Solar Cell Market Size and Share
Market Overview
| Study Period | 2020 - 2030 |
|---|---|
| Market Size (2025) | USD 156.77 Billion |
| Market Size (2030) | USD 288.20 Billion |
| Growth Rate (2025 - 2030) | 12.95% CAGR |
| Fastest Growing Market | Middle East and Africa |
| Largest Market | Asia Pacific |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order Image © Mordor Intelligence. Reuse requires attribution under CC BY 4.0. |
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Solar Cell Market Analysis by Mordor Intelligence
The Solar Cell Market size is estimated at USD 156.77 billion in 2025, and is expected to reach USD 288.20 billion by 2030, at a CAGR of 12.95% during the forecast period (2025-2030).
Manufacturing progress in n-type TOPCon and heterojunction (HJT) cells lowers the levelized electricity costs, encourages rapid corporate clean-energy procurement, and reinforces a global equipment replacement cycle across utility and distributed projects. Supply chain realignments triggered by Section 301 tariff increases and the Inflation Reduction Act (IRA) incentives push new factory investments into Indonesia, Laos, and the United States while keeping China’s capacity dominant. Competitive pressure intensifies as polysilicon oversupply compresses margins, forcing producers to accelerate technological shifts and diversify revenue through energy-storage pairing and grid-service offerings. Rapid gains in floating photovoltaic (FPV) installations and policy-driven renewable auctions that reward efficiency and grid-forming capability point to a market that values performance and flexibility over simple cost leadership.
Key Report Takeaways
- By type, crystalline-silicon held 85.3% of the solar cell market share in 2024, while emerging perovskite technologies posted the highest growth at a 15.2% CAGR through 2030.
- By cell technology, p-type PERC led with 69.7% share, yet HJT recorded the fastest 14.8% CAGR and is on track to seize premium utility and corporate off-take demand.
- By application, ground-mounted utility installations captured 60.9% revenue in 2024; floating PV is set to expand at a 23.0% CAGR to 2030.
- By region, Asia-Pacific commanded a 65.2% share of the solar cell market size in 2024, while the Middle East and Africa is advancing at a 24.3% CAGR through 2030.
- By company concentration, JinkoSolar led with USD 12.6 billion revenue and 58.96% share in 2024; First Solar followed at USD 4.3 billion and 19.86% share.
Global Solar Cell Market Trends and Insights
Drivers Impact Analysis
| Driver | (~) % Impact on CAGR Forecast | Geographic Relevance | Impact Timeline |
|---|---|---|---|
| Declining levelized cost of electricity | +2.5% | Global | Long term (≥ 4 years) |
| Decarbonization targets and incentives | +1.8% | EU, North America, Global reach | Medium term (2-4 years) |
| Corporate clean-energy PPAs | +1.2% | North America, EU, core APAC | Medium term (2-4 years) |
| Commercialization of n-type TOPCon & HJT | +0.9% | APAC core, spill-over to North America | Short term (≤ 2 years) |
| Perovskite-silicon tandem pilot lines | +0.8% | EU, North America, Global interest | Long term (≥ 4 years) |
| Grid-forming inverter mandates | +0.6% | North America, EU | Medium term (2-4 years) |
| Source: Mordor Intelligence | |||
Declining Levelized Cost of Electricity (LCOE)
Efficiency gains in n-type TOPCon and HJT cells enable higher power density installations that cut balance-of-system costs and land use requirements. Chinese producers, which control 93% of global polysilicon output, have driven material prices to multi-year lows, reinforcing a cost decline that accelerates adoption in markets where grid parity thresholds govern rollout velocity.(1)Source: Risen Energy, “26.61 % HJT Mass-Production Record,” risenenergy.com
Global Decarbonization Targets & Incentives
Technology-neutral auctions, IRA domestic-content bonuses, and the European Union’s Carbon Border Adjustment Mechanism are reshaping procurement criteria toward low-carbon manufacturing and high-efficiency performance. The IRA alone is stimulating over USD 115 billion in new clean-energy investments.(2)Source: Center for Strategic and International Studies, “Inflation Reduction Act Investment Tracker,” csis.org These policies encourage regional value chains and reward producers that deploy advanced architectures with lower embodied carbon.
