The global ultra-thin solar cells market
generated a revenue of $30.0 million in 2019 and is predicted to grow
at a 56.9% CAGR during the forecast period (2020–2030). The increasing
requirement for renewable energy and decreasing prices of photovoltaic
(PV) panel components are expected to drive the ultra-thin solar cells
market in the coming years. In terms of technology, the market is
divided into gallium arsenide (GaAs), cadmium telluride (CdTe), and
copper indium gallium diselenide (CIGS), among which, the demand for
CdTe was the highest, in 2019.
This is owing to the fact
that on-grid cells provide various advantages over off-grid cells.
Moreover, the grid connectivity around the world, except for some
underdeveloped and developing countries is still good. The electricity
grid acts as a battery in on-grid systems, and helps situations where
consumer needs external power. Based on application, the ultra-thin
solar cells market is categorized into aerospace, building-mounted, and
automotive. The market was dominated by the building-mounted application
in 2019, attributed to the fact that these devices are extensively
installed on residential and commercial units.
When geography is taken into consideration, the Asia-Pacific (APAC) region held the largest share of the ultra-thin solar cells market
in 2019. This can be ascribed to the fact that PV panel manufacturers
in the region are increasingly engaging in research & development
(R&D) activities for enhancing the efficiency and reducing cost of
these devices, while still being able to make a profit. The developed
ultra-thin solar cells are already being utilized by various automakers
in APAC for manufacturing solar-powered electric vehicles, which is
further driving the market.
The increasing
number of R&D activities across the globe is a key driving factor
of the ultra-thin solar cells market. The devices can produce about 75%
electricity as compared to the traditional PV cells of equal surface
area. In addition to this, the technology has exhibited 30% energy
efficiency during trials but is only 15% efficient when commercial scale
is considered. Therefore, in order to overcome these limitations and to
reduce the cost of ultra-thin solar cells, manufacturers are
increasingly engaging in R&D activities.
Get the detailed overview of the market at: https://www.psmarketresearch.com/market-analysis/ultra-thin-solar-cells-market/report-sample
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end-users, such as spacecraft, automotive, and aerospace, and
low-load-bearing building are expected to open up wide opportunities for
the players operating in the ultra-thin solar cells market. As compared
to the traditional silicone-based PV cells, ultra-thin solar cells are
being considered a better option, owing to their cost-effective and
environment-friendly nature. In addition to this, these devices are able
to generate a high power output, considering their weight, owing to
which, they are ideal for automobile batteries and other auxiliary
energy storage devices and wearable sensors.
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