Sales of Ultra-Thin Solar Cells Predicted to Skyrocket in Asia-Pacific in Coming Years

The increasing pollution and environmental damage caused because of the large-scale usage of fossil fuels for power generation is making renewable energy extremely popular all over the world. In many industries and residential applications, the renewable energy sources are rapidly replacing the conventionally used power producing sources. Out of the different types of renewable energy, solar energy is the one most widely adopted in different sectors, due to its abundant availability and affordable energy systems and devices such as ultra-thin solar cells.

The declining prices of manufacturing of these solar cells are pushing up the adoption of solar electricity across the world. This is because the total cost of solar electricity is mainly determined by the purchase costs of the photovoltaic (PV) cells. Although the LCoE (levelized cost of energy) of the PV panels is much lesser than the other renewable energy sources, it is still significantly higher in comparison to the fossil fuels. However, that is expected to change in the coming years.

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According to the International Energy Agency (IEA), "the LCoE will be $55.7 per Megawatt-hour (MWh) for coal and $66 per MWh for PVs by 2020, equal by 2024, and $57.3 per MWh for coal and $40.0 per MWh for PVs by 2040". The reduction in the costs of these devices would be caused by the increasing research and development (R&D) activities being conducted in solar cells. These extensive R&D projects would also improve the efficiency of the ultra-thin solar cells, which would consequently increase the final solar power output.

The other important factor responsible for the growing adoption of solar energy is the rising end-user preference for sustainable energy in various applications. Due to these factors, the global ultra-thin solar cells market attained a revenue of $30.0 million in 2019 and is predicted to progress at a CAGR of 56.9% from 2020 to 2030. On-grid and off-grid are the two types of grid systems used for operating ultra-thin solar cells. Between the two, the usage of the on-grid systems is predicted to be higher than the off-grid ones in the future years.

This is because of the numerous advantages of the on-grid systems over the off-grid ones and widespread availability of grid connectivity in many countries around the world. Furthermore, while the off-grid systems can only generate power when sunlight is available, the on-grid ones are functional at all times. This is because the on-grid systems use the grid as a battery, which makes it possible for them to provide power to residential and commercial customers even during the hours when sunlight is not available.

When application is taken into consideration, the ultra-thin solar cells market is classified into aerospace, automotive, and building-mounted. Out of these, the building-mounted category registered the highest growth in the market in the past. This is credited to the fact that the solar power producing systems are extensively installed in various residential and commercial units. Furthermore, the low weights of these solar cells make them suitable for use in rooftops, that cannot bear heavy loads.

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Across the globe, the Asia-Pacific (APAC) ultra-thin solar cells market will exhibit the highest expansion during the coming years, as per the estimates of P&S Intelligence, a market research firm based in India. This is ascribed to the ballooning R&D activities being performed by the various solar cells developing companies in the APAC region. These large-scale R&D projects have resulted in the development of ultra-thin solar cells, that possess high electricity producing capacities and are available at affordable prices throughout the region.

Therefore, the sales of ultra-thin solar cells will shoot-up across the world in the forthcoming years, on account of the growing adoption of solar energy in residential, industrial, and commercial applications and the falling prices of PV cells throughout the world.

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This release was published on openPR.