Corporate Clean-Energy PPAs Boom
Global corporate power-purchase agreements reached 46 GW in 2024, led by hyperscalers that require 24/7 clean-energy matching. Premium buyers are willing to pay for higher capacity factors and grid-service functionality, which favors n-type and tandem cells that can deliver superior performance metrics.
Commercialization of N-Type TOPCon & HJT Cells
Manufacturers like Risen Energy achieved 26.61% efficiency in HJT mass production, demonstrating commercial readiness that triggers rapid line conversions away from p-type PERC. Early adopters realize price premiums and regulatory advantages in markets with domestic-content stipulations.
Restraints Impact Analysis
| Restraint | (~) % Impact on CAGR Forecast | Geographic Relevance | Impact Timeline |
|---|---|---|---|
| Oversupply-driven module price crash | -1.4% | Global, with acute impact in China | Short term (≤ 2 years) |
| Grid-connection bottlenecks | -0.8% | North America & EU, emerging in APAC | Medium term (2-4 years) |
| Looming silver & indium supply constraints | -0.6% | Global, with critical impact on thin-film and HJT | Long term (≥ 4 years) |
| Trade-barrier uncertainty (AD/CVD, CBAM) | -0.5% | Global, with primary impact on China-US-EU trade flows | Medium term (2-4 years) |
| Source: Mordor Intelligence | |||
Oversupply-Driven Module Price Crash
Polysilicon overcapacity has pushed spot prices below marginal costs, eroding profitability. LONGi’s 2024 revenue fell 36.23% with a net loss of RMB 8.6 billion, underscoring vulnerability even for market leaders when commoditized pricing eclipses technological differentiation.(4)Source: LONGi Green Energy, “2024 Financial Results,” longi.com
Grid-Connection Bottlenecks
Nearly 1,570 GW of generation seeks interconnection in U.S. queues, where solar projects wait close to five years before energization. Despite favorable economics, escalating upgrade fees and low completion rates threaten the demand pull for large-scale modules.
Segment Analysis
By Type: Crystalline Dominance Faces Emerging Disruption
Crystalline silicon delivered 85.3% of the solar cell market share in 2024, supported by mature supply chains and continually falling processing costs. Monocrystalline formats command premium demand across utility and distributed projects, while polycrystalline volumes continue to shrink. Emerging technologies, led by perovskite tandem devices, are forecast to advance at a 15.2% CAGR, introducing a disruptive path toward higher conversion efficiencies and lighter form factors.
Emerging cells attracted record venture funding as Oxford PV secured commercial off-take agreements for 2026 deliveries. Thin-film cadmium-telluride and copper-indium-gallium-selenide remain important for applications requiring flexible or semi-transparent form factors, but their aggregate growth trails perovskite-silicon tandems. Continued laboratory advances toward the 30% efficiency threshold reinforce investor confidence in future adoption.
Note: Segment shares of all individual segments available upon report purchase
By Cell Technology: N-Type Transition Accelerates
P-type PERC retained 69.7% share of the solar cell market size in 2024, yet efficiency ceilings and carbon-intensity liabilities are hastening its decline. N-type TOPCon and HJT are expanding rapidly, supported by announced capacity that tops 350 GW for 2025 commissioning. Early n-type adopters benefit from efficiency premiums that offset higher capex per line.
HJT is set to outpace TOPCon in pure efficiency metrics, with Risen Energy’s mass-produced 26.61% cell providing a reference point. Back-contact and interdigitated back-contact architectures serve space-constrained or aesthetic applications, while tandem concepts move from pilot to pre-commercial scale. The solar cell market size for tandem products will expand at a double-digit CAGR through 2030 as pilot lines close the cost gap with conventional silicon.
By Application: Utility Scale Leads While Floating PV Surges
Utility ground-mounted projects contributed 60.9% of overall revenue 2024 by leveraging economies of scale and low balance-of-system costs. However, declining land availability and cooling benefits are propelling floating PV installations, which are estimated to post a 23.0% CAGR to 2030. Industrial and commercial rooftops deliver dependable cashflow streams under net-metering or self-consumption regimes, but residential demand shows sensitivity to interest-rate cycles.
