Luton, Bedfordshire, United Kingdom, June 06, 2025 (GLOBE NEWSWIRE) -- The global solar cells and modules market, valued at approximately , is set on a trajectory of significant growth, driven by a robust demand for clean and sustainable energy solutions. As governments and corporations strive to reduce carbon footprints and diversify energy portfolios, the solar industry is poised to expand at a , reaching around . This momentum is being fueled by rising investments in solar technology, increasing cost competitiveness, and supportive policy frameworks worldwide.

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Market Segmentation

• Mounting Systems

Monocrystalline solar cells and modules have emerged as the dominant technology, commanding roughly . These cells are known for their superior efficiency—ranging from —making them particularly suitable for residential and commercial applications where space is a constraint. Ongoing technological improvements are expected to enhance their performance and reduce costs further, fueling their adoption.

Polycrystalline solar cells hold around , offering moderate efficiency () at a more affordable price point. Their cost advantage makes them appealing for budget-sensitive segments, particularly in utility-scale and emerging market applications. While less efficient than monocrystalline, advancements in manufacturing techniques are closing the gap in performance.

Thin-film technology, although occupying a smaller market share of approximately , serves niche markets effectively. Its lightweight and flexible characteristics make it ideal for unconventional uses such as and . Continued R&D in this space suggests growing applicability in specialized sectors.

The leads with an estimated , spurred by declining module costs, government incentives, and growing consumer awareness. Innovations such as solar rooftops and home storage systems are gaining traction, making solar power more accessible to homeowners.

The accounts for around of the market, with businesses seeking cost reductions and sustainable branding advantages. Solar installations on commercial buildings and warehouses are becoming more common as companies strive for energy independence and reduced operational costs.

, comprising about , remain pivotal in the transition to clean energy. Governments across the globe are supporting large-scale solar farms through financial incentives and regulatory frameworks, especially in countries with vast land availability and abundant sunlight.

Solar dominate the component landscape, making up nearly . They serve as the foundational technology for solar power systems. Innovations in cell architecture, anti-reflective coatings, and panel design are significantly enhancing module efficiency while driving down production costs.

The energy generation sector continues to be the primary driver of demand, leveraging solar technologies to meet the increasing global appetite for renewable energy. Other major end users include and , where compact and flexible solar designs are being integrated into new products and infrastructure projects.

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The Asia-Pacific region leads the market with approximately , owing to strong governmental support, manufacturing capabilities, and rapidly growing energy demand. Countries like are at the forefront, investing heavily in solar farms and rooftop systems. The region is forecasted to grow at a , making it the fastest-expanding region globally.

With a , North America is driven by favorable policies and growing awareness about renewable energy. The is the largest contributor in this region, supported by federal and state-level tax credits and initiatives. Technological innovation and declining costs are encouraging greater adoption across both residential and commercial segments. The regional CAGR is projected at around through 2034.

Europe holds a and is characterized by aggressive climate policies and a focus on reducing dependency on fossil fuels. Nations such as are rapidly expanding solar installations under stringent environmental mandates. The European market is projected to grow at a , supported by rising electricity prices and regulatory support for renewable infrastructure.

Emerging markets such as and are showing impressive potential, with CAGRs estimated at and , respectively. Countries like and are leveraging solar energy to improve energy security and reduce dependency on fossil fuels. However, these regions face challenges like limited infrastructure and regulatory complexities, which must be addressed for growth to accelerate.

Key drivers propelling the market include increasing demand for sustainable energy alternatives, technological advancements in photovoltaic efficiency, and policy-driven incentives. Innovations such as , , and are reshaping market dynamics. Moreover, the global trend toward —including community and off-grid solar—offers economic and environmental benefits, appealing to a broad range of users.

Governmental regulations and subsidies also significantly impact market growth. Tax rebates, feed-in tariffs, and net metering policies are making solar installations more financially viable. As global leaders work toward net-zero emissions goals, solar energy continues to receive prioritized policy attention.

Despite its positive outlook, the solar cells and modules market faces several obstacles. , notably those affecting key raw materials like silicon, have increased production costs and delayed projects. Moreover, in raw materials creates uncertainty for investors and manufacturers alike.

Inconsistent regulatory frameworks across regions add complexity to market expansion. While some countries offer generous incentives, others have ambiguous or frequently changing policies that discourage long-term planning. for new technologies can also delay product launches and hinder innovation.

Competition from other renewable technologies such as adds another layer of market pressure. Solar companies must continuously innovate to maintain a competitive edge, both in terms of performance and price.

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Several emerging trends are creating new opportunities for industry players. are gaining prominence in remote and underserved regions, offering a reliable and clean source of energy. These solutions are particularly critical in areas lacking centralized power infrastructure.

Another growing trend is the integration of , including , which help optimize solar energy production and consumption. Additionally, are enabling broader participation in the solar revolution without the need for high upfront capital investment.

Breakthroughs in materials science—like the rise of —promise to improve efficiency while reducing costs. These advances, combined with novel business models and financing options, are expected to further democratize access to solar power.

Key Competitors

First Solar announced a to expand its manufacturing facility in India. This move supports India’s ambitions to reduce solar import dependence and scale up domestic production. The expansion is expected to generate about and strengthen First Solar’s foothold in the high-growth Asia-Pacific market.

Adani Solar introduced a new line of high-efficiency panels, aiming to improve energy output and cost-efficiency in utility-scale projects. This product launch signifies the company's commitment to innovation and will likely intensify competition among leading solar manufacturers.

JinkoSolar (August 2023)

JinkoSolar formed a strategic partnership with a leading renewable energy firm to jointly develop large-scale solar projects across Asia-Pacific. This collaboration enhances JinkoSolar’s market penetration and accelerates project rollouts in countries with favorable solar energy policies.

Tata Power Solar (July 2023)

Tata Power Solar secured regulatory approval for a 500 MW solar power project in Rajasthan, India. The project aligns with national renewable energy targets and reinforces Tata Power’s leadership in large-scale solar deployments.

Canadian Solar (June 2023)

Canadian Solar completed a merger with a regional energy provider to consolidate its position in the North American market. The merger is set to enhance operational efficiency and broaden customer reach, signaling a trend toward industry consolidation.

This report is also available in the following languages : Japanese (太陽電池およびモジュール市場), Korean (태양 전지 및 모듈 시장), Chinese (太阳能电池和模块市场), French (Marché des cellules et modules solaires), German (Markt für Solarzellen und -module), and Italian (Mercato delle celle e dei moduli solari), etc.

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