Solar Cell Market Size, Share, Growth, Trends, and Global Industry Analysis: By type (Monocrystalline Silicon Cells, Polycrystalline Silicon Cells, Thin-Film Solar Cells, Others), By Installation (Rooftop Solar, Utility-Scale Solar Farms, Building-Integrated Photovoltaics, Others), and Region Forecast 2020-2031

Solar Cell Market size was valued at US$ 132.9 billion in 2024 and is expected to reach US$ 326.5 billion by 2031, growing at a significant CAGR of 13.7% from 2025-2031. The market refers to the industry focused on the development, production, and commercialization of solar cells the core components responsible for converting sunlight directly into electricity through the photovoltaic effect. These cells, typically made from silicon or emerging materials such as perovskites and thin films, are used to manufacture solar panels and modules for a wide range of applications. The market covers various types of solar cells, including monocrystalline, polycrystalline, and thin-film technologies, serving residential, commercial, industrial, and utility-scale projects worldwide. Solar cells play a critical role in advancing global renewable energy goals, enabling decentralized power generation and reducing dependence on fossil fuels.

The market has witnessed remarkable growth over recent years, driven by rising energy demands, technological advancements, and increasing emphasis on sustainability. Declining manufacturing costs, coupled with improvements in cell efficiency and durability, have made solar energy more accessible and economically viable across diverse sectors. Governments worldwide are introducing supportive policies, incentives, and large-scale solar initiatives to accelerate adoption and meet climate targets. Innovations such as bifacial cells, passivated emitter rear contact (PERC) technology, and next-generation materials like perovskites are further reshaping the market landscape. As solar energy becomes a mainstream power source, the market is poised to remain at the heart of the global clean energy transition, attracting significant investments and driving continuous technological progress.

Facts & Figures

• In fact, over global installed solar PV capacity surpassed 1,200 GW in 2023, making solar cells the backbone of the world's fastest-growing renewable energy source.
• Monocrystalline silicon cells now achieve commercial efficiencies of over 24%, significantly higher than their average of about 15% a decade ago.
• Over 90% of all solar panels produced worldwide use crystalline silicon cells, demonstrating the dominant role of this technology in the market.
• China alone accounted for more than 50% of global solar cell production in 2023, reflecting its strong manufacturing dominance and scale.
• More than 35 million residential rooftops globally are equipped with solar panels, largely powered by high-efficiency solar cells.
• Bifacial solar cells can increase energy generation by 5–20% compared to traditional monofacial cells, owing to their ability to capture light from both sides.

Key Developments:

• In April 2025, Intersolar Europe highlighted the rapid progress of perovskite-silicon tandem solar cells, which promise much higher efficiencies than current n-type cells. By combining silicon and perovskite layers, these cells capture a broader light spectrum, greatly boosting energy conversion. Efficiency levels are projected to reach up to 45%, with Longi already achieving a lab record of 33.9%. This breakthrough is set to revolutionize solar technology and accelerate global adoption of advanced solar solutions.
• In March 2025, Waaree Energies Ltd announced the launch of its new solar cell manufacturing facility with a capacity of 5.4 gigawatts (GW) at Chikhli in Gujarat. The inauguration was attended by Union New and Renewable Energy Minister Pralhad Joshi, Gujarat Chief Minister Bhupendra Patel, and other senior officials. Described as "Bharat's largest solar cell manufacturing Gigafactory," the facility spans 150 acres, with a built-up area covering 101 acres. This major expansion highlights India’s commitment to boosting domestic solar manufacturing and accelerating its clean energy transition.
• In June 2024, LONGi Green Energy Technology Co., Ltd. (LONGi) officially announced a new world record efficiency of 30.1% for its commercial M6 size wafer-level silicon-perovskite tandem solar cell. The announcement was made on June 19, 2024, at the 2024 Intersolar Europe event in Munich, Germany. This breakthrough highlights LONGi’s leadership in advancing solar cell technology and marks a significant milestone in the pursuit of higher-efficiency, next-generation solar solutions.

Solar Cell Market Segmentation:

Based on the type:

• Monocrystalline Silicon Cells
• Polycrystalline Silicon Cells
• Thin-Film Solar Cells
• Others

Based on type, monocrystalline silicon cells are anticipated to lead the market. This dominance is primarily driven by their higher efficiency rates and superior space utilization compared to other cell types. Monocrystalline cells typically achieve efficiencies above 20%, making them ideal for residential rooftops and high-performance commercial applications where space is limited. Their sleek, uniform appearance also makes them more aesthetically appealing, a key factor for many consumers.

Additionally, continuous advancements in production techniques, such as the development of passivated emitter rear contact (PERC) technology and bifacial designs, further enhance their performance and reliability. As global demand rises for high-efficiency and durable solar solutions, monocrystalline silicon cells are expected to maintain their leadership position in the market.

Based on the installation:

• Rooftop Solar
• Utility-Scale Solar Farms
• Building-Integrated Photovoltaics
• Others

Based on installation, utility-scale solar farms are anticipated to dominate the market. This leadership is driven by their ability to deliver large-scale, cost-effective renewable energy solutions to meet rising global electricity demands. Utility-scale projects benefit from significant economies of scale, making the cost per watt lower compared to smaller installations.

Additionally, many countries are prioritizing utility-scale solar farms to achieve national renewable energy targets and reduce dependence on fossil fuels, supported by government incentives, subsidies, and long-term power purchase agreements (PPAs). The integration of advanced solar cell technologies, such as high-efficiency monocrystalline and bifacial modules, further boosts energy output and economic viability. As a result, utility-scale solar farms continue to attract substantial investments worldwide, solidifying their position as the leading segment in the market.