FPV delivers up to 15% performance gain through natural water-surface cooling, reducing reservoir evaporation losses.(5)Source: World Bank, “Floating Solar Market Report,” world-bank.org Transportation, aerospace, and vehicle-integrated photovoltaics remain nascent but illustrate widening addressable use-cases as cell performance rises and form-factor flexibility improves.
Geography Analysis
Asia-Pacific retained a 65.2% share of the solar cell market in 2024, anchored by China’s 322 GW combined top-six cell-production capacity and 93% global polysilicon share. China deployed 216.3 GW of new photovoltaic capacity in 2023 and targets another 240-260 GW in 2025, ensuring robust domestic offtake. India has installed 77.2 GW of module capacity and aims for 60 GW of cells by FY 2027 to diversify global supply chains.(6)Source: Ministry of New and Renewable Energy (India), “Annual Report 2024-25,” mnre.gov.in
The Middle East & Africa is the fastest-growing region, advancing at a 24.3% CAGR as Saudi Arabia pursues a 58 GW solar buildout and the UAE expands from 6 GW to 14 GW capacity by 2030. African markets are doubling capacity within four years, driven by cost parity and development-finance backing. Pakistan imported 17 GW of panels in 2024, illustrating the rapid uptake pace.
North America is reshaping supply lines under IRA incentives, with committed U.S. cell and module manufacturing expected to reach 50 GW by 2026. Canadian projects leverage hydro-based power to create low-carbon manufacturing propositions. Europe focuses on HJT and perovskite tandem leadership while employing the Carbon Border Adjustment Mechanism to reward low-emissions production. (7)Source: European Commission, “Carbon Border Adjustment Mechanism Factsheet,” europa.eu
Competitive Landscape
Chinese incumbents command procurement scale and cost leadership, but overcapacity renders them vulnerable to tariff shocks and polysilicon price swings. JinkoSolar generated USD 12.6 billion in revenue for 2024, representing 58.96% share, whereas First Solar captured 19.86% with USD 4.3 billion in revenue by concentrating on thin-film cadmium-telluride products that avoid polysilicon exposure. LONGi recorded an RMB 8.6 billion loss due to price compression, highlighting margin pressures that can wipe out integrated producers.
Strategic moves in 2024–2025 pivot around capacity relocation and vertical integration. First Solar broke ground on Alabama and Louisiana factories that lift U.S. output capacity to 18-20 GW, targeting domestic-content premiums. Canadian Solar shipped 31.1 GW of modules and 2.2 GWh of storage systems, underscoring a shift to integrated solar-plus-storage solutions. Technology differentiation is emerging as a hedge against commodity cycles; manufacturers investing in HJT, TOPCon, and perovskite tandem architectures are positioning for higher margins.
White-space entrants such as Oxford PV and Tandem PV focus on perovskite-silicon devices that promise >30% efficiency. First Solar’s CuRe recycling technology recovers 95% of semiconductor material, providing sustainability credentials that appeal to corporate buyers with circular-economy requirements. Financing entities, including KKR’s USD 1 billion purchase of Avantus, reflect continued institutional appetite for asset-backed solar platforms.
Solar Cell Industry Leaders
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LONGi Green Energy Technology
-
Tongwei Solar
-
JinkoSolar
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Trina Solar
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JA Solar
- *Disclaimer: Major Players sorted in no particular order
Recent Industry Developments
- March 2025: Canadian Solar posts 31.1 GW module and 2.2 GWh storage shipments, expanding development pipeline to 25 GWp solar and 75 GWh storage.
- February 2025: First Solar reports USD 4.2 billion 2024 net sales and projects USD 5.3-5.8 billion for 2025 while expanding U.S. manufacturing to 18-20 GW capacity.
- January 2025: Tesla’s Energy Generation and Storage revenue grows 113% to USD 10.1 billion, with 11 GWh storage deployments and Shanghai Megafactory ramp-up.
- November 2024: KKR invests over USD 1 billion in Avantus, while TPG acquires Altus Power for USD 2.2 billion, signaling robust private-equity interest in solar assets.
