PV charging panels, is boding well for the solar cells modules market. Rising adoption of decentralized energy production systems especially in developing economies is expected to draw attention towards solar energy. Efforts related to off-grid electrification which include solar PV systems are likely to provide impetus to the solar cell modules market.

Amid the COVID-19 crisis, the global market for Solar Cells and Modules estimated at US$98.4 Billion in the year 2022, is projected to reach a revised size of US$127.7 Billion by 2026, growing at a CAGR of 6.5% over the analysis period. Crystalline Silicon, one of the segments analyzed in the report, is projected to record 6.6% CAGR and reach US$120.5 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Thin Film segment is readjusted to a revised 5.6% CAGR for the next 7-year period. Technological developments associated with enhancing thin film solar cells' operational efficiency is likely to spur their demand in residential and commercial applications. As the market for crystalline silicon is very mature, production capacity of these second generation technologies, is also increasing to meet demand.

The U.S. Market is Estimated at $10.1 Billion in 2022, While China is Forecast to Reach $46.2 Billion by 2026
The Solar Cells and Modules market in the U.S. is estimated at US$10.1 Billion in the year 2022. China, the world`s second largest economy, is forecast to reach a projected market size of US$46.2 Billion by the year 2026 trailing a CAGR of 7.7% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 4.4% and 5.9% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 4.2% CAGR. Asia-Pacific and China capture a significant share of the world solar cell modules market, fueled by supportive governmental policies and increasing shift to renewable energy technologies. In China, the PV market registered considerable investments in recent years due to growing focus on lowering carbon footprint and favorable regulations and standards related to the expansion of renewable infrastructure. The acquisition of foreign producers and establishment of plants in foreign locations is leading to the expansion of the PV market in the region, thus driving growth in solar cell modules market. In North America, the growing base of PV installations due to rising customer awareness of the cost advantages offered by solar energy systems is expected to fuel demand for solar cell modules.
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Global Industry Analysts, Inc., (www.strategyr.com) is a renowned market research publisher the world`s only influencer driven market research company. Proudly serving more than 42,000 clients from 36 countries, GIA is recognized for accurate forecasting of markets and industries for over 33 years.

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