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Gallium Arsenide Germanium Solar Cell (Gaas) Market: Trends and Key Insights
Gallium Arsenide Germanium Solar Cell (Gaas) Global Market Report 2024
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According to The Business Research Company's, The gallium arsenide germanium solar cell (Gaas) market size has grown strongly in recent years. It will grow from $13.75 billion in 2023 to $14.92 billion in 2024 at a compound annual growth rate (CAGR) of 8.5%. The growth in the historic period can be attributed to reduced carbon emissions, increased demand for renewable energy sources, high efficiency of multi-junction Gaas solar cells, rise in the use of Gaas solar cells in space exploration, and increased focus on energy security.
The gallium arsenide germanium solar cell (Gaas) market size is expected to see strong growth in the next few years. It will grow to $20.72 billion in 2028 at a compound annual growth rate (CAGR) of 8.6%. The growth in the forecast period can be attributed to the surge in awareness regarding the adverse impact on the environment, rise in the installation of solar systems, growing demand for electronics among consumers, rising military and defense applications, and higher efficiency and durability of Gaas solar cells. Major trends in the forecast period include a focus on sustainability, demand for high-efficiency solar cells, advancements in solar panel technology, adoption of solar power, and demand for compact and efficient power supplies.
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Market Drivers and Trends:
The rise in popularity of renewable energy sources is expected to propel the growth of the gallium arsenide germanium solar cell (Gaas) market going forward. Renewable energy sources are energy sources that are naturally replenished on a human timescale and derived from natural processes that are continuously replenished. The increasing demand for renewable energy sources is driven by several factors, such as climate change and sustainability goals. Gallium arsenide solar cells are highly efficient and reliable, making them a valuable component in the increasing demand for renewable energy sources. Their unique properties make them particularly valuable for specialized applications, contributing to a more sustainable and resilient energy infrastructure. For instance, in March 2024, according to the European Environment Agency, a Denmark-based government agency, 23% of the energy consumed in the EU was generated from renewable sources in 2022, up from 21.9% in 2021. Therefore, the rise in popularity of renewable sources is driving the growth of the gallium arsenide germanium solar cell (Gaas) market.
Major companies operating in the gallium arsenide germanium solar cell (Gaas) market are developing innovative technology, such as space solar cell technology, to enhance energy efficiency and reliability for satellite and spacecraft applications. Space solar cell technology based on gallium arsenide and germanium (GaAs/Ge) utilizes semiconductor materials such as gallium arsenide (GaAs) and germanium (Ge) to convert sunlight into electricity. For instance, in March 2023, Rocket Lab USA Inc., a US-based aerospace and defense company, launched a new space solar cell called IMM-ß. This new cell is currently the highest-efficiency space solar cell technology in high-volume production. The technology behind IMM-ß solar cells involves the use of gallium arsenide germanium solar cells (GaAs) and other materials such as indium gallium phosphide (InGaP) to achieve high efficiencies. The IMM-ß solar cells have an average beginning of life (BOL) efficiency of 33.3%, which is higher than the 32% efficiency of the IMM-a cell that is currently in production.
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Major Key Players of the Market:
Emcore Corporation, Spectrolab Inc., AXT Inc., Anadigics Inc., Alta Devices Inc., Kopin Corporation, MicroLink Devices Inc., Azur Space Solar Power GmbH, JDS Uniphase Corporation, Xiamen Powerway Advanced Material Co. Ltd., Sumitomo Electric Industries Ltd., Advanced Wireless Semiconductor Company, MTI Corporation, Ibsen Photonics, Freiberger Compound Materials GmbH, Semiconductor Wafer Inc., Hanergy Holding Group Limited, Azur Space Solar Power GmbH, DOWA Electronics Materials Co. Ltd., Vital Materials Co. Limited
Gallium Arsenide Germanium Solar Cell (Gaas) Market 2024 Key Insights:
• The gallium arsenide germanium solar cell (Gaas) market size is expected to see strong growth in the next few years. It will grow to $20.72 billion in 2028 at a compound annual growth rate (CAGR) of 8.6%.
• Rise Of Renewable Energy Drives Growth Of Gallium Arsenide Germanium Solar Cells Market
• Advancements In Gallium Arsenide Germanium (Gaas) Space Solar Cell Technology
• Asia-Pacific was the largest region in the gallium arsenide germanium solar cell (Gaas) market in 2023
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