Comprehensive Analysis of the Solar Cells and Module Market: Trends and Forecasts from 2025 to 2035
Overview:
The global solar cells and module market is poised for substantial expansion over the coming decade. In 2025, the market is anticipated to reach a valuation of USD 191.55 billion, driven by increasing demand for renewable energy sources and supportive government policies. The compound annual growth rate (CAGR) from 2025 to 2035 is projected to be 7.8%, resulting in a market size of approximately USD 402.30 billion by 2035. This growth is underpinned by technological advancements and the declining costs of solar energy.
Crystalline silicon solar cells are expected to maintain a dominant share of the market, although thin-film and emerging solar technologies are anticipated to demonstrate rapid growth due to their flexibility and cost-effectiveness. The residential sector, driven by rooftop solar installations, and the utility-scale sector, with large solar farms, are expected to be major application areas.
Regionally, Asia Pacific is expected to lead the market, fueled by significant investments in renewable energy infrastructure in countries such as China and India. North America and Europe also represent substantial markets, driven by policies promoting renewable energy and energy security.
Key market participants are actively involved in research and development to enhance the efficiency and durability of solar cells and modules, contributing to the overall growth of the market. The ongoing enhancements in energy storage technologies further complement the expansion of the solar energy sector.
Investments in solar energy infrastructure and supportive regulatory frameworks will be crucial in sustaining this growth trajectory. The increasing emphasis on reducing carbon emissions and transitioning to cleaner energy sources will continue to drive the adoption of solar energy technologies worldwide.
The market landscape is further shaped by the rising awareness of environmental concerns and the economic benefits of solar energy, reinforcing the shift towards sustainable energy solutions and accelerating the proliferation of solar installations across diverse applications and geographies.
Year On Year Growth Chart
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| Report Attribute | Details |
|---|---|
| Market Size in 2025 | USD 191.65 billion |
| Revenue Forecast for 2035 | USD 402.40 billion |
| Growth Rate (CAGR) | 7.7% from 2025 to 2035 |
| Base Year for Estimation | 2024 |
| Historical Data | 2020 – 2024 |
| Forecast Period | 2025 – 2035 |
| Quantitative Units | Revenue in USD million/billion and CAGR from 2025 to 2035 |
| Report Coverage | Revenue forecast, company market share, competitive landscape, growth factors, and trends |
| Covered Segments | Type, application, and region |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, MEA |
| Country Scope | U.S., Canada, Mexico, U.K., Germany, France, Spain, China, India, Japan, Australia, South Korea |
| Key Companies Analyzed | LONGi Green Energy Technology Co., Ltd.; JinkoSolar Holding Co., Ltd.; Trina Solar Limited; First Solar, Inc.; Canadian Solar Inc. |
| Customization Options | Free report customization (up to 8 analysts working days) with purchase. Changes to country, regional, and segment scope |
| Pricing and Purchase Options | Customizable purchase options for tailored research needs |
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Key Companies Market Share
Report Coverage & Deliverables
- Market Trends And Dynamics
- Competitve Benchmarking
- Historical data and forecasts
- Value/Volume analysis
- Company revenue shares and key strategies
- Regional opportunities
This is an indicative segmentation. Please request a sample report to see detail segmentation of this market.
Detailed Market Segmentation
- By Type
- Crystalline Silicon Solar Cells
- Thin-Film Solar Cells
- Emerging Solar Technologies
- By Application
- Residential
- Commercial
- Industrial
- Utility-Scale
- By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- By Material
- Silicon
- Cadmium Telluride (CdTe)
- Copper Indium Gallium Selenide (CIGS)
- Perovskite
- By Product Type
- Modules
- Cells
Table of Content
- Executive Summary
- Market Overview
- Global Economic Outlook
- Key Market Dynamics
- Drivers
- Restraints
- Opportunities
- Solar Cells and Module Market Analysis, by Type
- Crystalline Silicon Solar Cells
- Thin-Film Solar Cells
- Emerging Solar Technologies
- Solar Cells and Module Market Analysis, by Application
- Residential
- Commercial
- Industrial
- Utility-Scale
- Solar Cells and Module Market Analysis, by Material
- Silicon
- Cadmium Telluride (CdTe)
- Copper Indium Gallium Selenide (CIGS)
- Perovskite
- Solar Cells and Module Market Analysis, by Product Type
- Modules
- Cells
- Market Analysis by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- North America Market Analysis
- U.S.
- Canada
- Mexico
- Europe Market Analysis
- Germany
- France
- U.K.
- Spain
- Italy
- Asia Pacific Market Analysis
- China
- India
- Japan
- South Korea
- Australia
- Latin America Market Analysis
- Brazil
- Argentina
- Colombia
- Middle East & Africa Market Analysis
- Saudi Arabia
- UAE
- South Africa
- Competitive Landscape
- Key Company Profiles
- Market Trends and Future Outlook
- Strategic Recommendations
- Research Methodology
- Assumptions and Acronyms