Crystalline Silicon PV Cell Market Size, Share, Competitive Landscape and Trend Analysis Report, by Type, by Application : Global Opportunity Analysis and Industry Forecast, 2024-2033

Key Market Dynamics   

Rise in demand for solar energy solutions is significantly fueling the growth of the crystalline silicon PV cells market. There is a growing awareness for environmental and economic benefits offered by solar power across residential, commercial, and industrial sectors. As governments, businesses, and consumers seek to reduce their carbon footprint and embrace cleaner energy alternatives, the adoption of crystalline silicon PV cells is projected to grow. This is attributed to the fact that crystalline silicon PV cells convert sunlight into electricity. According to the International Energy Agency (IEA) , power generation from solar PV increased by a record 270 TWh in 2022, up by 26% in 2021. Solar PV accounted for 4.5% of total global electricity generation, and it remains the third largest renewable electricity technology after hydropower and wind. This factor is expected to act as one of the key drivers responsible for the growth of the crystalline PV solar cell market during the forecast period.

Furthermore, the abundant and renewable nature of solar energy is the key factor driving the demand for crystalline solar PV cells. Solar power utilizes energy from the sun, which is an endlessly abundant resource, making it an appealing choice for fulfilling global energy requirements while also reducing environmental impact. Growing population base coupled with rapid urbanization has surged the global demand energy, which in turn fuels the need for scalable and reliable solar energy solutions; thus, increasing the sales of crystalline solar PV cells market.

In addition, government incentives and policies play a pivotal role in driving the growth of the crystalline silicon PV cells market. Governments globally are increasingly recognizing the importance of transitioning towards sustainable energy sources to mitigate climate change and reduce dependence on fossil fuels. As part of these efforts, governments offer various incentives and subsidies to encourage the installation of solar power systems, including crystalline silicon PV cells, in residential, commercial, and industrial settings. Government policies play a crucial role in driving the market growth by creating a favorable regulatory environment and providing financial support for solar energy projects. As per the India Brand Equity Foundation (IBEF) , in the Union Budget 2022-23, the allocation for the Solar Energy Corporation of India (SECI) stood at $132 million in 2022. Similarly, the government allocated $2.57 billion for a production linked incentive (PLI) scheme to boost manufacturing of high-efficiency solar modules. Thus, rise in government incentives and policies for the installation of solar energy further drives the growth of the crystalline silicon PV cells market.

However, the intermittent and dependence on weather patterns pose significant challenges to the widespread adoption and growth of the solar energy market. Solar power generation relies entirely on sunlight, which means that energy production fluctuates based on weather conditions such as cloud cover, storms, and the time of day. This inherent variability introduces uncertainty into the supply of solar energy, making it difficult to guarantee a consistent and reliable power output. Another factor hindering the growth of the market is the limited availability of energy storage solutions capable of storing surplus solar energy for use during periods of low or no sunlight. All these factors hinder the growth of crystalline silicon PV cells market.

Market Segmentation

The crystalline silicon PV cells market is segmented into type, application, and region. By type, the market is bifurcated into mono-crystalline and multi/poly-crystalline. By application, the market is divided into commercial, residential, and utility-scale. Region-wise the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Regional/Country Market Outlook

In the Asia-Pacific region, rapid urbanization, industrialization, and growing electricity demand have fueled the adoption of solar power across residential, commercial, and utility sectors. For instance, according to the International Energy Agency (IEA) , China continued to lead in terms of solar PV capacity additions, with 100 GW added in 2022, almost 60% more than in 2021. Similarly, India installed 18 GW of solar PV in 2022, almost 40% more than in 2021.

In addition, factors such as government support and policies, environmental concerns, technological advancements, growing energy demand, and rise in energy security have fueled the growth of the crystalline silicon PV cells market in the Asia-Pacific region.

• According to a report published by Princeton University in 2022, China is one of the leading players in the global production of crystalline silicon PV cells.

• According to an article published by pv magazine in April 2024, India’s crystalline silicon PV module production capacity reached 64.5 GW while the crystalline solar PV cell output reached 5.8 GW.

