In the fiscal year of 2023, Canadian Solar, a manufacturer of solar PV modules and solar power systems, recorded a net revenue of around 1.5 billion U.S. dollars in the United States. This was the second-highest net revenue of all regions.

The global crystalline solar cell market is projected to reach a value of USD 1,150.81 million by 2033, expanding at a CAGR of 5.48% over the forecast period (2023-2033). Crystalline solar cells are semiconductor devices that convert light energy into electrical energy through the photovoltaic effect. They are made of crystalline silicon, which is a highly efficient material for converting sunlight into electricity. Crystalline solar cells are used in a wide variety of applications, including residential, commercial, utility-scale, and agricultural. The growth of the crystalline solar cell market is driven by several factors, including the increasing demand for renewable energy, the falling cost of solar panels, and the growing adoption of solar energy in developing countries. However, the market is also facing some challenges, such as the intermittent nature of solar energy and the competition from other renewable energy sources. The major players in the crystalline solar cell market include JinkoSolar, REC Group, Trina Solar, JA Solar, Yingli Green Energy, GCL-Poly Energy, ET Solar, First Solar, Canadian Solar, Risen Energy, SunPower, Qingdao Risen Energy, Suntech Power, LONGi Green Energy, and Hanwha Q CELLS. The crystalline solar cell market is experiencing significant growth, driven by rising demand for renewable energy sources and government initiatives to promote clean energy. This report provides a comprehensive overview of the market, including market size, segmentation, key trends, and forecasts. Recent developments include: , Recent news developments in the Crystalline Solar Cell Market have showcased a significant shift towards advancements in technology and sustainability. Companies such as JinkoSolar and Trina Solar have made strides in improving efficiency rates for their solar cells, aligning with global efforts to reduce carbon footprints. Meanwhile, JA Solar and Canadian Solar have announced expansions in manufacturing capabilities to meet the growing demand for solar energy solutions amid rising energy prices. The merger landscape has also seen activity; for instance, Hanwha Q CELLS has made strategic acquisitions to bolster its manufacturing prowess and market share, indicative of the ongoing consolidation trend in the industry. The market valuation has experienced notable growth, with companies like LONGi Green Energy and Yingli Green Energy reporting substantial increases in revenue due to heightened investments in renewable energy projects. These developments reflect a broader commitment within the sector to not just enhance production capabilities but also innovate environmentally friendly technologies, thereby influencing market dynamics positively across the industry., Crystalline Solar Cell Market Segmentation Insights. Key drivers for this market are: Increasing renewable energy investments, Technological advancements in efficiency; Rising demand for clean energy; Expansion in emerging markets; Government incentives for solar adoption. Potential restraints include: increasing renewable energy adoption, government incentives and subsidies; technological advancements in efficiency; declining production costs; rising environmental awareness.

The global solar rooftop sales market is projected to reach a value of $3.20 billion by 2033, exhibiting a CAGR of 20.60% during the forecast period (2025-2033). Key drivers of market growth include increasing government initiatives to promote renewable energy, declining costs of solar photovoltaic (PV) systems, and rising consumer awareness of environmental sustainability. The trend towards distributed generation of electricity and the increasing adoption of smart grid technologies are also contributing to market growth. The market is segmented based on capacity, connectivity, end user, and region. By capacity, the market is categorized into less than 100 kW and greater than 100 kW. By connectivity, the market is divided into on-grid and off-grid systems. By end user, the market is classified into residential, commercial, and industrial. In terms of region, the market is segmented into North America, South America, Europe, Middle East & Africa, and Asia Pacific. Key companies operating in the market include SMA Solar Technology AG, Trina Solar, Yingli Green Energy Holding Company Limited, Canadian Solar Inc., Jinko Solar, SolarWorld AG, SunPower Corporation, Shunfeng International Clean Energy Limited, Tata Power Solar Systems Limited, Delta Energy Systems, JA Solar Holdings Co., Ltd., and ABB Ltd. Recent developments include: In April 2024, Apple announced plans to team up with CleanMax, a company that develops renewable energy sources. The two companies are joining hands in order to finance six rooftop solar projects across India that will power its operations in the country. When operational, the solar project will produce an additional 14.4 MW of electricity. thereby providing a local solution for powering the company’s offices and two retail stores found Mumbai and New Delhi. , GAIL (India) had a call for tender notice for rooftop solar PV systems starting in March 2024. In this regard, it is estimated that the whole thing from designing to supplying, installing, testing and commissioning of the grid-tied rooftop solar PV system will be done. Moreover, within the project proposal was a detailed five-year Annual Maintenance Contract (AMC), which could assist in transmitting electricity generated from this scheme to the Krishna Godavari Basin area. , In 2024, Grid Connected Solar Rooftop Scheme launched by Indian government to encourage state and central government agencies to install solar rooftops. By March 2026 India aims at adding about 40 GW of cumulative installed capacity through GRTPV projects. , As per Ministry of New & Renewable Energy (MNRE), India became fifth largest global player in terms of installed capacity when it comes to PV segment. , September 2023 saw the launch of National Portal that simplified process of consumers going online to get their RTS installed.The residential customers anywhere across the nation have permission for them to request for installation of household roof top solar panels to be subsidized in their bank accounts. , In August 2023, Maharashtra Electricity Regulatory Commission dials up net metering cap for solar rooftop projects. For most states, net-metering applicability stood around 500 kW for rooftop solar plants as directed by MNRE. Proposed amendments approval might increase large consumers adoption of the rooftop projects that may help develop the solar rooftop market in India., Ministry of New and Renewable Energy launched the Rooftop Solar Programme Phase-II scheme in March 2019 to meet the targets set under it. Accordingly, the ministry is likely to offer Central Financial Assistance (CFA) to consumers for installing RTS in individual households or Resident Welfare Associations/ Group Housing societies. , The year 2019 saw Khimji Ramdas (KR) announce a major alliance with Nafath RE, one of the leading SMEs within the renewable energy sector. This partnership involves designing, developing, supplying and commissioning Solar Energy systems across Oman KR. This is part of Oman’s goal of achieving 30% power generation from renewables by 2032. The signing ceremony was held to mark the installation of Oman’s first significant one MW rooftop solar PV plant.. Key drivers for this market are: . Growing Demand for Solar Panels Installation, . Government Initiatives and Policies to Promote Solar Energy; . Rising Concern for Reduction of Carbon Emission. Potential restraints include: . Low Power Generation Capacity. Notable trends are: Government Incentives and Policies is driving the market growth.

The leading countries for installed renewable energy in 2023 were China, the United States, and Brazil. China was the leader in renewable energy installations, with a capacity of around 1,453 gigawatts. The U.S., in second place, had a capacity of around 388 gigawatts. Renewable energy is an important step in addressing climate change and mitigating the consequences of this phenomenon. Renewable energy capacity and productionRenewable power capacity is defined as the maximum generating capacity of installations that use renewable sources to generate electricity. The share of renewable energy over the world’s power production has increased in recent years, surpassing 30 percent in 2023. Renewable energy consumption varies from country to country. The leading countries for renewable energy consumption are China, the United States, and Brazil.Renewable energy sourcesThere are various sources of renewable energy used globally, including bioenergy, solar energy, hydropower, and wind energy, to name a few. Globally, China and Canada are the top two countries in terms of generating the most energy through hydropower. Regarding solar power, China, the United States, and Japan boast the highest installed capacities worldwide.

The global PV combiner box market is poised to register a 5.1% CAGR, capturing a revenue share of US$ 120 million in 2022, to reach US$ 205 million by 2032.

Report Scope