Luminescent Solar Concentrator Market Estimated to Experience a Hike in Growth by 2031
The global luminescent solar concentrator market is expected to expand at a healthy rate from 2021 to 2031 (forecast period). The luminescent solar concentrator (LSC), which was first proposed over four decades ago as an alternative to silicon solar cells, has now developed into a flexible photovoltaic (PV) solution with genuine promise for easy integration into the urban architectural scene. Over the last several years, the field's application portfolio has significantly expanded, with LSCs currently being examined in a variety of sensing applications, such as smart windows, chemical reactors, and horticulture.
Luminescent Solar Concentrator Market - Competitive Landscape
Leading players in the luminescent solar concentrator market are Solixi, Absolicon, Supreme Solar, Ritter Energie, Greenetica, BDR Thermea, Solartron Energy Systems, Modulo Solar, Spectrolab, Sharp, Prime Laser Tech, Hewalex, and Ariston.
To increase their global reach, key market players are continuing to pursue marketing tactics such as partnerships, technological improvements, investments, acquisitions, and R&D activities.
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Luminescent Solar Concentrator Market - Trends and Opportunities
Luminescent solar concentrators are typically made up of transparent polymer sheets that have been treated with luminescent species. Incident sunlight is absorbed by luminescent species and released with high quantum efficiency, resulting in trapped light that flows to the sheet's borders and can be captured by solar cells.
Increasing conversion efficiencies while decreasing prices has long been a driving force in photovoltaic (PV) research and development. PV module prices are currently excessively costly, and wide adoption of PV technology requires financial assistance programs such as feed-in tariffs or investment subsidies. Nonetheless, the PV business has grown at a 40% annual pace during the last ten years. To achieve a reduced cost per installed capacity (€/W), multiple paths are being followed, all of which aim to make greater use of the entire solar spectrum and are considered Next or Third Generation PV.
Luminescent solar concentrators can offer a cheaper cost per Wp. Luminescent solar concentrators were created as an alternate strategy for lowering PV costs. Since a factor of 5-10 concentrates both direct and diffuse light, smaller silicon solar cells can be employed without the requirement for costly tracking. The price per Watt-peak is lower than the cost of a planar silicon solar cell since the price of the transparent plastic is anticipated to be less than that of the area cost of the solar cell. LSCs are also of particular importance for creating integrated PV applications. Such aspects are expected to drive the global luminescent solar concentrator market.
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Moreover, rapid urbanization, strong investments, lifestyle changes, and increasing consumer spending are projected to boost the global luminescent solar concentrator market. Furthermore, during the projection period, an increase in the number of R&D activities is expected to create revenue-generation opportunities in luminescent solar concentrator market.
The COVID-19 pandemic had a detrimental influence on the sales of luminescent solar concentrator market due to the severe lockdowns and social distancing implemented to control the virus's transmission. Economic instability, a partial corporate closure, and poor consumer confidence hindered demand for luminescent solar concentrator technology. During the outbreak, the supply chain was disrupted, as were logistics efforts. Nevertheless, due to the relaxation of regulations, the luminescent solar concentrator market is likely to pick up steam in the post-pandemic situation.
Luminescent Solar Concentrator Market - Regional Landscape
The luminescent solar concentrator market is expected to witness growth in Europe during the forecast period due to the increased number of research and development activities in the region.
The North America luminescent solar concentrator market is estimated to grow during the forecast period due to the presence of the majority of market competitors in the area.
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