Ultra-Thin Solar Cells Market Segments Analysis, Future Opportunity, Current Challenges and Industry Forecast to 2030

With the escalating pollution levels and depletion of fossil fuels, the demand for solar energy and other types of clean energy is rising sharply. Moreover, the falling manufacturing costs of ultra-thin solar cells are further boosting their sales across the globe. The price of a photovoltaic (PV) cell is a crucial factor which determines the overall cost of solar electricity. Although the levelized cost of energy (LCoE) of PV panels is less than that of other renewable energy sources, it is still significantly higher than that of fossil fuels.

As per the International Energy Agency (IEA), the LCoE for coal will be $55.7 per Megawatt-hour (MWh) and around $66 per MWh for PV cells by 2020. The organization estimates that the LCoE for coal and PV cells will be equal by 2024 and $57.3 per MWh and $40.0 per MWh, respectively, by 2040. The decline in the prices of PV cells will be majorly driven by the increasing research and development (R&D) activities that are being conducted in these cells for improving their efficiency and reducing their cost.

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Due to the aforementioned factors, the value of the ultra-thin solar cells market surged to $30.0 million in 2019 and the market will exhibit a CAGR of 56.9% from 2020 to 2030 (forecast period), as per the estimates of the market research organization, P&S Intelligence. In terms of the technology used for their development, ultra-thin solar cells are classified into cadmium telluride (CdTe), copper indium gallium diselenide (CIGS), and gallium arsenide (GaAs). Amongst these, the demand for CdTe-based solar cells was found to be the highest in 2019, as this was the only technology that can produce power output similar to that of crystalline silicon (c-Si)-based solar cells.

Moreover, the other technologies are still in the initial development stage and thus, find applications in test projects and laboratories. Geographically, the demand for ultra-thin solar cells will boom in the Asia-Pacific (APAC) region in the coming years. This will be because of the surging number of R&D projects that are being launched by various ultra-thin solar cell manufacturing companies in the region. These projects, which are primarily aimed at enhancing the power production capacity of these photovoltaic (PV) cells and reducing their purchasing cost, have resulted in the development of ultra-thin solar cells, which are being increasingly used in the automotive industry in the region.

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Hence, it can be safely said that the sales of ultra-thin solar cells will shoot up in the forthcoming years, mainly because of their falling manufacturing costs and the rising popularity of solar energy across the world.

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About P&S Intelligence

P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.

This release was published on openPR.