Solar Cells Market Size, Share, Growth Analysis, By Type(Crystalline (Multi-Si, Mono-Si), Thin film (CdTe, a-Si), By Installation Type(Residential, Commercial, and Utility-Scale), By Region - Industry Forecast 2024-2031

Solar Cells Market Driver

• Globally, an energy shift is urgently required to keep the average global surface temperature increase to within 2° Celsius. As a result, there will be a tremendous growth in the installation of renewable energy sources over the next few years, which will cause the market to grow. Since that energy-related carbon dioxide emissions make about two-thirds of total greenhouse gas emissions, the switch from fossil fuels to low-carbon alternatives will be crucial. The market size has benefited from new energy targets set by various governments to promote a switch to sustainable energy. For instance, by the end of 2023, Brazil wants to derive 42.5% of its main energy from renewable sources.
• According to the Carbon Brief research, the U.K. government intends for almost half of its electricity to come from renewable sources by 2025. By 2030, Germany will have achieved its goal of obtaining 65% of its energy from renewable sources. By 2030, China wants to use 16% renewable energy. Given the country's growth and investment, it is anticipated that renewable energy will hold a 26% share and surpass the goals established.

Solar Cells Market Restraint

• High initial costs: Solar cells can be expensive to manufacture and install, which may limit their adoption in certain markets or by certain consumers.

• Limited efficiency: While solar cell technology has improved in recent years, the efficiency of solar cells is still limited compared to other energy sources, which may impact their competitiveness in some markets.

• Variability of solar power: The output of solar cells can vary depending on weather conditions, time of day, and other factors, which can make it difficult to rely on solar power as a primary energy source.