Why will Ultra-Thin Solar Cells Market Boom in Asia-Pacific (APAC) in Coming Years?

The falling prices of photovoltaic (PV) panel parts and components and the increasing adoption of renewable energy sources, on account of the rising emissions caused due to the usage of fossil fuels for power generation, are the major factors propelling the progress of the global ultra-thin solar cells market. As a result, the market reached a valuation of $30.0 million in 2019 and is predicted to advance at a CAGR of 56.9% from 2020 to 2030, as per the estimates of the market research company, P&S Intelligence.

 

A key factor fueling the advancement of the market is the declining manufacturing costs of these devices across the globe. The purchase cost of a photovoltaic cell is an important factor that determines the final cost of solar electricity. Although the LCoE (levelized cost of energy) of the PV panels is much lesser than the other renewable energy sources, it is still significantly higher than that of fossil fuels. According to the International Energy Agency (IEA), the LCoE for PVs will be $66 per megawatt-hour (MWh) in 2020.

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Based on technology, the market is classified into CdTe (cadmium telluride), CIGS (copper indium gallium diselenide), and GaAs (gallium arsenide) categories. Amongst these, the CdTe division is expected to dominate the market in the future. This is ascribed to the fact that the CdTe technology is currently the only technology that can rival the c-Si (crystalline silicone) photovoltaic cells, in terms of price and power production efficiency. Moreover, the other ultra-thin solar cell technologies have still not cleared the testing stage and are thus, not being used extensively for power production.

Across the globe, the Asia-Pacific (APAC) ultra-thin solar cells market is predicted to exhibit the fastest growth in the upcoming years. This is credited to the increasing R&D activities being conducted by the solar cells producing companies in the various APAC nations. These research projects are mainly being conducted for increasing the power production capacities of the photovoltaic cells and reducing their purchase costs and have subsequently caused the development of ultra-thin solar cells. These cells are being increasingly used for powering electric vehicles and in various other automotive applications.