Targets for Photovoltaic Cells Market size is estimated to be USD 150 Billion in 2024 and is expected to reach USD 300 Billion by 2033 at a CAGR of 8.5% from 2026 to 2033.
The global Targets for Photovoltaic Cells market was valued at USD 528.4 million in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 6.8% from 2022 to 2030. This growth is primarily driven by the increasing adoption of solar technologies across utility, residential, and industrial applications. Growing demand for clean energy sources, government incentives, and declining costs of photovoltaic (PV) technology are also contributing factors. The surge in thin film solar cells, requiring high purity target materials, is significantly boosting demand for sputtering targets used in PV cells. Additionally, advancements in manufacturing techniques and materials such as molybdenum and indium are enabling enhanced energy efficiency and cell performance, further pushing the market forward. The market size is projected to reach approximately USD 895.2 million by 2030.
Regionally, Asia Pacific dominated the market in 2022, accounting for over 45% of the global revenue share due to the high concentration of solar manufacturing facilities and significant investments in solar infrastructure across countries like China, Japan, and India. North America held the second largest share, driven by strong government incentives, increasing rooftop solar installations, and growing utility scale solar deployments. Europe also witnessed robust growth, particularly in Germany, France, and Spain, owing to aggressive renewable energy targets and carbon neutrality policies. Emerging opportunities lie in Latin America and the Middle East & Africa, where rising electrification initiatives, favorable climate conditions, and falling PV system costs are opening up new avenues for solar deployment. These regions are expected to witness accelerated CAGR figures, with Latin America projected to grow at over 8.1% CAGR through the forecast period.
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Honeywell
Sumitomo Chemical
Tosoh
Praxair
Able Target
JinkoSolar
Canadian Solar
Konfoong Materials
EIT InnoEnergy
Grinm Advanced Materials
SunPower Corp
JX Nippon Mining & Metals
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By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the Global Targets for Photovoltaic Cells Market
Residential
Commercial
Industrial
Utility
Monocrystalline
Polycrystalline
Thin Film
Photovoltaic Solar Cells
Concentrated Photovoltaic Cells
Organic Photovoltaic Cells
Residential Buildings
Commercial Buildings
Industrial Buildings
Power Plants
Low Efficiency (Below 15%)
Medium Efficiency (15% - 20%)
High Efficiency (Above 20%)
US (United States, US and Mexico)
Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia, etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
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1. Introduction of the Global Targets for Photovoltaic Cells Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. Global Targets for Photovoltaic Cells Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. Global Targets for Photovoltaic Cells Market, By Type
6. Global Targets for Photovoltaic Cells Market, By Application
7. Global Targets for Photovoltaic Cells Market, By Geography
US
Europe
Asia Pacific
Rest of the World
8. Global Targets for Photovoltaic Cells Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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