The global ultra-thin solar cells market generated a revenue of $30.0 million in 2019 and is predicted to grow at a 56.9% CAGR during the forecast period (2020–2030). The increasing requirement for renewable energy and decreasing prices of photovoltaic (PV) panel components are expected to drive the ultra-thin solar cells market in the coming years. In terms of technology, the market is divided into gallium arsenide (GaAs), cadmium telluride (CdTe), and copper indium gallium diselenide (CIGS), among which, the demand for CdTe was the highest, in 2019.
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The division is further predicted to dominate the market during the forecast period as well, which is because of the fact CdTe is the only technology at the present time that rivals crystalline silicone PV cells in terms of power generation efficiency and cost. Moreover, other technologies are in the testing phase and are therefore aren’t being used as much. On the basis of grid type, the ultra-thin solar cells market is bifurcated into off-grid and on-grid. During the forecast period, the on-grid bifurcation is projected to account for the larger share of the market.
The increasing number of R&D activities across the globe is a key driving factor of the ultra-thin solar cells market. The devices can produce about 75% electricity as compared to the traditional PV cells of equal surface area. In addition to this, the technology has exhibited 30% energy efficiency during trials but is only 15% efficient when commercial scale is considered. Therefore, in order to overcome these limitations and to reduce the cost of ultra-thin solar cells, manufacturers are increasingly engaging in R&D activities.
Premium end-users, such as spacecraft, automotive, and aerospace, and low-load-bearing building are expected to open up wide opportunities for the players operating in the ultra-thin solar cells market. As compared to the traditional silicone-based PV cells, ultra-thin solar cells are being considered a better option, owing to their cost-effective and environment-friendly nature. In addition to this, these devices are able to generate a high power output, considering their weight, owing to which, they are ideal for automobile batteries and other auxiliary energy storage devices and wearable sensors.
In conclusion, the growing R&D activities and advantages of ultra-thin solar cells are driving the market.
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