Solar PV Cells and Modules Market to Surpass US$ 224.4 Billion by 2031, Growing at 10.5% CAGR Amid Rising Renewable Energy Adoption | Latest Report TMR

Solar PV Cells and Modules Market

The global solar PV cells and modules market was valued at over US$ 82 Bn in 2021 and is projected to grow at a robust CAGR of 10.5% from 2022 to 2031. By the end of 2031, the market is expected to cross US$ 224.4 Bn, reflecting the accelerating global transition toward renewable energy sources and sustainable power generation.

Strong policy support, corporate net-zero commitments, and rapid technological advancements in photovoltaic technologies are shaping the next growth phase of the industry.

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Market Overview

Photovoltaic (PV) cells and modules are essential components used in the manufacturing of solar panels that convert sunlight into electricity. Solar energy represents one of the cleanest and most abundant renewable energy sources and offers a viable solution to greenhouse gas emissions, fossil fuel depletion, and global warming.

The increasing environmental impact of conventional fossil fuels such as crude oil, coal, and natural gas has significantly accelerated the adoption of renewable alternatives. Governments, utilities, private corporations, and residential consumers are increasingly investing in solar PV systems as part of broader decarbonization strategies.

Key Market Growth Drivers

Rising Demand for Renewable Energy Across Public and Private Sectors

Solar energy has emerged as a preferred clean power solution across both public and private sectors. Governments worldwide are strengthening electricity grids through large-scale investments in renewable energy projects.

In India, major public sector entities such as Coal India Limited (CIL) and National Thermal Power Corporation Limited (NTPC) have announced large-scale renewable energy investments. NTPC established NTPC Renewable Energy Limited to develop, own, and operate renewable energy projects and is partnering with the International Solar Alliance to implement solar initiatives globally. CIL has announced plans to invest Rs. 58 Bn (US$ 760 Mn) by 2024 for 3 GW of solar projects and established Solar PV Limited and CIL Navikarniya Urja Limited to strengthen solar manufacturing and renewable project development.

Private corporations are also driving adoption. Companies such as Walmart, Apple, Target, and Amazon are aggressively pursuing zero-emission goals. Walmart’s contract with Nexamp to support 129 megawatts of community solar projects exemplifies how corporate sustainability targets are fueling demand for PV modules.

Favorable Government Policies and Incentives

Government initiatives remain one of the strongest growth pillars of the solar PV market. Countries including the U.S., China, and European nations are implementing Feed-in Tariffs (FiT), investment tax credits, capital subsidies, and grid-connection policies to accelerate solar deployment.

In India, schemes such as the Jawaharlal Nehru National Solar Mission, Rooftop Scheme, Solar Park Scheme, VGF Scheme, UDAY Scheme, and the Solar Energy Subsidy Scheme provide financial assistance ranging from 50% to 90% of basic project costs.

Technological Advancements Enhancing Efficiency and Cost Competitiveness

The market is witnessing a technology shift toward high-efficiency solutions such as PERC, HJT, and TOPCon. These technologies improve performance while lowering manufacturing expenses.

Monocrystalline silicon PV cells accounted for a significant 75.4% share of the silicon photovoltaic segment in 2021 and are projected to grow at over 12% during the forecast period. Offering commercial efficiency of 20% to 24%, monocrystalline cells provide higher output, durability, and lower operational costs, strengthening their dominance.

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Market Segmentation

By Type:

• Silicon Photovoltaic Cells

o Monocrystalline

o Polycrystalline

o Nanocrystalline

• Thin-Film Photovoltaic Cells

• Others

Monocrystalline silicon cells dominate due to superior efficiency and durability, while thin-film technologies continue to evolve for niche applications.

By Technology:

• Passivated Emitter Rear Cell (PERC)

• Heterojunction Technology (HJT)

• TOPCon

• Interdigitated Back Contact (IBC)

PERC remains the leading technology segment owing to cost-effectiveness and high efficiency.

Regional Outlook

Asia Pacific held the largest volume share of 57.8% in 2021, driven by rapid solar installations in China, India, Japan, and Southeast Asia. Strong manufacturing capabilities, supportive government policies, and expanding utility-scale solar projects contribute to regional dominance.

North America and Europe accounted for value shares of 12.9% and 18.1%, respectively, supported by large-scale solar power plants under development and favorable regulatory frameworks.

The Middle East & Africa region is expected to witness strong demand growth due to increasing solar investments. Meanwhile, Latin America is anticipated to register a faster growth rate compared to the Middle East & Africa during the forecast period.

Analysis of Key Players

The global market is fragmented, with numerous established players competing through innovation, capacity expansion, and strategic acquisitions.

Prominent players include:

• ReneSola Ltd

• JA SOLAR Technology Co., Ltd.

• Canadian Solar Inc.

• Hanwha Q CELLS

• CSUN Solar Tech Co., Ltd.

• Trina Solar Co., Ltd.

• Waaree Energies Ltd.

• First Solar, Inc.

• REC Solar Holdings AS

• Solaria Corporation

• Jinko Solar

These companies are investing heavily in R&D to develop environmentally-friendly and high-efficiency modules. Diversification of product portfolios, vertical integration, and mergers & acquisitions remain core competitive strategies.

Market Challenges & Opportunities

Despite strong growth prospects, the market faces challenges such as fluctuating raw material prices, supply chain disruptions, and intense pricing competition.

However, opportunities outweigh risks. Technological innovation in high-efficiency cells, corporate decarbonization commitments, grid modernization initiatives, and electrification of emerging economies present substantial growth potential. The continued reduction in levelized cost of electricity (LCOE) from solar systems is expected to further accelerate adoption globally.

Key Developments

• In June 2021, First Solar, Inc. invested US$ 680 Mn to expand its domestic photovoltaic (PV) solar manufacturing capacity by 3.3 gigawatts (GW) annually.

• In September 2020, Trina Solar Co., Ltd. acquired Nclave Renewable S.L., strengthening its global tracker product offerings.

• In August 2020, Hanwha Q CELLS acquired Growing Energy Labs (Geli), enabling integrated C&I PV+EMS+ESS solutions in the U.S.

Why Buy This Report?

• Comprehensive analysis of market size and growth forecast through 2031

• In-depth segmentation by type, technology, and region

• Detailed competitive landscape and company profiling

• Insights into government policies, incentives, and investment trends

• Strategic intelligence for manufacturers, investors, and policymakers

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FAQs

1. What is the projected market size of the solar PV cells and modules market by 2031?

The market is expected to exceed US$ 224.4 Bn by 2031.

2. What is the forecast CAGR for the market?

The market is projected to grow at a CAGR of 10.5% from 2022 to 2031.

3. Which region leads the global market?

Asia Pacific dominates the market with the largest volume share.

4. Which PV cell type holds the largest share?

Monocrystalline silicon PV cells hold the largest share due to high efficiency.

5. What are the key technologies driving growth?

PERC, HJT, and TOPCon technologies are leading the transition toward high-efficiency solar modules.

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