Key market players in the crystalline silicon PV cells market includes Suniva Inc., Targray, Sova Solar, Central Electronics Limited, Mose Solar, Sunlike Solar, Aoli Solar, LIGHTWAY, AIDU ENERGY, and Amso Solar.

Technological advancements in solar panel efficiency present a compelling opportunity for the solar energy market, driving innovation and growth in various sectors. For instance, in December 2023, researchers from LONGi Green Energy Technology Co. Ltd. set a new world record of manufacturing crystalline silicon PV cells with an efficiency of 33.9%. As researchers and manufacturers continue to refine photovoltaic (PV) cell designs and manufacturing processes, the efficiency of solar panels is steadily improving. Higher efficiency means that solar panels can convert more sunlight into electricity, increasing overall energy output and enhancing the economic viability of solar energy systems. These factors altogether may increase the sales of crystalline solar PV cells; thus, creating remunerative opportunities for the crystalline solar cell PV market.

Parent Market Overview:

According to a report published by the International Energy Agency in 2023, solar PV additions are expected to double by 2028 as compared to 2022 with global capacity to reach around 710GW. This factor may surge the installations of various types of solar PV cells across both developed and developing economies. In addition, countries such as the U.S., China, India, Japan, and others have put more emphasis on shifting their power dependency from conventional sources to renewable sources which in turn has surged installations of solar PV cells. Also, government initiatives such as production linked incentive (PLI) scheme, construction of both floating and non-floating solar parks, and other domestic schemes such as PM Surya Ghar Muft Bijli Yojana for installing rooftop solar panels are expected to further augment the growth of the crystalline silicon PV cells market. Moreover, the growing emphasis of sustainable sources of energy has led public sectors and corporates to shift their energy dependency towards solar PV cells up to some extent which in turn has led the solar PV cells market to witness a significant growth.

Industry Trends

• According to a report published by the U.S. Department of Energy in 2022, R&D was held for reducing the amount of raw material such as ultra-thin crystalline silicon absorber layers, developing kerf-free wafer production techniques, and optimizing growth processes. This strategic innovation is expected to reduce the investment of crystalline silicon PV cells manufacturers to a greater extent.

• In November 2023, LONGi Green Energy Technology Co. Ltd. set a new world record of manufacturing crystalline silicon PV cell with an efficiency of 33.9%. This event is anticipated to surge the potential application of this novel product across various end-use sectors.

• In December 2023, Researchers from Chinese company, LONGi Green Energy Technology Co. Ltd. have developed flexible silicon PV cell that can be folded as a sheet of paper. It contains brittle silicon wafers that are 150-200 μm thick. This product is specially designed to fit in curves of vehicles, buildings, and others.

• According to a report published by the U.S. Department of Energy, the crystalline silicon PV cell is the most common solar cell that accounts for around 80-85% of the world’s PV market sales.

• According to a report published by the U.S. Energy information and Administration in 2022, around 75% of the U.S. utility-scale PV capacity uses crystalline silicon PV cell module.

Key Sources Referred:

1. National Promotion and Facilitation Agency
2. National Institutes of Solar Energy
3. International Energy Agency
4. Global Energy Forum
5. National Renewable Energy Laboratory (NREL)
6. International Renewable Energy Agency (IRENA)
7. Ministry of New and Renewable Energy
8. Economic Times
9. Princeton University Press
10. Central Electronics Limited

Key Benefits For Stakeholders

• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the crystalline silicon PV cell market analysis from 2024 to 2033 to identify the prevailing crystalline silicon pv cell market opportunities.
• The market research is offered along with information related to key drivers, restraints, and opportunities.
• Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
• In-depth analysis of the crystalline silicon PV cell market segmentation assists to determine the prevailing market opportunities.
• Major countries in each region are mapped according to their revenue contribution to the global market.
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
• The report includes the analysis of the regional as well as global crystalline silicon PV cell market trends, key players, market segments, application areas, and market growth strategies.