Global Ultra-Thin Solar Cells Market Set to Exhibit Massive Growth during 2020-2030

One of the major factors causing rise in the demand for ultra-thin solar cells is the rapidly declining manufacturing costs of these devices across the world. The final price of solar electricity is mainly determined by the cost of the photovoltaic (PV) cells.

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Although the levelized cost of energy (LCoE) of PV panels is much lesser than the other renewable energy sources, their cost is considerably higher than the fossil fuels. According to the International Energy Agency (IEA), the LCoE will be $40per MWh for PVs and $57.3 per MWh for coal by 2040.

The other important factor responsible for the growing demand for ultra-thin solar cells is the soaring need for sustainable energy throughout the world. Since the last few years, there has been a surge in the pollution levels across the world, on account of the large-scale usage of fossil fuels for power generation, and this has massively pushed the demand for renewable energy sources.

Due to these factors, the global ultra-thin solar cells market generated revenue of $30.0 million in 2019 and is predicted to progress at a CAGR of 56.9% during the forecast period (2020-2030).

The ultra-thin solar cells are widely used in automotive, aerospace, and building-mounted applications.

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Amongst these, the building-mounted applications recorded higher utilization of ultra-thin solar cells in 2019. This is mainly ascribed to the wide-scale installation of these energy generating devices on residential and commercial buildings and units.

In addition to this, these solar cells, on account of their low weights, are ideal for roof installation as the roofs, generally, do not have high load bearing capacities.

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This release was published on openPR.