According to UnivDatos, “Solar Photovoltaic (PV) Cell Market” report, the global Market was valued at USD 184.3 Million in 2022, growing at a CAGR of 21.8 during the forecast period from 2023 – 2030 to reach USD billion by 2030. It is mainly owing to the government programs and incentives to promote cleaner renewable energy in order to meet climate change policies globally.
The Solar Photovoltaic (PV) Cell Market in the Asia Pacific (APAC) region continues to dominate globally, registering the highest market share and expected to record a strong CAGR over the forecast period. This growth is primarily driven by large-scale Solar PV projects across China, India, Australia, and Japan, coupled with favorable government policies and rapid investments aimed at achieving long-term renewable energy targets.
Government Policies & Renewable Energy Investments Fueling APAC Market Growth
The APAC region is witnessing significant investment inflows and policy support for accelerating solar adoption. Several countries have introduced ambitious renewable energy programs and funding initiatives:
- Australia: The government allocated AUD 14 million through the Australian Renewable Energy Agency to support 5B’s AUD 33.4 million solar technology innovation project.
- Japan: The 2021 national budget included 8 billion yen to promote independent solar power systems, energy storage solutions, and electric vehicle-based storage under on-site PPA agreements.
- India: The Government of India announced an additional capital infusion of Rs. 10 billion for the Solar Energy Corporation of India (SECI) and Rs. 15 billion for the Indian Renewable Energy Development Agency (IREDA).
These initiatives are significantly accelerating solar PV deployment across the region.
Technological Advancements & New Product Launches Strengthen Market Expansion
Key market players are introducing advanced solar cell technologies and innovative panel designs to increase efficiency and reduce overall production costs. Global governments—such as the U.S. Department of Energy (DOE)—are also supporting innovation. The DOE recently announced USD 45 million in research funding to advance solar hardware and grid integration technologies.
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Rising Focus on Net Zero Targets Boosts Global Solar PV Adoption
Growing awareness of climate change, the push for net zero emissions, and increasing consumer preference for cleaner, environmentally friendly energy sources are driving rapid expansion of the global Solar Photovoltaic (PV) Cell market. These factors, combined with declining panel costs and technological improvements, are expected to fuel strong demand during the forecast period.
Market Segmentation Analysis
Rooftop Solar PV Dominates Market Share
The rooftop segment currently holds the largest market share and is projected to grow significantly. Rooftop PV systems—commonly installed on residential, commercial, and industrial buildings—typically range from 5 kW to 1 MW, while large industrial rooftops can support systems up to 10 MW.
Ground-Mounted Systems Gaining Momentum
Ground-mounted PV systems continue to benefit from large-scale solar farm development and strong policy support. Initiatives such as the U.S. Rural Clean Energy Initiative and Australia’s AUD 37 million investment in new high-tech solar farms are driving this segment’s growth.
Rooftop installations are growing due to increasing consumer demand and subsidy-driven incentives.
The above 750 kWp segment is propelled by government-backed utility-scale solar projects and large industrial installations.
Mono-Crystalline Silicon Leads the Market
Mono-crystalline silicon technology captured the majority share and is expected to continue its strong growth. Its higher efficiency and longer lifespan have accelerated adoption, with monocrystalline PV accounting for nearly all crystalline PV production since 2021.
Utility-Scale Solar PV Dominates Global Installations
The utility-scale segment remains the largest and most competitive globally. Although suitable land availability is becoming a challenge in some regions, utility-scale solar continues to offer the lowest cost of PV generation. Additionally, private-sector investment in distributed solar—especially rooftop installations—accounts for nearly 30% of total installed PV capacity, fueled by corporate PPAs and sustainability mandates.
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