MARKET SIZE OF HIGHLY EFFICIENT CELL MATERIALS (2024 - 2030)

The market for Highly Efficient Cell Materials attained a value of USD 88.97 Billion and is anticipated to achieve USD 157.49 Billion by the conclusion of 2030. Throughout the projection period spanning from 2024 to 2030, the market is forecasted to exhibit a Compound Annual Growth Rate (CAGR) of 8.5%.

INDUSTRY OVERVIEW:

Highly Efficient Cell Materials, predominantly semiconductor-based, are instrumental in the direct conversion of solar energy into electricity. Photovoltaic technology has witnessed significant advancements in recent years, emerging as a sustainable alternative to fossil fuel-based power generation. The escalating global concerns regarding environmental issues such as climate change and the resultant impetus towards renewable energy sources like solar and wind power have further propelled the development of photovoltaic technology. Moreover, with solar energy offering a sustainable and practically limitless energy source coupled with ongoing technological innovations, it is poised to cater to the burgeoning energy demands worldwide. The confluence of technological progress and favorable pricing dynamics of raw materials has bolstered the solar industry, consequently driving the demand for Highly Efficient Cell Materials. Notably, the expansion of solar photovoltaic (PV) capacity installations, with approximately 98 GW globally, nearly doubling that of its renewable energy counterpart, wind power, stands as a pivotal demand-side factor fostering the growth of the Highly Efficient Cell Materials sector. The projected surge in solar PV capacity additions augurs well for the expansion of the Highly Efficient Cell Materials market. Furthermore, governmental initiatives and policy frameworks aimed at augmenting the share of renewable energy in the global energy mix are poised to further propel market growth.

COVID-19 IMPACT:

The advent of the COVID-19 pandemic has exerted substantial pressure on various sectors, including renewable energy. Leveraging time series data, particularly from China, this study delves into the responses of renewable energy production activities amidst the pandemic. Employing the robust ARDL bounds testing method for parameter estimations, the study underscores a significant downturn in both short-term and long-term renewable energy generation in China attributable to the COVID-19 crisis. Moreover, the study suggests a positive correlation between GDP, commerce, and the resurgence of renewable energy production post the COVID-19 era.

MARKET DRIVERS:

Escalating demand for sustainable energy fuels the expansion of the Highly Efficient Cell Materials Market.

The market for Highly Efficient Cell Materials has witnessed substantial growth owing to the surging global demand propelled by the escalating installations of solar photovoltaic systems. Concurrently, governmental initiatives aimed at bolstering the share of renewable energy, coupled with the upsurge in solar cell module production, are pivotal in fostering market growth throughout the forecast period. The increasing awareness regarding clean energy and environmental sustainability further accentuates the market prospects for Highly Efficient Cell Materials. Notably, the declining costs of solar materials contribute significantly to market expansion, alongside the growing recognition of environmental degradation stemming from fossil fuel usage and its impending scarcity.

MARKET RESTRAINTS:

Limited capital investments impede the growth of the Highly Efficient Cell Materials Market.

While the market for Highly Efficient Cell Materials exhibits promising growth prospects, challenges persist due to high initial capital investments attributed to technological complexities. Moreover, the high installation costs of solar systems and associated setup expenditures pose significant hurdles to the growth trajectory of the Highly Efficient Cell Materials market during the forecast period. Nonetheless, favorable governmental policies across various regions are anticipated to alleviate these constraints and foster market growth. Furthermore, a slew of growth opportunities is envisaged, propelled by governmental initiatives promoting renewable energy, rapid technological advancements, and the inherent sustainability and boundless potential of solar energy.

Highly Efficient Cell Materials Market Segmentation – By Type

• Thin films
• Crystalline materials
• Others

The global market for Highly Efficient Cell Materials has been categorized into three types based on type: thin films, crystalline materials, and others. The remarkable decrease in the cost of solar energy has significantly contributed to the surge in solar power generation. Various nations have been investing in the development and adoption of clean energy technologies owing to the affordability of solar energy.

Highly Efficient Cell Materials Market Segmentation – By Material

• Silicon-based
• Non-Silicon based

The global Highly Efficient Cell Materials market has been segmented into silicon-based and non-silicon-based classifications based on material. Within silicon-based Highly Efficient Cell Materials (c-Si), further classifications include amorphous silicon (a-Si) and crystalline silicon. Non-silicon-based Highly Efficient Cell Materials encompass Cadmium telluride (CdTe), copper indium gallium diselenide (CIGS), gallium arsenide (GaAs), and other variants.

Highly Efficient Cell Materials Market Segmentation – By End Use

• Residential
• Commercial
• Utility

The global Highly Efficient Cell Materials market has been stratified into three segments according to end use: residential, commercial, and utility. Government initiatives aimed at increasing the share of renewable energy sources in the energy mix and efforts to mitigate carbon emissions have been instrumental in driving growth in this sector. North America is anticipated to emerge as the third-largest market for solar products.

Highly Efficient Cell Materials Market Segmentation – By Region

• North America
• Europe
• Asia-Pacific
• South America
• Middle East and Africa

China, along with the broader Asia-Pacific region, has dominated the global market. China, in particular, has emerged as a leader in the solar PV market, having added 53.8 GW of new solar capacity. The regions with the fastest anticipated growth rates for Highly Efficient Cell Materials include India, China, and Thailand. In Europe, the market for Highly Efficient Cell Materials is projected to expand at a moderate pace, with Italy, France, and Germany following closely. The Middle East and Africa are expected to witness significant growth in this market due to favorable solar conditions and affordable solar tariffs. Saudi Arabia, Egypt, and Turkey are anticipated to be the primary markets with double-digit compound annual growth rates. Latin America is also poised to become a burgeoning market for Highly Efficient Cell Materials, with Mexico and Brazil driving growth, propelled by the rapid expansion of solar PV capacity.

Highly Efficient Cell Materials Market Segmentation – By Company

Competition in solar engineering is currently focused on developing flexible and extremely thin solar panels. Engineers at Stanford University have made significant strides in this area, envisioning applications ranging from self-powered wearable technology to Highly Efficient Cell Materials boasting high efficiency records. Transition metal dichalcogenides stand out among other solar materials due to their exceptional ability to absorb significant amounts of sunlight.

Notable Developments in the Highly Efficient Cell Materials Market:

• December 2021 - Meyer Burger Technology AG announced plans to construct its latest facility in Arizona, projected to have a 1.5 GW capacity and manufacture high-performance solar modules for the US market. The manufacturing facility, situated in Goodyear, is expected to have an initial annual production capacity exceeding 400 MW, producing solar photovoltaic (PV) modules for various applications including utility-scale, industrial, commercial, and residential uses. It is anticipated that the plant will be fully operational by the end of 2022.
• December 2021: Researchers at Stanford University have introduced new solar materials poised to revolutionize the industry by enabling the creation of extremely thin and lightweight solar panels. The envisioned applications for these materials include self-powered sensors, wearable technology, lightweight electric vehicles, and aircraft.