Global Solar Cell Market Report Scope
| Crystalline-Silicon Solar Cells | Monocrystalline Silicon |
| Polycrystalline Silicon | |
| Thin-Film Solar Cells | Cadmium Telluride (CdTe) |
| Amorphous Silicon (a-Si) | |
| Copper Indium Gallium Selenide (CIGS) | |
| Emerging Technologies | Perovskite Solar Cells |
| Organic Photovoltaic (OPV) Cells | |
| Quantum-Dot Solar Cells | |
| Dye-Sensitised Solar Cells (DSSC) |
| P-type PERC |
| n-type TOPCon |
| Heterojunction (HJT) |
| Interdigitated Back-Contact (IBC) |
| Back-Contact (BC) |
| Tandem (Perovskite-Si, III-V) |
| Residential - Rooftop |
| Commercial |
| Industrial |
| Ground-Mounted Utility |
| Floating PV |
| Consumer Electronics |
| Automotive and Transportation |
| Aerospace and Defense |
| Others (Agrivoltaic, Wearables, Off-grid, etc.) |
| North America | United States |
| Canada | |
| Mexico | |
| Europe | Germany |
| United Kingdom | |
| France | |
| Italy | |
| NORDIC Countries | |
| Russia | |
| Rest of Europe | |
| Asia-Pacific | China |
| India | |
| Japan | |
| South Korea | |
| ASEAN Countries | |
| Rest of Asia-Pacific | |
| South America | Brazil |
| Argentina | |
| Rest of South America | |
| Middle East and Africa | Saudi Arabia |
| United Arab Emirates | |
| South Africa | |
| Egypt | |
| Rest of Middle East and Africa |
| By Type | Crystalline-Silicon Solar Cells | Monocrystalline Silicon |
| Polycrystalline Silicon | ||
| Thin-Film Solar Cells | Cadmium Telluride (CdTe) | |
| Amorphous Silicon (a-Si) | ||
| Copper Indium Gallium Selenide (CIGS) | ||
| Emerging Technologies | Perovskite Solar Cells | |
| Organic Photovoltaic (OPV) Cells | ||
| Quantum-Dot Solar Cells | ||
| Dye-Sensitised Solar Cells (DSSC) | ||
| By Cell Technology | P-type PERC | |
| n-type TOPCon | ||
| Heterojunction (HJT) | ||
| Interdigitated Back-Contact (IBC) | ||
| Back-Contact (BC) | ||
| Tandem (Perovskite-Si, III-V) | ||
| By Application | Residential - Rooftop | |
| Commercial | ||
| Industrial | ||
| Ground-Mounted Utility | ||
| Floating PV | ||
| Consumer Electronics | ||
| Automotive and Transportation | ||
| Aerospace and Defense | ||
| Others (Agrivoltaic, Wearables, Off-grid, etc.) | ||
| By Geography | North America | United States |
| Canada | ||
| Mexico | ||
| Europe | Germany | |
| United Kingdom | ||
| France | ||
| Italy | ||
| NORDIC Countries | ||
| Russia | ||
| Rest of Europe | ||
| Asia-Pacific | China | |
| India | ||
| Japan | ||
| South Korea | ||
| ASEAN Countries | ||
| Rest of Asia-Pacific | ||
| South America | Brazil | |
| Argentina | ||
| Rest of South America | ||
| Middle East and Africa | Saudi Arabia | |
| United Arab Emirates | ||
| South Africa | ||
| Egypt | ||
| Rest of Middle East and Africa | ||
Key Questions Answered in the Report
What is the current value of the solar cell market?
The solar cell market size reached USD 156.77 billion in 2025 and is set to hit USD 288.20 billion by 2030.
How fast is demand for floating photovoltaic systems expanding?
Floating PV installations are projected to grow at a 23.0% CAGR through 2030 due to cooling benefits and land-use flexibility.
Which cell technology is gaining share the quickest?
N-type heterojunction (HJT) cells are advancing at a 14.8% CAGR, propelled by laboratory-verified efficiencies above 26%.
Why are tariffs reshaping global manufacturing footprints?
U.S. duties reaching 3,521% on certain Southeast Asian imports have prompted producers to move capacity to Indonesia and the United States to secure market access.
Which region shows the highest growth outlook?
The Middle East & Africa region is forecast to expand at a 24.3% CAGR through 2030 as sovereign energy security goals accelerate large-scale installations.
What risks could slow near-term deployment?
Grid-connection queues, especially in North America, and a global module price crash tied to polysilicon oversupply are the principal restraints on growth.
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